A professional fisherman has much in common with a professional trader. They both must learn their professions to the championship and develop a refined ability to ”feel” the sea or the market. There is a lot you can learn from a professional angler, which can help you to improve your trading …
Example of a highly-skilled tålamodig fishermen that beats out all its competitors is a very good metaphor that we can use to help you understand what is required to become a professional trader. Both professions require many of the same attributes; an insatiable desire to master their profession, continually learning and expanding their knowledge and skill, the willingness to do anything to win and more. All of the above attributes requires intense passion, discipline and patience.
Let us dive into this in more detail …
Read the market like a fisherman reads the water …
The first thing you need to do is you need to read the market like a fisherman reads the water bodies. As I pointed out above, a fishers to consider many factors before they throw fiskespöt in the water.
Too many hot days during the summer can affect fishing in shallow lakes, ponds and rivers since the higher water temperatures can reduce oxygen in the water and get the fish to become sluggish. Commercial and recreational fishermen use their extensive knowledge of both when and where to fish in order to significantly improve their catches. These fishermen take into account various factors, including but not limited to; predict tidsvatten and understand the tidal currents, how much sunlight streams has recently received, the heating or kyltrender, the depth at which the fish are, storm and weather patterns, wind, tide flows. In some areas, strong tidal currents concentrate bait and small fish that attract bigger fish. As you can see, there are a variety of factors that come with the professional fishing activity, much more than what the average person might think.
As a trader you need to understand how to read the market like a fisherman reads the water. You must understand the market ebb and flow before you go and throw your fishing rod – your money – on the market. It is important that you study the market and study it as you would study a book; You should know what happened on the previous page to understand the current page. So become intimate with the market and become a master at it, just as a fisherman is.
Professional fishermen are ”snipers” …
Professional fishermen behave very much like a sniper in the military, a concept that I have discussed in a previous article here. A profiskare moves rarely for that otherwise it would cost more energy, time and work to prepare the rigs each time and of course, more bait. Experienced professionals who strategically plan where to fish, reading the sea, weather and all those factors discussed above in order to give them an advantage.
Is a professional fishermen only awake to just run out to his boat and throw his fishing rod in the water? No. So, when you look at it from this perspective, how foolish it seems then that you should start trading without any plan and reason? Very silly indeed.
Just as a fisherman are you planning when and where to fish for best possible moves, you need to plan how to act. You must do this before you go into the market if you want to give yourself the best possible chance to succeed.
Patience is the key to both fishing and trade …
A successful fisherman will remain at their pre-determined fishing ground so long as he deems it necessary. He will not give up after just 20 minutes, he will continue to wait patiently and perhaps to reverse its rod but does not move the area often. In the same way as traders, you may have to wait a few days or even weeks for a high sannolikhetsuppställning to come up with, before you put your bait or money in the ”water” to get the big move in the market.
Patience is really what separates the successful traders from the others who lose their money.
You need a winner’s attitude
Another thing that winners have – and this may be the most important trait that they carry on – is the ability to put their mistakes and flaws out of the picture. They do not blame someone or something for their mistakes or problems. They go only forward.
It is as if they can knock off a växelströmbrytare in their mind which makes it possible for them to turn the bad days into something good. The past has no influence on the future. The next roll is a new opportunity the next day. They are not saying that they will make a clean break. They make a clean break.
So, now what we discussed in the above text is obviously of the mindset needed to win at professional fishing. But this is basically the same mindset you need to win in professional trading. You have to go on. You will lose business, but if you let them damage your mind and take over your thinking, you will end up with loss simply.
Just as a fisherman you have to accept the bad days with little or no catches. You need to accept that there will be many slow days in the trade, where there are no good trades to take. How you handle these situations will affect your long-term handelsresultat significantly.
If you are out and fish, and immediately dump all of your bait in the water when you get out of your boat, how do you then capture storprisfisken? If you immediately go and risk everything too much and lose a large part of your risk capital, how will you keep you long enough to catch a few big deals? A fisherman needs to manage his bait properly, just like a professional trader manage their bankroll properly.
Remember – knowledge is in practice.