Perks Of Being A Trader
Successful trading invariably comes with all kinds of perks from freedom to spend more time with your family or friends, to beneficial trading knowledge and information. Sounds like the best job ever right? I mean it is, when you have the right mentor to educate and guide you on the necessary information and techniques you have to incorporate and implement. The Foreign Exchange market collectively has a market capital of over $6 trillion if you calculate all of the currencies around the world, hence the liquidity currency trading holds – which is also the evident reason why currency trading is very lucrative and consists of a high level of frequent fluctuations.
When I just began trading in my early stages, it wasn’t as common on social media as it currently is. The growth of social-media also created more exposure for retail trading. The majority of the public who promote financial trading online (including certain brokers) usually promote it as a ‘get-rich-over-night’ scheme, or they promote it with luxurious images with the intention to lure you into their service. Choosing a regulated and well-trusted broker for your dealings is absolutely crucial, learning the core requirements of what it takes to become a successful trader before deciding to embark on the journey of becoming one is also very crucial.
The following applies to those who aim to become full-time traders…
Trading involves risk to your capital, and patience. If you genuinely know you are not really keen on risking your own capital and you do not have the patience to wait for the trade set-ups to appear, then trading the financial markets is not something that will be for you. The European session begins from 6:00am, London GMT. This requires you to wake up before this time, prepared and ready to trade (if a trade set-up presents itself), along with the US session, which begins from 2:30pm, London GMT. Trading also involves DISCIPLINE. Your discipline is a very crucial element to your trading as it determines whether you end up on top at the end of the trading month/quarter or not.
The lifestyle that trading creates is definitely amazing and well deserved, and there is no issue with this being your motivation. However, bear in mind that as a beginner you should be focused on LEARNING, because how you choose to utilise and implement the information and strategies you learn determines your overall trading success. Information will always change your situation, once you know how to utilise this information to the best of your ability. The learning process is the critical process; it is even better when you are learning from experienced traders. Think long term, even if you spend 12 months just learning without trading with real money is not wasted time, because after this period you will have gained the impactful knowledge needed to become a profitable trader. You will also have studied market movement, most crucially you will have witnessed how frequent trade set-ups are and how the market respects the techniques you have learnt.