This episode of MarketLife looks at some of the things that stand between beginning traders and success. What can you do to make your chances better? What are the challenges you are likely to face? What mistakes do most people make? Why do so many fail and, more importantly, what can you do to put the odds in your favor?
Why do you want to trade?
Some important initial choices:
- What markets will you trade?
- How frequently will you trade?
- How will you find trading opportunities? What methodologies will you use?
- What will your style be?
What do you need to give yourself the best chances of success?
- Realistic expectations
- How long will the learning curve be?
- What will it look like? (Hint: not a straight line!)
- How much will you make when you’ve “made it”?
- For growth 3-5 years
- For market activities
- For study and self improvement
- Sufficient money to learn
- You will lose while you are learning
- You can’t do this if you’re undercapitalized!
Continued next week…
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Enjoy the show: