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In a male dominated industry such as trading, you’d be forgiven for thinking that females just aren’t suited to the high stress world of stocks, bonds, and foreign currency. But you’d be wrong. Dead wrong.
There are already tons of successful female traders out there making an absolute killing on the market—much to the chagrin of their male counterparts. If you’re one of them, or would like to be, read on.
Here are 3 tips for the female trader that can help you reap significant financial rewards in the volatile, yet lucrative world of trading.
Invest in Trading Education
If you’re new to trading, or even if you’ve been successfully growing your portfolio for many years, it doesn’t hurt to devote some of your time and money towards learning the ins and outs of trading on the foreign currency market. It pays to invest in your trading education: literally. There are plenty of places where you can learn how to trade these days, including short courses, workshops and through websites such as http://www.learntotrade.
Less is More
When it comes to the fast paced world of trading, it pays to be conservative. Luckily, female traders already know this, and it’s to their great advantage. In general, men will trade more than woman, and take more risks. For example, one study found that men trade 45 per cent more than woman. Although this sounds good on paper and in conversation, the reality is that men are often overconfident in their trading, and it’s this excessive trading that can often land them in hot financial water, as well as weaken their portfolios. In contrast, women tend to be more conservative. And it’s this cautious approach to trading that ultimately results in significant financial wins. So stay cautious, hold off on making that trade just yet, and watch your wins pile up.
Research, Research and Research Some More
As already mentioned above, woman are usually more cautious when trading than their male counterparts. And to a large extent this is because woman spend much more time researching potential investments than men. Kudos to female traders around the world! If you’re a female trader looking to achieve greater financial success than your male friends, and you don’t already spend hours researching potential trades, then get into the habit of doing that right now. Just as it is in most areas of life, knowledge is power. The sooner you realise this and start spending more of your time researching, the sooner you’ll be able to reach your financial goals.
So there you have it. Woman have a significant advantage over men when it comes to trading on the market. Of course, they’ll first have to educate themselves on how the market works, and learn the general strategies for winning big and minimising risk. But once they do, they can use their more cautious approach and natural tendency towards further research to build ever growing portfolios for them and their loved ones.
What other tips do you have for female traders? And what have been your personal success stories? Please leave comments below and start the conversation.