For several years, online trading, especially forex, is booming.
Every day, thousands of people embark on this adventure, with for some the stated objective of making a career, which will allow them to obtain high compensation themselves and increased freedom.
But many are quickly disappointed, because it is not enough to want to succeed (it would be too good!), It is also necessary to really afford.
Nobody can become a successful trader overnight, and all those who are successful in trading, and who earn a lot of money will tell you: Trading is a demanding, difficult, but still accessible to all those who take the trouble to do things right, regardless of their basic training.
Indeed, if trading room traders in banks need advanced knowledge in computer programming, mathematics and economics, trading as an independent trader is very different, and requires more perseverance and common sense than advanced knowledge.
As a specialist in forex trading training, https://101trading.co.uk/plus500-review/ is well placed to know it: Plumbers, doctors, bank employees, engineers, firefighters, etc., profiles that manage to make money on forex, do not an additional income, are really very varied!
Still, we need to know where to start, and our experience has allowed us to define three key points that will allow you to start your trading career in the best possible conditions.
Choosing a good broker
Obviously, choosing a good broker is the first step to succeed in trading. This is not enough in any case, but it remains an essential element that allows you not to start being penalized.
In our opinion, FXCM brings together all the qualities that will make you trade in good conditions:
- A team available and competent
- Solid regulation
- The choice between the MT4 platform and the FX Trading Station 2 platform (developed by FXCM)
- No Dealing Desk system, which avoids conflicts of interest between the trader and the broker
Have a good basic training
Even if forex trading as an independent trader does not require a master’s degree in finance, basic knowledge is still needed.
To acquire these bases, two main choices are available to you:
Research on the internet
The advantage of starting alone in training by doing research on the Internet is free.
However, the disadvantages are numerous. You will need to acquire a variety of skills, which should not be a problem, but you will have to know how to put them back in place.
It will indeed be necessary to adapt the theoretical knowledge to the reality of trading, and especially know what knowledge to use when, and understand for yourself the “logic of trading”, which may require many months of experimentation that may prove expensive in terms of losses on your trading account.
Follow a training conducted by professionals
The best way to learn trading properly is to hire a professional. Training provided by professionals has a significant advantage: In addition to acquiring knowledge, you benefit from the experience of the pros, who guide you to avoid mistakes of beginners.
In addition, a complete training in forex trading will generally allow you to define a step by step method that you can use directly following the training (this is the goal of our program Forex University). This will not only make you feel like you’ve learned a lot, but you will know exactly what to do and when.
Be constantly well informed
The basic training in trading consists of learning technical analysis, risk management, trading psychology, and the influence of the economy on the financial markets. But as you know, the news greatly influences the trading activities, and a trader can hardly do without constant monitoring of economic and political news.
Keeping up with the news makes it possible to put the economy and market movements in perspective, which can be very useful.
For example, if a market movement is due to a change in the economic context, the movement is more likely to continue than if it is simply due to a “technical reaction”.
Moreover, a technical analysis (and the resulting trading position) can be invalidated by the news, and in this case, it is better to know, rather than think that we made a mistake.
It’s important to keep your spirits up when you’re trading, and it’s psychologically much more comfortable to know that a loss was due to an unforeseen event, than to think you’ve made a mistake. want to…
Unfortunately, to keep up with the news, newspapers are not enough. The traditional press, whether online or print, is never fast enough for traders, especially forex.