Is Trading the Right Career for You?

May 12, 2018

Trading can bring a lot of stigma with it.

People that don't have a lot of knowledge about the world of trading can sometimes attach negative perceptions to it.

Some see it as gambling. Others look at it as a greedy profession.

People form their opinions after watching movies like "The Wolf of Wall Street" where Leonardo Di Caprio plays the notorious fraudster Jordan Belfort or "Wall Street" where Michael Douglas plays the ruthless fictional character of Gordon Gecko.

Both are great movies with wonderful characters, but characters who are not exactly saints. 

But here's a secret: you don't need to be greedy, ruthless, a fraudster or even a gambler to become a successful trader. 

Like any other profession, you just need some education. 

Why choose Trading as a Career?

Trading is not for everyone, but then what career is?

Everyone has different preferences.

Personally, I've always wanted to be a professional sports person.  

Football, golf, rugby... any of them really.

I've always been extremely competitive. Winning is an addiction for me.

And getting paid to do something that I enjoy doing... what could be better than that?

Having recently turned 30, my chances or becoming a professional sportsperson have all but faded, but it doesn't mean I can't still make a living from something I enjoy doing.

Thanks to Navin, I've recently got into trading and in that, I've found a hobby, something that I enjoy doing, and something I can earn a living from.

It satisfies my competitive edge and it feeds my addiction to always improve and to win, just like I have while playing sports.

Being a Trader also offers some other amazing perks.

In trading, you get to pick your own hours!

There are markets open 24 hours a day, 5 days a week so you don't have to stick to any office schedule. You choose what times you work and how many hours a day you work. 

Sure there are certain times that are better to trade than others but you still have the freedom to choose. 

And you get weekends off!!!

As a Trader, you get to pick where you work!

All you need is an internet connection and you are good to go.

You can work from the beach if you want. This is not really recommended... sand gets everywhere.

You don't need to be tied down to one place. Being a trader gives you the freedom to travel whenever and where ever you like.

You are your own boss!

You don't answer to anyone (except maybe your husband or wife).

Anyone can become a trader!

It doesn't matter about your age (except for being over 18), your gender, your background...

Anyone can decide to become a trader at any time. 

There is no cap on your potential earnings!

It won't happen overnight but in trading, you are in a career where you're potential earnings are limitless. 

Trading is not a get rich quick scheme. It is a profession that takes a lot of hard work, determination, and education. 

So how does the education match up to the education required for other professions?

Cost of an Education

The cost of an education really depends on where you are and what education you are looking for. 

Example: According to the College Board in the US, the average cost of tuition and fees for the 2017–2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents attending public universities.

That's only 1 year. The average college course is 3-4 years. Courses that lead to higher paid professions are usually 6-7 years.

Then, after you graduate you will most likely need to do an internship to get experience before you can land a decent paying position.

By the time that you finally find yourself in a settled job you probably realize that half of what you learned in college is irrelevant and the other half... well, decided to vacate your brain.

In college: 

  • You don't get to choose your teacher/professor
  • You are usually given a number of extra courses to take that are completely irrelevant just to build up your credits
  • Most of the testing/exams are based on your short-term memory

I'm writing from experience. I've been to college. I graduated from the University of Limerick in Ireland with a Bachelors of Business Studies, majoring in Marketing.

Now, I don't regret going to college. I had a great time there and met some wonderful people, some of whom I am still friends with today. But, the only real part of my degree that I have used for any of the jobs I did after graduating was the actual degree itself which I needed to get the jobs. 

I don't need a degree for trading. I don't even need to have finished secondary school.

But I do need to be educated in how to understand the markets and in how to trade.

And when you consider the cost involved in going to college, this trading education is not expensive.

Are there any downsides to a Career in Trading?

Of course, if it was easy and had no con's then everyone would be doing it.

Trading isn't for everyone.

As I mentioned above, trading is not for everyone. It suits me due to my interests and personality.

Here are some aspects to take note of:

You don't have a guaranteed income every month

A lot of people prefer to have a stable monthly income.

Even some of the best traders can go through a bad month where they might not make as much as they would have liked to or even months where they might make a loss. 

It goes with the territory so you would need to be able to handle those months both financially and mentally. 

Trading isn't a get rich quick profession

Don't be fooled by those out there who try to portray trading as a quick and easy way to become a millionaire. 

Like any other profession, it still takes time, hard work and persistence. You can read more about what it takes to become a profitable trader from this article "Is it easy to make a good living as a trader?"

You need to be able to control your emotions

Believe it or not, psychology and emotions play a huge part in becoming a successful trader. You need to be able to handle your wins as well as your losses when trading.

You need to have the patience and commitment by giving each and every trade the required time, care and attention regardless of how the previous trade went.

Some people may get cocky after winning a few trades and increase the size of the next trade and lose all their profits while others treat it as gambling and after a loss, they try double the trade size to win back what they lost.

Is Trading the right Career for you?

Only you can answer that question.

If you enjoy traveling and if you want to pick your own working hours then trading is a career you should definitely look into.

But you must be aware of the downsides to trading also.

Personally, I feel I am extremely fortunate to have come across trading at this time in my life and maybe now is the right time for you too.

Is trading the right career for you? Why do you want to be a trader? 

Let me know in the comment section below.

With Pip Love,

Garry at Urban Forex


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