How to Make Trading a Full-Time Career – Introduction
It is possible to quit your job and become a full-time trader. There are many benefits of being a full-time trader. First, as a trader, you have total control of your time. Second, as a trader, you have control of everything in your life. You won’t have a boss to tell you what to do and what not to do. Third, as a trader, you have access to the market 24 hours, five days a week. Fourth, you can have your weekend doing other things since markets are not open during the weekends. In this article, I will highlight on wat you need to do to become a full-time trader.
- Have a plan
The first thing you need to do is to have a short term and a strategic plan. This plan should be focused on where you are right now and where you will be in future. For instance, if you are a college student, you should plan whether you will get into trading immediately after college or you will be employed at first. If you are already employed, you should plan how you will quit your job. Remember, trading is a risky business and you should trade with money you don’t need. Therefore, you should do the best that you can to come up with a plan of your future.
- Learn and practice
If you want to become a full-time trader, you should take time to learn and practice. As mentioned, trading is a risky business and you can lose your money any time. You don’t want to become a full-time trader and see your money disappear. Fortunately, there are so many materials out there that can help you become a better trader. There are companies that are dedicated to training people on trading. Most brokers also offer some courses on trading.
- Start as part time
You should not quit your job to become a trader immediately. Instead, you should start as a part time trader and see how it goes. If you are employed, you should set your trading hours when you are not working. The benefit of starting as a part time trader is that you get the chance of seeig if trading is for you. You get a chance of seeing if this is something you can take long-term.
- Combine trading with strategic investing
The beauty of trading is that it can make you a lot of money within a short time. However, the downside risks are also huge. To protect your finances, you should instead combine short-term trading with investing. In this, you should invest in fixed income like bonds. You should also invest in high quality dividend-paying companies like Apple and Microsoft. The benefit of doing this is that it will be a good way of ensuring that you have a safety net in case the trading doesn’t work out fine.
- Start a trading floor
You can also benefit by starting a trading floor. A trading floor gives you an opportunity to trade in large volumes using proven strategies. Day Trade the World is the biggest day trading floor in the world with floors in every continent. As a manager of a floor, you will have the people and the tools to execute trades for you. The floor will make trading a very interesting thing for you.