Were one to survey the nation on ‘what a trader looks like,’ the responses would likely be myriad: a hybrid of Gordon Gekko and Mark Zuckerberg; a pinstriped but tech-savvy caricature drawn from a life out-of-reach.
The reality is far closer to home. The marriage of globalisation and rapid technological uptake over the last two decades has lessened the constraints of geographical location to such an extent that one needn’t pack their bags to start trading. Wall Street, the City of London, and tradable markets anywhere else in the world exist in each of our pockets.
The internet was once touted as the ‘great leveller’; the innovation that would grant access to all to what was once exclusive. We have lived through the democratisation of the finance industry – the erosion of elitism and nepotism as a means to entry. Anyone over the age of 18 with an internet connection can learn the ropes and have trading success, regardless of who they are or where they’re from.
You might think you’re not cut out for trading – and you might not be. But the chances are, whatever you do for a living, whatever skills, knowledge or characteristics you possess, it will in some way be transferable into trading prowess.
For example, working in an industry usually means you possess specialist sectoral knowledge, and are probably very up-to-date with industry news. It doesn’t take much education to take the information in your head and turn it into actionable, tradeable insights a professional might miss.
It’s not just where you work, though. Your characteristics – your aptitude, attitude, and approach to life – play a valuable role in making good trading decisions. Used to pressure? Or making a plan and sticking to it? Even attributes as simple having high focus and being patient can make a significant difference to your success.
Anyone can trade. The stereotype of a trader is all wrong, marred by blame for financial crises past and based on a parody of an eighties cliché. Two assumptions often made are discernibly untrue in 2020: that all traders are male, the first, is an outdated perception.
This isn’t the NYSE trading floor – there are no bellowing, red-faced professionals to shout over when you want to execute a trade. Online, where all are equal in the eyes of the market, we’ve seen a gradual positive curve towards more women in trading. The tools are there for anyone to have a go, and plenty of women have enriched themselves via our platform.
The second, is that you have to be wealthy in the first place to accumulate more wealth. Sure it will help, but you can open a share-dealing account with us from as little as £x. The road to a healthier financial future does not begin with affluence but education.
All of the above examples are intended to demonstrate that anyone, regardless of age, race, gender or whatever else, can trade if they so choose, and that many will already have transferable skills that will aid them in doing so. But it is through education that we grow as traders.
At Fineco, we not only offer market-beating commissions and a full suite of analytical tools, but we will help you to learn and develop as a trader along the way. We want to see our customers succeed, so alongside our support team and educational tools, we offer a series of regular webinars that aim to take your trading to the next level, no matter where you are starting from.
Whether you just want to better understand markets, or you’re looking to take trading up on a more serious basis, we want you to make the most of your Fineco account: we’re the one-stop-shop trading partner that will go on that journey with you.