Trading the Markets as a Career

Posted by Ben Myers on April 5th, 2019

For many years trading the financial markets was the preserve of big financial institutions or highly experienced professionals. Since the advent of the internet and the advancement of technology, anyone with a credit card, mobile phone and internet connection can trade the financial markets and live out their very own Wall Street or Wolf of Wall Street fantasy. However, trading the financial markets and profiting from them are two entirely seperate entities.

Making a trade is simple. Even making a winning trade can be simple. But, to consistently make winning trades and enough to consider a career in trading takes a lot more than luck. Here are the Five Golden Rules to Kickstart a Trading Career.

1. Education, Education, Education

If you want to get ahead in trading, you have to get yourself an education. There are plenty of online courses, many of which free, which can give even the rawest of novice, the tools to trade. Remember, there is no get rich quick to trading and any course offering that should be treated with caution. Spend a bit of time scouring the net to find free articles, courses and even webinars that can advance your knowledge in the markets and trading in general. If self study proves difficult, consider the use of a forex mentor or paid-for education service that can give you the personal treatment needed to progress in key areas like technical analysis - the study of charts.. 

2. Choose an Asset

There are hundreds of tradable assets and what you choose to trade is an important decision not to be taken lightly. By narrowing down your focus on just a few assets, it gives you the opportunity to utilise your time studying the nuances of the particular asset. Each asset, be they the Euro, Gold or IBM shares has its own nuances, which when taken the time to study, can help make some winning trading decisions. A good asset to start with is the EUR/USD. It is the most traded currency pair and has a wealth of information available for you to digest. It is also one of the least volatile currency pairs that doesn't fluctuate to much - ideal for beginners.

3. Read the News

An important part of trading is staying up to date with events in the news. Its not just the daily investing news that need to be covered. A sound knowledge of geopolitical and economic events worldwide can help form the basis of solid fundamental analysis. Commit the time and energy to devote some time each day to keep abreast of the news, especially around the asset or few assets you have chosen to trade.

4. Money Management

No matter what the size of the investment, how it is managed is the key to success. Risk management forms an essential part of an investing stategy and never leaving yourself too over-exposed on any single asset or in any single market will only aid your longevity in any trading career.

5. Be Disciplined

Finally, it it is important to end with a golden rule that has finished the career of many a trader. Discipline. Successful traders are disciplined traders. Without discipline, you will not succeed. It's as simple as that. You need to know when to walk away from the charts and when not to chase a losing trade or end a losing streak. Too often, we make rash decisions based on emotions we attach to trades. It can be too difficult sometimes to cut your losses and walk away from a trade, taking the hit and living to fight another day. By keeping your emotions in check and staying discplined and objective enough with your trades, you are giving yourself a better chance of making clearer and more successful trading decisions.

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Ben Myers

About the Author

Ben Myers
Joined: April 5th, 2019
Articles Posted: 1