There’s a lot more to become a full-time (profitable) stock trader than just reading a few articles and completing a trading course. Of course, you need the right technical skill. However, often overlooked, you need the right mindset to take all the mental pressure that the game entails.

So, if you plan or aspire to become a full-time stock trader, here are three essentials you’re going to need:

1.Appetite for losses

No matter how “great” and “perfect” your trading strategy is, you’re still going to lose money. It’s inevitable. Somewhere, sometime, you will eventually fail to match the market’s pace, eventually losing money.

Moreover, when you’re trying to build a high-value portfolio, you’re going to have to take (calculative) risks, which would further increase the chances of loss.

So, you must have the right appetite for such losses – both financially and mentally.

2.Patience to observe the market

Stock trading isn’t just about pacing in the room, making calls and buying-selling in frantic. It isn’t as chaotic as the mainstream perceives it. More often than not you’ll have to sit back, relax and watch the market movement intently. You would need to stop and analyze the trends.

Often, you will find it extremely boring.

All these require you to have enough patience and NOT make immature decisions.

This is important to make the right moves, not give in to market FUD and prevent self from trading emotionally.

3.In-depth technical knowledge

Stock trading is more than just buying low and selling high. The biggest challenge would be for you to actually spot such opportunities and then (try to) time the trade so to maximize the return.

If you don’t have in-depth knowledge of technical analysis, you’re going to find it difficult to survive as a full-time stock trader.

So, if you’re really weak in this department, enroll in online trading courses that focus on the technical aspect of trading. Learn and grow.

Conclusion 

Of course, you need much, much more to be a successful, full-time trader, including a well-defined trading plan, a network of reliable traders for support, and expert assistance among others. But the above mentioned three are essentials that often get discredited or overshadowed.

If you’re starting in the game, always know what it takes to win at it. Have the three essentials and you would be off to a good start.