You’re probably aware that there aren’t many successful day traders. Most new traders quit within their first year. The fail rate of becoming a new trader is extremely high, which is why many individuals are concerned about trading. The truth is, the best day traders never give up. Most give up after losing a certain amount of money, while potential winners persist and pivot during the hard times and adapt to their mistakes.
We spoke with Timothy Luong, the founder of Stock Navigators, a leading trading education firm, to learn about the fundamental qualities any new trader should have if they decided to start trading.
Start Acting Now
“There is no better moment to start learning than right now”, says Timothy. There’s always a new opportunity in the market, and learning how to trade can potentially change your life.
What makes a successful person stand out from the rest? Ability to quickly move from thought to action, while learning from your mistakes. This means that you need to have a clear goal and game plan, and when things don’t go according to plan, adjust and figure out what went wrong, and continue to push on.
Education is only half of the battle. It’s how you use what you learn that ultimately determines your success. You need to bring ideas to life, translating information into reality. Most people don’t end up applying what they learn – how often do you find yourself reading a book, but by the end of it, know exactly what to apply?
Look To Learn
Whether you want to become a successful trader or are just in it for the money, you must first learn the foundations of trading. The constant desire of new knowledge is what distinguishes success in any business, and trading is no exception.
“It is vital to be constantly learning and educating oneself in the stock and financial markets. It’s a skill that not many people have, and starting as early as you can only means being closer to achieving your financial freedom”, says Timothy Luong. It’s never too late to learn, it’s only too late if you don’t try.
Respect Your Failures
If you’re like most people, you probably don’t like to fail. You see failure as proof that your plan wasn’t successful or that your ideas weren’t good enough. But the truth is, failure happens to everyone. One of the things that sets successful people apart is the understanding of mistakes. To be successful, you must learn from mistakes and missteps along the way, never giving in to failure.
Timothy understands how to turn discouraging life circumstances to his advantage. Having faced various hardships and business failures, he succeeded at making those serve as powerful lessons for the opportunity that followed. This is how Timothy was finally able to find success with Stock Navigators. With all the knowledge he gained from his past failures, Timothy Luong has been able to turn the firm into a multi-million dollar success.
Timothy Luong has set his purpose to share his expertise with the rest of the world, empowering people to take control of their financial destinies. Whether you wish to embark on a lucrative career in trading or are merely looking to learn from experts in the sphere, Stock Navigators is the answer for your trading education needs.