Women are good at turning things into gold. Thankfully over the years, the society has come to recognise women as an important part of the society.
Still, there’s a new industry that I feel women should explore; trading. Trading of stocks, forex and assets has existed for a while now and it’s growing day by day! Bless the internet for hosting the many different trading platforms from all over the world!
What do you think of online trading? Could you be associating digital trading with ‘quick cash’, or seeing it as a scam? Well, if it were a ‘get rich quick scheme’ everyone would be a millionaire by now right? And if it were all just a scam, no one would have made money from it by now.
“Learning how to invest is key to successful financial health,” Warren Buffet. Even billionaires recognise the importance of wise investing. Fortunately, gone are the days when you needed a huge amount of money to buy or sell any asset in the financial markets. Even more, gone are the days when one was required to make calls to a broker if you wanted to buy or sell anything. Assistant brokers now come as service providers, not necessities.
So, as women, how can we shine in the trading industry? How can we enter and conquer an industry that is dominated by men? After researching through different investment company websites like CMC and materials about traders, I discovered things that we can do as women to take over the online trading industry.
What is online trading? This is whereby different investors buy and sell securities over the internet or an electronic network, more often via a broker company. Online trading has made the markets accessible to anyone with a computer or smart-phone and a reliable internet connection. There are different available assets on the markets, from bitcoins, currencies (forex trading), gold, company stakes, oil, e.t.c. You can choose to trade whatever you like, as long as you have enough funds and are not breaching any term of contract.
Contrary to what many people think, online trading is not about luck. Some instances might be confusing, like when Joseph Kennedy, a renowned investor sold all his stock before the “Black Thursday” market crash of 1929. Or the famous case of George Soros, an investor who made a $1 billion on a single day; September 16, 1992. We might say that they were somewhat lucky but we all agree that experience and hard-work helped push them to such memorable profits.
As women, we know how difficult it can be, to find extra time for ourselves, leave alone time for extra work. There always a huge ‘To-do-list‘ for us to check through. However, to be successful traders, we need to invest time into practising, following news and doing the actual trading. Set aside time to trade and be disciplined. Also ensure that the time you pick is when the market favours you that is, during high volatility. Find some quiet space and do your thing.
Learn and master trading strategies
I read somewhere, that a good trader knows how to minimise losses. It makes sense to try and avoid losses as much as you can. Assuming you stake £10 trade and make £40 but then in the next few minutes, you face a series of losses or one big loss and you are back to £20. That is like playing around with your money and you can end up losing it all. Before buying or selling, know when to exit a trade if it goes wrong. Cut losses quickly!
There are different types of money management systems in online trading. From the Martingale, to buy-and-hold strategy, swing trading strategy e.t.c. Do not be quick to skip from one strategy to the other. Instead, stick to one mechanism and perfect your skills in it.
Never use money you cannot afford to lose
Under no circumstances should we ever use money that we cannot afford to lose. This is just a quick way of setting ourselves up for frustration, guilt and bigger problems for our families.