Now that you’ve got the basics down pat and your (figurative) pool floaties on, you’re ready to dive into the world of online trading. All that’s left to do is, well, all the work. It can be daunting especially if you’re just starting out. Fortunately, there are many free resources and ways to build your confidence with online trading. The experts at Binomo kindly shared these insightful tips and tricks!
Know your style of trading
You probably already know that you should trade within your means and assess the level of risk you’re willing to take on. You’ve set aside a trading budget too, which for beginners, is recommended to be less than 10% of your entire portfolio. Next you’ll want to pick a style of trading that suits you most, in order to maximize your success while minimizing your costs.
Now you should sit down, for it’s time to talk about the bears and the bulls. Far from anything Animal Planet-related though, we’re talking about two different styles of trading. Investors are usually categorized into bear traders and bull traders which has something to do with whether you’re a glass half-full or half-empty kind of person. Bears are investors that expect the market or asset to be headed for a downswing, and they bet on an asset price fall. You’ll also see the market being referred to as “bearish” or a “bear” market when there’s a clear downtrend.
Bulls on the other hand, believe the market or asset is on the upswing and they bet on a price rise, and a growing market with a clear uptrend is commonly referred to as “bullish” or a “bull” market. These two types of investing styles work in tandem to create demand and supply, which support the movement of quotes.
Practice makes perfect
Stories of people becoming ridiculously successful overnight are a dime a dozen, but think about this — people aren’t exactly sharing the ‘downs’ of their experience the same way they do with their ‘ups’. Going into online trading knowing that this isn’t just some get-rich-quick scheme will help you, and those who have been doing this for a while will tell you that it’s not about luck, but experience in financial analytics.
Gaining this experience can be simple with all the free resources out there. For example, Binomo has plenty of resources, such as their handy glossary of terms that will help you brush up on your trading vocabulary. That’s not all, as you can also read up on many trading strategies like the “Night Channel” and “Bollinger Breakdown” strategies in detail, as well as other useful tips for beginners, experienced traders and professional traders.
These are well worth reading through. You can even get some hands-on experience by trading virtual currency to familiarize yourself with the market and put your trading skills to the test before jumping into it with real currency. If you sign up now on Binomo, you can get $1,000 in virtual currency to trade with on a demo account, and it’s a great way to build your confidence.
Find the right trading platform for you
Now that you’ve chosen a style of trading and know how to take advantage of the many resources available to you, it’s time to pick a trading platform. But with so many trading platforms out there, where do you start? Factors to consider include things like a user-friendly interface, transparency with additional fees and easy access to support if you get stuck.
Thankfully, Binomo checks all the boxes and more. Learning the basics and having an all-in-one trading platform can provide a good foundation to help beginner traders feel more confident. You can trade directly from their website and have access to all their analytic tools, and switch seamlessly to their smartphone app so you can trade on-the-go. There’s a variety of online trading assets as well, with no restrictions on the number of trades you can run simultaneously.
Head over to their website for more information, and happy trading!
Coconuts Media is not a financial company and doesn’t give financial advice. This article is a collaboration with Binomo and is meant for educational purposes only.
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