Learning to trade can be a bit like climbing a mountain. When you first start all you can see is this huge task ahead of you and maybe not even see a road or track to get started on your journey. You know where you want to go but maybe not how to get there and not in a safe and risk managed way and you would most likely need a guide.
Professional climbers will have practised on easier climbs, have planned out their route, will have staging posts on the way, and maybe most likely a back up team should they need help. They will have the right kit and be practised in using it. They will take risk mitigating actions and know their limitations. They will choose to climb when the right weather window occurs and know that it will be a hard slog to the top and that there will probably many false summits on the way up!
So how does this translate to Learning to Trade?
Well Learning to Trade can feel like scaling a mountain in terms of the amount of knowledge there is to learn, the time it takes, the need for Market Experience and to transition from being unprofitable to consistently profitable which is, after all, the end goal or the ‘Summit’.
Like any major undertaking, profession or skill, you also need a good education, knowledge and experience and more importantly coaching, guidance and mentorship if you really want to get to the top. Learning to Trade is no different.
You also need the right equipment and tools and be competent at using them. You need to understand the risks involved and how to mitigate them, by learning to Manage Uncertainty by adding structure and planning to your trading.
Rather like the climbing weather window, you need to be able to have a feel for the state of the current markets and the expected economic news flow so you don’t get caught out by a ‘financial’ storm or blizzard.
You need to pace yourself and ensure that you do take rests and breaks and don’t exhaust yourself by staring at the charts all day long.
You need to be mentally prepared for those periods when things may get tough and you reach yet another false summit. Trading is no different.
You need to be prepared to employ the use of a Guide to ensure you stay on the right and safe path to the summit and have someone on hand to provide advice and encouragement.
No mountain is easy to climb, but when you reach the summit through your own efforts and hard work, it is a great feeling which can be enjoyed along with the great view!
How prepared are you for your ascent? Do you have the legs for it and do you need a little help with the planning and and guidance along the way? If so then you might consider our Trading Personal Mentorship Programme or Group Coaching (Coming Soon!).