You only need to spend a short time online and you will be bombarded by many adverts promising to turn you into a money-making stockbroker in no time. Unfortunately however these promises are rarely accurate and a stock broker needs far more than a quick online course to be successful in their position. My good friend Michelle Marquez has been working with in trading for any years, focussing mainly on securities, and she knows all too well how good you must be to succeed in thus industry. And so if you want to be a great stock broker one day, listening to what she has to say on the subject makes far more sense than an online ad which could well be a described as a fraud.
Understanding the Rules of the Game
The first thing that you need to understand about stock broking in Michelle’s view, are the rules which are attached to trading. Because of the impacts which buying and selling shares can have, the security commission have ensured that there is a law and rules which protect both buyers and sellers. Over the years there has at times been the involvement of arbitration to settle disputes, but these days are long gone thanks to the smart rules which are in place. Michelle stresses the importance of this for any would-be broker.
Traders don’t simply guess at which stock and shares will move up or down, they will have a system which they apply to the way in which they do things. Michelle alludes to the fact that a system which works may not be found until a few years in the business, but as she rightfully says, trial and error are an important part of this process.
Something which Michelle believes should be talked about more is the fact that stock brokers are ultimately sales people, who are trying to sell their advice. Michelle works on her own now but during her days with a trading group, the emphasis was high on who was bringing in the most sales. A stock broker cannot simply be great with numbers, but also with people.
Something which held Michelle back a little in her early years was her lack of confidence and whilst she was making some great plays on the market, she didn’t have the confidence to really push for more investment. After just 6 months in the business Michelle realized that she had to apply confidence to the information which she had found, and it was this change in approach which lead to one of her most successful years to date.
Michelle laughed when we spoke about the hours that a stock broker needs to put in and quickly began talking about the fact that she is up at 5 every morning, reviewing data reports and making market predictions. Many think that the job is just about the trading floor, but when the markets close the real work begins!