Everyone wants to jump on the trading bandwagon nowadays. It has become one of the most popular options of gaining an income at home, but it’s also one of the few jobs that people can lose in just a single day. However, with enough research, assistance and professional help, it’s possible to get started with trading and succeed in just a few weeks. You probably won’t be making a huge profit, but as long as you get to grips with the basics you can start making smart trades and build up a portfolio of successful profits.
But is trading right for you? Everyone asks themselves this question. They wonder if the life of a trader is right for them, they ask themselves if they have the correct hardware or a powerful enough computer to do so. Fortunately, many of those worries are just myths made up by people to scare off budding traders. You don’t need to have a powerful computer and those images of “traders” staring at a wall of computer monitors are completely fictional. No one can analyse that many screens at once and get anything useful out of it, and you can trade from just a simple laptop with an internet connection.
If you’re still not sure if you could make the cut as a trader, here are a couple of things to consider and three signs that show you’d make a fine trader.
You Don’t See Trading as Gambling
If you think that trading and gambling are one and the same, then you’ve already failed the first requirement of being a trader. Gambling and trading are completely different, and it’s only uninformed people that will tell you that they are the same. Most of the time, an inexperienced know-it-all will try to trade and fail spectacularly, resulting in scars that turn them off trading for good. Instead of admitting defeat, however, they’ll complain that trading is random, rigged or make other ridiculous claims to excuse their lack of experience.
You Have a Genuine Interest and an Analytical Mind
When people look up trading, they’re usually barraged with a list of numbers that they can’t make sense of and that pushes them away. If you see the numbers for something like the price of gold in AUD and you can differentiate what all the columns mean, then you’re already off to a good start. Traders make it a habit of reading the lines between the numbers. They can relate a dip in price to something that happened in the industry, or they can see a rising trend that they can capitalise on. You need a genuine interest in trading to pull these clever sales off and you need an analytical mind that can think in numbers.
You Are Disciplined
Although gambling and trading are very different beasts, they do have one thing in common: it requires discipline. If you expect trading to be a get-rich-quick scheme then you’re in the wrong neighbourhood. Trading starts slow, will keep going slow, and will never pick up speed. Trades profits are minor and big sales are few and far between. If you don’t have the patience for a slow-starting career, then trading is not for you.