Have you ever thought about this: trading is a job, to thousands of men and women on Wall Street? They go to school, they get degrees and they enter the workforce to be professional traders. All of this to do what we do on a daily basis, from home, on our home computers.
I bring this up because, to me, that is a massive reminder that, even as a retail trader, I need to be backing up my trading with some serious professionalism if I hope to make ANY money trading.
I better have a plan. I better have a set up. I better have done my emotional and psychological prep work. And I better be ready to go head to head with the greatest minds on the planet. Because if I’m not ready — just a little bit not ready — I am going to get eaten alive.
And I am not going to like it.
How do you feel about that? Are you ready to do the work? Make the big sacrifices? And put in the time that your brothers and sisters who actually work on Wall Street put in? If you are — great. If not, why not do something a little more fun with your money?
Why not take a vacation? Add onto your house? Buy a jet ski? Because the market will swallow that cash faster than you can say “Bye-Bye Vacation Home!”.
Me, I was pretty much a losing trader for 4 plus years before a few things started to come together. I expect many more years are in store for me until I reach the status of professional. But whatever — the journey there is at this point both challenging and invigorating. Knowing that I am putting all I am into a profession that takes all I have is a reward in and of itself.
What about you? Are you ready to go the distance?