It is very important for you to know if you have time to invest in you learning process. Even though it will appear to you as a fast profit taking, it is not. You will have to understand the domain, understand the risk, invest money and time in your education and after that everything will be paid off 10, 20 100 times more.
In nowadays and with the current systems it is possible for you to invest a little sum of money and end up with a fortune overnight. But it will never be enough, for a human being! If you will not have the knowledge, you will not know how to manage your money and your time, you will end up losing everything. Try to understand, if you are a novice in this domain that it is very important to understand the domain and the risk. Invest some money and mostly time in your trading education. This way you will get to know the markets and create a trading strategy that you will use to earn money from the market.
I would like you to keep in mind what I have written earlier, but read the next story with an open mind:
A young painter met an older and famous painter.
Young Painter: - Sir, I am a very big fan of yours and I respect your work. I have, though, a question! I am working a day for a painting and try my ass off to sell it for one year, what is your secret?
Old Painter: Son, if you will spend a year in creating your painting, you will then sell it in one day!
This is a story from which we can learn a lot of things, but I would like to compare it with trading. It is very important for you to administrate your time when you are trading. A good trade comes after a very thorough analysis and when all your trading strategy’s conditions are met.
- What are you, a full time trader, or a part time trader?
- How much time can you invest in the full process in trading, keeping in sight also your private life and your family?
- Which part of the day is best for you to trade?
- How much time do your trading strategies need for analysis?
- How much time do you need to get in touch with the latest news?
- What are the best hours for trading?
Ask yourself these questions and you will end up with a pretty interesting answer. That will be the time you have for trading. Try to split it so you will end up with the best time management, for that you will find a solution in the story I have told you earlier.
The quality of the trade it is given by the time invested in its analysis!