You can deploy Vastu tips for business, follow the online resources, recruit the right people, and build a successful company.
But that’s now how being a full-time, profitable stock trader works. It’s not that simple – even when you have gone through a good stock market training course.
There’s a lot that is demanded from the stock traders. And if you’re planning to venture this way, it’s important that you heed to all the details and factors before taking a step further. Mind you, we aren’t talking about the basics like financial knowledge, money management skills and a brokerage account. We’re talking about more fundamental elements.
In that context, to help you with that, here are five things that it takes to become a full-time, profitable stock trader:
1. The Itch To Learn More
While this is a needed trait irrespective of the field you’re in, it is more important in stock trading.
No matter how much time you have spent in stock market training and how great your trading strategy is – you will never be perfect. There will always be room to improve.
You can fill this “room” for improvement only when you have the itch to learn more.
Meaning, you must be a life-long learner. You must constantly strive to grow more.
This “learn” part can come in many different ways. You can learn from a course, book, online articles, videos, while talking to others, from your wins, from your failures, and various other sources.
Those who have a hunger for learning, they can extract the lessons from anywhere. And that’s what you need. You must proactively invest in training and improving your technical knowledge, emotional dexterity, and intuitions.
2. An Appetite for Risk
Stock trading is not easy. No matter how much time you spend in making strategies and how fool-proof your plan is, there would always be some loopholes. Even in the safest market conditions, you will have to bear some form of risks.
If you aren’t someone who’s instinctively good at taking risks – and then dealing with its psychological impact – you will find things difficult as a full-time stock trader.
To build a high-worth portfolio, at times, you might have to take calculated risks.
If you’re financially and psychologically reserved, you might fail at tapping on high-return opportunities.
In stock trading, playing safe is good. But it’s not always right. Calculated risks are often important for higher returns.
3. Humility to Ask for Help
Sure, your stock trading success would depend entirely on your own intellect, strategy, and decisions.
However, the game isn’t a one-person thing. In many ways, on your journey to becoming a better stock trader, you’re going to need help from different people and resources.
Sadly, many people lack the humility to actively seek others’ help from the front. They shut themselves up. Are you one of them?
Whenever needed, you must be open to approach the right people and ask for their help – be it a blogger, consultant, friend, relative or colleague.
The more you work with others – in seeking their advice and qualified opinions – the deeper your knowledge will span. It will help your growth as a stock trader.
So, have the humility to ask for help instead of assuming that you’re an “expert” and do not need anyone else.
4. Lots of Patience
If you’re a regular reader of the ProRSI blog, you would know just how prominently we discuss patience.
It is perhaps one of the most important traits that stock traders need.
You cannot build that desired portfolio in a few months or even a year. It’s a process that has its natural course. You will take time in transitioning from being a beginner to a pro. You will take time in learning from your mistakes and refining your strategies.
So, deploying enough patience is key.
The more you try to rush things through, the bigger will be the room to commit basic blunders.
If you’re an impatient person who’s trying to make “a lot of money” from stock trading “quickly”, you will be disappointed with the reality. And the reality is that it takes a lot of time and hard work.
5. Ability to Manage Time
Admittedly, time management is under-discussed among the stock traders. It should be discussed more.
When you’re stock trading full-time, it’s essential that you compartmentalize your time adequately and make use of every minute.
You must spend a definite amount of time every day in reading charts, analyzing trends, actively learning, and setting trade positions. You must aim to be as efficient and productive as you can.
Furthermore, when at home – when you’re in the game – it’s easy to focus entirely on work and overlook your own health and personal life. Here, time management gets even more important so you spare enough time in improving and investing in your health, as well as personal life.
Recommended Read: A Health Guide For All The Serious Stock Traders
Do you have what it takes to become a full-time and profitable stock trader?
It’s okay if you aren’t still there.
You certainly can adopt these traits and habits on the way. The key is understanding that stock trading isn’t as simple as it looks. Despite how easy the online platforms and brokerage firms make it look like, there are many dynamics to it that make the game challenging. And the only way to tackle these challenges is to have a strong character, proper habits, and the right expectations. If you lag in these fundamental elements, you will struggle as a full-time stock trader to make the desired return.
If you need any help or have any questions, ask Bharat Jhunjhunwala. He is the Founding Director of ProRSI and an acclaimed trainer who has helped hundreds of stock traders over the years. Connect with him on Twitter.