With interest rates at historical lows, providing less returns on savings, in addition to the rise of the gig economy. Many are seeking more flexible ways to make extra money on top of there full-time careers. From sports betting, to buy-to-let homes, being a uber driver or renting a room on Airbnb. We all want to find a route which allows us to diversify our income stream.
With potential to realistically average 20 – 40% (higher in some cases) annual return, Financial Trading in recent years has grown to be one of the favoured routes. This due to the fact that no hard labour is required, besides a few hours a week and a good internet connection. YouTube tutorials or low-cost courses enable anyone with the interest, to learn the basics and free demo accounts provided by brokers like Tradeview Markets provides the means to practice what has been learned.
So why do many who have the desire, and the means, never take the next steps required to fulfil there ambitions of expanding there short-term income streams?
New traders often feel a sense of pressure to move forward before “they are ready”. From doing courses who encourage them to practice, and whilst practicing being sold trading accounts, many feel trapped in a never ending cycle where they feel a lack of support in the areas they need them most. Like building a strategy, knowing how to find opportunities, knowing when to exit a trade and managing risk throughout the process.
A lack of tangible commitment also sees the initial interests and desires fade. With anything, not having skin in the game or something to look forward to ends the initial excitement and sees the would be trader quit, or always keep things on the back burner, “as life gets in the way”. However it doesn’t, the desires for extra income remain, but the lack of confidence along with the lack of commitment means your trading ambitions would have ended before they ever begun.
Are there solutions?
- Firstly if you want to trade, open a account, not a demo or a practice account (you will still have those), but a live trading account, which you will fund. This is the commitment to yourself. Low-interest rates will mean keeping funds dormant in your bank will give you non-existing gains, but also loses in the opportunities which are out there to be found via trading. Opportunities are created by uncertainty, and with Brexit, US/China trade war, we are seeing many generational opportunities in the markets.
- Doing the above gives you control. You made the commitment, now is time to gain the support and education, rather than being sold the idea of help. Just by depositing doesn’t mean your capital is at risk. There is no risk of losses until you place a trade. You can close your account at anytime. Brokers want you to trade as that is where there commissions are derived. So funding and not trading will increase the chances of further support, in assisting you to gain the confidence and know-how before you begin live trading.
- Start trading. You’ve made a commitment to yourself and likely gained true confidence on how-to trade. Now it’s the time to risk the funds you’ve invested in hope of return you seek. If you chose not to, close the account, you would have gained a new skill, without losing any money in return.
Tradeview’s Eliman Dambell will hosting a weekly webinar series on the core areas of trading, starting Monday 17th June 2019.
These will be on:
- Principles of Trading
- Basics of technical analysis
- Understanding trading platform
- Risk Management
To be enrolled before then, all you need to do is open and fund your trading account with Tradeview by clicking the link below.
Any questions please email with the subject: June Webinars to email@example.com