Getting away from the busy office scenario can be very tempting. What is even more enticing is making a living of your own. Own great way to make this into a reality is trading. However, it’s not as easy as it seems. If you want to enter into the world of trading and make it as your major mode of income or if you are already a trader at home, you have to consider it as a business. In the same way, you need to make yourself your personal boss and assure that you do everything in your capacity to achieve your trading goals. Some vital things that you need to do include research, making a good trading plan, and getting trade set ups. After this, you have to follow your own trading plan. Yes, the steps sound quite easy but it’s actually not. Reality is you will have to go through trials before you can taste success. Here are some possible trials that you will most likely face and overcome.
1. Yourself – Sometimes you can become your worst enemy. Just like any profession, trading curtails discipline. You have to get up every morning and check on assets. You have to keep yourself updated. When you are still new at your trading business you will most likely struggle at the first few months until you develop a routine. Your routine may include getting out of your bed and into your computer. This means that you need to establish strict personal rules and efficiently mix your daily needs with your trading needs
2. Interruptions, Distractions, and Temptations – when you are drawn to trading, you will surely consider watching the market fun. Reality is that no matter how much you watch the market you will have a high chance of being distracted and tempted to do other things. There are more distractions when you trade at home, alone with all other gadgets surrounding your. This is why you need to have a specific day every day wherein you are distraction free. You may check your emails and do some surfing before you start trading. You can create a habit of trading for an hour to three hours. You can then take a break and do your chores or to the gym. When you get back you can check the charts. Sometimes it’s ideal to force yourself to work for at least four to five hours a day.
3. Risks – know our risks. Risks are huge trials. When are trading in your own home using your own money, no one will stop you from making bad decisions. The moment you enter the trade you have to realize that you are in a warzone were all sorts of financial risks are present. A single decision can crumble your financial future. You have to understand that if you are trading for yourself there are no stoppers. You can develop your own risk controls.
4. Seclusion – Yes, working alone can be boring and it can make you feel isolated. The good news is you can always leave your office at home and be sociable for at least an hour or two a day. Working at home doesn’t have to be boring right?
THE PLUS SIDES
The plus sides are obviously the reasons why you love to trade. So here are the perks.
1. Freedom – You have no boss and no one nags you about what to do. Now that’s freedom. However, you have to remember that no matter how free you are you can drift to point of no return. With freedom you depend on your own skills and disciplines towards making money.
2. Money – of course, trading gives you lots of money if you do it well. But, never put in mind that trading can make you rich because this attitude can pull you down.
3. Time – This goes hand in hand with time. You do not have to sit at home in front of your computer the whole day. You have all the time to go out and do other things you want.