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Last Updated on August 22, 2022 by Work In My Pajamas
Online trading has grown in popularity recently with the emergence of the wallstreetbets reddit group and cryptocurrencies. The easiness of use of brokers and platforms such as Robinhood have further backed this trend. In case you are interested in earning money on the side from the markets, here are 5 reasons why trading is the ultimate side hustle:
In This Post:
1. You Can Do Trading From Anywhere
The accessibility of financial markets has increased a lot in the last 20 years. People can now start trading from their computer, laptop, tablet, or phone from pretty much any location, as long as they have internet access. This allows flexibility for traders, giving them the freedom to work from anywhere and travel.
2. The Learning Curve Isn’t That Steep
The basics of trading are straightforward – you can bet on prices of assets going up or going down and depending on what happens, you either earn or lose money. With the growing amount of educational materials online in the forms of courses, articles, YouTube channels, podcasts and news – it’s now easier to learn the skills needed to create a strategy and method to trade.
3. Discipline Leads to Success
Having a routine and sticking to your plan is in your nature. Then it’s likely that you might be successful in trading. Trying to find the optimal method to identify winning trades isn’t what brings success. Having a plan with good risk management and the discipline to stick with them, is what distinguishes the pros from the rest.
4. Low Barrier for Entry
You no longer need to be a member of an exchange, or to have thousands of dollars to put in your account. Opening an account is quick and easy and usually takes less than 24hours. There are now solutions which allow traders to trade fractions of shares and other markets or utilize leverage to be able to trade with smaller initial deposits. Trading platforms are easy to learn and allow you to trade from different devices – computer, tablet, or phone. This means that all you need to start is some capital and a phone. The world of trading is now more accessible than ever, and you could start your side hustle quickly.
5. You Can Grow Your Trading to Become a Business and Be Your Own Boss
Your profits are growing, and your account now looks very respectable. Maybe it’s time to focus on trading full-time? Having a successful trading side hustle can lead to trading becoming your main source of income. Whether you decide to just earn profits from your trading, or to educate others on how to be successful in markets, trading can become a lucrative business.
If you feel that you are ready to start your journey to become a trader, full time, or side hustle, you will need a trading account with a broker. Finding the right one for you would give you more time to focus on your trading rather than worry about potential problems. You can filter and find the best brokers here.