Trading and investing are two of the best ways to generate a passive income and achieve the “good life” that everyone aspires for. However, for whatever reason, breaking into these activities has proven difficult for the general public.
After all, if it were easy to make a living off of trading, everyone would do it. So, does this mean only geniuses and the wealthy elite can start a trading career? Not at all!
Today I’ll share with you an interview with 25-year trading vet, Roger Scott. Scott started his trading account off of a $5,000 car insurance payout and never looked back. In this interview he’ll explain some of the obstacles a trader will face, and how to overcome those obstacles.
Well right off the bat, the most obvious and prominent challenge is liquidity. Of course, being the head trader for a company like WealthPress, funding is no longer an issue for me, but when I first started, I only had $5,000 to play with.
If I made a couple bad trades or investments, it was all over, and I’d have nothing left. So, it’s extremely important to do your research before making investments and be confident before your purchase.
Trading is not the place to be spontaneous. It’s also not a place for the fickle. You have to be willing to see red in order to find green and trust me, it’s a lot easier to see the red if you were 100% confident with your initial purchase.
I do think it takes a certain personality to be a very successful trader. You really have to have nerves of steel. However, I do think that anyone can learn to adapt these traits.
With a few good books, and lots of research, yeah, I do think trading can be for everyone. As far as financing, I truly believe anyone can start trading regardless of their current economic status.
All it takes is one good trade to get the ball rolling.
There are a few ways to start investing, all of which are perfectly valid. It all depends on your personal risk tolerance, and goals. ETF’s are always a good idea for those that want a less risky experience in the stock market.
They’re normally cheaper than individual stocks as well, which makes them more accessible to those with limited income. Options trading is another option for those wanting to make money faster, however this will take more research to do well and come with a bit more risk.
Do your research and master the fundamentals. There are many books and online resources that were made specifically for new investors and new traders.
Lots of advice that was reserved for the wealthy and elite 30 years ago are now available to the average Joe. It’s important to take advantage of these resources. The internet and modern technology have both opened up the door to newbies, but many have still yet to utilize these tools and start their trading journeys.
So, there you have it. All of the trading advice you could possibly need to get started, straight from Roger Scott, a professional trader at WealthPress. In summary, do your research and master the fundamentals, then you can become a confident trader and find your own success in the market.