If you consider yourself a “go-getter” when it comes to trading, then you likely have at least started the process of reading and researching — the bread and butter of successful traders.
But learning how to analyze the marketplace is only the beginning. At some point, all traders need to develop a strategy or method that consistently works for them. That means understanding what markets to focus on for your trading and what systems of analysis to develop.
More and more people are starting to trade on the stock market, seeking the freedom and self-employment of entrepreneurship that appeals to so many of us. The reality, of course, is that success in this field requires cultivating an understanding of the rules. Different traders develop their own ways of navigating these rules, but all of them must learn at least the basics of how money moves through markets.
Many of these iron-clad ideas behind successful trading aren’t about numbers or trading platforms or special knowledge. More often, they’re about self-discipline and organization — the same things that determine success in everything.
Treat Trading Like Your Job
Completing a four-year degree at a university can mean a lot of different things. If you’re putting yourself through school while working a part-time or even full-time job, then it’s undoubtedly more difficult for you. But even for those students lucky enough to have their education paid for, either by their parents or through scholarships, self-discipline is required to get across the finish line and receive a degree.
That’s why many successful students view school like a full-time job. They put in their 40 hours a week to make sure they’re doing everything they need to do.
Trading is like that, too. If you want to make day trading your job, then you have to view it as your job, even if you’re not getting paid for it. If you’re trying to become self-employed, then that makes you an (aspiring) small business owner. You will need to put in the time to make that dream a reality.
“Trading is often viewed as a high barrier-to-entry profession, but this is simply not the case in today’s economy,” according to Investopedia. “Now, as long as you have both ambition and patience you can trade for a living, even with little to no money.”
Find The Right Tech
Anyone who says they can’t find the right tools for successfully trading isn’t looking very hard. Never in human history have we had access to so much free information. If you’re an autodidact — someone who prefers to learn on their own — then consider yourself lucky.
There are seemingly endless YouTube tutorials, self-help articles, investing encyclopedias, stock analysis websites — it’s impossible to estimate how much helpful info is out there and totally free of charge.
You can now trade via apps on your phone with zero commission. You can download apps to help you analyze stock trends and market forces. In short, there’s no longer an excuse for making a really egregious trade. The information and technology is here for you. Use it.
Take A Course
That being said, not everyone is a self-motivated learner. Some people learn better in a classroom setting.
Luckily, the Internet offers so many possibilities for taking a trading course. If you’re a beginner, there’s a legion of options available. If you have already been trading for a while and you’re looking for something tailored to your specific needs, you can find that, too.
Matt Choi’s Certus Trading, for example, offers courses like Advanced Options Strategy Blueprint, Mastering Commodity Spreads or Mastering Technical Analysis.
Other options to consider include Investors Underground, launched in 2008 and offering above-average courses, and Warrior Trading, which began as a blog in 2012 before becoming a powerhouse community of traders.
These are just a few ways you can level up your trading game. You can take a course, find some new tech, add some more discipline — or ideally, all of the above.