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New Traders and
You are super excited to become a stock trader. It's a challenge you are so eager and ready to take on but the real question is, do you REALLY know what you're taking on and why?
Everyone has different reasons to start their personal journey into stock trading. The most common one is, to make a lot of money. There is this idea that you can just DECIDE to become a stock trader like any other profession. This misconception that, after a certain amount of time, effort and determination, you eventually become a profitable trader is SO FAR FROM THE TRUTH. There is no set graduation date for you to be a profitable trader and it may never happen for you.
The fail rate for new traders is about 90% and many say it could be higher.
Here are some other reasons you may want to become a stock trader:
You need to make money fast
Makes you feel important
Looks exciting to make a lot of money
A personal challenge to succeed
Does not require all these types of degrees
Once you begin your journey to try and become a stock trader you quickly realize a lot of what you thought it would be is out the window. You may be confused, frustrated, losing money and feel no progress has been made. Also if your depending on trading to pay some bills and you're not making money, the pressure is sky high. It is very common for traders to be losing money for years, until they eventually quit or run out of money.
Lets be very clear, trading is not an activity you do for a specific amount of time, read books, take some classes and you graduate as a trader. Once you start your own personal journey into stock trading you quickly understand that your initial expectations are totally wrong. Its very difficult to be a profitable trader and for the majority it will never happen. Even after 7 years or more of trying.
This is the value of a coach. I can guide you in the right direction to give you a CHANCE to see if you can be a profitable trader. There is no guarantee that any coaching or study course will make you a profitable trader. The only guarantee is without a coach you can spend years losing a lot of time and money and still be confused. Coaching increases the learning curve, builds the correct foundation and process.
Most importantly coaching develops the proper mindset you must have, to give yourself a chance, against the overwhelming odds of failure you're up against. Its a very tough journey and trying to find your way without a coach, is like losing your map in the middle of the dessert.
Dealing With The
Emotions Of Stock Trading
The stock market will give traders all kinds of pressure, anxiety and stress. This happens to traders even when they are profitable. Now, imagine how intense and magnified these feeling are when a trader has lost a lot of money. The markets can really take you on an emotional roller coaster that consumes your entire being and you will need to decompress. Your mind and emotions must reset and get ready for tomorrows trading day.
Everyone has a unique personality and a different way of interacting with the markets. What effects you may not effect another trader. As a coach I try and guide you to discover the best ways to deal with all the emotions and thoughts you have during and after trading. Some of the emotions that are common are fear, hope, greed and freezing.
What is important to truly understand about these thoughts and emotions is, how it is affecting your trading performance? How do you deal with self sabotage, or negative self talk. How do you deal with missed profitable opportunities or missing the chance to exit a trade for a small lose and it turned into a huge lose.
These experiences and much more are common to all traders. The huge difference is learning how to deal and cope with it in a positive, constructive way. As your coach, we can take this on together and find the best solution for you.
the correct process
There is a lot of information on the stock market and knowing where to start can be confusing. The beginning stages of your development are crucial. Stock trading requires you to learn and understand how to put your money to work. Everyone has a different perspective and view about money. For each person money, means different things. It can mean power, independence, scarcity, hope, and at times, people can view money as a bad thing. Where is this heading?
To develop the correct process, as your coach I must understand how you view, think and interact with money. How do you value money and what emotional connection do you have to it. Why is this important? This is important because stock trading requires you to put your money at risk. Stock trading is not a profession where you are guaranteed a pay check at the end of your work day, week or month. For that matter, there is no guarantee that you will ever make money trading stocks. The fact is, you could be losing money for years. Are you ready for that financially and emotionally?
Developing the correct mindset for stock trading is the biggest challenge for traders. The reason this is so difficult goes back to your expectations about stock trading. You expect to make money because you have studied the markets and acquired some knowledge. Once again, you believe because you put in the time and effort towards the markets, that the markets should now pay you in return. Unfortunately many traders find out the hard way, that the market doesn't owe you anything, no matter how many years you have invested into trying to become a profitable trader.
You cannot control what the market does and how it moves. After years of losses and blowing up a few accounts a long the way, many traders quit. Stock trading can destroy you financially, emotionally and most importantly psychologically. This is why it's extremely important to develop the correct process and mindset. It will prepare you to deal with everything you will go through. When real money is on the line, you don't know how it will affect you.