Are you looking for a new hobby, but aren’t quite sure where to start? Have you considered you might be a trader? Below are a series of questions that will help you determine whether you’ve got what it takes to enter the trading market, and wing it.
The need to find a hobby, and especially one that you can also benefit from (and preferably financially benefit) seems to be more and more one of today’s 21st-century crises. In fact, more people take on a self-exploring journey, to identify that one special something that can make them feel both, financially, professionally and personally accomplished.
From the desire to evade the mundane, and monotony, they start asking themselves various questions. We’ve looked into it and discovered that certain questions seem to repeat amongst traders that chose this kind of investment from pure passion.
So just consider that if you often find yourself wondering the following…
- How could I cash in on a specific weather event?
- How can a holiday turn into profits?
- How can I run my own micro-business?
- How can I monetise Tweets?
- What to do with all the math I know?
- What could I use my chart reading skills for?
- How to turn my attention to detail and analytical skill into something more?
(And many other financial related uses of apparently strange skills you’ve got)
…You might, in fact, be a trader. Since you see, weather events whether good or bad can impact the financial markets, especially the agricultural commodities, as we previously saw in the ‘Weather Conditions Impacting the Financial Market’ article.
Various worldwide holidays like Akshaya Tritiya – India’s Gold Gifting Holiday – impacts a great surge in gold demand, that it manages to impact the precious metal’s quotations during the months of October.
In fact, even the idea of running your own business could be attributed to trading, since this kind of investment is pretty much based on conducting a daily analysis of the best performing factors that lead your company to success. When it comes to trading, you analyse the various market conditions that might affect your portfolio or trading account.
A lot of unexpected skills can be used for your trading plan. Take tweets for example. Based on their creator, they have the potential to impact various economies, like when Trump is tweeting. And the same goes for news pieces, press releases or other official communications.
You see, a lot of your unusual skills could be used to trade. And if you happen to be skilful at reading charts, making basic calculations or if you’re particularly good at noticing details that others don’t see, then trading might be just what you’re looking for.
Before you start trading, make sure you fully understand why you’re doing it and how this activity can become part of your life, and possibly make it better. First, try to answer a few questions that would most likely help you realise whether this is the right industry for you.
Since, at the end of the day, the questions that matter more for you, as a trader are the ones you ask yourself. For example, here are some that you should consider before coming up with your trading plan:
- How much can you afford to invest?
- Do you have all the information you need to launch in a new trade?
- How solid is this investment?
- And what if it backfires?
- Is your account prepared to take the hit?
- How do you recover? If not?
If you already started answering some of these questions, you might just have what it takes to start trading and make the best out of the special abilities you didn’t know how to put to use until today. Own up to your decisions, learn what it takes to succeed and never stop improving.
And before you start, make sure to check our Education Section. You’ll find some of the best trading secrets and rules. In addition, check our Webinar Session and book your first 1-on-1 with our Market Analyst, Michalis Efthymiou.
This article was written and submitted by eXcentral.
Disclaimer: This material is considered a marketing communication and does not contain, and should not be construed as containing investing advice or a recommendation, or an offer of or solicitation for any transactions in financial instruments or a guarantee or a prediction of future performance. Past performance is not a guarantee of or prediction of future performance.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.81% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.