Whether you are just finishing your university degree in Mumbai or needing a career change from that Kerala-based office role, finding a job you will enjoy is a priority. Taking the time to find a career that you are passionate about is just as important as how much it pays. One career that many are looking at in India right now is becoming an independent trader.
Why choose to be an independent trader?
If you are thinking of becoming an independent trader there are many great reasons to try it. It is an interesting profession to move into that allows you to use your analytical skills and initiative. It also gives you total freedom with the opportunity to work from home or anywhere else you like.
All you need is a PC, laptop or mobile device to connect to the internet and some initial funds. As you will be working for yourself you are not limited to set holidays, working times and are your own boss. In terms of pay. If you hit enough winning trades then the financial rewards can be generous.
How can you become an independent trader?
To move into trading on the financial markets for a living, it is essential to educate yourself first. While you don’t need any qualifications, jumping in before getting the basics covered is not recommended. Head online to find articles on how the stock market works, how to spot trading opportunities and other essential tips.
Once you feel informed enough to begin trading then you will need to find a broker online to trade with. Be sure to research who you choose to trade with carefully through online reviews. After creating your account, you would then need money to fund it with.
At this point, you should also have a trading plan written out. That will enable you to trade in a professional manner and not randomly put on trades instead. Once you have a portfolio of open positions then you will need to review them when you feel it is necessary to see how they are performing. How often you do this will depend on if you are only holding your trades for a short period of time or if you have decided to invest for the long haul
Keeping up with the markets is key
If you are looking at independent financial trading as a career, then you will also need to keep a daily check on the market news. All financial markets are sensitive to reports and figures which means they could affect the trades you make or have open. Having a stock events calendar is recommended so you always know when major news events are coming up that you need to be aware of.
Independent trading is a viable career
If you are thinking about becoming an independent trader, then the good news is that it is now a viable career choice for everyone. The rise of online trading and greater access to the financial markets as a result has opened the industry up in recent times. With patience, hard work and a firm grasp of how the markets work, it is a career that might be right for you.