The idea of trading for a living – or having your own trading business is appealing, you get to be your own boss, set your own schedule and work from home while enjoying virtually unlimited income potential. In addition to these factors, anyone with a computer, Internet connection and a small trading account can give it a try. Because trading is so easy to get into, new traders may not realize there’s a very steep learning curve involved: being successful takes a lot of time and effort, and you have to develop a business plan as well as a trading plan. As we all know, any business entered into without planning is likely to fail. As a business, trading requires constant research, evaluation and discipline.
If you are considering trading as a business, you should make sure, you have the following qualities:
- You must be driven to succeed?
- You must be able to handle losing?
- You must be able to dedicate time to research and plan your business
- You must be able to stick to a plan
- You must be able to deal with stress
- Be realistic
- You must realise that you will not become skilled overnight
Tools Required to trade
Computers: You need a computer to start trading, this is a primary tool.
Security: Make sure you have an updated anti-virus software.
Backup power: It’s also a good idea to have a ( UPS ) an uninterruptible power supply for backup. UPS will help in the event of a power loss
mobile phone : Having a smartphone will also benefit you, in the event of power failer, you may be able to research, execute and manage trades from your mobile device or tablet.
Internet Connection: You need a fast, reliable Internet connection so your trade orders are submitted and filled as quickly as possible.
Brokers and Trading Accounts: Brokers are an essential partner in the trading business and allow you to interact with the markets. As a retail trader, you can’t buy and sell directly at the exchanges, so you have to work with a broker, which acts as an intermediary.
Below you will find a list of brokers in South Africa, that also provided simulated trading account.
What is a forex simulated trading account? Forex simulated trading account is a Risk Free Trading Simulator, which will help you Learn to trade under live market conditions.
- Trading tools – Share Investing – FNB
- Online Trading – Online Share Trading – Standard Bank
- Nedbank Online Share Trading Powered by Nedbank Private Wealth
- Absa Stockbrokers and Portfolio Management – Online share trading
The biggest difference between dropshipping and the standard retail model is that when it comes to dropshipping, the person marketing and selling the product doesn’t own the stock.