Livetraders.com has helped many novice and experienced traders realize their dream of mastering the markets for both income and wealth. However, despite Livetraders.com’s comprehensive educational offerings being among the best in the industry, a large number of traders still fail to realize their goals and eventually quit. With such knowledgeable and experienced instructors, how is it that so many people still fail to make consistent money in this industry? The answer lies in preparation or lack thereof.
Proper preparation is an essential part of any successful endeavor. Nowhere is this more applicable than in the world Technical Analysis Trading. Having personally worked with and coached many traders at Livetraders.com, I’ve found that one of the biggest reasons the majority of people don’t succeed is a lack of preparation. Make no mistake about it; Technical Analysis Day Trading is a REAL, VIABLE business with countless success stories. Yet for reasons unbeknownst to me, there seems to be two diametrically opposed views of this industry. One side thinks that this is a “suckers” game akin to gambling and it’s impossible to “beat” the market with any degree of consistency. The other side thinks it’s some get rich quick scheme they’ve read about in a magazine or saw some ad for on TV. I’m here to tell you that both sides couldn’t be more misguided and misinformed!
For the sake of brevity we’re not going to focus on those folks who don’t think this is a viable business, because quite simply they are ignorant to the realities of trading. However, I would like to spend some time addressing those people who think this is a business in which you will make tons of money in little or no time. That notion is also ignorant.
The root of the problem lies within people’s opinion and expectation of this business. Most people that are interested in owning a restaurant or other business know that there is a lot of preparation before they can open the doors to their new customers. You have to make a business plan, perhaps get financing from the bank, find a location, get tables/chairs, choose a food supplier, hire employees, have sufficient operating capital in the bank and of course do some marketing to get your name out on the street. That’s a fairly crude outline of what it takes to launch a restaurant, yet most people would agree that those basic steps need to be completed before opening the doors. So then, if opening a restaurant takes a lot of time, effort and preparation, why should trading be any different? In theory the restaurant is actually easier. Why? Because you can hire people to do the jobs you are unable to do. If you are not a chef, then you need to hire one, if you are not good at marketing, then you need to hire someone who is, etc. With trading, it’s not possible to pass on those duties to someone else. It’s 100% up to you and prior success in another industry has absolutely no bearing on your success in this business. Michael Jordan trying out baseball is a good example of that! So, leave your ego at the door, and prepare for a challenging yet rewarding journey, measured in years, not months!
Of course there are people you can turn to, to help educate you on the nuances of trading, but regardless of the seminars you attend or the coaching you receive, it will still take time to assimilate the information and overcome your emotional demons. Quite frankly, it’s those emotional obstacles that cause the majority of people to struggle. The information that is taught in the Professional Trading Strategies seminar second to none, and highly valuable. Yet, just because you spend a weekend learning 450 pages of information doesn’t mean you will automatically become a super star on Monday morning. There is still much to learn.
So, the only way to avoid this potentially devastating pitfall is to prepare for the unexpected. The interesting thing about that comment is that it shouldn’t be “unexpected” that it takes time to succeed at trading. It takes time to succeed at just about anything in life. There aren’t too many businesses I can think of where you can become a big success in a matter of months, versus years. So, please don’t let your common sense evade you when thinking about a career in trading. The best thing you can do is take plenty of time preparing a business plan that is conservative and realistic. The way to do this is to ask professional traders lots of questions so you can get a better idea of what it really takes to become a master of the markets. In our Livetraders.net Professional Trading Strategies (PTS) seminar and in our on-line chat room (LTCR) we have a tremendous amount of knowledge and experience to help guide you in the right direction and help you formulate a professional business model that is realistic. After that, it’s up to you to follow it, which is easier said than done for most folks.
If you are someone who is considering this wonderful world of trading please do yourself a huge favor, give it some thought before you get started, then elicit the help of a professional to develop a business plan that is conducive to success. Lastly, make sure you are overly conservative with regard to the amount of time you think it will take to become successful, because it almost always takes longer than you think! Preparation is in the details. Like painting a car, it’s the prep work that will determine how well the paint job comes out. The actual painting is the easy part. It’s always better to be over prepared rather than under prepared. So, please heed this advice and get yourself and education that will help better prepare you for your journey.