If you are ready to join the platform and start using your savings, you can be called a novice trader. Traders work directly in the financial/stock market, analyzing the situation and closing trades. Being a trader today is a privilege and a cool thing to do.
For example, you can buy any car you can afford from the car rental. However, the industry requires additional consideration. Even novice traders try to conduct their activities correctly on the exchange, in this case, they take a significant financial risk. They are very responsible for their work because they know it. If this field appeals to you, let us introduce the first action!
Step 1: Take a closer look at yourself
Start with a systematic self-analysis of your relationship with money. Do you think earning every dollar is a struggle? Do you think your own charisma will bring you marketable money like it does in other areas of life? More worryingly, do you regularly lose money in other activities and really wish the financial markets were more friendly to you?
Regardless of your beliefs, the market is likely to reinforce any inside view again through profit and loss. If you tend to lose money in most other areas of your life, you probably lose money in trading too. Consider that you need to treat money like a tool, but in a sensible way. Love renting a car with Gold Coast Airport! The price is reasonable, the procedures are fast, and there are many car suppliers. Just one click.
Step 2: Open a demo account
OK, so you’ve examined your attitude towards money and decided this job is for you. As part of your first steps in the market, we recommend not neglecting demo trading. Even if money allows you to spend a lot to gain experience and test various strategies, there are some nuances that don’t require material costs.
At a minimum, you will be able to investigate the trading terminal in the context of guided trading, observe practical applications, and fix minor technical glitches when testing trading ideas. Plus, everything is risk-free and completely free.
Step 3: Choose a Broker
You need an intermediary to execute your trade order in order to trade. For these services, they charge a certain fee, which is a commission. This stage is responsible because you will open an account with the broker of your choice and you will trade based on its quotes.
When choosing, read reviews about a broker and find out how long he has been involved in this activity. Find out about the trading terms offered and the types of accounts they offer. Also, please note the following:
Universality and transparency. The business outlines all the pros and cons. Both new traders and seasoned investors can use the broker’s services.
▪ Server operations.
There must be no glitches, no active scalping issues, and no server freezes. Everything has to work perfectly.
▪ Support Services.
It has to be quick to respond, and the consultants have to be qualified enough. It shouldn’t be silent when you’re trying to solve an urgent problem.
▪ Withdrawal of funds.
It must be done quickly. If you see customer reviews of difficulties withdrawing earned funds, do not choose this broker.
▪ Commissions and spreads are clearly listed.
Scammers often have hidden commissions and payments.
▪ The age and license of the company.
Availability of licenses, over 2 years of work and positive feedback tell us it is reliable.
Step 4: Open a live trading account
After practicing on a demo trading platform and choosing a trustworthy broker, you will definitely be better prepared for real trading with real money. But don’t rush into depositing large sums.
You will inevitably encounter some psychological traps that will interfere with the execution of your trading plan. To understand and overcome all psychological hurdles, it makes perfect sense to invest real money initially, but in small amounts. Even a small loss will tell you what trading psychology is all about. That way, you’ll gain valuable lessons with little to no risk to your account. Plus, you can rent a car in Sydney without putting a threat on your wallet!
It is recommended to keep transaction logs. This will facilitate careful study and analysis of work results. If you are patient and focused on your work, you will be able to succeed over time.
Don’t rush to trade. The market will be around for a long time. In order to have time to understand the key components of the market, it is best to start with a demo account. Trading should not be done under the influence of boredom or impulsiveness. It is wise to plan and think everything through carefully. Remember the car service we recommended to you in Australia? Don’t forget to leave a comment if you use it!