Intraday trading and investing Career paths are becoming popular For most people today. This explains why the number of users is high in many companies in this sector such as Forex and CFD brokers.
Its popularity soared during the Covid-19 pandemic as governments announced massive stimulus. In this article, we will focus on when you should start your trading career.
What is day trading?
To answer this question, we need to explain what day trading is and how it works. Day trading is the process of buying and selling financial assets such as stocks, commodities and currencies with a view to make a profit.
daily trading has a Shorter horizon of investment Day traders need to close all their trades at the end of the day. On the other hand, investors can hold their positions for months and years. On the other hand, swing traders usually hold their trades for a few days.
there many ways to day trading. For example, there are day traders who use scalping techniqueWhere they buy and sell assets Within a few seconds. The goal is to open dozens or hundreds of trades per day and make a small profit from each.
There are those who focus on algorithmic trading, where they use robots to execute trades. Other day traders use the copy trade approach.
Is there a correct age to start trading?
There is a common question about Whether there is a correct age to start day trading. The simple answer to this is no.
In the past, many people succeeded in their business career after starting in different age groups. In 2022, a . was widely reported 20 year old trader who made $110 million from trading Bed Bath and Beyond stock.
historicallyAnd the many subordinate plural Investors and merchants they are who They started their career early enough. For example, Citadel’s Ken Griffin started his business career at Harvard University where he was a student. Others like Warren Buffett and Bill Ackman started their careers in their early twenties.
on the other side, We have seen many successful individuals Who started and succeeded in trading in their old age. For example, in 2021, many seniors started their careers in trade and succeeded.
The benefit of day trading is that You can start at any age.
For one, this process Relatively easier These days since most brokers offer a free demo account for people to use. A demo account is a demo account that allows them to access the market without risking their money.
Most importantly, you can easily find educational materials for free or for a small fee on the Internet. You do not need to enroll in a school To learn more about trading. The chart below shows the average age of stock traders in the United States.
What is the appropriate age to start trading?
The The right age to start trade it is now Since I started trading early, the result has been better.
For example, starting your trading career in your teens and twenties will give you a lot of exposure to the market at a young age. If you succeed, you will have a long runway To succeed as a trader.
This explains why many famous hedge fund managers who started their careers early have been successful in the long run.
Another benefit of starting your trading career early is that Allows you to make mistakes. For example, if you find trading difficult, you can easily switch to other career areas.
important death, As a young person, you have a lot of free time At your disposal. It is possible that you do not have children and a family to take care of.
If you are well past your thirties, the correct time to start trading is now too. The earlier you start, the better your chances of success.
What if I was older?
The later you decide to start, the more complicated it can be. Especially if you are already engaged in a 9-5 job, and you have a family to take care of.
In this case, the best option is to start part-time by taking advantage of the extended working hours and getting to know the markets. For people who live in Europe, this step is much easierBecause the US session will remain open once you leave the office.
But do not rush to quit your job!
The best way to Switch from a part-time trader to a full-time trader (or office manager) is to set aside a decent amount of money, allowing you to have at least 6-12 months of independence without risking the money you need to live.
How to prepare to start your trading career
There are a few steps you need to follow before you (really) start your trading career. First, you need to Spend some time learning more about the market.
In this, we recommend that you start by reading materials about trading. Fortunately, there are hundreds of high-quality books that you can use to find more information on this topic.
In addition to books, you can Enroll in some online training courses about trading. These courses will give you more information about how the market works and how to trade.
You can also spend a lot of time watching YouTube videos about how to trade. merchantowned by DTTW™, is one of the best programs to watch as it has some educational content and live trading.
You can learn a lot to watch professional traders in action. After all this, you should formulate your own trading strategy using a demo account.
How do you know you are ready to start your trading career
The next question is how I know you’re ready to start Your business profession.
You should start your trading career after learning more about trading and coming up with an ideal trading strategy. In other words, make sure that your trading strategy is profitable in a demo account.
Never start trading when you are constantly incurring losses in your demo account!
Why is the support company better
Now, you can easily start your trading career just by creating an account at one of the best brokers. This will take you to a retailer. However, we recommend that you start your career as part of a team or trading floor.
Related “ Why should I trade with a real estate trading company?
At DTTW™, we have seen many people start their careers by hiring a trading floor operator. Then they grow a lot and open their own grounds.
The benefit of starting trading in a company is that you will learn more about the market from a team of experienced professionals.
In this article, we looked at the idea of when you should start trading.
We have found that people who beginning trade early You have Better advantages From those who started in their later stages. At the same time, we have also seen that many people start their careers later and become successful.
Success does not depend on age, but mostly on commitment and passion (and knowledge of some factors that have an impact on a trader’s career).
Do you want to start your career? Connect with our team!