Summary
Doctors, engineers, architects, pilots, or sportsmen devote early years to learning and understanding every important detail before diving into performing complex tasks
If you have decided to carve a serious career as a professional stock trader, it will help to connect with a network of successful traders and investors
Any long-standing career is built upon a strong foundation of education, training, and handholding in the respective field. Doctors, engineers, architects, pilots, or sportsmen devote early years to learning and understanding every important detail before diving into performing complex tasks. Professional trading is no exception to this rule. It takes knowledge, skills, dedicated practice, and experience to build wisdom and become good at trading. A novice is prone to making serious blunders as their brains are not wired for random outcomes. They may fall for early accidental profits, but when trades begin to go in the opposite direction, they do realize that the outcomes of their decisions are not in their control. This realization can be perplexing, making them want to quit their trading journey midway. That’s when sticking around for a little more time is important. Remember the ‘three-feet-away-from-striking-gold’ story? Yes, patience and consistency are at play. But what will fortify your confidence slowly yet surely? That is where a strong support system comes into the picture.
Since the outcome of the traders’ actions immediately affects their capital and may create financial & emotional trauma, it is imperative to know one’s attitude toward money. Merely knowing the jargon of stock markets won’t suffice. Which kinds of analysis and strategies shall help one to survive and flourish in any market scenario, the quantum of investment, the strategies for risk management, and the absolute percentage of capital one can afford to lose - awareness of such fundamentals has a direct bearing on one’s trading journey. Doing all this all alone by yourself can be intimidating in a dynamic environment.
How do you then navigate through changing circumstances hassle-free?
If you have decided to carve a serious career as a professional stock trader, it will help to connect with a network of successful traders and investors who you can trust and seek guidance from while they also are invested in your success and go the extra mile to offer help whenever needed to keep your motivation and tempo high.
What comprises a strong support system?
Network of professionals with a proven successful track record as traders, investors, and trainers. Not every investor can be a trainer. Training to help carve successful careers is a different animal. Such trainers can help you to master the techniques of trading. At such organizations, you will meet more like-minded professionals. They can also be your support system. A sounding board for ideas and concerns, their collective experience is sure to bring a 360-degree view, valuable advice and insights. It will be easy to accept and digest the eventualities of the market. For example, i) loss is an expense of being in this profession, ii) only your actions are in your control, not the outcome, iii) the outcome can be random and uncertain, iv) yet with proper training and practice, you will learn to time your entry and exit. This training will help you apply logic rather than emotion and avoid impulsive trading moves.
Can family be your support system? Yes, of course, and the key is to submit and surrender yourself to one such family member who can be your ‘boss’, to whom you are accountable for all trading-related decisions. They keep checking on your plan of action and give honest opinions. They can tell you tough truths and help you see your options from different perspectives. They may show the avenues, the possibilities that you didn’t realize existed.
Their emotional support will encourage you to do better and be better than yesterday.
So the crux is to look out for seasoned experts celebrated for their teaching methods, mentoring style, proven professional successes, and willingness to give personal attention when you are facing a complex scene. Be grounded, humble with the God Market, and connected with the collective. Focus on developing and growing deep and supportive relationships that contribute collectively to a higher purpose while ensuring individuals’ success and growth.
About the author: Avadhut Sathe is a passionate trader, trainer and mentor who believes that “Prosperity is our birthright and, we shall have it”. Avadhut has been trading in the stock market since 1991 and has witnessed major Bull and Bear markets in the past for almost 30 years. Avadhut has the vision to empower people to attain the Knowledge, Skill and Discipline required to utilize the innumerable opportunities in the financial markets to build wealth and contribute to the betterment of society.
Last updated on 10 Jan 2023
