Being new to trading usually means dreaming that you will get rich quickly and without much effort at all. The reality is a bit different. In this article, we will offer you a list of 10 trading tips that you should use now if you want to start on the right foot.
1. Choose your broker wisely
Before doing anything else, do some research concerning the best available brokers. Always choose a trustworthy and authorized broker. Also, your choice should be well-thought-out and even discussed with some more experienced brokers, if you know any.
2. Build a strategy
Begin your adventure with a strategy that suits your trading style and goals. Do not dive head-first without thinking a bit ahead! Make sure that you have discipline and a clear purpose in mind when you’re starting. Plan your steps and have your strategy prepared.
Every time you want to learn something new, practice is essential. The same goes for trading. You need to start little by little and learn as much as you can in the process. Talk to experienced traders, join an online course, or even read some books. Also, start with very small investments and build your way up. Trading is not horse racing!
4. Practice everyday
We shouldn’t keep saying this over and over but practice is definitely the key to a successful trading career. A demo account is your best bet in this case. Give it a try!
5. Have realistic expectations
It’s important to always have realistic expectations, especially as a beginner. Do not dream too big or expect to not have setbacks because you will be disappointed.
6. Do not become obsessed
It’s mandatory for your health and sanity to take some breaks. Do not become obsessed with trading and keep some time for your relaxation.
7. Spot and follow trends
One of the most important trading tips is to learn how to spot trends and then follow them if they fit your strategy. This is done through learning and experience, which you will gain little by little.
8. Plan ahead
Planning ahead is very important and it will spare you a lot of trouble. Make calculated trades and don’t leave anything at random.
9. Don’t become greedy
Being greedy and always wanting more will also make you risk more. Those risks cannot be avoided forever and you might end up losing more than gaining in the end.
10. Make experiments
Finally, experimenting every now and then is healthy and can help your strategy. Be brave and do it whenever you feel ready!
FINACADEMY is a platform run by a team of professionals with over 20 years of experience who have one goal in mind: to educate both beginners and experienced people in the art of trading and investing. This academy offers courses and e-books for those who really want to start learning about the industry and become more sophisticated traders. Our educational resources include crypto, Forex, stock market, indices, and CFD trading, among others.
Silver has raised through $27.55 levels this morning, alongside most risk assets. The metal has approached a strong resistance zone now and bears might be inclined to take control back soon. Also note that it has almost reached the fibonacci 0.618 retracement of the entire drop between $30.13 and $23.80 levels respectively.
USDJPY bulls are now looking poised to push through 112.00/50 mark, after have carved yet another higher low around 107.50. Please note it bounced off the trend line support since January 2021 lows as well. Looking higher from here for next few weeks.
Gold had raised through $1799 yesterday before reversing sharply towards $1770 before finding support again. The yellow metal is pulling back at the moment and seems to have carved a meaningful top already yesterday. If correct, $1786 might offer strong support.