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Tuesday, October 24, 2017

How to Prepare for Becoming a Trader?

by Francis Dolan (writer), , February 26, 2015

If you plan on being a full time trader you must overcome your fears and good math skills

Being a trader is not as easy as most people believe. First of all, to be good at this you must have the necessary skills and if you do you should study and work harder that you ever imagined. Trading is not for lazy people, who are used to having someone who tells them what to do and when to do it. You must be ready to be your boss and to work even if there is nobody telling you to.

If you believe that trading is what you want to do, and you plan to build a career in this field, you ought to prepare yourself in order to become professional and successful. So, here is what you must know about how to prepare for becoming a trader.

1.You need math skills

As you probably imagined trading requires math skills. Being comfortable with numbers and able to do the basic operations is not enough. You should do them quickly and correctly, but this is still not sufficient.

Math is very important since this job implies buying shares, selling them, subtracting commissions and figuring out profits. Mathematics is essential for a trader so you should work on this if you feel you are not well prepared yet.

2.You must know the markets

If you are not a newbie, you should know that, for being able to trade, you must be familiar with the markets, the instruments you should use and how they work. You cannot be a trader if you have no idea when is your market open or closed or what are the margin requirements. Therefore, begin studying the markets as soon as possible because there is no other way.

3.Take a trading course

You have to stay up to date with the latest strategies so i recommend that you follow the activity of online trading educators like Academy of Financial Trading ( @academyFt ), which became well known for its useful interactive classes and full support offered to their students.

Taking such a course could help you understand the markets and the art of trading better. Also, the fact that you have educators and specialist to answer your questions and to lead you when trying to build your strategies and style is very important for you.

So, if you decide to take trading courses, you must choose wisely. Don’t go with the cheapest one but also don’t believe the most expensive is the best. You should check out testimonial videos and reviews and see what people say about them. Knowing if the courses helped others and how they did that is very important.

4.Be up to date

If you want to be successful in trading, you must always be up to date on the financial news. This is also a manner of learning more. In addition, being aware of what is new you could do more than following the financial news.

You can also follow successful traders who write articles or post updates on their social media profiles. Twitter is one of the best ways to find out what well-known trades are up to. Many of the most famous traders have a profile on Twitter ( @ItsTheSituation ) so you should take advantage of that.

Of course, that does not mean you have to let yourself influenced by everything you hear since having personal strategy and style is very important in trading. However, it is crucial to stay up to date with everything that involves financial trading and the markets.

5.Be ready to work under pressure

Stress and pressure will be with you every day. Therefore, you must be able to take decisions while you overcome these feelings. If you don’t feel strong enough to work in stressful conditions, probably trading is not the perfect job for you.

In conclusion, being a trader is not a very easy job, and not everybody can do it. Not only it takes special skills, but it also takes time and energy. Therefore, if you consider changing your career in order to become a trader, you must think about all the aspects financial trading involves.



About the Writer

Francis Dolan is a writer for BrooWaha. For more information, visit the writer's website.
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8 comments on How to Prepare for Becoming a Trader?

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