It’s impossible to not crave the lavish life of successful stockbrokers. They fly first class or private, check in at 5-star hotels, own houses in posh neighborhoods, you name it. But the big question to ask yourself is, how did they get started?
Success comes with a process which is a road not many people like to travel. The rules are simple, you must put in the work and continue learning if you want to become a successful stockbroker. If you are on this journey already, here are a couple of things to learn as beginning stockbrokers.
Trade Your Own Stocks First
You cannot be a stockbroking consultant if you don’t know how stocks work in the first place. Open your first trading account with a stockbroking sites like CMC markets and start selling and buying assets. As they say, experience is the best teacher, and when your portfolio begins to grow and profits are checking in, you are confident enough to start managing other people’s portfolios.
So start today, with as little as $100 and learn how the market works. By doing this, your interest in stockbroking grows and you begin to get the hang of how things are done.
Get a Job
That’s right, get a regular job at a stockbroking after setting up your brokerage account. The purpose of this is to gain access to information you otherwise wouldn’t have gotten as an outsider. You not only have access to the latest investor news, you will get a chance to interact with the investors themselves, and the big-shot stockbrokers. All this is a wealth of resources you need to advance your career.
Moreover, it’s easy to get a stockbroking job as you can be employed at a physical stock exchange bureau or sign up with an online agency. There are plenty of online agencies out there with plenty of opportunities for starting stockbrokers.
Go to School
You need to understand how finance works as well, so get a degree or MBA in Finance. Likewise, you can enroll in a local school or attend online classes and get your diploma or certificate at the end of the course. If you can manage between work, school and growing your portfolio that’s okay, otherwise you will need to quit your job and focus on studies.
Don’t be afraid to quit, by this time you will have learnt a lot and that information will help you in your studies. Always remember, having an MBA in Finance backing your online stock broker information makes you more legitimate to a potential investor.
Receive Your Certification
As a stockbroking expert, you have to be certified by the relevant authorities to make you more trustworthy. Every city, state or country has its own way of certifying stockbrokers, so find out what works for you. Certification can also be local or international depending on how far you want to stretch your clientele. If you are going international, identify which countries you want your business to reach then get certification from those countries too. The paperwork is crazy, but it is definitely worth it when your profits begin to grow.
Learn the Ropes
Now that you decided to become a stockbroker, you will have to adjust to the lifestyle. Not the yachts and expensive parties (though these will come) but the early rising and the long working hours. The challenges increase as your business expands so you will need to grow a tough skin first. So always look at the demanding schedules in the face and tackle the hurdles one at a time.
The world of stockbroking is changing fast and every day there is something new happening in the market that is affecting stocks. Makes sure you are always in the loop on new investing strategies or opportunities that will profit your client. Sign up to RSS alerts from websites to get your daily dose of gist. An updated stockbroker is more confident and helpful to new stock investors.
Stockbroking is not an easy venture—if it was, everyone will succeed in it. But it only takes simple steps like the ones mentioned above to get yourself started and steering in the right direction. Keep the above tips in mind as you venture into the world of stockbroking.