Many people would like to learn how to become a trader. At its core, trading is a full-time job. When we change or look for a job, we go through several sections of the interview, probationary period, training, and building the team. Novice trader goes through similar stages in their development as well.
Online trading is attracting special attention now. Investing via a mobile application gives users access to the world’s financial markets from anywhere, giving traders practically endless opportunities. Applications for electronic sales come with a variety of helpful features, such as tools for working with price charts, quotes, purchasing on a real-time device, news, and research. So, the MobileTrader: Online Trading platform is specially designed for technical traders who work on several markets at once.
How to become a trader: Algorithm of actions
Get started
If after accepting an idea, you don’t take action within 48 hours, chances are you’ll never lose. First of all, you need to know the first information that will give you an understanding of the basics. To begin with, understand how exchanges function, how brokerage companies work, how to find a convenient platform or mobile application recommendation for using software, and any questions that affect financial topics. All this will be useful to you in the future. If you know this, great! Then, it is worth moving on to more detailed information, figuring out how transactions are acquired on the exchange, who buys, who sells, and what expenses occur when trading through special programs.
Demo account
After you have reduced your understanding of common terms (e.g. swap, spread, EUR/USD, quotes, terminal for trading, indicators, strategy, etc.), it’s time to open a demo account (virtual account, does not require accounting for money, ideal for learning) to combine frequency with practice. Any things in practice are faster and better remembered. RoboForex offers favorable conditions for beginners. Their brokers provide access to working in the global market and capture the center.
Once you have an account, you are a beginner. Now, you need to study. This is the most difficult part. If it takes a week or a month to overcome the first 2 steps, then it takes the weekend to learn profitable investing. It took many novice users up to 3 years to learn how to earn, in some cases even faster. Trading is a real profession, not easy money, so you need to learn. The useful and necessary information can be found in highly specialized books on exchange.
Trading books
It is necessary to study materials on management and building competent capital management. Let’s say in advance that without getting this knowledge, it doesn’t matter. A small conclusion: the study of market analysis methods, various strategies, and money management methods.
Account trading
Practice. When you have a demo account, you need to try everything you learn on it. For example, performing graphical analysis, displaying a reversal and continuation pattern, entering the terminal, and recommendations to trade based on this analysis. Look for these figures on the chart yourself, transfer them, and work on a volume account for a week or more. We found an interesting money management method on the Internet, applied the accrual of the account, and again traded a few sights. And every time you learn something new, everything needs to be tried in practice since experience is the most important thing.
Get informed and try to put the knowledge into practice until you are well-versed in the various methods of analysis and money management.
If you follow this plan step by step, you will definitely become a guru in the Forex market!