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From the fast money-making seen on the Wolf of Wall Street right through to the exciting trade floor depicted on countless shows and films, the trading floor can sometimes seem like THE place to be for those of us looking in from the outside. But, as is the case within any industry, making your mark on the trading floor is no easy task. In fact, with career routes here somewhat different than those in say, accounting, you may be at a loss as to how to get from the top to the bottom of the trade market. Worse, the top films about trading make it seem that success here is about little more than having the ‘gift of the gab.’ But, just try making your way with words alone and see how far it gets you.
The fact is that trading is a serious industry like any other and, while there is more freedom here than in many other fields, working your way to the top means playing by the rules, at least to some extent. That’s why we’ve put together a few essential pointers about how to get yourself taken seriously, even when you’re the new trader on the block.
Plan for every eventuality
You wouldn’t attempt to start a new standard business without an effective strategy, and trading is no exception. Without a plan behind you, there’s simply no way of telling which markets you should trade, when you’d be best off taking profits, or even when to cut your losses. That’s why you need to develop the most comprehensive trade plan possible, and stick with it at all times, before you’ll ever get your foot through that door.
Legitimise your efforts
As a new kid on the block, you also need to legitimise your place on the trading floor. In some ways, building trades with respected companies can take care of this, but any market considering your prospects is also likely to delve a little deeper with techniques including an LEI number search. As such, you also need to make sure you register in a trading capacity, and that you have an LEI number to your name. This way, you provide an aspect of transparency that is the only way to gain a reasonable reputation in this field.
Build your stock portfolio
Lastly, you need to build a decent stock portfolio. That means doing your homework, keeping your plan to hand at all times, and working hard to secure the best investment opportunities available. That way, when others take a look at what you’ve done, you’ll have an instant badge of respect that could lead you to better rates, market opportunities, and a whole lot besides down the line.
Trading respect might not be as easy to come by as they make it look in the movies, but it’s by no means an out-of-reach goal. In fact, as these pointers prove, you could start climbing that trading ladder today with the right knowledge and approach behind you.