Professional athletes are perhaps some of the most inspiring and honorable heroes we can look up to. In addition to their highly impressive physical capabilities, professional athletes are also some of the most dedicated and hardest working people on the planet. Even if you don't have a goal of becoming a world-class athlete, there are a number of things that you can learn from looking at these professionals and you can apply them to your stock trading strategy. Here are some of the best lessons on trading that we can learn from athletes.
They Put in the Time to Train
For athletes, one of the biggest challenges they need to overcome typically involves training their bodies. Many of the things that athletes are able to make their bodies do are nearly impossible for the average person to accomplish. However, these individuals are willing to do all of the weightlifting, running and training necessary to get their bodies to perform in a certain way and to endure the stresses of playing professional sports.
As a trader, you need to take the same mentality when training, but you need to focus on training your mind. As many athletes will tell you, much of their sport is mental, just as much of trading is a mental game as well. You need to train your mind to look for the right indicators that a stock will perform in a certain way. You also need to train your mind to look for good deals and not allow emotions to influence your decision. This requires a great deal of training and for you to never forget how important your mental focus is with trading.
They Need to Learn the Strategy
Just as athletes have a playbook, traders also need to have their own playbook for how to navigate the market. Before you can be a successful trader, you need to have a strong strategy and you need to study that strategy so when game time comes, you can perform.
You should never just go into a trading session without a strategy and a plan in place, just like how wide receivers aren't going to go into a game and start running around without a purpose hoping they find and catch the ball. Before you trade you need to take the time to research and really learn the strategy. Do not try to just learn as you go. If you ask any pro athlete, they will tell you this is a recipe for disaster.
They Practice Every Day
Professional athletes literally have a full time job of just training, practicing and working out. They dedicate their entire lives to their sport and to making sure their bodies are in peak performance shape. This is why they always practice every single day. Even on their days off, they are looking at playbooks or doing special workouts to keep their bodies in shape.
You need to adopt this same strategy. You need to work on your trading skills every single day. You need to dedicate your time to trading if you really want to be good at it. Professional athletes are able to earn a living doing what they love because they are willing to dedicate their lives to it. If you want to earn an income by being a professional trader, you need to take the same dedicated approach to honing your skills.
They Pick Themselves Up After a Loss
Losing is just part of the game in the world of professional athletes. All athletes have lost at one point or another, but it doesn't mean they quit. They learn from their losses, pick themselves up and move on. You need to have the same mentality with trading.
You will lose from time to time, and it will be frustrating. However, the only thing you can do is look at why you lost and hopefully learn something from the experience. Then you need to brush yourself off, and move forward knowing you have new knowledge to help you tackle your next trade.