If you could wave a magic wand, you'd probably want to turn yourself into a pro trader. Sadly, you can't do magic and you'll have to learn to succeed on the trading floor the hard way. The good news is that it isn't impossible at all to excel in it. You just need to follow a few good tips.
The first thing you need to make sure you've settled is the market you want to trade in. There are many different options for you to consider. You might be most familiar with stock trading but you can also go for Forex, commodities and options among others. Stocks however are the easiest for beginners. If you're just starting out, try stock trading first before you move on to more complicated investment types.
After picking your market, you need to get yourself a reliable trading system. You can either make one of your own that's fully customized or you can adopt someone else's and tweak it to your liking. With a proper trading plan, you don't need to rely on guesswork to make the right trades.
Having a system is only part of your preparation done. You also need to spend time testing it. This is the only way you can ensure your plan isn't flawed. The best way to go about this is through back testing. In this process, you use your system with various historical data. If it comes out a winner, it'll be safe for you to conclude that it'll work well for you in actual trading.
The best trading system should be able to do wonders for you. Sometimes though, the flaw lies not in the system but in the person. You'd be sabotaging your own success if you don't have the discipline to let your system run the show. You should adopt the type of trading psychology that doesn't interfere with a solid system even if it occasionally makes you lose.
To make your system work in real time trading, you also need to invest on a charting tool. You have so many different ones to pick from so it won't be an easy task to choose. What you should do is setup some guidelines to help you through the process. Get software that has enough flexibility to let you introduce custom preferences and codes. It should also be able to accommodate various data plans.
One last thing you need to pick is your broker. You can't place trades without one. You have the choice between a full service provider and a discount provider. Full service professionals provide extra tips and advice. This might seem like a good deal. However, if you know your system is a winner, you don't need the extra advice. You can save your money by putting your trust on your system rather than paying extra for broker tips.
Even if you follow all these tips you will probably still need many years of experience to become very good at trading. These basic tips however should be enough advice for beginners. These will put you along the path to becoming a pro.
The first thing you need to make sure you've settled is the market you want to trade in. There are many different options for you to consider. You might be most familiar with stock trading but you can also go for Forex, commodities and options among others. Stocks however are the easiest for beginners. If you're just starting out, try stock trading first before you move on to more complicated investment types.
After picking your market, you need to get yourself a reliable trading system. You can either make one of your own that's fully customized or you can adopt someone else's and tweak it to your liking. With a proper trading plan, you don't need to rely on guesswork to make the right trades.
Having a system is only part of your preparation done. You also need to spend time testing it. This is the only way you can ensure your plan isn't flawed. The best way to go about this is through back testing. In this process, you use your system with various historical data. If it comes out a winner, it'll be safe for you to conclude that it'll work well for you in actual trading.
The best trading system should be able to do wonders for you. Sometimes though, the flaw lies not in the system but in the person. You'd be sabotaging your own success if you don't have the discipline to let your system run the show. You should adopt the type of trading psychology that doesn't interfere with a solid system even if it occasionally makes you lose.
To make your system work in real time trading, you also need to invest on a charting tool. You have so many different ones to pick from so it won't be an easy task to choose. What you should do is setup some guidelines to help you through the process. Get software that has enough flexibility to let you introduce custom preferences and codes. It should also be able to accommodate various data plans.
One last thing you need to pick is your broker. You can't place trades without one. You have the choice between a full service provider and a discount provider. Full service professionals provide extra tips and advice. This might seem like a good deal. However, if you know your system is a winner, you don't need the extra advice. You can save your money by putting your trust on your system rather than paying extra for broker tips.
Even if you follow all these tips you will probably still need many years of experience to become very good at trading. These basic tips however should be enough advice for beginners. These will put you along the path to becoming a pro.
About the Author:
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Ditulis oleh:
Unknown - Sunday, October 28, 2012
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