Can Stock Trading Become A Career Option?
Stock trading can become a viable career option but requires serious discipline and a unique set of skills that can't be built overnight.
*This is in paid partnership with Uplearn.
Numerous Hollywood & Bollywood movies have eulogised stock market traders. They are portrayed as highflyers, living a grand life on the fast lane. Most people you ask, even those who don't invest in markets, would be fascinated by the market and market movers. The allure of quick profits, fortunes made, the thrill of speculation and the dream of making it big is a heady recipe and many are attracted to this world.
But the reel world does not always reflect the real world—even if you want to enter stock trading and feel you might be great at trading there are many steps on the ladder to become a successful trader. Domain education is key to your achieving your goals, along with some other factors.
On the other hand, you may not be a newbie into trading and may have already had some success trading on the side while doing your regular day job. Should you take the plunge and get into trading full time? The bottom line is, can stock trading become a truly viable career option or should most restrict it to something you do besides your day job, or a hobby?
But first let's look at some of the positives of being a full-time trader:
Sky Is The Limit: The market has made millionaires and billionaires. Successful traders can made huge profits, and this is something many can never achieve in a traditional salaried job.
Be Your Own Boss: While trading demands discipline and hard work, the rewards are yours alone and there is also a level of independence, and you are not tethered to an office. You can work from anywhere where there is reliable Internet and decide how many hours you wish to work every day.
Fulfilling Career: If you have a passion for markets, trading can be a fulfilling career that stimulates you intellectually and brings you joy.
At the same time, don't ignore the other side—always look at all sides of a picture to understand it best.
You Are Never Alone: There will many competing in the same market. You will not only be up against other traders but also large, tech-driven firms.
Constant Learning & Mental Strength: Markets are all about change and traders must continually update their skills, knowledge and more. In addition, successful traders are those who don't let greed and fear lead them into impulsive decisions.
Losses Are Real: Even the best traders lose money on some trades or are blindsided by events. In addition, income can be uncertain--you can be rolling in profits at some times, but also have to make allowances for periods of loss.
The fact is stock trading can become a viable career option but requires serious discipline and a unique set of skills that can't be built overnight. You need knowledge and need to hone your psychological resilience. Here are some of the skills you need to build for a successful career as a trader:
Analytical and numerical skills
Risk management expertise
Mindset for continuous learning
Resiliency skills
EQ and emotional skills
How To Build These Skills?
To reiterate, a successful career in trading requires continuous education. It’s not about one course or one certification. For a start, remember the basics of trading, start small so you don’t exceed your risk appetite. Then, glean as much information as possible from as many sources as possible as you begin your journey. From improving your EQ to your analytical skills, from understanding risk management to honing numerical skills, find the best sources.
A great source recommended by many who are entering the world of trading is Uplearn, a powerful platform that is all about helping users unlock their financial potential.
A smart platform like Uplearn does this by providing multiple, valuable resources on one platform. From the very basics right up to options trading there is a wealth of resources available. You can learn fundamental analysis, technical analysis, sectoral analysis, risk management, algo trading, portfolio management, personal finance and more. And you can learn at your pace and comfort level, because these resources are in the form of engaging webinars. That works best, because it helps you start at a level that’s comfortable for you and begin your trading journey at the right pace too. Smart learning can help you manage your career risk and chart your path to become a successful trader.
