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This article has been viewed 197,718 times. Traders have to be able to quickly analyse lots of information and make well-informed decisions under high levels of pressure. Trading can be very profitable, but is also high risk. You can work for a financial institution, trading with the bank’s money, or money from the bank’s clients. You can also work with your own clients, advising them on good investment opportunities.
Determine which type of trader you would like to become. There are a variety of different types of trader which you can become, so spend some time thinking about what role and job description fits your skills and interests most. Most traders will work for a company, buying and selling shares, bonds and assets for investors. Flow traders work for banks, buying and selling for the bank’s clients. Proprietary traders buy and sell on behalf of the bank itself.
The main difference is that sales traders only invest where instructed by their clients, so the trader is not taking a risk with the investment. Some traders will specialise in a particular product or market area. You could also work independently as a day trader if you had enough capital. Trading is a very demanding job that requires a particular skill set, as well as the ability to learn new things quickly and adapt to a constantly changing environment. Before you think about getting the official qualifications and certifications you will need, consider the general skills that a trader must demonstrate.
Traders will also need softer skills, such as the ability to communicate well with clients and provide detailed advice on market movements and opportunities. You must be able to work well in a team, but take responsibility for yourself. Traders must have a keen interest in the workings of the market and be able to learn quickly. Traders need very strong personal discipline and motivation. You will have to make split second decisions without emotion, based on your analysis. Learn about the world of trading. Spend some time researching and learning about trading, how markets work, and what the daily working life of a trader involves, before you commit to a course of education and training.
A trader’s day will involve analysing the market, and providing detailed market reports to clients or colleagues. You will look for mispriced assets or other opportunities. You will work to keep people informed and up-to-date on relevant events and prospects in the markets, liaising closely with clients and colleagues and building strong working relationships. You will make numerous trades, acting quickly to respond to the shifting financial landscape. You may seek to gain new clients and present opportunities to them.
It is not necessarily essential to have a degree to become a trader, but the competition to work for a major financial institution is considerable. Without a high-quality degree from a prestigious university, you will have a difficult time getting a foot in the door. It may in some instances be possible to enter through an administrative position, make some contacts, and work your way up to a trading position. While you are studying you can help yourself get ahead by actively seeking out internships or summer placements. A placement will give you valuable experience of the realities of daily working life as a trader, but it will also help you to develop contacts who may then help you get your first graduate position.
Many financial institutions will run schemes, so it is often best to contact one directly to inquire about the possibilities. You can also ask your professors, who may have a contact or a recommendation for you. There are also a number of websites that list internship opportunities online that you can search through. Once you have achieved a good degree in a relevant subject, the first step is usually to get a position as a graduate trainee at a bank or investment company. These are highly competitive, so you will need a very strong academic record as well as a real enthusiasm and commitment to working as a trader.