Trading is one of the most complex and challenging parts of the financial market. Many people dream of being successful with trading and increasing their wealth. But is it really possible to learn trading and be successful? In this article, we will deal with this question in depth.
Firstly, we should realize that our brain is programmed to recognize and learn patterns. Everything follows a teaching and learning plan, and trading is no exception. Trading the stock market requires much more than theoretical knowledge. It requires practical experience and an understanding of the dynamics of the market.
There is a famous rule that you need to have spent 10,000 hours of learning to become a master of your trade. Does this also apply to trading?
Unfortunately, no. Even after 10,000 hours, there is no guarantee of success in trading. In fact, over 90% of traders are unsuccessful and suffer permanent losses. This is because trading is based not only on theory and practical experience, but also on psychology, behavior and emotions.
So is trading doomed to failure from the start? The good news on this. No, trading can be learned and there are two ways to learn it: either on your own or with the help of an education and a mentor.
Both ways require a lot of time and financial investment. However, the way of self-study involves much more risks. Without good feedback or specific guidance from experienced mentors, you cannot develop as a trader.
Or as my mentor used to say, “If you want to go somewhere, you have to ask someone who knows the way and is already there.”
The only way to achieve long-term success in trading is through experience. Successful traders have usually spent many years in the stock market and have had both positive and negative experiences. They have learned from their mistakes and improved their knowledge and skills. However, without good feedback, the experience will be subjective.
Therefore, it is highly recommended to learn trading with the help of an education and a mentor. There are many qualified trading educations and mentors/coaches on the market that can help you to learn trading from scratch to trade successfully. It is important to make a careful selection and choose an instructor or coach who has a proven track record and methodology.
You’ll learn which criteria are decisive for the selection of an education in the next blog post.
Kind regards
Markus
