How to Start Trading? Answer these 3 questions first!


How to Start Trading?

The most exciting day of your trading career will probably be the first day you found it possible to trade as a career!  All the opportunity, the excitement and the eagerness to start.  But where do you start?  This is the most common question I encounter.  The how to start trading is the easy part.  First, let’s explore the why.

I started by answering to myself with all honesty, why do I want to start trading? I would suggest the same for a starting point for you. I was 16 back then, and the obvious answer was for the money.  It has grown to be so much more than that, and has blossomed into a trading education business.

When new traders start, they are on the search for the get rich quick scheme or holy grail – and it doesn’t exist.

Ask yourself these three simple questions:

1) What is my motive for trading?  Is it money, or flexible work schedule, or a personal passion, etc?  Knowing why you trade is far harder to answer than how to trade.

2) What are my goals as a trader?  Is it to earn a full time income and make it your job, or is it to add a new stream of income while you do something else as your full time.  This is VERY important and often overlooked.  Let me give you an example – for the 9 to 5 employee the allure of working from home is strong! But, factor in the loneliness, lack of office interaction, lack of career progression, and it starts to feel dull – unless it is what you want to do because of your interest for the field.

3) What will I do once I make a million?  This is the dreamer question.  If you stick with trading long enough, and are passionate enough, your first million is just an exercise of patience.  The bigger question is, what then?  More money above $75k annually doesn’t add to your satisfaction, according to numerous studies.  So what will drive you after you have the money?

I think once you answer the above you are in much better shape to start trading, and you will find the how part of the process less daunting.

If you are interested in how to get started, see the how do i get started post here.

 

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The information contained in this presentation is solely for educational purposes, and does not constitute investment advice.  The risk of trading in securities markets can be substantial.  You should carefully consider  if engaging in such activity is suitable to your own financial situation.  TRADEPRO Academy is not responsible for any liabilities arising as a result of your market involvement or individual trade activities.