Millions of people, young and old, have a dream to make it as a trader. 

Many of them have seen the glamorous lifestyles of traders on social media. Others have seen The Wolf of Wall Street and decided that they want to be a part of the action (although The Wolf of Wall Street is not an accurate representation of modern-day trading). 

Whatever your reason for wanting to become a trader, you likely have the same question on your mind as everybody else: 

Do I need to go back to school for this? 

The truth is no, you don’t. There are no trading-specific degrees out there that will prepare you for a career in trading, whether you trade independently from home or in a company office. 

Instead, to become a trader, all you need to do is check out the following tips and tricks: 

Use Online Resources

Nowadays, there are lots of trading-related sources online that you can access for free. 

Price Charts 

Let’s think about cryptocurrencies for a second. 

Due to the popularity of digital currencies, millions of people spend each day trading on the crypto market. Whilst doing this, they use online resources that help them to make smart, well-informed decisions. OKX.com’s Terra current price charts is a good example of this, as it provides you with a clear insight into the price of Terra on an hourly, weekly, and monthly chart. As Terra is a popular type of crypto, this allows you to see how well it has been performing on the market over specific periods. 

YouTube Tutorials 

In addition to this, there are thousands of trading YouTube tutorials posted by professionals. Usually, these videos will then link to external trading courses that you can enrol on for further knowledge and learning. 

Popular trading channels on YouTube include: 

  • ClayTrader
  • Investopedia
  • Benzinga 

You have nothing to lose by binge-watching these types of channels and absorbing as much information as possible – from current stock market trends to cryptocurrency predictions. 

Understand the Skills Required for the Job

Traders aren’t like everyday people. They have specific skills that enable them to thrive in the daily trading environment. 

Examples of these skills include: 

  • Analytics 
  • Ability to work with large amounts of data in quick succession 
  • Communication (interpersonal ability is needed for clients and partners) 
  • Teamwork 
  • Patience
  • Discipline (don’t fall into the trap of making rash decisions during volatile market periods) 

The more adept you are in these departments, the better!

Research Different Markets

As a trader, you won’t be successful without good knowledge of different markets. 

Every day trader on the planet who makes a regular profit knows this. They’re aware of exchange trading hours, news events that affect stock prices, tradable instruments, and much more. 

For example, when Elon Musk famously smoked on the Joe Rogan podcast, this caused Tesla’s stock to plummet dramatically. In turn, chaos ensued as people with investments in Tesla started to panic and sell. Fortunately, Tesla and its stock levels soon returned to normal, but this is an example of news events that you must stay up-to-date with; as they have a direct impact on the trading industry. 

Conclusion

Thanks for reading this article. 

If you want to become a trader, the tips and tricks above make for the perfect starting board. 

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