By Rob Colville on May 19, 2017 in
It’s a dream for many to use trading as their main – perhaps even only – income. And for some, that dream has and does come true. But this is not an overnight magic spell that can make you rich quick. If you want to make a profit trading, you need to be patient. How patient? Read on and you’ll get more of an idea.
If you want to make a profit trading, you need to stop focusing on the ‘when’ and think about the ‘how’. As we’ve said, this is not a magic bullet. Just by playing the game it doesn’t mean you’ll win and go on to live in luxury forever. It takes time. So you need a strategy that will get you there in the absence of a magic wand. Until you work out how you can make a profit trading, you’ll never get there. Learning to trade like an expert takes time – of course it does, no one is an expert at something straight away – but that’s the only way to guarantee you’ll make any money. Otherwise it’s just luck and a prayer, and that won’t always work. Trust us. We know.
Congratulations! You’ve just asked the first and most important question on your way to learning how to make a profit trading. And the answer? It’s all in your mind. Really. Trading is as much about the psychological aspects as anything else, and you need to have the right mindset for trading if you want to win at the game. Not everyone can do it. If they could, they would, and since that’s not happening there must be a key something that some people have and others don’t. You’re the only one who knows if you’re the kind of person who can trade or not. Ask yourself questions and be honest in your answers – if you’re not honest with yourself, you could end up losing a lot of money and making yourself miserable. So, do you have the patience to trade? Will you be tempted to over-trade or can you resist? Can you accept a loss as well as a gain?
If you’ve got the answers to those questions, and if you’re ready to start trading, great! But you probably still want to know how long it will take to make a profit trading. Well… it depends. There is no formula that we can plug numbers into to give you a definitive answer because it all depends on the markets, and on you.
Since everyone is unique, and since the markets change rapidly (that’s all part of the fun, after all), there is no way of knowing. All we do know is that it can take a while, and if you really want to do this and you’ve done the proper research, you need to wait it out. The rewards will be worth it.
In trading there are some terms that might not make sense as the beginning, but as you go along they will be more and more useful to you. You may hear about bulls and bears – these are good things. Bulls and bears are the traders who know what they are doing, they can be patient, they can be wise, they can be ruthless when they need to be, but they also win. There are also pigs – don’t be a pig. Pigs lose money because pigs are greedy. They go after trades even when it doesn’t make any sense just because they get a sniff of more cash. That’s always a bad idea.
So stop wondering when you’ll make a profit and just trade – if it makes sense. The profits will come.