Two Blokes Trading Why only 20% of traders make money
In this episode Jonathan and Rory discuss the well known statistic, why only 20% of traders make money. At the beginning of the podcast Jonathan runs through some statistics of the probability of footballers and golfers making it to a professional level.
Jonathan and Rory both share their experiences of what’s helped them throughout their trading journey, most notable having a mentor.
The blokes discuss with the growth of social media, there are now many charlatan traders, promoting their services to help other traders when they can’t trade properly themselves.
Rory also shared some thoughts about his University experience, how people are committed to 3 year degrees at University to then only be considered for further training whether that’s law, accounting etc.
Whatever job or profession you would like to do, it requires time to learn & refine the skill. Sometimes making mistakes along the way, the key is to learn from your mistakes & remain focused on the objective.
Therefore taking trading as a profession or a part-time job, it involves a similar process of training and learning and then practice the application. Everyone’s journey won’t be as much as 3 years but with hard work and commitment it can be vastly reduced, especially if you have the right mentor.
To summaries, how can you become one of the 20% of successful traders?
Commitment – Never stop learning
Preparation – Analyse before you execute
Discipline – Risk management & Psychology (Stay Objective)
Reflection – Always look to improve (Journal)
Mentorship – Learn from real professionals
To find our more on the confluences of the top percentile of traders and professionals, stay tuned to this weeks podcast.