Having a passion for something makes a huge difference in your chances of succeeding at it. When you’re passionate about what you do, you work harder, make more sacrifices and go the proverbial extra mile to become the very best you can be. Can the same be said of you when it comes to trading in Singapore?
There’s a lot to love about commodities, stocks, bonds, index and forex trading in Singapore. Our time zone lets us trade most of the active hours of the trading cycle, and we’re in the middle of the world’s major trade flows. The world loves investing in Singapore for our political stability, and recognises our economy as one of the most favourable for trading.
But what is it about trading itself that makes you, as a Singaporean or an international trader, have a genuine passion for it?
It’s not (just) about the money, as there are plenty of other ways you can earn, and one can easily burn out after a protracted series of losses. Yet there are many of us who continue to pursue trading and to put up with the inevitable hardships that come with it. Here are 10 reasons why we truly love trading and look forward to every trading day.
1. Trading is action-packed.
If you’re passionate about trading, chances are it’s because it suits your driven, type-A personality. You’re good at distancing yourself emotionally from objective decisions that need to be made. You enjoy taking risks and thrive in fast-paced environments that involve numbers and working with other people.
2. There are so many markets to choose from.
There are the stocks and the ETF markets, forex, the options market with its derivatives and CFDs. Of these, forex and CFDs are particularly attractive to day traders because of the minimal investment involved, although they also tend to favour stocks or ETFs.
3. Anyone from anywhere at any skill level can trade.
It has been said that one of the great attractions of trading is how anyone, regardless of where they’re from, how old they are or whether they’ve got years of experience or not, can get into trading. And in the market’s eyes, your chances of becoming a successful trader are just as good as the next person’s.
4. Trading is like having your own business without having to open a store.
The truly serious trader regards his practice as a business, which takes commitment for it to grow. Trading allows you to enjoy all the benefits of having your own business without having to hire staff,
market to customers or file all the paperwork that comes with setting up shop.
5. You have absolute control.
In trading, how much money you lose is entirely up to you because you have control over the risk. You set your own income goals according to your own trading plan and strategies, and make your own trading decisions without having to answer to a superior.
6. You can still make money even if the economy is bad.
Experienced traders know they will be able to profit in an up or down market if they trade properly. They know that there’s no way to predict which way the market will move, so they follow the trend regardless of the direction it takes and trade accordingly.
7. All the information you need is readily available.
Keeping abreast of developments in the various markets is easy thanks to the internet. You can get the solid training you need in trading principles and effective training methods for growing your investment capital consistently at TrackRecord’s “Learn to Trade like a Professional” Workshop. Take part in this information-packed two-hour workshop for FREE.
8. You never run out of second chances.
Even if you should lose in the market today, you can always start afresh tomorrow. What counts is that you learn from your losses and use what you’ve learned in the following day’s trades. Not many other professions or investment types are as forgiving.
9. Trading offers great freedom and flexibility.
Traders enjoy more flexible working hours than the average full-time employee or entrepreneur. You can trade as much or as little as you like, and, depending on the market you’re in, whenever you choose—forex and other securities will allow you to trade at odd hours, while commodities and stocks will require you to trade while those markets are open.
Thanks to technology, you can also trade wherever you like without necessarily sitting at a desk. You can take breaks for as long as you want and spend your off-hours with your family or on other pursuits.
10. There’s no limit to how much money you can make.
Unlike other jobs where earnings or bonuses are defined by percentages, how much you earn from trading depends entirely on your performance, which entails being ready to respond on time and persevering in carrying out your strategies. And because you get real-time feedback on your daily profit and loss figures, you always know exactly how much you’re making and how well your strategies work.
A trader who is truly passionate about his craft is so for reasons beyond those listed above. As in other professions where people derive fulfillment from the work itself, and not from the actual earnings, trading provides a sense of achievement in knowing that you have mastered your markets and your strategies as well as yourself.
Just as an artist would place less importance on the remuneration from a painting than on the painting itself, how much you make while trading becomes secondary only to your own enjoyment and satisfaction from the very act of trading.
Becoming a successful trader takes a genuine interest—when you love trading, you deeply enjoy following the market and are interested in developments there, the same way others might be interested in a particular sport or follow tournaments. You relish opportunities that allow you to keep on learning the business and are eager for the instant results you get from every trading decision.
Fuel your passion for the art and science of trading at TrackRecord, where professional traders take you through training modules designed to help traders from all backgrounds understand how to make consistent profits in the long run.