pathwaysIf I asked you what you are going to do with the trading expertise you are working hard to develop, what would you say? Most likely your response would be, “I’m going to make a living as a trader!” A lot of newbies getting into binary options trading envision a future as a daytrader sitting at home in their pajamas. That is a great goal, but there are actually a lot of different career pathways you could feasibly choose with the knowledge and skill set you are building up. A lot of traders discover that the daytrader pathway is not for them, but that does not mean you have to go back to your day job! You may find another career pathway through trading which suits you better.

Here are 5 different ideas for making a living with your trading knowledge and skills:

1. Financial planner.

As a binary options trader, you are learning a lot about different investment opportunities. You may very well find that you have enough knowledge in the future to serve customers who are looking for the best investments for their own money. This may be a great option if you are lacking the capital to make a living trading your own money. By taking a commission for your customers, you may actually make more money than you would sitting at home trying to be a daytrader. And maybe one day you will have enough to trade with your own account. Or maybe you will discover you like financial planning better. It may just be a better fit for you. Who knows?

2. Trading mentor.

There is a joke that teachers in any field are those who failed professionally at the thing they teach. This joke is often made with derision, but the reality is that this is a short-sighted point of view. Teaching in itself is a special skill set. Someone who trades with incredible success can be a terrible teacher. Somebody else who failed at trading but who has a firm grasp on the theory may make an excellent teacher if they happen to be a natural at the teaching aspect.

For whatever reason, perhaps you do not feel like you can make it as a binary options trader. Maybe it is a lack of capital, or perhaps you struggle with scheduling or some other aspect of it. Maybe you find it monotonous. Whatever the reason, if you enjoy mentoring others, and have the ability to push others to succeed, you may make a much better living as a trading coach. A lot of people have made a fantastic living this way!

3. Trader at a firm.

Another option is to trade at a firm instead of trading for yourself at home. It is not easy to land a job at a trading firm. Usually these jobs are kind of like “temp-to-hire.” There is a trial period where you have a kind of extended audition. If you are profitable over the audition period and the firm is pleased with your performance, you may be offered a full-time position. This is a great learning opportunity and can also be the start of an incredible, high-earning career. This is again a wonderful option if you lack venture capital.

It may also be a good alternative for someone who is passionate about trading, but is not really interested in becoming self-employed. Self-employment is not for everybody. For some people, the idea of “being your own boss” may sound great in theory, but fail in practice. If you have a hard time handling the extra responsibility of directing your own business activities, you may be happier working for a firm. There is nothing wrong with this; it is just another way to make a living. Your goal is to find the option that is best for you.

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4. Employee or owner at a brokerage firm.

Once you become an expert in binary options trading, you might consider a career at the other end, brokering trades for other traders. This is a growing industry, and you may find a job at a brokerage firm handling customer service, one-on-one training, account management, or other responsibilities. These services are best when they are provided by experienced traders, and brokers have to find those traders somewhere.

Or you might even consider starting a company of your own. There are hundreds of mediocre brokers out there. As a trader, you know exactly the kinds of features traders are looking for, and you might very well be able to create a company that stands out and shines from among the rest.

5. Something else altogether.

If this sounds vague, it is because it is supposed to. When you study, test, and trade binary options, you undergo an amazing process of personal transformation. You develop self-awareness, self-discipline, and other important qualities you need to be successful at any venture. During this time, you may discover that you are passionate about some other field. With the skills and awareness you have developed as a binary options trader, you may finally have what it takes to succeed in some other career of your choice. This is particularly true for people who are interested in starting their own businesses. As a trader, you learn how to be a self-starter and motivate yourself day after day to seek success.

None of this is intended to discourage you from becoming a full-time binary options trader and trading in your pajamas. If you love trading and have the resources and time to pursue it full time, you should totally go for it. But if you do not, that does not mean you should get discouraged or think that you are stuck with the day job you hate. Learning how to trade binary options opens up many more doors than you may initially realize. It may be the start of a new career in finance or another field that you never imagined.