Being a full-time trader is a dream for a lot of people, but only a handful are going to make it.
Mastering the trading will definitely take a lot of time, especially during the learning period and rough beginnings, where a lot of people normally give up.
Various statistics show us that 90% of traders are going to blow up their account during the first 3 months of trading.
Why is this happening?
In this article, we are going to show you 5 biggest obstacles traders face on their way to get their dream job.
#1 Lack of discpiline
If you are not going to take trading seriously, you are already predestined to fail.
Because you can trade from anywhere and do not obey anyone, you might find yourself not taking trading seriously, lacking rules boundaries and being out of focus.
To prevent these phenomenons, every trader should build his trading schedule and trading plan.
#2 Trading is a journey
Traders will think that they can become millionaires overnight.
Trading is a long-run business, and once you start thinking that you know everything and you have figured out everything, that's when problems usually start.
Best traders in the world always strive for new pieces of information.
#3 Emotionally stressful environment
At some times, you will find yourself having to perform under a lot of stress, you will face FOMO (fear of missing out), greed and many more psychological problems.
There is a lot of ways how to deal with this, one is consulting with Trading Psychologist.
#4 Confidence in your system must be high when going gets tough
What a lot of people do is they develop a system which works for them, but nothing in trading is guaranteed for 100%.
You will come to phases when you will experience a series of drawdowns, and in those times, you have to trust your system and know your edge instead of jumping from system to system.
#5 In order to make money, you need money
It is foolish to think that you will become a full-time trader if your account is smaller than $10,000 at the beginning.
Depending on where you live in the world, for most people, $1000 is a bare minimum for paying rent and living costs.
This is a problem we faced ourselves, and that's why we started our FTMO project. If you decide to trade for us, you can get funded with up to $100,000.