A job in the stock market has a lot of potential for keeping life varied and also earning respectable money. But it is not a career you can just jump into like in the media depictions; there are rules, regulations and a lot to be learned to do the job properly and successfully. Keep reading to find out seven tips for building a career in the stock market.
Begin at Home
You can trade stocks anywhere as long as you have a laptop or desktop, some know-how, and a secure internet connection. Before you dive into any career, it is best to try it on for size, so starting at home provides the opportunity to do just that. This can give you a better sense of good trades and bad trades, and how to make decisions based on stock predicted movements.
Learn the Traditions
Rules are important, as are general regulatory policies; however, something that can mean you getting caught out are the trading holidays when the stocks effectively close business for a period. To never forget a market holiday, take a look at the linked list of common closures to be observed while trading and factor them into your bigger strategy.
Figure Out Your Trajectory
There are, like most professions, lots of roles to pick from and work towards. For example:
- Investment Advisor
- Financial Advisor
- Stockbroker
- Online Trader
- Manager of Portfolios
- Analyst (financial, research, equity)
- General Market Researcher
- Distributor
So, as you can see above, there are in fact multiple roles. Without experience, it will be difficult to secure an analyst or a research based role but, with the right skills and background, these will be easy to work up to.
Make Concise Records
Everything you do has to be recorded. This is not only for legal reasons, in case anything is ever disputed, but also just so you don’t lose track of trades and similar. Professional stock market workers can sometimes be juggling many things at once which means, staying organized is the only way to not fall behind and make avoidable mistakes.
Consider Education Routes
Further education qualifications in financial avenues, or business based courses can give you a boost when embarking upon a career journey in this area. They can provide access to higher paid positions and more advanced roles than what may be available for a newbie.
Know How to Use Technology
The majority of trading and stock exchanges are carried out online in modern times. Therefore, knowing how to use the platforms is essential. If you don’t feel comfortable using computers and stock software or trading channels, find a way to get to know these avenues before attempting to pursue a career. Otherwise, this will be an insurmountable hurdle.
Understand the Risk
This business is never guaranteed. Though nothing in life is, there is an additional element of chance at play here. Stocks move in a constant flux of activity. Their value depreciates and increases fairly constantly and what is a good deal one day may completely tank and cost you money on another. It is dictated by what is happening globally and anything from war to a change in leadership can impact the value and relevance of an asset.
How lucrative this career ends up being is partly down to chance and opportunity, but also knowledge and research. Building the job up from a starting position requires effort and a willingness to learn new skills and industry related jargon. It may be a change of pace from the more traditional nine to five roles out there!