Market turmoil encourages huge increase in DIY traders
Tuesday, 08 November 2011 11:02
With the global financial markets in free-fall, and serious doubt surrounding the future of the UK’s economy, people from all walks of life are following in the footsteps of rogue traders worldwide, and are hitting the markets themselves.
Top trader coaching company Knowledge to Action has released figures showing a staggering increase in the number of people taking trading courses with them in 2010 compared to 2006. The stats show that membership figures have soared by 900% over the last four years, from 14,189 members in 2006 to 141,887 in 2010.
Interestingly, whilst many have been tightening their purse strings since the recession, the number of people learning to trade literally doubled from 2008 – 2009.
Greg Secker, Forex trader and founder and CEO of Knowledge to Action, believes that this increase can be attributed to a change in attitudes towards the currency markets.
Secker says; ‘Over the last four years or so, people’s perceptions of the financial sector have altered drastically. Since the 2008 crisis, they have not only started to pay more attention to financial news, but the mystery that once surrounded trading has also begun to disappear’.
‘Trading was previously viewed as completely inaccessible to those who lacked a background in the City, now however, we see men, women, pensioners and students all taking up trading together’.
Knowledge to Action has a huge cross section of budding traders, with OAPs trading to supplement their pensions, students learning to pay back their student loans, and mums taking it up to earn some extra money for their families.
A survey of the new traders has shown that many took up the pastime to bolster their incomes, and in some cases, they have even left previous jobs to focus on trading full time.
Formerly a male dominated arena, there has also been a significant increase in the number of female traders – a rise of 719% in the last four years alone.
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