Wall Street has become one of the more famous and exciting places to be a part of in the industry of finance. Many people yearn to learn how to become a Wall Street trader in the hopes of reaching professional status as a trader at the New York Stock Exchange (NYSE).
However, to become a part of a fast-paced and continuously expanding world, one has to undergo years of training and preparation, education, practice and of course, licensing.
In order to become a Wall Street trader, one should get the right education. It is true that there is no specific course that teaches people to become professional traders. However, being educated is still an important factor if you want to survive this industry. You have to be aware how people communicate trade and the basic concepts of marketing. It would be a great help if you apply as an intern in a reputable brokerage or trading firm. Here you would get to learn more about how to transmit trades for clienteles, and how the business industry works, its policies and regulations.
Another important thing to accomplish is getting a license. In order to become a well-established propriety trader, you have to pass the Series 56 Exam. Also, it would also add up to your credibility if you cooperate with certain rules such as submitting background checks and fingerprints to the FBI. Wall Street trading deals with sensitive financial issues, hence people needs to be screened. Passing these requirements will give you a good impression at the industry.
When you are ready, you can start working for someone who has an affiliation at the NYSE. It is not so easy to be a member of NYSE. For one, membership fees can vary from a few dollars to a million, depending on the supply and demand. Therefore, buying your own membership is quite expensive. If you have the money, then you can go on ahead and apply for the membership. But it is always an option to start out by working for someone with a membership. This still qualifies and gives you credibility despite not owning your own membership seat just yet.
Once you are officially in the business of trading, you have to practice. New traders should try a variety of Order Execution Platforms and go through the basics of each system before deciding on one that seems to be the best. Doing this will make you comfortable in performing all aspects of the trade, its regulations, necessary emotions to gain or demonstrate and learning to test effectiveness of strategies.
In order for you to totally succeed in becoming a Wall Street trader, you have to continue to grow. You must have a diversified skill set if you want to survive this industry, and you can only do so if you continue to pursue day trade even after losing some. Also, you have to continue to learn more even when wyou are hitting it big. You must not stop in educating yourself in order for you to be up-to-date with the different changes in the industry.
Of course, as you go along this path, there is one thing that you have to arm yourself with, and that is, a great network and Internet connection. Nothing is transacted these days without the help of the Internet, and stocks are greatly bought and sold through the Internet. Even when you train hard and work hard to be a better trader, you cannot compete with others if you do not have the right equipment.
You should be sure to have a good Hosted PBX system that allows data traffic to be manageable and organized. Stock watching and trading is all about real-time stock changes. For you to have the advantage in buying and selling stocks, you have to be able to keep up with the data traffic that these transactions cause. Hence, regular Internet connections might not cut it, if you want to always win in your stock management.