SUCCESS is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author’s own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.
By definition, a full-time trader is a person looking to take advantage of short-term price movements and volatility in popular asset classes—namely stocks, bonds, currencies and cryptocurrencies, precious metals, derivative contracts and commodities.
And it’s possible to become an independent full-time trader by downloading one of the many online trading apps that give unrestricted access to the world’s financial markets. Ease of access combined with promises of financial freedom makes millions of people try their skills and luck in this prediction game.
However, the main enemy is uncertainty. To lower the chance and risk of failure, traders need experience, knowledge and dedication. They need to monitor and analyze the markets and charts. Know when to enter and exit a trade, when to lock in profits and when to cut losses.
Luckily, the knowledge needed for that isn’t being kept under a tight lid anymore. The era when trading was almost exclusively reserved for the handful of traders working under large investment companies is long gone. On top of that, the Internet is awash with trading groups that offer knowledge and support to newcomers.
Companies such as Lux Algo offer platforms and tools for technical market analysis. This mission of Lux Algo, which was founded in 2020, is to bring a wider range of technical and analytical tools to broader masses; tools that would help traders monitor and analyze the market with ease and precision.
The company ultimately launched a suite of tools on TradingView. Advanced charting, market profiles, signaling and other optimizations are just some of the features developed by the team to help investors separate the noise from meaning when dealing with technical indicators.
Two years later, Lux Algo has more than 50,000 users who actively use these tools and a vast, 130,000-members-strong Discord community. The Lux Algo community is rather welcoming toward new members. The company’s help emphasizes educating beginners—anything from trading basics to advanced market analysis.
Despite the internet being an array of trading knowledge, online courses and mentorships, most new traders are not cut for this career, as they are not ready to put in enough work or have the misfortune of entering a “bearish” market, such as it is now. Even if the market were “bullish,” inexperience would put new traders in a precarious position. Without enough knowledge and experience, the market is always dangerous and unforgiving.
But the evolving ecosystem that the Lux Algo community and platform offer can easily tilt the playing field in favor of independent traders. Every tool is custom-made per the community’s wants and needs, as the developers listen to their feedback and implement requests in new versions.
On top of that, Lux Algo tools are versatile and can be used for scalping, swing trading, day trading, options trading and much more across the stocks, indices, forex, futures, currencies and commodities markets.
With the ability to access custom indicators, traders and investors can easily separate the noise from facts and make that informed, split-second decision that makes all the difference between success and failure, especially when the market is highly volatile and challenging to predict, like now.
The experts predict that the coming months will likely be subject to continued volatility but say that this year’s lows are well behind. Good news for traders who entered the market when the price was low and those who didn’t. Still, it’s best to keep an eye out for upcoming earnings reports and indicators of the economy’s overall health, as there is always money to be made in trading.
Even though these factors can significantly impact the market’s volatility, this is probably when traders should heed the advice of Warren Buffet: “Be greedy when others are fearful!”