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10 Steps To Becoming A Day Trader

10 Steps To Becoming A Day Trader

For some people, the world of stocks, trading, and high finance is an exciting prospect and a great career option. However, becoming a day trader isn’t for everyone. There are many things to consider before choosing this type of career. Here are 10 steps that you need to consider before you decide to break into this exciting field.

1. Know the Type of Trader You Want to Be

There are different types of traders, so you need to decide which is the best career choice for you. The options are flow traders (buying and selling for bank clients), proprietary traders (buying and selling for banks), and sales traders (work as go-betweens for clients and the market).

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2. Get an Education

In order to get hired as a day trader, you will need to have an educational background in business and finance. If you are choosing your university degree, and trading is interesting to you, look for degrees that involve business and finance.

3. Do an Honest Self-Assessment

In order to be a successful day trader, you need to have a particular mix of skills, knowledge, and personality traits. You also need to be committed to the lifestyle of a day trader. You need to have good math skills, an excellent background in finance, and understand behavioral psychology. You need to ask yourself if you are ready to work long hours, be constantly learning, take risks, and be totally committed to your career.

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4. Do an Internship

Companies are looking to hire day traders who are experienced. One of the best ways to gain experience is to work as an intern. You may even get lucky and find yourself a paid internship, but don’t pass on the non-paying ones. You may not get a salary, but you will earn valuable experience and knowledge. Another way to learn is to practice, and you can do this at BoilerRoomTrader. It’s a game which helps you to invest in real companies with fake cash.

5. Get Some Money

Before you can start working as a day trader, you need to have money.  Even though you will be working with other peoples’ money, there will be times when there are losses, and you have to cover those losses. You need to have working capital.

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6. Know the Markets

No matter how much education you have, you must be constantly learning because the markets change all the time. You need to know the markets and be able to anticipate changes. Even the simplest details, such as regular trading hours and what happens during holidays, need to be in your head at all times.

7. Pass the Test

Once you have your training, you need to pass a Series 57 certification exam. No matter how much knowledge and training you have, you can’t get a job until you pass this exam and become a licensed trader.

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8. Know What Securities to Trade

Different types of trading methods are used for stocks, options, mutual funds, futures, and ETF’s, and you need to understand each one in order to know which securities you should be trading. The less you know, the more problems you are going to end up running into.

9. Get a Charting Software and Trading Platform

Once you are ready to begin trading, you need to choose the best charting software and a trading platform. The software and platform must support your style and strategy, and not the other way around.

10. Get Your Office Set Up

Finally, all that is left to do is get your office set up so you are ready to work as a day trader. You will either be working at a firm’s physical location or from home. Either way, you need to have space to work, the right software, and a quality computer and monitor.

Featured photo credit: PIX1861 via pixabay.com

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Jane Hurst

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Last Updated on November 5, 2019

How to Use Visual Learning to Work More Effectively

How to Use Visual Learning to Work More Effectively

Knowledge is essential to become successful in life, your career and your business. Without learning new concepts and becoming proficient in our craft, we cannot excel in our chosen careers or archive knowledge to pass down to the next generation.

But content comes in various forms, and because how we learn influences how much we know, we need to talk about learning styles. This article will focus on how to utilize visual learning to boost your career or business.

The Importance of Knowing Your Learning Style

Knowing your learning style enables you to process new information to the best of your ability. Not only does it reduce your learning curve, you’re able to communicate these same concepts to others effectively.

But it all starts when you’re able to first identify the best way you learn.

As a college student, I soon figured out that taking online courses without visual aids or having an instructor in front of me led to poor retention of concepts.

Sure, I got good grades and performed excellently in my online exams. However. I discovered that I couldn’t maintain this performance level because I forgot 80 percent of the course content by the end of the semester.

There are several types of learning styles known to mankind. To give an idea of how visual learning stacks up against other learning styles, here’s a brief mention of some of the different types of learning styles we have.

The four most popular types of learning styles are:

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  • Visual learning style (what this article talks about).
  • Aural or auditory learning style (learning by listening to information presented).
  • Verbal or linguistic learning style (learning that involves speech and writing).
  • Tactile learning style (learning by touching and doing)

But for the purposes of this article, we will be focusing on using visual learning to boost your career or business.

How to Know If You’re a Visual Learner?

