When choosing to enter a new career path it is important that you ask yourself the important questions, is it for me? Can I succeed? Will I enjoy it? There are many pro’s as to why so many individuals want to become a stockbroker. Stockbroking allures many people to its depths because of the possible profit which is involved and the flexible working times. There are many factors which will also determine if stockbroking is for you, for example your career length as a whole because the longer you work, the more clients you will have. Secondly, it also depends on your location, for example bigger cities are home to bigger firms who pay out bigger chunks of money.
If you really want to throw yourself into stockbroking and you have the motivation to succeed then have a read below at what it takes to be a successful stockbroker.
Skills to Succeed
As well as requiring the specific regional licenses to act as a stockbroker these following skills are vital for every stock broker to have.
You need to be a self-starter. A stockbroker needs to have the motivation and willpower to start from something very small and make it into something big. As a stockbroker you can’t give up at the first hurdle.
You need to know how to deal with rejection. Rejection and loss are common players in a stockbroker’s career so it is important that you can’t get emotionally involved. If a client rejects you or if you have a huge loss on your side then to be able to keep mentally positive is essential.
The will to work long, long hours. Although a stockbrokers working time is flexible and essentially you can choose the hours you work, you need to be prepared to work long hours and possibly nights and even at weekends. The stock market won’t wait for you to wake up. You need to follow the markets like a hawk at all times of the night and day. Insider Monkey research concluded that the average Wall Street broker wakes up at 4-5AM and works several hours past the closing of the exchange markets, daily.
Patience. As a stockbroker you will need to have patience to build up your business. Reeling in clients and earning profits could take years and it could take even longer to become an established stockbroker. It doesn’t happen overnight.
Good Communication, sales and time management skills. As with most jobs you need to be able to communicate well with your clients, manage your time properly and effectively and to be able to ‘sell’ your services to others.
Perseverance. If you are highly motivated to succeed in stockbroking then then key skill to own is perseverance. You will need to persevere to get the results you want. Keep at it and don’t give up.
If you have these skills or you think you work on gaining these skills then you have a plus over stockbrokers who don’t have them. If you really want to get a head start in your stockbroking career then check out these other steps you should take while pursuing your career.
Obtain an MBA. Gain as many certificates as you can which you might need further on down the road saving you both time and money in the long run. Earn excellent grades in college courses you might take which shows motivation and intelligence.
Think about taking on an internship for experience.
Trade your own money in the live market – try CMC Markets platform as a place to begin with.
Join a business club or group to be able to begin networking your skills and your career goals.
Jumpstart your career
Jumpstart your career by finding a mentor who can give you a push in stockbroking. You will learn some seriously vital skills and strategies which you will need in your future career and it also good support to have someone to call when you aren’t sure what direction to take. Try blogging and using social media to gain customers. Keep it simple but tweet and post about your career changes and earn followers through simple networking measures. If you can make it through the first years, the hardest years as a stockbroker then you are on the right track and don’t give up when it gets cloudy. Keep up the hard work and it will begin to pay off.