Trading for a Living~Is it Possible?
by Sean Kelly | on February 29, 2012
The short answer is yes. The problem is the enormous amount of garbage being peddled all over the internet. If I were just beginning, like I was in 1993, I am sure I would not have survived.
When I started trading there were very few courses available but most of them were good. Even the Ken Roberts course, which was heavily marketed, was much better than the stuff I see today. You really have to be careful.
If you have a serious interest in trading, I suggest you read the book The Market Wizards. This book will give you an understanding of what the life of a professional trader is like.
In this book you will read about many successful traders. They will tell your basic trading style and how they got started. Some of the stories are truly amazing.
When I first read this book, I knew I wanted to become a trader. I know others that read it and decided there was no way they could ever become a professional trader.
I find that many people initially are interested in learning about day trading. It seems like an exciting way to earn a living. In fact, I know many professional day traders that makes millions of dollars each year. I also know of many a man that has lost everything from day trading.
What separates the winners form the losers?
Discipline and education are the keys. In that order! If you do not have the discipline to follow the rules of the system you are trading you will break the rules eventually. And you will lose! The rooms of Gamblers Anonymous (GA) are filled with undisciplined day traders.
So, Sean, What is the answer?
I am so glad you asked! After reading Market Wizards browse through as many books as you can about different trading styles. You don’t have to read the entire books. Usually, after reading the introduction chapter you will have an idea if this book has something of interest or value to you.
If you know of any traders, try and speak to them. I love talking to people about my experiences in trading. Just by asking a few questions I can usually tell if the person has the right make up or not. And I am honest. Although,I love trading deeply I am not one to hold back my opinion if I feel a person has a type of personality that will get him killed trading.
I don’t think killed is too harsh a word either. I have seen men commit suicide over trading losses.
Now the good news. If you have disciple you can learn to become succesful in trading just about anything. You can day trade, position trade ( long term trades), swing trade ( short to medium term trades), or any combination of the three.
You can also learn to trade anything from stocks to oil and anything in between.
In closing, I will say this. If you want to become a trader read and ask many questions. You will be surprised how many people out there will help you.