When we think of commodity trading, we imagine people in offices frantically making calls, checking market prices, or shouting at the top of their voices. Movies have given us this kind of perception, but commodity trading has more to it. The practice started way before the invention of telephones and offices. In fact, commodity trading was an everyday activity in ancient civilizations. Spices, oil, rice, and more were exchanged between households, and this is how people survived.
Over the years, commodity trading has evolved drastically. Precious metals, agricultural produce, and even energy are traded on exchange platforms. Commodities are traded in large volumes across borders. The prices vary significantly on a daily basis and greatly affect the major industries such as the automobile, textile, and logistics industries.
Who are Commodity traders?
There is an entire community of traders that banks on this price fluctuation in order to earn profits. For example, a commodity trader who holds gold predicts a fall in price in a couple of days. So what he/she does is sell the gold at the current high price and then repurchase it at a low price two days later. This strategic buying and selling of commodities can help a trader make profits instantly.
What does it take to become a Commodity Trader?
Becoming an expert commodity trader does not happen right off the bat. For most traders, it becomes a lifestyle that takes up a significant part of their day. But don’t get me wrong, commodity trading won’t give you sleepless nights. It is a peaceful profession if you’ve got the skills. What are those skills? Firstly, good analytical and math skills are obvious requirements. Apart from that, if you do not have discipline, then you might struggle. As commodity trading needs dedication and regular effort, it is not a game for the laid back.
How will NewzoneEX support Commodity Traders?
The Commodity trading sector advanced and so did the problems that it faced. Old methods of documentation, fraudsters, and unaccountability have a negative impact on the current system. But NewzoneEX seeks to change all these happenings by creating a platform that is empowered by blockchain technology (specifically, Quorum blockchain).
Blockchain technology has the nature of being highly secure, decentralized, and accountable. Therefore, it has lots to offer the commodity trading sector. To fund this brilliant project, stay updated on the upcoming ICO and stand for revolution! NewzoneEX - New-Age Trading.
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