Around the world, many people are faced with the problem of lagging wage growth at a time when inflation and interest rates are rising.
To solve this problem, many people are opting for doing more than one job while others are quitting to start their own businesses. Others are starting side gigs which are giving them an extra income. Some are becoming Uber drivers while others are renting out their homes through services such as AirBnb.
All these are good options but if you have an interest in finance and economics, you should consider doing online trading. This is where you open an online account and buy and sell financial assets which includes indices, currencies, stocks, treasuries, and even cryptocurrencies. Here are a few reasons you should consider online trading as a full-time or part-time gig.
First, unlike other businesses, you don’t need a lot of money to become a day trader. In the past, this was a major bottleneck that prevented many people from engaging in this business. Brokers required a lot of money as the initial capital and charged a lot of money in commissions. This was not possible to many people. Today, you can start trading the financial markets if you have less than $300.
Second, technology has made it possible for traders to trade whenever they are. Brokers provide free mobile apps that allows traders to initiate and end trades on mobile devices provided that they have internet. As such, you can be a full-time online trader while at the same time working in your full-time job.
Third, as a trader, you will always learn new things every day unlike other repetitive careers. Every day, you will receive several market-moving news that will make your trading life interesting. For example, today, a currency can move significantly higher because of a statement from the central bank and fall the following day following the release of key economic data.
Fourth, unlike other industries, financial markets are usually open 24 hours every weekday. This means that you can work in your full-time job during the day and then go home to trade at night. This gives you a lot of flexibility and the ability to make more money even as you sleep.
Fifth, as you advance being a trader, you might reach a point where you will not need to do the trading yourself. Instead, you will use algorithms to open and close your trades. This involves advanced programming skills but brokers are offering drag and drop platforms to develop quality algorithms. These algorithms will always open and close trades based on a set of parameters that you input. As such, you will be making money without opening the trades yourself.
In addition, being a trader is an excellent way to diversify your investments. Perhaps you have a retirement and a long-term investment account with asset management companies. To diversify, you can opt to do the trading yourself with little amount of money. All this will help improve your financial future.
To get started, you need to find a good online broker who has an excellent reputation, easyMarkets is a broker who has a huge history of being transparent and honest with a near perfect Trust Pilot score from genuine global traders. Then, you need to learn more about trading by reading books and watching trading videos. Next, you need to do a lot of practice, and when you are good, fund your trading account and start trading.