Trader Candace Green
When trade is visualized most see the hustle and bustle of interactions, white-collar businessmen in suits and a fast-paced life of cars and cash as laid out in movies like “The Wolf of Wall Street.” While this may have been the case previously, the trade world is taking on a much different look. What was once reserved for the white elite is now an open ground for Black Gen Z’ers and millennials. Taking trade, finances and economic mobility by the horns, these groups are dominating, learning and sharing information to become the stakeholders of trade.
Within the last two years, Forex has made waves in the trading game. First introduced in the 1970s, the modern foreign exchange market trades currencies from the U.S. dollar, European Euro and the Japanese Yen. Due to its low margin requirements and ease of access, Forex has continued to grow in popularity and is often the gateway to buying and trading.
Working as a manager in corporate America, one trader learned the game from a close friend. After a self-learning and healing journey, the budding trader decided the everyday demands of a standard job were not the ideal life.
“A friend from college introduced me to trading. I watched her for a few months, did my research and I finally made that decision to invest in myself,” says Candace Green, a full-time entrepreneur focusing on Digital Trade and Investing. “In the beginning I really just wanted to trade just to make additional income but realized trading can really lead you to so much more and I’ve seen it help so many people in the process.”
Introduced to day trading in 2017 during a trip to London, one trader was first told about the relationship between currency and exchange. Already invested in cryptocurrency, the appeal of Forex was not immediate.
“I was looking for ways to make additional money without having to put too much effort into something, like a second job,” says Robert Gray III, a trader who is a data architect by profession. “I saw people were doing Forex trading and I went to one of the events and I signed up.”
As more young professionals learn the ropes of trading, they are leaving corporate America for the chance to be their own boss. The fast-paced art of trade is ever changing and more millennials are willing to take the risks to become financially comfortable. The pandemic also helped in creating an unforeseen amount of both free time, creativity and drive. Helping to show there is more than one way to generate revenue, trade has helped some fill gaps in their income and create independence.
“Financial freedom, generational wealth, access, time and self-worth are all reasons more millennials are getting into trading,” says Green. “I also think COVID showed a lot of weaknesses and flaws that the corporate job system has. With everyone getting laid off or fired or whatever the circumstances may be, people had no income. When you’re relying on one source of income, you hinder yourself very very deeply. Having those secondary, third, fourth and fifth streams of income is so important in today’s world.
Although trade is not suited for everyone, learning the art of trade is one of the suggestions often shared by traders. Allowing mistruths and hysteria to cloud judgment could stop some potential gainers from an extra source of income.
“The number one misconception that I hear about trading is people feel like they need a lot of money to trade. You do not,” says Green. “Another misconception that I hear so many times is not having the time.”
For those who believe trade is a scam, there are legitimate investors looking to shift the narrative about earning money and day trading.
“The biggest misconception is that it’s a scam and that you are going to lose all your money. Also, that you can’t make any money unless you have large sums of money. Those two things are absolutely false,” says Gray.
Traders suggest starting with practice before getting into the real thing. It is also suggested to not form personal or emotional bonds to any particular stock.
“Do your research. When you start trading, always practice with demo accounts until you’re ready and can set up a free demo account with brokers so you can actually learn what you’re doing first,” says Green. “Do not trade with emotion so, if you had a bad day, don’t trade. You want to trade with a clear mind and not trade with your emotions.”
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