There’s a big difference between knowing how to trade and becoming a professional, full-time, consistently-profitable trader.
I liken it to being a professional magician.
A lot of people think that just because you’ve learnt a card trick or two, you are now a professional magician.
They think that being a magician is all about “knowing all the secrets”.
That’s hardly the case.
With YouTube these days, anyone can learn the secrets to a few card tricks in less than ten minutes.
However, does that necessarily enable you to earn a living as a full-time magician?
There’s so much more you need to master in order to perform magic full-time:
- Practise until your presentation chops are almost perfect (this may take months or even years)
- Develop an entire act with multiple complete routines (a routine is a much more elaborate presentation as opposed to just a simple trick, and each routine can last up to ten minutes or more)
- Develop a unique style or persona that you are comfortable with (some are funny, some are sophisticated, some are quirky, some are mysterious)
- Train yourself to be able to perform confidently, without fear or anxiety (this takes lots of performing experience and can’t be acquired in just a short time)
- Network and build up your contacts so as to get consistent, well-paying gigs (without anyone hiring you, you can’t make any money)
- Learn to deal with mishaps or unforeseen circumstances, such as tricks going wrong or hecklers in the audience (again, this all comes with lots of experience)
- Building up consistency and bringing your A-game to every single gig, week in and week out
In the same way, being a full-time trader is not just a matter of “learning the right strategy”.
There is so much more to that, such as:
- Having a complete, fully thought-out strategy encompassing entry, trade management and profit-taking
- Practising your trades until you can execute them flawlessly according to your full strategy
- Learning to block out emotions and not let fear, anxiety or FOMO affect your execution (this is extremely hard to do)
- Being disciplined and consistent as a trader
- Learning to manage risk competently
- Being able to excel in all market conditions