Top 6 most necessary things in trading
Trading is a business that includes a lot of things. And we need to really understand what we need for our success as there is really no universal list of things here and everything is individual. But I am going to take a plunge and try and look – what are the thing we need the most for trading?
1. Learn the relations between the assets.
2. Understand markets trends are their reversals.
3. Practice with demo account.
4. Find a perfect signals provider.
5. Set your capital.
6. Choose a broker.
7. Set all of the possible alerts.
1. Learn the relations between the assets.
It is no secret that everything is tied together. Even though there are different segments of the market they have enormous influence on each other and they all are connected. Like oil and dollar, like currencies and precious metals, Asian stocks and American futures – everything has a connection.
In order to start trading we need not only to see the connections but also understand how they work together and what influences what.
2. Understand markets trends are their reversals.
In order to become a real pro, you need to see all of the trends and all of the points where they can be reversed and continued. It is not an easy task, but it is what you need to study carefully. There are a lot of different patterns and different ways to use them. And the graphs do not like it when you take trends lightly. Believe me.
Not an easy, but still doable task.
3. Practice with demo account.
For this you need to choose a good broker who actually offers an option of a demo account. Note, that not all of them offer this option. And you need to spend a lot of time in your demo. This way you are going to have the possibility to understand the interface of the platform, see how you need to personalize it and never spend a single penny while learning.
But again – check for the brokers who are going to give you a demo possibility.
4. Find a perfect signals provider.
Trading signals are very important. Even the biggest names tend to rely on trading signals as AI simply has a lot of advantage before us. It has the possibility to embrace the entire picture and generate all of the information you can need in a trade.
My advice – don’t go into trading without having trading signals provider by your side.
5. Set your capital.
Unfortunately for every single trader out there, at some point trading was about losing and not about winning. That is just luck – you are either on a winning or on a losing streak. That is just a chance. And that is the exact reason why you need to set your capital and your monetary limits. You need to understand what trades you can and can’t afford to lose.
6. Choose abroker.
Do not forget my demo account point – you need to choose a broker who you are going to feel comfortable with. You need to check for leverage, 24/7 support team, number of trading assets, security systems and all of the other points that are going to be of interest to you.
Remember that this is the most important decision in you trading career – take your time with it.
7. Set all of the possible alerts.
Of course, trading signals are going to be of enormous help to you. But all of the other alerts on important world news can also be a cool tool to have at your disposal. Personalize all of the alerts that can help you make a decision in your trading day and avoid all of the monetary traps.
Try Google alerts.
After all is said and done I am going to repeat myself – there is no universal recipe in order to cook up a perfect start for you. Everything is individual as everyone needs and expects different things from trading.
What would you do first? Start a discussion in the comments!
