Many people imagine trading as an easy way to wealth. New traders often think that they can take a small amount of money and trade it into a very large heap of cash very quickly. In practice it could not be further from the truth.
To be successful in trading is all about risk management. It is about treating trading as a business and only those that are serious about treating trading as a business survive. As trading is so difficult and risky, I recently asked the question of a number of professional traders why do they trade?
The most common answer that the trading coaches gave is the freedom it gives them. Trading allows you to decide the hours that you work and when you work. Experienced traders trade a system and find that less is more. Less is more means that they find the best method is to just follow the system they developed, don’t tinker with it and even though it doesn’t take much time, it produces the best returns.
Traders are mostly self employed. That means that they don’t have a boss and can trade when they want to and take a break when they want. They can trade from any location. Traders are their own boss and responsible for their own success or otherwise. Many traders also find that they learn much about themselves as they develop as traders. It becomes a learning experience and grow as a person as you become more skilled at trading.
Most traders trade for the challenge. They trade for the difficulty and the reward. Even when you have found a system that works, the markets are constantly changing and so it is critical to continually monitor results and decide when to change your system. You must continue to learn about what works and what methods do not work.
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