Lifestyle Of A Trader
Most people who decide to become traders - stock trading, futures trading or forex trading, want to become traders for lifestyle reasons. What are the main lifestyle benefits of being a trader , and how can you expect to live once you become a full time trader?
Why do many would be traders, intelligent, well educated people who understand the mechanics of the financial markets fail in their trading?
There are a few aspects of lifestyle that are unique to traders. Firstly, trading does not involve answering emails, working in an office, corporate politics, regular working hours or any of the things associated with corporate life, or employment. There is little in common with ordinary employment.
Secondly, successful traders can be extremely wealthy. Their income is not restricted to the amount they can sell, how hard they work, or their position on the corporate ladder.
No matter how hard you work in most jobs, you won't be driving a Ferrari. Paul Tudor Jones, a top trader made more than $700 million in just one year. In trading, the trappings of substantial wealth are within reach. If you've ever wanted to help out your parents, or fund a cause you believe in, money is the key. Trading is all about making money.
Trading can occur wherever you have a computer and an Internet connection. You can trade from virtually anywhere on the planet. If you want to sail the Caribbean on a yacht and trade, you can do so. You don't need to be at a certain place at a certain time, or commute to the office or factory. Trading gives you the gift of time with your family and flexibility.
Whilst trading offers an enviable lifestyle, unfortunately most new traders will never be successful. Why is this?
Well trading is the ultimate expression of capitalism - traders meeting in a market place. There are no distortions. Nepotism means nothing. Charm and appearance are irrelevant. All the reasons that people can make it in employment whilst being useless are no longer applicable.
More than 95% of would be traders fail. They don't have a trading plan, or a profitable system. They lack discipline or suffer internal conflicts. They chase after scams or won't put in the work to learn about the market, forgetting how hard it is to learn any new job. Sometimes they spend all their time on forums, following the herd, or looking for a broker to hold their hands. They won't manage risks.
Perhaps, they don't want to succeed, and are more comfortable relating to people on their own financial plane. The losing trader has not yet overcome the obstacles between them and success.
The 5% of successful traders want to be profitable, but their primary drive is to succeed by fulfilling their true potential in the market place. The successful trader stands out among those who criticise him on the way by achieving the peak of what most people can only aspire to - true independence and self mastery after overcoming many hurdles.
Why do many would be traders, intelligent, well educated people who understand the mechanics of the financial markets fail in their trading?
There are a few aspects of lifestyle that are unique to traders. Firstly, trading does not involve answering emails, working in an office, corporate politics, regular working hours or any of the things associated with corporate life, or employment. There is little in common with ordinary employment.
Secondly, successful traders can be extremely wealthy. Their income is not restricted to the amount they can sell, how hard they work, or their position on the corporate ladder.
No matter how hard you work in most jobs, you won't be driving a Ferrari. Paul Tudor Jones, a top trader made more than $700 million in just one year. In trading, the trappings of substantial wealth are within reach. If you've ever wanted to help out your parents, or fund a cause you believe in, money is the key. Trading is all about making money.
Trading can occur wherever you have a computer and an Internet connection. You can trade from virtually anywhere on the planet. If you want to sail the Caribbean on a yacht and trade, you can do so. You don't need to be at a certain place at a certain time, or commute to the office or factory. Trading gives you the gift of time with your family and flexibility.
Whilst trading offers an enviable lifestyle, unfortunately most new traders will never be successful. Why is this?
Well trading is the ultimate expression of capitalism - traders meeting in a market place. There are no distortions. Nepotism means nothing. Charm and appearance are irrelevant. All the reasons that people can make it in employment whilst being useless are no longer applicable.
More than 95% of would be traders fail. They don't have a trading plan, or a profitable system. They lack discipline or suffer internal conflicts. They chase after scams or won't put in the work to learn about the market, forgetting how hard it is to learn any new job. Sometimes they spend all their time on forums, following the herd, or looking for a broker to hold their hands. They won't manage risks.
Perhaps, they don't want to succeed, and are more comfortable relating to people on their own financial plane. The losing trader has not yet overcome the obstacles between them and success.
The 5% of successful traders want to be profitable, but their primary drive is to succeed by fulfilling their true potential in the market place. The successful trader stands out among those who criticise him on the way by achieving the peak of what most people can only aspire to - true independence and self mastery after overcoming many hurdles.
Source...