OK, so being a trader or stock broker isn’t too much like how they portray it in the films! However, it is still a great career to consider for a number of reasons.
Get some more details on these below, as well and some info on the things that might put you off investing other people’s money for a living.
Pro – Excitement
One of the biggest pros about choosing a trading career to make your living is the excitement of the high-pressure, high-speed atmosphere you will work in.
Typically, traders have round a 15-second window in which to decide on whether they want to make the deal they are working on or letting go in favor of another.
Combine this with the fact that the market can fluctuate wildly all in within a single day, and you certainly won’t be getting bored at work in you pick this career.
Con – Pressure
With such a high-speed market trader are under pressure to being able to make decisions quickly and efficiently.
This may sound all very well and good, but you need to remember that it’s not like picking what sandwich you are having for lunch. In fact, these decisions are hugely significant and can mean the difference between being in profit or debt for thousands, and even millions of dollars.
Pro – Plenty of skills to master
Another fantastic pro in favor of becoming a stock trader is that it is a huge area of knowledge and skills to set your mind to master.
Traders are typically knowledgeable in all markets, not just the ones they specialize in.
In fact, you truly need to know your share trading from your CFDs and your forex from your cryptocurrency. Of course, it’s not just about getting the terminology right either, but knowing exactly how each market works.
Traders will also have to be knowledgeable on the way the different markets are behaving at that particular time so that they can get in on a good deal, and get out of a bad one sharpish.
Con – Responsibility
Sadly, where huge amounts of money are concerned responsibility also plays a big part in the job as well. What this means is that if you do choose to become a trader, you need to be able to live with the fact that you won’t get things right every time and the buck will stop with you.
Of course, there are many ethical guidelines governing the way that trades happen too, and this is also something that you will need to be aware of before making a foray into trading.
Pro – A great rate of pay
Last of all, before you many any final decisions on whether trading is for you or not, it’s wise to consider the monetary compensation you can expect.
Now there is some debate over the mean trader wage in the US, primarily because many traders work privately from home, and often are not handling the large amount that can earn them the biggest bonuses.
However, Wall Street traders can expect an of an average income of around $300,000 a year. Something that just might tip the scales in favor of choosing this line of work as a career.
Are you thinking about being a Wall Street Trader?