Yes! You most certainly can. Really, anyone can be a trader, even if you have a full time job or no trading experience yet. If you’re interested in trading, it will take an investment of your free time and some money, but it’s very doable. Here are some tips for getting started:
- Invest time in learning the market you want to enter
- Come in with the right mentality and expectations
- Practice, patience, and set long term goals
- Always possess a willingness to learn from others and your mistakes
- Find the best timing to study new material, buy, sell, and trade
There are misconceptions around what being a trader means, but it is definitely possible for people of all backgrounds to become traders. The the word trader may be confused with the term “day trader.” A day trader is commonly assumed to be an individual who trades as a full-time profession. However, the actual definition is a person who trades 4 or more times in a five-day span.
The reality is that most traders are not people wearing expensive suits working on a trading floor or large bank, and seeing consistent astronomical returns. Rather, most traders are people who do it casually, semi-professionally, or just as a part-time hobby. Many of the best traders are those who work full-time as doctors, lawyers, engineers, small-business owners, or housewives, among other duties. As long as you take the time to learn the fundamentals, you can be successful at trading forex, derivatives, or any other markets you are interested in.
Many think that they are at a disadvantage in trading if they do not invest all of their time or a large amount of capital into their portfolio. This is a misconception that must be cleared up. The skills learned in other walks of life and fields of study contribute a great deal to the characteristics of a successful trader. Additionally, different tools in specific markets, such as high leverage positions, allow for traders to risk a relatively low amount of money while still having the potential for high rewards.
An anecdotal example of one of the most brilliant traders of all time is the story of Michael Burry. He was studying to earn his medical doctorate, while simultaneously studying the market and trading at night during his off shifts in the hospital. He ended up making hundreds of millions of dollars, for being one of the only people in the world to recognize the impending subprime mortgage crisis in the United States. Later on, a popular movie, “The Big Short,” was made based off his story. While his story may be an anomaly, it goes to demonstrate the opportunities that non-professional traders have, and the abilities there for them to achieve their goals in the marketplace.
Interested in getting started trading one of the major markets?
Better Trader provides statistically backed analysis that interprets economic event releases and market movements into actionable insights in real-time. The company was created by a team led by day traders with real insights and experience on the world’s biggest exchanges. The platform makes it easier for you as a trader to achieve your trading goals at all levels with specific company specialization being in Forex and Futures markets. Click here to open a free account.