Awesome tips for all novice traders

 

If you have recently decided to begin trading on the UK or international financial markets, then it is an exciting time. However, before you jump right in and start spending money, you need to know what you are doing. While trading on the financial markets or investing in other areas can pay off handsomely, the wrong approach could prove a disaster. While it is possible to succeed as a trader, you first need to cover the basics.

Awesome tips for the novice trader

It really is worth getting as much advice and information as you can before starting to trade. This will enable you to not only avoid making costly mistakes but also feel less stressed out. Here are some fabulous pearls of wisdom to get you started:

  • Choose your broker carefully every trader will need to use an online broker to place trades with and manage them. As you will be trusting these people with your money and profits, you need to research the one that you will use carefully. Look online at reviews and trading forums to get the inside scoop on who to avoid and who to use. Don’t skimp on this – it could save you a lot of money!


  • Get educated to really succeed as a trader, you need to always be learning and finding out more. You may know how the market you will trade works in general, but do you know the best strategies to use, how the market reacts to certain events, and how to gain an edge over the other traders? Drilling down into this level of detail and getting as much trading information as you can is essential.

  • Write out a trading plan if you do nothing else as a new trader, do this! Take the time to research various strategies to use and then formulate a written plan around the one that you like best and that works. This should not only include how you will find trades but also how you will exit and the level of risk with which you are happy. Have it with you when you trade each day and stick to it.

  • Keep a journal – a great tip that all the top traders use is to keep a journal showing every trade you put on. Make sure to do this and also to review it at the end of the week or month. Looking back over it will show you if you need to tweak your trading plan or if everything is going as it should be.

  • Use a demo account most online brokers will now let you use a demo account on which to practice trading. This is highly recommended as you can get used to how the platform works and test out your trading plan without losing real money. When you have a plan that works and you are in regular profit on your demo account, it is time to move on to a real account.

Which sectors could you trade in?

When it comes to investing your money in trading, there are many options to consider. A lot of traders will opt for the stock or FX markets. These are both pretty easy to understand, simple to access via online brokers, and don’t require a high capital outlay when starting. If you would rather go a different route, then you could branch out into other investment classes, such as property investment or peer-to-peer lending.

One important trading sector to understand is CFD trading. CFD stands for ‘”contract for difference” and is a type of trading that many online brokers offer now. Instead of actually physically buying and owning currency, shares or stocks, you simply invest money based on what you think will happen to the price of them. The FX market is probably the best-known CFD to trade, but you can trade CFDs on shares, indices and commodities. There are lots of great CFD brokers to use online now, so it is worth checking them out to find the best one for you.

Trading requires focus and patience

To really succeed in trading, you also need focus and discipline. This will ensure that you stick to your plan and also don’t jump in or out of trades when you shouldn’t be. Too many people trade emotionally and this is a real danger to avoid. All trading decisions should be made with a clear head and for rational reasons, based on facts. If you can do this as a novice trader, then you are halfway there already.


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