October 27, 2015 at 3:21 pm
Most, if not all Binary Options newbies envision themselves being a daytrader, sitting at home or in a coffee shop and taking a few trades to make a living. This is probably the main magnet that attracts so many aspiring traders to the market. While this is the ultimate goal for most traders, there are some other trading career pathways that you could choose. A lot of traders realize that being a daytrader is not for them. The good thing is that with the knowledge and skills you have developed with trading, you choose from a wide variety of trading related careers.
There is a common joke surrounding teachers – people assume that teachers are those that have failed at the thing they teach. This could be true in some cases, but the reality is that this is a silly point of view. Being able to teach requires a unique skill set. Not all professional traders will be good teachers. However, somebody that failed at trading and has a lot of knowledge could be an excellent trading mentor.
Maybe you decide you want to become a trading mentor. There are many reasons why someone would wish to become a trading mentor. Let’s have a look at a few reasons:
The list goes on. Whatever the reason might be, if you enjoy teaching and have the ability to push other people to succeed, you could make a much better living being a trading mentor. Many other people have made an excellent living being a trading coach.
Being a trader, you learn a lot throughout your trading journey. You might have built up enough knowledge surrounding different investment opportunities that will enable you to become a successful financial planner. Being a financial planner, you will have to serve customers who are looking for the best ways how they can invest their money. By doing this, you will be receiving a commission from each customer. You might be surprised that you can make more money being a financial planner than what you could make if you were trading from home. You could also find that you enjoy being a financial planner more than a daytrader.
You could choose to trade for a firm instead of trading for yourself. A word of caution – landing a job as trader at a firm is no easy task. If by some chance you manage to find a job, you basically start out as a temp. You need to go through a trial period as part of your audition. Should you be profitable over your trial period and the firm is happy with your performance, they may offer you a full-time position. Being a trader at a firm is an invaluable learning opportunity, and it could also a start of a high-earning career if you manage to keep up your performance.
Some people love to analyze the markets, but don’t like the actual trading side of it. There are many positions available to analysts. Currency analysts typically work with other financial officers to predict the value of currencies. Analysts usually have access to all kinds of information services and high-tech computer systems that they use to make forecasts about currency movements. These predictions can lead a company to potential investment opportunities or aid them in their decision-making process when they do business overseas. Analysts also make appearances on financial news networks to give their opinions on currency issues.
You can still work on your own by being an analyst. You can do your analysis on the markets and send it through to other traders that can use your information to trade from. You can charge these traders a monthly fee in order for them to receive your market analysis. If you want to make this work, you really need to be a good analyst and your predictions must be correct more often than not. Traders will not subscribe to your service if there is no value in it for them.
You might consider working for a broker. There are many sections where you could find a job within a brokerage firm. Some positions can include account manager, marketer, sales representative, customer service, technician, programmer or one-on-one training. Brokers look for people who have experience in the Binary Options field to fulfill these job opportunities.
Trading is a growing industry that has caused hundreds of average brokers to pop up all over the place. As a trader, you know precisely what other traders are looking for in a Binary Options broker. This will enable you to start your own brokerage firm that will stand out above the rest of the brokers.
During your Binary Options journey, you will undergo a tremendous personal transformation. You will develop a lot of different character traits that you maybe did not have before you started trading. Some of these traits could include:
During your trading, you may discover that you are passionate about an entirely different field other than trading. With the skills you have built up, you could be the perfect fit for some other career. Being a trader, you learn how to be a self-starter and motivate yourself every day. Many traders use this to their advantage to start their own business.
Self-employment is not for everybody. Some people are passionate about trading, but they are not interested in becoming self-employed. There are various reasons why people would not want to be their own boss. One of the top reasons is that being self-employed as a trader; you are not guaranteed a salary at the end of each month. Many people prefer to have a guaranteed source of income or maybe they just can’t deal with all the responsibilities that come with being self-employed. There is absolutely nothing wrong with this. Your goal at the end of the day is to find the best option that is suitable for you.
Learning how to trade Binary Options will open a lot of different doors. It could very well be a new career in finance or another field that you never thought about. This article is not intended to discourage you from trading. This article is simply for information purposes. If you love trading and have the necessary skills, resources and time on your hands, there is no reason why you should not follow your dreams of becoming a trader.
November 2, 2015 at 11:05 am
Great article! I’m relatively young and I’m extremely passionate about trading. The only problem I have is that I don’t have enough money to start trading. Yes I can afford to open a minimum deposit account, but after reading your article “how much should you deposit” I’m rather going to wait until I have enough money. I was thinking of getting a job to build up some capital to start trading with.
The thing is… I don’t just want any job like being a waiter or what not… I want to do something that is related to trading that will actually mean something for my future. I have searched the internet but could not find something useful until I read this article from you.
Thanks again 🙂
November 17, 2015 at 5:49 pm
Ken, I feel your pain. These are all good ideas, but in my opinion it’s not easy to do one of them. You will have to have some type of background or even a degree to be able to do these jobs. I’m not saying it’s impossible just not as easy as you might think. My advice would be to start trading with the money you have and maybe get a part time job, be it a waiter or whatever. Use the money you make there to add to your trading capital until you are happy with the amount in your trading account. You can them quit your part time job and only focus on trading. I did not write this to discourage you, I only think that this is the best and easiest solution for you at the moment. PS. It won’t hurt of you look around for any trading related job in the meantime. Maybe you will get lucky, who knows.
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