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Do you have what it takes to be a trader?

 article about Do you have what it takes to be a trader?
2015-01-09 09:11:15
We'd all like to be able to make extra money. For many of us, of course, making money is a necessity which means we're able to feed, clothe and house ourselves and our families. And in order to earn a living, most of us are tied into those 9-5 jobs that you somehow never thought you would be. But that's life and that's what most people accept as their lot in life. In order to be able to afford what you want; you have to work for it.

While this is generally true, there are ways that you can make money without it being a grind. And then, if you can achieve this, you can instead choose to work in a job that you find fulfilment and satisfaction in, rather than just staying in a boring job in order to cover the bills.

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If you think about it, almost all walks of business are dependent on trading - from running a market stall or buying and selling goods on ebay to running a successful company
And when you've spent years watching the pennies in order to avoid getting into debt, while many people around seem to live the ‘high life' and put everything on credit, then if there's a way of making money with some of your savings, you might feel it has to be worth a try.

One way that many people achieve making extra money in order to generate spare disposable income is through trading. Although lots of people think that trading is a risky business and too difficult to get into, it's surprising how simple it can be. If you think about it, almost all walks of business are dependent on trading - from running a market stall or buying and selling goods on ebay to running a successful company. As long as a trader knows their business, they know how to make a profit from it.

The biggest international financial markets are based on the activities of different traders around the world. One example of a trading market is the foreign exchange market, and the people who are able to guess ahead which way currencies will move, and do this correctly, will be able to make money at this. However, some people try out foreign exchange trading and find that they simply don't have a knack for it.

So, the big question is how do you have a go at trading without potentially losing a lot of money (that you've been working hard to earn and save)? If you choose a good provider you can have a trial run at trading without risking any real money. For example, Tradefair includes a range of tools and platforms that you can trade with and that you can use to trade in different markets including the foreign exchange market.

On Tradefair you can have a go in virtual mode – which allows you to see if trading foreign currencies is something you have an aptitude for, and whether you enjoy doing it.

If you discover from working in virtual mode that trading is something you are good at, whether it's with foreign exchange, commodities or other financial markets, you can then begin to introduce your own cash. The best advice is to do this with very small amounts to begin with. Your progress will be incremental, but at least if it goes wrong, you won't have lost a large amount of money. Using real cash helps focus the mind on the task ahead – it's easy to be glib with play money in a demo mode! It if turns out that you do well with the small cash stakes, you may then decide to increase the amount you trade with. It's wise that you also develop loss-limit strategies.

Learning the art of trading is something that is open to us all, thanks to the existence of online providers. And the best thing about it is that you can try trading without risking real money.

You never know, you may find your new vocation when you experiment with trading and perhaps one day, you'll be able to quit the day job.




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