“One of the benefits of being a freelancer is that you choose when to work and where to work from. There are no pressures to wake up every morning and go to an office where you must arrive on time. Again, you do not have to attend physical interviews to be employed.” This was the opening statement to Mark Hopkins’ speech at one of the many financial market trading seminars hosted by Jones Mutual.
Freelancers have the privilege of working from the comfort of their homes. They can also work as they travel; location is not a barrier. However, all the freedom that a freelancer enjoys is far from financial freedom. Very few freelancers can say that they are financially free because the majority of them have to work every day to cater for their daily needs. To be financially stable, freelancers can invest in the financial market trading business. It has very high-risk levels, but it is also very profitable. It provides a better way of generating a stable income.
For most people, starting financial market trading is the hardest part psychologically and also financially. For most people, there is a lot of fear because they have already heard of the risks involved and nobody would like his hard-earned savings to get lost. People are generally sceptical of how their trading ventures will turn out. They often wonder whether they will be able to attain the targeted profits or if it will turn out to be a disappointment. But every investor and entrepreneur is a risk taker and unless you are ready to take the risk, you will not have the opportunity of making money.
Below are some do’s for freelancers who are wishing to start a financial market trading business:
Nowadays, it is possible to invest in financial market trading with very little, depending on the amount of money you are willing to invest. Therefore, there is no need of stretching yourself financially trying to pull together a large amount of capital to invest in financial market trading.
You have to invest the amount of money you are sure you are ready to invest. It should be an amount that will not affect your financial position should the venture turn sour. Remember, financial market trading is risky and you can end up losing the invested funds, especially if you are a novice trader.
Invest the smallest amount you have and work on growing that amount slowly. There is a general notion that financial market trading is a get rich quick business but that is not the case. Financial market trading is an investment, just like any other and you should have the patience to wait for the investment to grow. If you get greedy, you will end up losing your invested capital.
Choose the right broker
The experience in financial market trading depends on the kind of broker you choose. There are many financial brokers on the internet and you have to be very careful when choosing a broker since scammers are out there posing as real brokers. It will take a lot of research to know whether a broker is genuine. Most importantly, investigate whether the broker is registered or not. Also, avoid new brokers; go for a reputable broker who has been in the market for long.
Financial market trading requires a very high level of discipline. When you start trading, you will have to make very important decisions on whether to trade or not trade. You will be required to follow certain rules which you will have set by yourself and it requires discipline to follow the rules. Sometimes the markets will behave in a way that will make you feel that you can put aside the trading rules for a while and trade by gut. If you do that, you will expose yourself to making huge losses since you don’t have reasons behind your trade.
There are also some don’ts that you should avoid when starting a financial market trading business:
Never borrow money to invest in financial market trading
Due to the risk involved in the financial market trading, you should avoid borrowing money or taking a loan to invest in financial market trading. You may end up losing all the money and you will find yourself in a hole you can’t get out of.
Don’t copy what other traders are doing unless you are certain of it
In financial market trading, every decision has consequences. Before copying what your colleague is doing, you have to be sure of it first. Remember, he or she is also a human and he can make mistakes, just like you. You should learn to make your own decisions, depending on your trading strategy.