What is the skill that a trader needs in order to have that magical moment that delivers high profits as it is frequently pointed out that it doesn’t take the brains of a rocket scientist to be a trader. But does it help?
Or is it really all down to a flash of inspiration that you pick the stock that ends up delivering the amazing opportunities? Well possibly it is a second of brilliance is all that is required to spot the opportunity.
So does this mean that golden moments are built on luck and a moment of inspiration? Well fundamentally yes, what is key though is being in the game and to be looking in the right place from the get go. There are many stories often told that demonstrate the stroke of luck element, namely the trader who had stock in a company that an analyst suddenly decided to do a positive piece on. The subsequent lift in the trader led to profit taking way beyond expectations.
Or the trader that successfully predicted a key trend such as iPhones and has cashed in with Apple shares. Or those who spot the opportunity buried within an event such as a refinery fire or oil spill which go on to affect oil supply and therefore prices.
Each of these can be identified as partly being built on luck of being in the right place at the right time. However to just put it down to luck is not being fair to the trader who knows what to do with the spotted opportunity so it converts into a profitable trade. They have the skill to experience the flash of inspiration and the skill to have an idea of which way the masses will go.
So what should you do? Do you just sit and wait for that golden moment, that flash of inspiration? After all they are few and far between in general while the key to building from being a novice trader to experienced and hopefully successful trader is that you need to trade regularly, boring or not.
Trade, trade and trade again, no matter what size growth are achieved. Take the small profits, accept the losses and put yourself in the strongest position to be able to trade that golden moment. Just go with what the markets have to offer, don’t presume to dictate the markets as nothing good will come from that.
That big trade is out there and everyone wants to find it but the reality is for 99% of the time and 99% of the trades, success is built around small but steady trading that delivers less profits but in a consistent fashion. That is how a winning trader evolves and not just cashing in on one golden moment.
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