Many people want to be full-time investors or traders. But, can you take the plunge? Here are some key things to consider if you want to be a full-time investor or trader.
Ability to accept personal responsibility
If you are a full-time trader/investor, you are responsible for your own decisions to buy/sell. If you analyze stocks well, you make money. If you don’t, you lose. If you big risks and the trade does not go well, you lose big money. Hence, full-time trading/investing requires a high level of personal responsibility.
Family Responsibilities
Income from trading could be very volatile. There is no guarantee that, in a particular year, a trader would make a fixed amount of money. The results of the good analysis may not be seen in the short-term in investing too. Sometimes it takes a few years for good analysis to bear fruit.
If you need a fixed income to fulfill your family’s financial needs and don’t have financial security, full-time trading is not recommended.
Financial Position
If you have achieved financial security, you are good to go for full-time trading or investing. For those whose financial position is not good, you should be comfortable with an unstable life, especially in the initial few years.
Freedom
Many people are motivated by doing things their own way. If you want to do things your own way, full-time trading/investing could be a good option. But, acquiring stability may take a few years.
Passion
The key question you need to ask yourself is – are you passionate about stock markets? Are you comfortable watching financial news or looking at technical charts? If these things excite you, you can stock markets as a career option.
Skill-Level
Trading/investing requires a certain skill level. Acquiring these skills and implementing them takes some years. If you are already at a high level in terms of skills in analyzing stocks, the road to full-time trading/investing can be easy.
Unconventional Career Choice
Full-time trading/ investing is still not accepted as a mainstream profession in India. Hence, many of your close friends and relatives may criticize the decision. If you are fine facing this criticism from people, then you can take the off–beaten path of full-time trading or investing.
Ability to develop processes
The majority of stock market professionals have developed a process of analyzing stocks that have worked for them. Developing these systematized processes may take a number of years. Also, you may find that these processes need some tweaking and need to be reviewed after a few years.
Ability to implement the method that works for you
Developing a method that works for you is just one part of the story. Implementing that method diligently over a number of years is difficult. You should be able to implement that method over a number of years to do well in trading/investing.
Ability to acquire knowledge
One important question to answer is – Do I have the relevant knowledge to be a trader or investor? Many people don’t. Hence, you can consider doing some courses or having a mentor before going into full-time trading/investing.
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