Have you ever looked at trading as a way in which you can make some more money? If so then you have come to the right place as we are about to share some vital information from a seasoned trader, on what skills you’ll need to get involved. If you have seen a get rich quick scheme for traders online then the first piece of advice is to ignore them, these are not a fraud, but they are not telling the whole story. The best approach is to take your time and my good friend Michelle L Marquez is here to talk you about some of the skills which you will need to make money from trading, or brokering if you wish to go into that industry.
When trading you must ensure that you are doing everything in accordance with the law. Many are tempted to perform slightly unscrupulous things when money is involved but if you want a career in this industry, you better understand the rules and adhere to them. The Securities and Exchange Commission is the watchdog here and they play key roles in arbitration and generally overseeing trading activities. Whether you are working alone or as part of a group, you must ensure that your compliance is up to scratch.
Michelle spoke to me at length about the level of confidence which one must have in order to be a great trader. This confidence would also extend to those wishing to become a stock broker, as you must have the confidence to sell people your ideas and forecasts. If you are trading alone you also must have confidence in what you are doing and, as Michelle says, you must have the confidence to lose. Which means you must save money from your business or life to be able to afford to lose.
Discipline is high up there on Michelle’s list of key skills which you must have to trade, because she has seen too many people lose money as a result of ill discipline. What Michelle means by discipline is to have limits on yourself about how much you are prepared to, and able to, invest and then ensuring that you stick to your limits fervently to avoid losing money. Michelle told me about many people who have tried to chase losses for example, who end up with absolutely nothing.
For Michelle the ultimate ability which one would need to become a successful trader or broker is the ability to forecast. She does concede that nobody can correctly forecast the market 100% of the time, but the key she says is to be right more times than you are wrong. Much of this will come over time and there are very few people in the world who understand financial markets with speed. To gain this skill Michelle says that it is vital that you have invested a great deal of time in your education, prior to investing your money in stocks and shares.