Choosing Trading For A Living
More often than not, I hear and read about the woes of being a millennial, that we don’t know what we want in life, we just want to travel and live a free-spirited life. That explains the rise in the number of part timers and freelancer jobs. There has also been a rise in trend for terms like “digital normad”, “work remotely”, “trading” and even “blogger”. Many millennials, according to stereotype, have been dreaming or even are pursuing the rather unconventional types of lifestyle of perhaps being a blogger, or freelancer etc.
Having read so much about being a millennial, I had the thought of being a full time trader as well, hence I had cooped myself up my nest to read up about it and talk to stay at home traders as well. It was a fulfilling research project thus far and I have found 3 important things to consider before deciding whether or not to trade full time.
1) Trading Your Lifestyle
Decide what kind of lifestyle you want. One of the more zen-style trader told me about choosing your own life. Would you want to work for someone or take control of your own life? Then, the next question you should ask yourself should be would you be willing to give up a luxurious life for a simple life?
It’s not always that we can answer the question with entire certainty that we prefer a simple life. Living a minimalist lifestyle might not be easy but it might also not be as difficult as we think it is. Our views and opinion are influenced by peers, society and media. Being in marketing myself, we often have to appeal to human’s emotions for the ad or messaging to be a successful one. Most of us would only use up to 30% of the things we own on a day to day basis, which means that most of the items we own are not essential to our lives. By owning less, we take away the problem of not only expenses, but also less items to make decisions on. Furthermore, we are still able to get creative with our lives by doing more with less.
2) Your Passion For Trading
Ask yourself honestly, what is your motivation behind trading? Why do you want to trade? Is it because of monetary gains? Is it because you don’t want to be working for people?
It is said that only with true passion comes good traders. Monetary motivation might not last you through the entire trading journey, especially when the beginning of the journey often begins with little or no monetary gains. Good traders often have the grit and love for trading itself, meaning that they do not place so much focus on the gains, but rather the technique in which they use. Looking at charts, analyzing data and spotting hidden patterns should be what you at least like in order to say that you have the passion.
3) Training Your Trading Skills
Of course, if you have the passion to keep learning and growing, you will ultimately acquire the skills required to become a good trader. As the famous mantra of many traders goes “Take care of your losses and the winnings will take care of itself”, risk management is an important skill to have while trading. You trade not to win, but to not lose. During the start of learning trading, you will have to focus on trying not to lose money by adjusting to changes to what you have learnt. Many of the things taught to us might not be true and you might have to unlearn and relearn things.
Press on and chase your dreams, be it a trader or investor. Should you be wondering if trading is not your cup of tea, where should you go? Well, investing is an option you can consider. Read more about starting to invest here.