As a trader on Wall Street you can stand to make a lot of money. Becoming a trader means upgrading from your living room weekly stock checks to being a full time stock broker that trades on the markets every day for a living.
It’s a long road to learn all of the ins and outs of the stock market, but it’s a huge payoff in the end when you finally learn the tricks of the trade and can start making money for yourself on the markets.
When people say the word “trader,” they often mean “day trader.” “Day trading” is a term that means you trade stocks on the market every day and a lot of the time you’ll be buying and selling the same stock all within a day’s period. Day trading is a lot more difficult than regular trading where you know eventually almost everything will make money. Day trading requires focus and dedication to figure out which stocks will make you money in the same day and which ones won’t.
- Firstly, you’re going to need a lot of experience with the markets. Try and study the markets as much as you can and study trends. There’s no shortcut to learning how the monster of the stock market works. You can take training programs online or read books to get the basics down, but it may take you a few years to really understand what’s going on.
- It is recommended that before you take on any stock broker job or job on the market floor itself you should get an MBA. While you’re allowed to have any degree out there to trade stocks in your free time, to become a professional trader you must understand all of the business fundamentals there are and prove yourself to companies that you know what’s going on.
- Once you have an MBA and a thorough understanding of the markets, you can apply for a job on Wall Street or with a brokerage firm. Chances are, when you start out in New York City working with a brokerage firm, you won’t be doing too much. You have to work your way up through a company to get to do anything worthwhile. If you stick around long enough you’ll get to know more and more people in the industry. It’s these connections that can propel you into the next level positions you’re after.
- If you’re thinking of becoming a floor trader on the stock exchange, there’s not much to it. The same people you’ve been meeting for a while probably know people on the floor or are on the floor themselves. These people will help you break into floor trading if you’re interested. What most people don’t realize though is that many of the floor traders don’t make as much money as they would if they put their MBA to other uses. Because other positions usually pay a lot more than a floor trader, most people don’t bother to even try.