I've been a Stock Trader for over 15 years, and know the business inside and out. I didn't start at a fancy brokerage firm with sophisticated training courses. Instead, I made my success my own way, failing here, tweaking there, using seminars and self taught classes to learn what I needed as I went.
While my self taught training may have resulted in a slower success, I know a lot more about the real world of stock trading than a lot of those investment advisors out there who only know what their employer told them. One thing I have discovered over the years is that there are myths that continuously recur when talking to people about stock trading. Here are three of them:
First, is the misunderstanding that you have to be a certain type of person to be a successful stock trader. True, the guys who analyze the market and pick the big winners are almost 60% left brained thinkers, and this is probably how the myth started.
But I have found that there's something for every type of thinker in stock trading. The trick is to find what works best for you. To be honest, I would be very unhappy sitting around analyzing stocks all day, but I have been very successful in this profession despite that. Anyone else can too.
The second misconception is that stock trading has a lot of risk to it, even more than running a small business. Now, I will be the first to admit that plenty of people have lost everything in the stock market, and of course those are the stories we see splashed over the papers that terrify a lot of people.
But I have discovered that if you can establish a process for setting your stops can limit your risks to a tolerable comfort level, stock trading is really a very low risk profession. To illustrate, I have created a system for myself that allows me to trade with a success rate of up to 75% , which is hard to beat! I can't think of any other business that can give me that kind of low risk return.
Finally, I hear again and again that to really make money in the stock market you must commit to it full time and then some. And I agree, this is absolutely true for some types of trading and particularly if you don't have a good stock picking service. Then you have to do all the leg work in a fast paced environment. That does take a lot of time.
However, it is absolutely possible to make a great career out of trading stock for 2-4 hours a day, and having the rest of your time to do what you want. The trick is to have a process in place that is low risk and efficient with your time. How do you find such a process? There are a lot of courses available and it can be tricky to find the one that's right for you. I advise you to investigate several options, ask questions (if there's no one who will answer your questions, move on...life is too short to deal with bad customer service). Head into your research knowing the right process is there for you, and you will be on your way to success at stock trading in no time. - 23802
While my self taught training may have resulted in a slower success, I know a lot more about the real world of stock trading than a lot of those investment advisors out there who only know what their employer told them. One thing I have discovered over the years is that there are myths that continuously recur when talking to people about stock trading. Here are three of them:
First, is the misunderstanding that you have to be a certain type of person to be a successful stock trader. True, the guys who analyze the market and pick the big winners are almost 60% left brained thinkers, and this is probably how the myth started.
But I have found that there's something for every type of thinker in stock trading. The trick is to find what works best for you. To be honest, I would be very unhappy sitting around analyzing stocks all day, but I have been very successful in this profession despite that. Anyone else can too.
The second misconception is that stock trading has a lot of risk to it, even more than running a small business. Now, I will be the first to admit that plenty of people have lost everything in the stock market, and of course those are the stories we see splashed over the papers that terrify a lot of people.
But I have discovered that if you can establish a process for setting your stops can limit your risks to a tolerable comfort level, stock trading is really a very low risk profession. To illustrate, I have created a system for myself that allows me to trade with a success rate of up to 75% , which is hard to beat! I can't think of any other business that can give me that kind of low risk return.
Finally, I hear again and again that to really make money in the stock market you must commit to it full time and then some. And I agree, this is absolutely true for some types of trading and particularly if you don't have a good stock picking service. Then you have to do all the leg work in a fast paced environment. That does take a lot of time.
However, it is absolutely possible to make a great career out of trading stock for 2-4 hours a day, and having the rest of your time to do what you want. The trick is to have a process in place that is low risk and efficient with your time. How do you find such a process? There are a lot of courses available and it can be tricky to find the one that's right for you. I advise you to investigate several options, ask questions (if there's no one who will answer your questions, move on...life is too short to deal with bad customer service). Head into your research knowing the right process is there for you, and you will be on your way to success at stock trading in no time. - 23802
About the Author:
W. Alan Gay has been a stock trader and mentor for fifteen years. His free report describes Alan's voyage to becoming successful at trading stocks and gives useful tips he and his students have used to consistently trade profitably. Click to obtain a free copy of his report and learn more about how you could be trading stocks profitably in as little as two weeks.
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