There is a lot of money to be made in the stock market or through trading cryptocurrencies and forex. Both new and experienced traders have made record profits over the past couple of years with top trading tactics or just sheer luck in a volatile economy. But for many individuals, investing is something they just do in their spare time. With interest rates at an all-time low, it isn’t surprising that so many are looking for more lucrative alternatives to savings accounts or CDs with traditional banks.
But if you’ve caught the trading bug recently, you might be completely captivated by it. The thought of making money and doing something you really enjoy full time can be intoxicating. But what avenues to realise those goals are open to the everyday person. Do you need someone supporting you or can you branch out on your own?
To answer some of these questions and explore some of the paths you can take to becoming a professional trader – including taking on a funded trader account – we’ve written this piece on how to become a career trader for stocks, forex, cryptocurrencies, and more.
Sign Up With A Proprietary Trading Firm
Taking on all of the risk associated with your savings to date is just one step too far for most budding career traders. This is where a prop trading firm can step in and give you the capital you need.
Still, they don’t hand out money to anyone. You need to have a proven track record of success. If you can demonstrate that you can consistently outperform the market and maximise profits, you can become a professional, full-time trader.
There are prop trading firms that specialise in forex, crypto and more traditional securities so whatever form of trading you’re interested in, there’ll be an organisation that can help you realise your potential.
Go It Alone
Mobile apps have dramatically changed the accessibility of the stock market. Before the internet, the amount of obstacles you had to hurdle to invest was overwhelming. Today, anyone can place trades almost instantaneously using any internet connected device: their phone, tablet or laptop.
Which has also given rise to the completely, authentically self-made trader. There are thousands of traders making a living from their own investment decisions. By arming themselves with strategies, techniques and tips acquired from reading books, discussing investing online and watching instructional videos, retail traders have made themselves a genuine force on the stock market.
Of course, this route is laden with the most risk. Your own savings –something that you have worked exceptionally hard for over a number of years to accumulate – are in jeopardy. You have to gamble with your own money and – if it doesn’t go to plan – you may well have lost your life’s work.
The Traditional Route
To get into the elite financial institutions in London, for example, you need a degree. A degree from a highly rated university isn’t enough. Typically, banks will ask for at least a 2:1.
It’s probably the least accessible route to becoming a trader but you have to understand that competition for these kinds of roles is intensely fierce. You have to be able to separate yourself from the other people vying for these roles – and excelling in academia is one way many applicants can do so.
Apart from academic success, securing internships, work experience and placements at the place you are hoping to work can give you a leg up on the competition during your path to becoming a career trader.