Do you want to start an online trading business that has the potential to turn into a full-time career? If so, it's important to know about some of the pitfalls that many newcomers into the field encounter. Everyone makes mistakes, but it's helpful to know in advance the most common obstacles for the average online trader.

Most importantly, you should do an honest skills assessment to make sure you have or can acquire the traits needed to succeed. The good news is that if you are interested in the markets and enjoy making deals, you're already halfway to the finish line.

Patience

There's no debate about the fact that people who last the longest and earn the most in the online trading profession are patient. Don't worry if it's not a natural personality trait because you can learn patience the same way people learn to play the piano. There are exercises and seminars available if you need them. At some point, new practitioners need to spend several hours per week doing paper trading. Don't feel left out if you ask the question what is paper trading because many newcomers are unfamiliar with the term.

It's the act of buying and selling securities using fictitious money in a demonstration account. For more than a decade, brokers and other trading enthusiasts have used sophisticated computer programs to learn how to place orders, cancel them, and do everything else that's part of a trader's daily life. In the end, though, patience will pay off when you learn how to trade without emotion and with a sure hand.

Basic Math and Computer Skills

To avoid mistakes that make you look amateur and achieve long-term success as a buyer and selling of various assets, you'll need to feel comfortable with mathematics. That's not to say you have to master calculus or advanced statistical analysis, but it's critical to be at ease with fundamental algebra at the very least. If you need to brush up, consider taking some tutorials for free at websites that train stockbrokers to pass licensing exams.

When it comes to computers, there's no need to understand programming or even know how to write code. However, it's wise to know your way around website navigation, and it doesn't hurt to know at least one programming language should you ever decide to write customized trading algorithms a few years into your career.

A Solid Relationship with a Reputable Broker

It's okay to shop around for brokers when you're starting out, but once you make the decision to go full-time and build a career, it's imperative to have a close relationship with a top brokerage firm. This is not an area in which you want to experiment with smaller, unknown companies. Stick with the top-rated service providers in the industry. Base your decision on customer reviews and direct experience with several different brokers' platforms.

Don't be afraid to do trial memberships and use their demo accounts to get a feel for the software, see how their customer service department performs, and more. Additionally, make sure you find a well-respected online broker that offers the asset classes you intend to specialize in, like forex, equity shares, options, or whatever is your area of interest.

A Nose for Research

There's a saying among trial lawyers that the important cases are not won in the courtroom, but in the law library. In other words, if you know how to do targeted, intelligent research, you'll be more likely to turn a profit. There are no guarantees, of course, but knowing how to investigate, research, and dig for relevant information about companies and securities is one of the hallmark qualities of an excellent practitioner.

An Eye for the Big Picture

Can you look beyond today's market results and envision the long-term outlook? If so, then you already have an idea of what it means to see the forest instead of the individual trees. Anyone who wants a career in the trading sector needs to cultivate an attitude and ability to view the overall profitability of a given transaction or series of transactions.

While it's important to do monthly reviews of results, try to focus on measuring your profitability from year to year as a more accurate way of assessing your overall success. A good way to get into the mood for big picture thinking is to review historical price charts for the major stock indices. After gazing at them for just a few minutes, you'll gain a deep appreciation for what can happen in a year, several years, one decade, or a half-century.