Episode 85: Stock Trading as a Business
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Uploaded by MannyBackus on Dec 3, 2011
Are you a serious trader? Or just a hobbyist? Do you think it's "okay" to consider trading "just a hobby"? Well, do you know how the IRS defines a "hobby"? As "an activity not engaged in for profit."
If you want to be a profitable trader, you need to take it seriously. You need to treat it like you would a business -- not like a "job," and not like a college course, but a business... And a special kind of business at that.
Why? Because there are several work ethics we are instilled with in our culture that are at odds with the ethics that are required of successful traders.
In this episode, you will learn:
- How stock trading is a "performance-based discipline" and what that means.
- Why intellect is virtually unimportant to your success as a stock trader.
- How trading differs from both a 9-to-5 job, and most types of small businesses.
- What you can do, mentally, to prepare for success as a trader. It's easier than you might think!
The key to trading success is to dismiss counterproductive societal values and recognize trading for what it is: a UNIQUE kind of business -- and a performance-based discipline. Once you're armed with this knowledge, you'll be mentally ready to take the next step and transform your trading from hobby-level to business enterprise.
Happy Trading!
Manny Backus
CEO, Wealthpire Inc.
More Trading Tips for Stock Traders at: http://www.TradingTips.com
Other recommended sites for traders at http://www.WealthPire.com
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