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Many people are afraid to start trading because they assume they need tons of technical knowledge and experience to do so. The truth is that trading has become highly democratised and is accessible to virtually anyone with an internet connection and a connectable device. With that being said, you still need to have a solid understanding of how the markets work to trade efficiently. You also need to learn about the different tools and techniques you can use and the different types of assets you can trade. Let’s take a look at how you can get started with online trading.
Photo source: https://pixabay.com/photos/stock-trading-monitor-business-1863880/
Start with the Right Foundation
The first thing you’ll need to do is start getting a basic education on how to trade and regulations. You should know how profits from trading will be taxed so you don’t get in trouble with the HMRC, for instance. You have to know about more than just stocks too. You should learn about mutual funds, ETFs, options, and the currency markets, among other things.
You should also learn a thing or two about automated trading options like Robo advisors and start learning how to read charts and technical indicators. You can start looking at a broker once you have learned all of this.
DownloadMetaTrader and Open a Demo Account
The best way to start learning how to trade stocks in real time is to download MetaTrader and open a demo account with the broker of your choice. MetaTrader is the world’s best trading platform and the most popular, so you will have to learn it now if you ever want to start trading seriously. If you want to know where to get it, click here for an mt5 download.
Make sure that the broker you choose supports the platform on various devices and that they have plenty of educational resources. Good brokers will have everything that you need to understand the platform’s core functions and will give you the foundation needed to start trading in real-time. Also, ensure that the broker has a good record of customer service and that their team is easily available 24/7.
Go Beyond the Surface
One of the biggest mistakes beginner traders make is not learning about the core principles of business before they start trading. You cannot just look at stock prices indicators and charts and assume that you can understand what’s really going on with a stock.
You need to learn how to read balance sheets, understand how changes in direction and management can affect market sentiment, and know about market capitalisation and earnings per share, among other things.
You have to look at stocks as actual fractions of a company and look at their movement from this optic. This is the one thing that could have the biggest impact on your chance of succeeding long-term.
This is all you need to know if you want to get started with online trading. Learn as much as you can about trading and the markets before starting and choose a broker that will guide you every step of the way.
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