Alvin Chow writes informative articles on themes of interest to investors. He is the founder of BigFatPurse.com , loves the financial market, and curious to find out what work and what doesn't work in investing.
Trading is not about Getting Rich Quick
Trading is a job. Like a job, you need to spend time and energy with the market to make a living out of it. I suppose many people have the idea that trading is an avenue where they can achieve their financial freedom without working hard. This is a wrong perception and a dangerous one. One should really treat trading as a career choice, something that you are willing to do full time and commit your energy to mastering the craft. It does not offer the get rich quick ticket to you. Like any other jobs, you need to have passion, knowledge and years of experience to be good at it.
If you are an intraday trader, your working hours are as good as the market opening hours. You spend your time in front of the computer to trade, just like any office worker; the computer is the best friend. You do not get paid if you do not go to work. Even if you are not an intraday trader, you still have to spend some time and energy to analyse the market and stay plugged in to the market to make trades. After making a trade, you would have to check your position from time to time. It is not as passive as most people would think it is.
Unlike most jobs, you may not need to have meetings or deal with unreasonable people, but trading can be quite lonely at times. I have heard full-time traders complained about the lack of human contact. That is why there is a tendency for traders to keep a community, for support and exchanges of ideas.
As a trader, you are your own boss but which also means you must have the discipline and motivation to go to ‘work’. No one forces you, which is why you have the sense of freedom. But if you just let your days go by and not trade properly, you would soon worry about your expenses.
Another good thing being your own boss is that you do not have employees to make you ‘angry’. Instead, the market takes their place to toy with your feelings. The market will frustrate you by taking your money even when you were so confident with the trade. The market will mislead you by rewarding you with profits even though you have made a wrong trade. In other words, trading will make yourself the greatest enemy. Unlike a job, you can always put the blame to your boss and colleagues, trading does not allow that. You can only blame yourself.
You do not get rich quick with trading.
- See more at: http://www.bigfatpurse.com/2011/03/trading-is-not-about-getting-rich-quick/#sthash.hpdrLJir.dpufSource: http://www.bigfatpurse.com/2011/03/trading-is-not-about-getting-rich-quick/
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