When it comes to boosting your career, business (or education), a visual learner is one who would most definitely choose shapes, images, symbols, or reading over auditory messages.

I’m talking about preferring to read an actual map when navigating to a new place over listening to verbal directions. I’m talking about discovering that you actually have trouble remembering what your manager said at the meeting because there were no graphs or illustrations to support the points raised.

Most people who struggle with learning probably aren’t leveraging their best learning styles. The earlier you identify how your learning style can boost your success, the less struggle you will encounter with processing new information throughout your career.

However, visual learning in particular CAN 10x your career or business whether it is your preferred learning style or not. And here’s why:

Several studies have arrived at the conclusion that the brain retains more information with the help of visual aids. In other words, images are directly processed by our long-term memory which helps us store information for longer periods of time.[1]

While some lessons can be performed orally, several concepts can only make sense if you have an image with an explanation of sequences (i.e learning about the human DNA).

Visual learning does use a different part of the brain and visual cues are processed by the part of the brain known as the occipital lobe.

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By engaging more parts of the brain during learning, you’re able to have a fuller understanding of concepts and facilitate better interaction with your immediate environment.

How to Use Visual Learning for Success

Here’re 4 ways to use visual learning to boost your career or business:

1. Bring back the to-do list. Then add shapes and colors to boost productivity.

We live in an age where computers have taken over virtually every aspect of productivity and most human functions. But written lists are making a comeback, and with an endless number of important tasks to complete, having a to-do list of tasks in order of importance can improve your productivity.

While coming up with a list is initially challenging, adding colors and shapes to written lists that you personally write and manage gives you an extra layer of assurance and boosts aids recall so that you actually get stuff done.

I have tried this technique in my work as a registered nurse and discovered that adding shapes and colors to to-do lists helps me delegate tasks, recognize where more work is needed, and makes it easy to cross off completed tasks at the end of the day.

2. Add graphs, charts and symbols to your reports.

Yes, it seems like more work cut out for you. However, graphs enable you monitor the heartbeat of your business.

Graphs and charts help you trend your finances, budget, and pretty much any data overtime. With the help of free and premium software available on the market, it has become easier to take plain data and in a matter of seconds, have relevant information displayed in different shapes and images.

As an entrepreneur, you can make predictions and allocate funds wisely when you’re able to see whether your efforts are rewarded. You can use colors and charts to delegate actions to members of your team and track performance at the same time.

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And when broken down into monthly, quarterly, bi-annual or annual goals, graphs and charts communicate what ordinary text cannot.

3. Effectively brainstorm with mind-mapping.

Mind-mapping is not new but I don’t think it’s been talked about as often as we do to-do lists.

With mind mapping, you’re organizing information accurately and drawing relationships between concepts and pieces from a whole.

Think of a mind map as a tree with several branches. For example, the tree can symbolize healthcare while each branch stands for nursing, medicine, laboratory science, and so on. When you look at nursing, you can further branch out into types of nursing; pediatric, women’s health, critical care, and so on.

It’s an interesting relationship; the more ideas you’re able to come up with for your chosen subject, the deeper you get and the stronger the association.

Mind maps really show you relationships between subjects and topics, and simplifies processes that might seem complicated at first glance. In a way, it is like a graphical representation of facts presented in a simple, visual format.

Mind mapping isn’t only limited to career professionals; business owners can benefit from mind mapping by organizing their online learning activities and breaking down complex tasks into simple actions so that you can accurately measure productivity.

4. Add video streaming to meetings.

What if you could double the productivity of your team members by video streaming your meetings or adding flash animation to your presentation at the same time?

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When you offer video as an alternative method of processing information to colleagues, there is a greater chance of retaining information because we recreate these stories into images in our minds.

For organizations that hold virtual meetings, it can also be an effective way to enhance performance during if people can see their colleagues in addition to flash animation or whatever form of video is provided during the meeting.

Is Visual Learning Better Than Other Learning Styles?

No, that is not the point. The goal here is to supplement your existing dominant learning style with visual learning so that you can experience a significant boost in how you process and use everyday information.

You might discover that understanding scientific concepts are much easier after incorporating visual learning or that you’re able to understand your organization’s value when projected on a visual screen with charts and graphs.

The overall goal is to always be learning and to continue to leverage visual learning style in your career and business.

More About Learning Styles

Featured photo credit: Unsplash via unsplash.com

Reference

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