Should you get into financial trading? I am going to start off by saying that I enjoy financial trading as a hobby, and I am still learning how to trade. I am going to give my unbiased opinion.
The first question you should ask yourself is, is it something you are passionate about? That you would love to do for the rest of your life? If not, DO NOT start trading. Why? Because based off of scientific research, humans are initially bad at trading. Our bodies and DNA are not meant to know how to trade. Therefore, you will need to study, learn, and practice trading for a LONG time. There's people who learn how to trade perfectly within 6 months. Honestly, I do not know how they did it. Normally, it will take anyone at least 2 years.
The second question is, are you interested in investing or trading? There is a MAJOR difference between the 2. Investing is buying and holding over the LONG TERM. Whether their investment is going up or down, they will keep investing or leave their investment to grow. Trading is when you are buying and selling within a specific trend or timeframe.
There's daytrading, holding postions for within a day.
There's swing trading, holding position from anywhere between a day to several weeks.
And Position trading, holding a position usually for months until a trend discontinues.
The last but not least question is WHY are you trading? If you decided to do this long term, whether it's a full time income or a hobby, ask yourself why are you trading? Is it to get rid of your job? Is it to make a little more money? Trade for a living? If you are thinking you can turn $1,000 into $100,000 within a year, or even 5 years, you are DREAMING. In order to make a living off of trading, you will need to need a lot of capital and to be good at trading. It's more realistic to keep depositing into your trading account, accumulate $50,000 and turn it into $500,000 within 5 years.
Tips for wanting to trade:
1.) DO NOT, and I can not stress this enough, DO NOT LET ANYONE ELSE MANAGE YOUR MONEY! Especially people who have returns of over 100% or 10000 %. They will risk all of your money on 1 super low accurate bet.
2.) DO NOT let anyone on Instagram or other places manage your money promising something weird like turn $500 into $5000 in 10 weeks, or promising 5% daily on your investment on something. Whether it's stocks, options, Bitcoin, Forex, etc. They are SCAMMERS!
3.) DO be nice to people who are in affiliate programs offering you Forex products or stocks products. They are not scammers, they just are interested in making money with you. Make sure they are real people who are willing to be on a video call with you.
4.) DO NOT rely on signals for the rest of your life (people telling you what to trade) they may be good or bad, but you must teach yourself to fish.
5.) DO NOT risk too much on a trade or trades. There WILL be times where you will be wrong 10 times.
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