Contrary to the mainstream perception, it isn’t entirely their technical skills. There are plenty of factors that steer a stock trader’s success. Their technical proficiency, which they can acquire through stock trading courses – although quite important – isn’t even in the top three of the list. There are some surprising factors. Perhaps that’s the piece of the puzzle that beginners fail to crack; they focus entirely on the technical aspects, letting go of all the dynamics that come into play behind the growth and sustainability of a trader’s portfolio.
Patience is assumingly the most underrated characteristic. It’s also the most important one. Stock trading isn’t all about the hustle as Hollywood has traditionally conveyed. It isn’t about frantically buying and selling and going crazy in your head. To build a solid portfolio that brings you a consistent income, you need to deploy massive patience. It takes time. Even your smartest strategies and move require enough time to bring you the desired rewards.
Hard work, needless to say, is “the” thing in the game and quite a no-brainer. It’s worth-mentioning though – at least today when the stock trading is perceived as a passive income source, a side gig to make some extra income. In reality, making money from stock trading is extremely difficult with more risk-exposure. It demands your time and hard work to understand the market, read charts, go through stock market trading training, learn from your trades, and continue to improve your strategies. If you aren’t ready to afford it enough hard work, you will very certainly fail as a stock trader.
Grit is another characteristic that often gets overlooked yet it’s one of the important factors behind a trader’s success. No matter how great your trading plan and strategy is, you will encounter losses. Your trades will go wrong. At such a time, it’s essential to get hold of your emotions and stick to your game plan. You must persevere through the losses and move on to your next trades. You must be consistent in your efforts. Small, and even big, losses shouldn’t stop you on track.
These are three surprising factors, among few others, that play a major role behind the success of a stock trader. So, if you’re a beginner, don’t get too obsessed with technical skills. Yes, it’s crucial to understand RSI and other indicators. But there are plenty of other aspects that play an equally important role in building your portfolio. Do not overlook them.