Can You Get Rich From Stock Trading?
Can You Get Rich From Stock Trading?
Written by Katie Gomez
Trading can be a lucrative business model, but few people choose to do it because it seems complicated. Stock trading has never seen as glamorous or radical, until now. A new generation has flipped the script this past decade with the rise of technology (social media, internet streaming, etc.). This change has seen people of all ages, nationalities, and financial backgrounds making six, seven, and even eight-figures by mastering the stock market.
The profits are not solely from big brokerages like Wall Street—many people have made millions just from day-trading at home. You must know by now it is possible to become rich as a stock trader, but that is not the question you really want to ask. You want to know how. It is possible to become a millionaire via stock trading, but it is far from easy.
Over the last decade, social media has shown people doing extraordinary, seemingly impossible things, leaving us wondering if it is possible for us too. Though making money in the market seems intriguing, most of us are not patient enough to learn the discipline. Instead, we’ve resorted to google searching “Fastest way to become a millionaire.”
We are attracted to flashy reels on Instagram and Tiktok of people standing in front of a yacht or mansion preaching how much money they make from trading, yet we can’t even sit still to watch a 30-minute youtube video on how it takes to get there.
Success as a trader requires more effort than the answers you’ll find with a google search. We all love a quick fix because it is easy and more appealing, but it will never lead to tangible results. If you want to become a more successful trader, the learning process will be tedious but necessary.
It doesn’t matter how you want to make money; you can become rich in any profession if you have focus, patience, and the grit to see yourself through. However, most people don’t have those traits. If you want to be successful in doing anything in life, you will always get out what you put in. The stock trading profession doesn’t require you to sacrifice your life working 80 hours a week to succeed. You must learn to work smarter, not harder.
There is a reason why only a small percentage of day traders make a lot of money, while the rest end up losing their entire capital. The secret to their success is not perfection or never making mistakes, it’s the opposite.
The secret to success is the ability to learn from and analyze your mistakes, and a part of that comes from making those mistakes using a trading simulator and not risking real money. Success stems from reflecting on your failures and honoring them as lessons moving forward.
Consistency is key to being a successful trader, so get into a simulator ASAP and start trading, start failing, start learning, and get yourself in the game. Once you have enough practice and spent the time building market experience in the simulators, you are ready to start investing in the market at a new level.
The following are new tips, habits, and tools you must now incorporate and practice to level up your profits and transform your trading career.
- Creating a trading plan (logical investing strategy and style that works for you)
- Never overtrade
- Understanding market psychology (risk management)
- Finding your time frame (swing v.s day trading) *hyperlink to blog 11 once posted
- Investing in a mentor or program to teach you
(Find someone doing what you want to do so you can learn how to do it yourself)
- Following intuition and personal research over herd mentality logic