Trading requires skills that people aren’t used to learning
“Stock trading requires the learning the type of skills that people just aren’t simply used to learning – Mental Skills.” – Mark Douglas
Mark explains here that ‘learning to trade’ requires you need to learn skills you’ve never learned anywhere else in your life. Trading is about learning self-mastery.
Many Stock traders believe that all you need is a technical system that generates good buy and sell signals – the learning stops there, and the money starts rolling in.
Trust me, not even the holy grail trading system will work for you if you don’t commit yourself to learning the mental skills needed to trade.
A typical job might require physical skills like strength and stamina, something builders and laborers would need.
The typical office job, or engineer will require the use more of your intellect. These skills won’t get you anywhere in Stock trading, the skills you need to learn to be a successful trader are mental skills.
This is where the Stock psychology side of trading can be very challenging and may feel counter intuitive.
You need to refrain from getting emotionally involved with the market, or run the risk of suffering huge losses – financial and psychological.
It sounds easy, but keeping emotions under control is not easy and you will be constantly tested every time you look at a chart. Any display of emotional weakness could tear through your entire trading integrity.
Stock trading is something life doesn’t really prepare you for, you need skills that you don’t learn in your day to day life. Most people get very emotional with their day to day life, you can’t bring that emotion to the market or you will be eaten alive. A trader needs to master the skill of suppressing these dangerous emotions – especially while in front of the charts.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA