There once was a time when trading on the markets was the preserve of just a few professionals working in financial institutions. But, like so many things, the arrival of the internet changed this landscape. Now, virtually anyone with a PC (or even a mobile device) and an online connection can set themselves up as a trader. Admittedly, you do need to have certain skills and traits such as commitment, patience and curiosity about the worlds of economics and finance. But, as long as these are all present, you’ll find plenty of ways to accelerate your learning and become an accomplished trader. Here are just six of them.
Read the trading bloggers
Something else that the internet has given birth to is a positive wealth of information from bloggers covering every conceivable subject under the sun. Naturally, this also includes online trading in all of its many forms, sometimes from people who don’t come from a financial background, but also from experienced experts. These are a great way to both read about current trends and hot topics as well as getting sound advice. For a round-up of some of the very best blogs out there, take a look at the recommendations you’ll find at Mytradingskills.com.
Study brokers’ educational materials
For purely expert advice, you can’t do better than absorbing all the information you can from established and successful brokers. There are countless books out there to advise you on every kind of broking from forex to stocks and commodities. There are also more engaging forms of education like webinars which are generally quite easy to fit around a schedule – and the advice that you’ll receive in them will be coming from a proven and trusted source.
Another very good way to benefit from the expertise, even more directly, is by registering to use a social trading app such as DupliTrade. Used in conjunction with a trading platform, it allows you to select an expert trader to duplicate their strategies and investments. There is generally a wealth of information about the performance of the various trading options available so you can choose which one to follow armed with solid evidence of their track record to date.
Use a demo account to test out your strategies
The principle of “try before you buy” is always a winning one, and it can be applied to online trading too. Most trading platforms also include demo accounts that allow you to make hypothetical investments to see, in real time, how they perform. This isn’t just great practice in testing out your strategies; it’s also a very good way to familiarise yourself with the practical aspects of how to trade online before you take the leap of faith by staking your own capital.
Enlist in a trading academy
For a thorough grounding in all aspects of trading, there’s probably no better way than to join a trading academy like Intatrading for a short course. It will be a remote learning experience in which you’ll be taught by experts with relevant and up-to-date knowledge. The real advantage, however, is that there will also be an aspect of one-to-one advice which won’t just improve your skills, it will also provide feedback and evaluation on your particular strengths. Plus, most trading academies will continue to support you after the course has been completed.
Follow the news and the markets
It might seem obvious, but it’s always useful to remember that the markets don’t exist in a vacuum. Politics, economics and even the weather can all have an effect on currencies, shares and the various other investments available. So it’s vital that you keep yourself in the loop to be aware of trends and events in the world around you. That way, you’ll soon start to get a feel for anticipating when to buy and when to sell – the two most crucial aspects of success.
Hopefully, these few tips will help you to get your trading off the ground. But remember; even the experts are learning all the time, so it’s a process that never ends if you really want to make a go of it.