CONSIDERING GETTING INTO TRADING?

Trading for beginners

The world of trading is immensely exciting, giving you the opportunity to take control of your finances, engage with the markets, and hopefully make a profit! But that doesn’t make it easy. That’s why we’re keen to educate beginner traders like you and help you become the best you can be.

1. Have a reason to trade

There are many reasons people get into trading. But if your primary motive is to make a quick buck, you might want to think again. Many people do not realise how much time and work it takes to be successful. But, if you’re curious about the financial markets and keen to learn a new skill, trading could be right for you.

As we all know, trading is risky — that’s part of what makes it so thrilling. So not only do you need to be realistic about what you hope to get out of it, but also dedicated and willing to learn.

This might feel a little scary if you’re new to trading with no experience of the markets. That’s why we thought it would be hugely helpful to track the journeys of two of our new traders.

2. Get To Know The Markets

Trading isn’t black-and-white and each trader will approach financial markets in their own way. There are many decisions to make before you get started and one of the most important is to choose the market you want to trade in.

You’ve probably heard of company shares but these aren’t your only options. From currencies and commodities, to indices and equities, there are so many financial products on which you can trade.

Crucial things to consider are:

• When you plan to trade
• Whether you have short term or long term goals
• How much risk you’re willing to take

3. Create A Financial Strategy

If you want to succeed in anything, you’re far more likely to do so with a plan in place. Trading is no different, which is why you need a solid financial strategy before you start putting up your own money.

The world of trading is a thrilling one, where profits and losses can accumulate very quickly. This means it can be tricky to take the emotion out of trading, but it’s vital you do what you can to stay objective.

This is where a financial strategy can help:

• Set your risk level, goals, and entry and exit rules
• Stick to them no matter what your heart is telling you

Remember you can re-evaluate this later on if your trading style changes or there are shifts in market conditions.

4. Find A Beginner-Friendly Trading Platform

There are a lot of trading platforms out there to choose from, but they aren’t all designed to help new traders take those first all-important steps. When you’re starting out, the best platform will be the one committed to furthering your education and supporting you every step of the way.

At Trade Nation, transparency is our top priority

We want each of our traders to have the fairest and fullest experience possible. Offering webinars, blogs, how-to videos and other useful resources, we’re on a mission to break down trading myths and explain the realities in a straightforward way that everyone new to trading will understand.

5. Practice Until You’re Comfortable

Try out our free demo account. Put everything you learn into practice and see how our platform works. You’ll also get access to all the helpful resources we offer to Trade Nation members. Use this demo account until you’re comfortable and move onto the real deal whenever you’re ready!

Alternatively, have a go on our trading simulator. This is a free to use and risk-free tool that guides you through the process of making a trade, step-by-step.