Are you a mechanic? Are you a Chief Executive Officer? Does the market care about your job? Not by a long shot! When you trade, the market treats you the same whether you are a CEO or a car mechanic. You both have the same chances of success because, unlike the real world, in the market there’s no place for prejudice. You won’t get some special treatment, but your job – or rather the way you do your job – can have an impact on your trading, so keep reading, no matter what your education level or your day job is.
Pride and Prejudice: Job vs Trading
Let’s be honest here: when people meet a CEO they show respect right off the bat, but a car mechanic or a janitor has to earn that respect. In a perfect world they would all start at zero and work their way up, but we don’t live in a perfect world so the guy with the better job usually gets a different (read “better”) treatment than the other one. Well, Mr. CEO, welcome to the financial market; you’ve just been demoted to janitor because the market doesn’t care about your job title.
You may think that binary options are not for you because you don’t have a well paid job or a background in economics. You don’t know who Draghi is or how Apple’s latest earnings report looks like so you think that Binary Options are only suited for guys with huge paychecks or 2 college degrees. That’s not true; everybody can trade binaries, assuming they put in the work to educate themselves on the basics at least – yes, this is the time when I tell you to go check out our Binary Options School. Ok so now that we’ve decided that the market doesn’t care about your job, let’s see if it still has an impact on your trading.
I believe the real impact is made by how you do your job, how diligent and serious you are about it. Think about this: a janitor has to follow a schedule and to meet deadlines (for example, if he works in a school, he has to finish cleaning before the classes start). A teacher also has to follow a clear schedule, and it’s the same with a CEO. Chances are that the janitor can be just as good a trader as the CEO or the teacher if he approaches his regular job with due diligence. It doesn’t really matter what job you have but how you approach it: if you are serious about it and try to do your best everyday, then probably this way of doing things will be reflected in your trading. If you are a rule oriented person you can be a good trader, your job title has no influence because trading is all about rules. Speaking of rules, if you come from the military, the police or a similar background where you are trained to be highly disciplined, I believe you have the upper hand on the rest of us. Sometimes I know I have to do something but still find reasons not to do it or I don’t take all trades because I am afraid of losing or heck, I take too many trades out of greed. I don’t know a lot about the military, the police or similar but I believe a person trained that way will lay out a plan and follow it to the letter, without letting emotions get in the way.
There’s another thing: some CEOs and guys with military background are used to people following their “orders” and wouldn’t have it any other way. But the market doesn’t work for you and you are not its superior ranking officer so every now and then (read “often”) it will not do what you want it to do. When that happens – and it will happen – make sure you don’t get frustrated and don’t confuse your current job with trading. It’s a whole new deal and you have to adapt to it, change and grow with it.
The Money – Time Conundrum
If you have a well paid job you will probably have more money to invest in trading than a guy who works for minimum wage but often a job that comes with fat paychecks is a lot more time consuming than a lower paid one. In other words, if you have money, you don’t have a lot of time and if you have a lot of time, chances are that you don’t have a lot of money. Of course, this could differ from case to case, but what I know for sure is that with a full time job you won’t be able to trade 60 seconds Binary Options or any type of fast trading style. On the other hand, if you don’t have a job at all, you will have all the time in the world, but no money to trade with. I’ll leave it to you to figure that out.
And the Ultimate Answer is…
Your job and education background can have an impact on your trading but ultimately I believe the most important thing is the type of person you are. Can you overcome adversity, can you stay focused on your goals, can to stay disciplined and with a cool head when things don’t go the way you’ve planned? That is what makes a real trader, not your job title. The car mechanic can kick the CEO’s a$$ in trading because this is the only game without underdogs – everybody starts with fairly the same chances and what comes of it is up to the individual.