Trading is a route to money, with a lot of twists and turns. It seems easy when you see other people do it, but it’s one of the more complex professions on this earth. So many things can go wrong and very few can go right with beginner trading.
However, when things go right, they can really go right. It’s not uncommon for one of the reasons why someone wants to get into trading is, because they see large bags of cash coming their way from the ‘ultimate trade’. Before we get to this so-called ultimate trade, let’s learn the basics.
The right platform
First things first, you need to get a good platform. Always go with the best-rated. Get R MobileTrader – Online Trading on Google Play has one of the higher ratings on the trading app list, so give this a shot. Read the reviews before your download. It has a 4.9 star rating from 88 different people. Some of them are by seasoned traders and many of them are from beginners. You can see what kind of features it has in the photos and they seem to have currency trading, stocks, oils, etc.
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Crash course
Take a market trader crash course. This can be done online or in the app itself. Read a lot of financial articles, understand what stocks are and how they function. Then learn about trading habits and patterns among different economies. Study everything you can about the market.
Learn how flows occur in the morning, as opposed to in the evening. Before you link a bank account to the trading app, you need to learn what kinds of stocks there are currently trading in your nation. Learn about fortune 500, FTSE 100, and Japanese and Chinese markets.
Practice trading
Begin by paper trading. This is when you mark down your trade on paper and follow it from start to finish. Maybe you thought it was a good idea to buy stock of company X, sell it when it rises from $20 to $30. Your plan is that the trade will last 5 days.
You can write all of this down, along with how much money you have used to buy the stock, and then at the end of the day, how much money you lost or made. Plot everything you see.
When did the stock go down and why? When did it go up, and why? Was there a trend in an industry or indices? Paper trading is a great way for you to learn, without losing any money.
Start small
Then you can go and trade for real. Start off small and only trade in the single digits. This can be done with the smallest stocks and currencies possible. The Asian and South American markets are a great place to sharpen your trading tools.
Trading is not something to joke around with. It’s a tough profession to be in and you need to stay focussed for a long time, each and every single day. It can be fun and exciting but it always has risks attached.