Monday, February 26, 2024

Trading For Beginners — How to Become a Pro?

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If you crave reliable information about the best brokers of 2021, working instruments that can help you understand the strategies to trade with, this guide will be a great assistant. Sounds great? Off we go!

Top Brokers to Choose in 2021

eToromin.deposit=$50; stock trading without commissions; approximately 2K of trading tools
Interactive Brokersmin.deposit=$1;trading with the company’s shares;135 markets to choose from
RoboForexmin.deposit=$10;1:2000 of leverage;CopyFX service.

Key Trading Perks to Know

There are two universal strategies with trading:

  1. Buy for less, sell for more — long trades.
  2. Borrow for more and sell or buy back for less and return the debt — short trades.

One can choose active trading for often trades, or decide on Investing, which, in turn stands for accumulating in the long run.

When it comes to the financial instruments, you have a vast choice:

  • Currency exchange;
  • Stock exchanges;
  • Commodities (metals, energies, farming sector products);
  • Cryptocurrency;
  • Derivative instruments (futures, options, CFD);
  • ETFs.

How Much Can You Earn?

The good news is that there is no limit. Yet, you have to always have a clean-cut scheme. Beyond that, your profit will fully depend on the initial deposit.

 For instance, check the next:

  • Deposit interest at a bank — 1–2% a year.
  • S&P 500 growth is around 8%–10%;
  • With around 1,000 USD at start, there is a possibility of becoming a millionaire in six years. 

Also Read: How to Start Forex Trading: Basics of Forex Trading

Trading Tips (Trading For Beginners)

In brief, comply with the following:

  • Bet moderately — huge position size=losses;
  • Set Stop Loss — max.loss is 2% of the deposit;
  • Calculate your expected profit — think about amounts you want to exit with;
  • Use compound interest;
  • Start with a demo account to familiarize yourself with the basics;
  • Diversify — go for different instruments;
  • Do not be hooked on winning back — there is no place for luck;
  • Read pro trading literature — know such names as Edwin Lefevre, Jack Schwager, Nassim Taleb, Peter Brandt, Richard Wyckoff, Benjamin Graham, Van Tharp, Brett Steenbarger, Tom Williams.

Set the right goals to achieve the right profit with trading.

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