Beginning to understand the world of stocks and shares is a true joy. The mapping of the peaks and troughs, the thrills at the highs and the learning from the lows. Watching the world change numerically, it truly is a wonder. The beginning stages are a steep learning curve, so you’re rewarded richly along the way. However, when it comes to understanding the minutiae of the stock market, the rewards become fewer and further between. That’s when these key attributes make themselves known. If you hone these skills and qualities then you might just have what it takes to succeed in the stock market.
Always Being One Step Ahead
If you’re looking for a career in stock broking then ensuring that you’re always one step ahead of the game is an essential skill to develop. Many stock brokers also make excellent poker players as the two both involve strategic and quick thinking. Shuize Cai used his stock broking experience to out-think the competition at his first ever poker tournament, which would be impressive enough alone, without the prize pool being a massive $165,000. This ability to keep cool when the stakes are high is a talent that some people naturally possess, but that doesn’t mean that you can’t learn it too. These two skills combined are perhaps the most valuable to have in your arsenal, with a cool head and a one step ahead strategy, you’re much more likely to be successful.
One quality that almost anyone at the top of their game possesses is incredible self discipline. Whether it’s professional boxers sticking to a rigorous diet and training regime, or competitive chess players cramming in hours upon hours of practice, self discipline is an essential habit. Truly understanding the stock market takes time and dedication. Set yourself a daily schedule, for checking shares, seeing how they’re moving and trying to spot useful patterns. Perhaps you could wake up an hour earlier and spend some time studying before the rest of the world is even out of bed. If you’re more of a night owl, then do the same but once everyone else has gone to bed. Total peace and quiet will help your studying no end; it’s these habits that will truly make the difference.
An Eye for Detail
Whilst some people are naturally blessed with an eye for spotting patterns, the rest of us have to learn that skill. During your studying time, you’ll likely spend more than a few sessions scratching your head, wondering why you can’t see the things that other people seem to be. Don’t be discouraged though, these sessions are by no means wasted, they’re simply warming up your skills. After a while, you’ll start seeing patterns more quickly. Practice does pay off and before long you’ll have developed that eye for detail. You’ll notice things falling, or perhaps annual trends, well ahead of the competition – and that’s where the big rewards could start coming in.
And Finally? A Passion for it
One of the attributes that is often overlooked in great stock brokers and businessmen, is their passion for the subject. Think back to school, perhaps you were gifted at physics, but never achieved your full potential because you simply didn’t find the subject interesting. On the other hand, you may have found mathematics a little mystifying, but you stuck at it because you were enthralled by the subject and thus, you succeeded. Although passion alone is not enough to be truly successful, it makes it an awful lot easier to develop all of the other skills. If you are full of the need to understand the stock market, then you’ll invest yourself in studying strategy, looking for patterns, listening to people talk about it and that self discipline we mentioned earlier? It will come naturally, because the study won’t seem like a chore. Let your passion develop as you begin to understand the fascinating world of stocks and shares – that’s the secret to truly becoming an expert.