Becoming a world-class trader takes more time, focus, and discipline than most human beings can muster…
This is why 90% of traders fail, often blowing their accounts up and going back to their day jobs.
Now, after years of watching certain traders flourish while others stumble, I’ve realized that a big part of trading success is something that many overlook:
You must focus on the big picture of your trading journey.
Too many students want to get aggressive immediately, without grasping exactly what it takes to survive in the markets for years, or better yet, decades.
They only think about their current positions and fail to plan for the future.
But I’m not here to teach you how to trade for a week or a month — I’m here to teach you how to trade for a lifetime.
With that in mind, let me show you how to focus your long-term vision as you learn the art of trading…
The Power of Practice
A lot of new traders try to jump in and start trading immediately, without any true preparation for what’s ahead…
But this is a huge mistake…
If your goal is to become a consistently profitable trader, you must be willing to put in some necessary hard work before you begin risking your money.
This isn’t unique to the stock market. If you want to be a commercial pilot, you have to fly thousands of hours before carrying passengers. If you want to be a professional athlete, you have to practice for years before ever playing in a big game…
So, when you’re studying and practicing for trading, do the following:
- Build, reorganize, and update your watchlist…
- Mark up your charts with technical indicators…
- Paper trade to test out your theories…
- Backtest both new and reliable strategies…
- Make a trading plan for the stocks on your list…
Beneficial studying involves setting specific goals, receiving feedback, and engaging in repetitive and challenging practice.
The quality of your practice is just as important as the quantity. If you want to start studying the right way, join our incredible community of intraday traders in Pre-Market Prep.
Learn at Your Own Pace
Have you ever felt discouraged watching other traders have more success than you?
Sure, it’s annoying to see some guy on Reddit bragging about his massive gains when you just took a loss.
But you need to understand that trading is just like any other skill — everyone learns at their own pace.
If you aren’t careful, this jealousy can lead to FOMO (the fear of missing out), which could tempt you to chase trades you shouldn’t be in.
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By taking your time and allowing yourself to absorb information at your preferred speed, you can weather the storm and last far longer than the competition.
Some people are naturally gifted at one thing or another, but most of us have to learn complex skills the hard way — by studying and doing.
So, don’t rush your trading journey, and don’t get discouraged when you see other traders winning.
Slow and steady wins the race.
When learning at your own pace, always remember the following things:
- Trading isn’t a zero-sum game. There are trillions of dollars sloshing around the stock market. Just because some other trader makes a few thousand dollars doesn’t mean that an opportunity is being taken away from you.
- Forget about instant gratification. Don’t expect to turn $1000 into $10,000 overnight. Understand that the vast majority of traders lose money in the beginning — and be willing to do the work required to make sure you don’t.
- Think about the big picture. The best traders I know are the ones who consider the big picture. They take a calculated, long-term approach to their trading journey. They have a well-thought-out plan and execute it consistently.
Ask yourself:
Where are you trying to go? How will you get there? How long do you think it will take?
Answering these questions honestly and taking deliberate steps to reach your goals can potentially set you apart from the 90% who fail.
Have a great day everyone. See you back here tomorrow.
Tim Bohen
Lead Trainer, StocksToTrade
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