Most of us have been at some point in our lives university students. Whether we made it through our degree or not, a majority of us left university with massive debts. Usually, when leaving university, you’re supposed to start out fresh in the market, ready to pave your wave to your career. However, most of us, upon leaving university is figuring out how we’re going to pay our student loans off while trying to live a normal life. But, before you even leave university you can start to pay off your debts by working on the side. Though there are plenty of university student jobs such as painting, sales assistance or customer service representative, there are other jobs available where you’ll be able to make more money without having to sacrifice too much of your day. In fact, they are opportunities where you won’t even have to leave your bedroom in order to put money in the bank.
Many students believe that if they didn’t study economics or finance that they won’t be able to get into trading. However, that’s completely wrong. Sure, it takes times to test the field out, especially when you’re beginning, however, with some practice, you can quickly get the hang of how things work in the financial market. Though you may think that the financial market is best left off to old men who have years of experience or money hungry psychopaths, anyone can enter the financial market and profit from it. You don’t need a degree in finance in order to do so. Sure, having some background education on it can’t hurt but it isn’t a necessity.
What is the financial market? Well, it comprises of many areas such as shares, commodities, currencies, and bonds. With each one of these areas, they come with derivatives which are tradable products. Day trading careers are not only great to develop during university but they carry you out into stable and profitable careers upon graduation. Day trading is the buying and selling of financial instruments which is traded on speculation of the market. This is also known as short selling and the fact that it is short trading is what makes it so appealing to those curious about trading. In addition, there are also many other advantages to day trading.
As a day trader, everything gets closed on the same day, thus, you don’t have to stay awake worrying about how a stock is going to turn out because you already know the outcome. Plus, as a day trader, you can easily earn more money in comparison to weekly investors. Of course, this doesn’t come as easy as it sounds. If it was too easy, then everyone would be doing it. You can be successful at anything you put your mind to.
You may be wondering if you even have the qualities needed to be a day trader and you know, that’s a good question to ask yourself. Is this something you truly want to invest your time and energy in? If you’re just looking to make a quick buck, it’s not going to be as easy as you thought. But that comes with anything. Though, people who have these qualities will probably have better luck at becoming a day trader.
The most successful day traders are ones that are willing and ready to do the research needed. As a day trader you need to know what you’re buying and selling, so if you’re interested in research, then you may enjoy this aspect. In addition, day traders also follow a thorough plan and stick to it. In order to day trading to be profitable, your plan must be followed with precision. If not, you can easily go astray and risk losing money as Brad Barber and team discovered that 8 out of 10 day traders in Taiwan lost money in a six money period. In essence, this isn’t any different than all the other industries out there. Though many try to grab it, only a few actually get it in their hands.
Lastly, though stated earlier that anyone can enter the financial markets, which is completely true, many with specific personality traits are more successful than others. However, we all have specific personality traits, so what’s different from you and a successful day trader? They know how to use their strengths in the market. It’s not about whether or not you can bench 200 lbs, this is about mental strength and knowing where your weaknesses lie. Once you know your strengths and weaknesses, you’ll be able to tailor a trading style that works for you.
So, do you have what it takes? You probably do, however, you won’t know until you give it a try. The risks with day trading don’t have to be high. What will be the true challenge is knowing your capabilities and overcoming your weaknesses in a dog eat dog market.