Surely every trader at least once thought about how to make a million dollars on the exchange. It seems that the figure is unrealistic for a mere mortal who does not have a seven-figure start-up capital or at least connections in government agencies. But in reality, the world market is a real mine of untold wealth. And if you approach the work there with intelligence and ingenuity, the result can exceed your wildest expectations.
A little about market trading and its rules
The exchange has long been firmly entrenched in the minds of investors as a synonym for huge money and a carefree life. Who doesn't want to establish a stable passive income without drastically changing their lives? After all, work in the market can be easily combined with the main activity and even study. An increasing number of Russians are disappointed in bank deposits, the interest rates on which have long been disappointing. Therefore, long-term deposits give way to investments in stock exchange activities. But where to start, so that the start is successful, and the money begins to generate income?
For all newcomers who decide to try their hand at trading, I strongly recommend that you first read one amusing article published by the HuffingtonPost. Its author is Timothy Sykes, the youngest dollar millionaire in US history. He managed to earn his wealth at the age of twenty.
Sounds encouraging, doesn't it? The article helps to look at the world of market trading from a completely different angle. It literally crosses out the established rules and creates new, more promising attitudes.
What does this genius of world markets write about? How to make millions on the stock exchange if you are not an oligarch? According to him, the market has long gone beyond a simple way to earn extra money and test your nerves. Sykes is confident that even a small start-up investment, provided a competent strategy and some basic skills, can bring a huge income. Of course, the very path of a successful trader is not so easy. You will probably be able to earn the first million only after a certain time, using the classic trial and error method. But nothing is impossible if you are guided by a competent strategy and curb your gambling nature.
So it's time to move on to more specific advice. If you are a practicing trader or just planning to start investing in assets, I advise you to keep in mind the following points: Keep an eye on the hottest stocks
Don't overlook the hottest promotions
While in your dreams you imagine yourself as a multimillionaire, do not forget about the real state of affairs. Leave alone assets whose value renews the minimum over and over again. Focus specifically on rising stocks breaking records in value. Hold on to these papers until they hit the next high. This will help you have a steady small income with a great future perspective.
Learn the scalping technique
When analyzing in detail the question of how to get rich on the exchange, do not forget about quick deals. They will help you stay afloat and regularly replenish the deposit with good amounts. It is not at all necessary to rely on only one most promising asset and wait for its rise in price. Take a look at the results of traders who have chosen the scalping path. Selling short is a good profit, so you have a great chance to earn extra money in just a few hours.
The market is not a place for emotions and personal ambitions. Use only cold calculation. Did you guess with the direction of movement of the asset and sank a little in finance? It's not worth grieving and killing for a long time. Experience, as they say, is the son of difficult mistakes. So pull yourself together, cut losses as quickly as possible and move on. Make the most of any failure so that you don't repeat the mistakes you made earlier.
Capture total and interim profits
Until you withdraw the earned money, consider that you have not received anything. Do not be afraid to follow your own instincts and withdraw profits if necessary. This is totally normal. Exchange is a concept that is often unpredictable and constantly changing. So don't forget to control your deposit balance and adjust your account.
Master modern technologies
All novelties are created in order to be used for their intended purpose. The market has moved very far now. To be successful, you need to keep abreast of technical innovations and actively use them to improve the efficiency of transactions and optimize manual labor. Do you want to know how to make millions on the exchange? Then do not be too conservative an investor who recognizes the solely independent registration of all market transactions.
Trading robots are a great example. While some hesitate and miss the opportunity to increase their profits, others are already using smart assistants with might and main. It really helps you maximize your revenue and reduce your failed trades. A great example is Abi robot... It was he who gained the most popularity against the background of all his competitors due to high efficiency and minimal risks.
Don't be afraid to learn something new and implement it in your work with the market. Be one step ahead of your direct competitors in the fight for millions.
Invest in highly liquid stocks
In this case, the saying “not all that glitters is gold” fits perfectly with the description of actions on the exchange. Remember once and for all that good income is possible only if you focus on liquid assets. The rest of the financial instruments may look very promising, but do not rush to invest large sums in them. The absence of an uptrend is the first sign that it is better not to deal with such a stock for now.
Ignore empty promises and advertisements
The owners of the companies can be filled with nightingales and colorfully describe how actively their company is developing and how profitable it is to invest in these securities. But you need to rely only on dry facts, figures and statistics. Do your research to find out if reality actually lives up to its promises. This is the only way to draw the right conclusions and avoid unprofitable investments.
Refuse borrowed funds
If it seems to you that making a million dollars on the stock exchange is possible only with additional sources of funding, then this is not entirely true. Yes, many professional investors use leverage themselves and recommend it to others. But more often than not, in this case, you take on a huge risk of losing not only your own, but also other people's money. And the hour of reckoning will come very soon. The best option is to simultaneously work with no more than two shares and about a third of your financial portfolio.
Move away from the extremes of investment
Of course, to get the highest possible profit, you need to buy shares at their lowest price and sell at the highest. But this does not work for everyone. If you diligently wait for the moment when the asset will drop in value as much as possible, then you risk losing good earnings. Focus directly on the movement of the instrument itself. If you enter in the middle of a trend and correctly mark its direction for yourself, the profit will not take long.
Always have a clear plan of action
Spontaneous work with the exchange, as a rule, does not lead to a good result. If you want to go ahead, be sure to plan and strategize. Be sure to assess all risks before taking a position. Calculate the possible reward from the deal. Strictly adhere to the chosen plan and do not deviate from the strategy even one step.
As you can see, working on the stock exchange is not so problematic. You don't need to have huge start-up capital to get rich. The main thing is to use the best practices of experienced traders, do not neglect innovations in this area and decide on the most promising strategy. Try to build passive income using the market. You will soon notice that your financial situation is improving rapidly, and trading is simple, convenient and very profitable.