What other profession can you work anywhere you want, have no boss or employees, no ceiling on your income, and have workdays that can last 2 hours?
Only trading. But it comes at a price. We shoot straight with you at Bulls on Wall Street: Trading is the hardest thing you will ever attempt. Nothing you will ever attempt in your life will be as difficult as becoming a consistently profitable trader.
But it is also the most rewarding profession there is. The struggle is the price you pay for a lifetime of freedom. Nothing worthwhile comes easy or overnight.
If you are a new or struggling trader, you need to understand what the trading journey is really about and understand what you’re committing to:
Treating Trading Like a Job
While trading doesn’t have much in common with normal jobs, the process to mastery is the same. You need serious education, mentorship, and training before you can start making money.
A doctor doesn’t go to medical school and start getting a six-figure salary a few months later. Neither do lawyers or any high-paying profession.
Everyone wants overnight success. These incorrect expectations are why so many fail. They give up when they are still so early on the process. Consistency takes time.
What is spending a few years to master a skill-set that will give you wealth and freedom for the rest of your life? Watch out for these pitfalls:
Why Most Trader’s Fail
If you can figure out these 5 things, you give yourself a much better shot at becoming a successful trader. This is a marathon, not a sprint.
The Emotional Swings
So many ups and downs. The market is random by nature. Random in the sense that you never know if the next trade will be a loser or a winner. Profitable traders know there is a high probability the next trade will be a winner, but there is always a small chance it won’t.
There will be days and weeks where you can do no wrong. There will be times where you cannot put on a winning trade to save your life. Learning to cope with emotional swings is essential for trading success.
Find and stick to a proven trading process to combat these emotional swings. Red days happen to even the best traders. You need to focus on being the casino: Trading with edge, and focusing on getting in enough trades where your edge can show and make you money.
This is the cause of the emotional swings. This is the hardest part about transitioning from a job into trading. There is no guaranteed paycheck. This is the price you pay for freedom. I always recommend my students to keep their job and other sources of income when trading. Having trading as your only (potential) source of income when you’re inexperienced is disastrous.
Why Trading is the Best Job
Beyond the obvious benefits we’ve talked about, it’s fun and rewarding. Trading will push you and challenge you in ways no other profession will. No other profession will require the same amount of discipline and resilience out of you on a daily basis. This game creates growth in you that nothing else can do. We hope this blog & video lesson gave you a feel for what you’re getting into. Don’t hesitate to reach out to us with any questions!