Many Australians have become frustrated at having to work from cheque to cheque. In times that are partially defined by a rising cost of living and flattened wages, some individuals are beginning to think outside of the box in terms of sustainable wealth management. An extremely innovative (and rewarding) method could very well be a foray into the world of the stockbroker. While this may have been more fiction than reality only a decade in the past, there are now a milieu of platforms available which can dramatically affect the ability to turn a profit. Let us examine some of the most basic principles behind stockbroking.
Choosing Your Field of Expertise
The world of the stockbroker is a varied as it is rewarding. As every trader is different, you will need to appreciate your strengths and weaknesses. So, first begin by asking a few basic questions such as:
- Are you interested in short- or long-term goals?
- Which sectors interest you the most?
- Can your prior experience aid in your present endeavours?
- How much do you expect to earn?
Keep in mind that in the vast majority of cases, stockbroking is more of a hobby than a full-time job. Should you