The short answer: Yes! It can be very profitable!
It is understandable that new traders are concerned with the validity of making a profit. Many are concerned that with their other time commitments, such as a day job, they will have trouble developing the skills they need to be successful. Another concern is the large percentage of traders who lose money and leave the market. However, with new resources on the internet, many traders have found success.
It is difficult for an amateur to simply begin trading and immediately realize profits. The fact of the matter is, 90-95% of traders end up losing money. That means that for new traders trading cautiously is very important. Traders should start out keeping their trades to relatively small amounts, in order to reduce risk of a single big loss. Many of the traders who leave the market without making any profit do so after one huge loss.
Another important part of trading cautiously is learning from your losses and staying flexible. If you experience a majority of losing trades over a period of several months, it’s probably time to re-think your strategy. If it was a strategy you developed when you first entered the market, maybe it’s time to develop a new one. Even amazing strategies can get old, because the markets are always changing.
There is no guarantee that trading will ever be successful for someone, regardless of how hard they work or how smart they are. Therefore, it’s always a good idea to have a steady source of income, like a day job, when you’re starting trading. If you decide to day trade full-time, it’s important to have money reserves to act as a safety net.
Trading as a hobby probably isn’t going to make you a multi-millionaire, but that doesn’t mean you have to lose money. Trading cautiously, especially when you begin, can help protect you from large losses.
Find your edge
If you want to make a profit trading, the most important thing is to find your edge. This can be a technique, observation or approach that creates an advantage over other market players.
One way to find an edge is to invest all your time to learn the principles of the market. Then, spend time learning the subtleties of the market to develop a strategy. However, this is a hefty time commitment. For someone working a full-time day job, it’s unreasonable. However, without an edge, making a profit is very unlikely.
Finding an edge without having to dedicate a huge amount of time to market research used to be almost impossible. However, with new technology, there are new ways to find an edge.
Platforms such as Better Trader have allowed anyone to trade successfully. BetterTrader generates opportunities for people, without them needing to invest serious time in research. The platform produces insights deduced from real-time news, events, and analysis, and presents the notifications in a variety of effective mediums. These include emails, push-notifications through the mobile app, the BetterTrader website, Tweets, and synced notifications on a computer.
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For those who want to hear direct user testimonials, BetterTrader maintains the highest level of ratings on Google Play and the Apple App/iTunes Store, with the vast majority of users rating the application above 4.5 stars. Whether or not you purchase a subscription package, BetterTrader provides a plethora of free resources and advice for all users.