Trading is often portrayed as a career that is hard to break into, a closed community where only the elite few can gain access to top jobs. While it is true that trading requires a lot of commitment, today’s market is becoming more and more versatile and open, so anyone willing to put in the hard work can successfully pursue a career in the industry. The real question is: how do you know if trading is the right career choice for you?
Trading Is an Open Industry
The good news is that today trading encompasses a wide range of fields, from traditional markets like commodity trading and forex trading to CFD trading. If you are interested in trying out your luck, you do not even have to leave your house – you can simply join an online trading platform or download a spread betting and CFD app on your smartphone and test the waters. One of the biggest emerging markets is trading in cryptocurrencies, especially after Bitcoin established a stronghold in the finance industry and kickstarted the cryptocurrency ecosystem. Other markets, like forex trading, i.e. trading in foreign currencies, are more traditional and thus easier to grasp – but they also attract a lot of people..
Consider What Type of Trader You Would Be
So, whether you like stiff competition or not, it is almost impossible not to find something to your liking in trading. Just consider your strong suit – for instance, if you like keeping up with foreign markets and international investments, then forex trading might be a better fit that CFD trading. Consider what kind of trader you would like to be: a day trader is someone who opens and closes positions on the same day, sometimes in a matter of minutes, while a position trader holds positions for periods that can span from weeks up to years. If you are more interested in short-term opportunities, then you might want to consider yourself a scalper, constantly watching the market for new ways to make a profit. Next, consider what type of assets you would like to trade, based on your personality. For instance, if you are tech-savvy and feel comfortable with taking risks, you might be drawn to the wild price fluctuation of the crypto market.
How to Take Up Trading
Trading essentially translates into buying and selling in financial instruments for profit. This means that if you have a financial background, you might have a better chance of succeeding in the industry. Yet whether you are fresh out of school or considering a career change, it is never too late to keep investing in your education. There are many short-term courses you could take to brush up on the essentials, including online trading courses. And you can always opt to trade from an online trading platform before trying to make it big. Depending on where you are based, you might need to get licensed or take some sort of exam in order to be able to offer your services as a trader, such as the Series 7 Exams in the US.
Whether you are interested in managing your own trading portfolio or making a career as a professional trader, getting into trading could translate into a stable source of income – if you play your cards right.