When starting their journey in trading, people are faced with two ideas:
- It’s very simple, easy money, and a surefire way to riches;
- It’s too complicated, so maybe it’s not even worth starting.
However, true success is achieved by those who believe enough in their abilities and back them up with regular training and practice. There are a few more tips that will turn a newbie who just downloaded the app for working with Roboforex into a trading guru.
5 steps from a beginner in trading to a professional
In fact, working with assets and investments is not as simple as the lottery, and is not overly complicated. It is simply a job that requires effort, practice, skill improvement, and certain knowledge. Treat investing and trading like a new profession, and you will see the way to go.
Explore the markets
Financial markets vary, so there is no single right strategy. You need to learn as much as possible, choose the market and the asset classes you are ready to work with: and create a general list and an active list of assets that you will follow in the near future. You will also need a convenient trading platform to work with. Try the MobileTrader: Online Trading app for starters — it has everything both a beginner and a professional trader need. This is a set of tools and features that are systematized in the form of a convenient interface.
Build your own strategy tirelessly
A trading strategy should reflect your approaches and be convenient for you. At the start of your career, it is convenient to copy the successful strategies of other market participants. The main disadvantage of this method is that the selected options may work differently with your trading portfolio and carry more risks or fewer profits. So copying is useful for learning purposes, but if you really want to make money in the market, you will have to do your own research and gradually develop your own way of trading.
Choose the optimal trading style
It may be:
- Daily practice of buying and selling assets;
- Scalping, where deals are opened and closed as quickly as possible;
- Swing — entry into the transaction at the moment when a sharp change in the direction of the market and, accordingly, a change in the price is expected;
- Long-term holding of positions with the aim of obtaining profit in the event of a significant change in asset prices.
- Try yourself in different styles, and choose the one you are the most comfortable working with.
Focus on indicators, but do not abuse
A chart overloaded with indicators requires time to deeply analyze all signals and changes. This can cause you to miss out on profitable deals that you didn’t notice in time. It also has risks, as certain trades should be closed sooner than the price falls. Leave a few indicators that give consistent trading signals and do not distract you from the main processes on which you should concentrate.
Leverage is positioned as an opportunity to earn more with less investment. But it’s just as risky if the deal falls through. Therefore, leverage should be used with caution. Also, do not forget about stop-loss points to limit potential risks.
And most importantly: do not trade as if you were gambling. This approach will get you out of business right away. Keep emotions under control first, then funds — and you will succeed.