I'm Terry Tran, The Freedom Trader, and a common question that I get on becoming a day trader or successful investor is how long will it take to achieve great results.
And the answer is there is no exact time frame. But what I can tell you is that it does not happen overnight. I have known many people who thought they could sign up for a 6-day online training course to learn to be a day trader and walk out knowing everything there is to know and expecting immediate success.
It would be great if it worked that way, but unfortunately, the only way to becoming a successful investor and trader is through continued learning and practice.
Knowing where to start is difficult, so here are some questions to ask yourself if you are considering to learn to be a day trader and investor:
- What is your goal?
- What do you expect to achieve through trading and investing?
- What is your current level of experience with the market? Have you made investments before?
- Do you feel passionate about the process of investing or is your focus more on the outcome?
When I first started learning how to become a day trader, I was at a disadvantage. The internet was only in its infancy and the learning resources out there were very limited.
I had to go about my research the “old school” way. I went to bookstores and looked through books. Amazon.com has just been established and I did not even know what it was!
Times have changed since then. The internet is full of information and resources that you can access at any time. Just make sure that you take it slow. There is such an abundance of information available on how to become a successful day trader and becoming a successful investor that it can easily become overwhelming. Take one thing at a time.
If you are lucky enough to know someone that is a successful trader or investor and that person is willing to take you under his or her wing, you will be ahead of the game. Your learning curve will be shorter this way.
My mentor was Warren Buffett who was a great source of support for me, and he had a mentor as well. His mentor was Benjamin Graham, now considered the father of value investing.
When becoming a day trader, you do not have to reinvent the wheel to be successful. All of today’s giants once stood on the shoulders of others.
I learned through the generosity of countless people, and you can do the same. It is easier when you learn from others, but keep in mind that not everything you learn is going to gel for you right away. Also, be open to learning from a variety of sources because it is through learning and doing that you will find your way.
Your personality will be a strong determinant of the type of investor and trader you will become, but be patient and allow time for the development of your exact style. I have learned this truth through my own experience.
When I started, I was a pure Warren Buffett style value investor. However, I soon added to my repertoire and traded different types of securities. Eventually, I found my passion for value investing and position trading in stocks and options. This passion gave me the courage to let go of everything else.
I attribute my success in investing and trading to my realization of what it was that I loved to do, and then deciding to focus only on what I loved.
Where does your passion lie? What area of investing or trading do you love? Begin there and success is within your reach.
Being able to answer these questions will not only maintain your sanity, but it will lead to a much happier and simpler process of achieving financial freedom.
I have now been on this journey of becoming a day trader and investor for nearly two decades, and yet, I continue to find things I can improve upon. Trading and investing is a never-ending process and you will learn something every day.
My advice is to enjoy every step of the journey you take, focus on the process and you will begin to see that the outcomes look after themselves. I have seen it for myself.
Try to spend less time focusing on profits. Doing so adds a lot of unnecessary stress and in fact, can jeopardise your chances for long-term success.
It is because of my own personal experience with trading and investing as well as my observation of others that have taken the same journey that I can share all of this with you.
In Conclusion: Becoming A Day Trader Or Successful Investor – How Long Does It Take?
I have covered a great deal, so to summarise:
- Learning takes time. No one-week seminar is going to teach you how to be a successful trader and investor. To become a successful trader and investor, allow yourself a minimum of 6-12 months.
- There are many ways to learn. Keep an open mind, learn from varied sources and do not dismiss anything until learned and tried.
- Start with investments before trying trading. Trading is investing, but it is shorter-term and more frequent.
- Once you think you have the basic knowledge you need, take the next step and invest real capital on a small scale. Nothing will teach you more than having real money on the line.
- Find your passion and be willing to let go of everything else.
- There is no rush. Master one thing before moving on to the next.
- Even when you have been in the field for a long time, you never truly stop learning.
The one thing successful traders and investors have in common is patience and the strength not to give up even when times are tough. If you can follow these principles you are well on your way to financial success.
Terry Tran, Freedom Trader
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