How to become a successful trader from scratch in the current harsh realities - this is the question that is increasingly worrying modern people who have begun to understand that money does not work in banks. Of course, not everyone has a decent start-up capital for immediately making serious transactions on the stock exchange. So is it possible to start earning consistently without being a millionaire? I will answer that it is quite real.
Now, from almost every thematic forum, there is a message: "become a successful trader without making any effort." However, there are still a few important nuances that you need to familiarize yourself with before you register on the exchange. It is about them that my story will now go. So, here's what you need to do to start making money on financial assets.
Choosing a reliable and profitable broker
This is the very first step, on which all your success and career as a trader will directly depend in the future. Therefore, treat the choice of a broker with the greatest possible responsibility. Use the following simple guidelines:
- Study ratings. Moreover, it is necessary to watch them on large Internet resources that have a positive reputation. Otherwise, there is a risk of stumbling upon custom-made advertising of a completely unscrupulous company, the main purpose of which is simply to collect money from its customers.
- Check out the reviews. People often leave their opinion about a particular broker on the Internet. But be careful. Sometimes a company's reputation can be deliberately raised or lowered by paid reviews. No broker will have exceptionally enthusiastic comments, and that is completely normal. A large number of monotonous negative reviews should also alert you. It is likely that these are just tricks of competitors.
- Make sure you have a license. If the regulator has not issued it, the company simply does not have the right to provide access to exchange trading. And if you entrust your capital to such a broker, you will probably never see it again.
And don't chase too much leverage, as well as attractive commissions. Sometimes it's just bait. Always carefully study the history of the development of a brokerage firm so as not to lose your initial savings. Learn more, my independent rating of brokers.
Start with a demo account
Do not rush to immediately work with real money. If you do not have practical experience, you should get it in the test mode, which almost every reputable broker has.
It is on a demo account that you can acquire your first skills as a successful trader without any financial investment.
Count the number of successful and unsuccessful trading operations, analyze errors and draw the right conclusions. If you start earning actively on a demo account, and the number of profitable trades turns out to be significantly greater than the loss ones, you can move on to working with real money. Open demo account for trade.
Learn the Basics
Prepare to be constantly learning. A successful trader never stops improving his knowledge and skills. Start small, don't rush to do everything at once. Learn from the underlying assets and the simplest tools. Many brokers offer all beginners to take a starter course and get acquainted with the basics of profitable trading. If the indicated amount is not a problem, then I still recommend finishing it. By the way, some firms are ready to teach their clients the basics for free, this also happens. Also on the Internet you can find courses already at a more advanced level. They usually cost more than the base ones. Pass them or not - it's up to you. You can continue to learn the basics of trading on your own, for example, using our section Articles.
And do not forget about choosing an effective trading strategy. Without it, earning really good money will definitely not work. you will simply analyze the profits and losses received in vain, and the account will gradually start to empty. Choose a profitable strategy.
Upgrade your psychological skill
The trader's main and most dangerous enemy is himself. In no case do not succumb to emotions and excitement. This never leads to a good result. Don't get mad at bad deals and don't give up. Do not chase after "premonition" and the desire to prove something to yourself or others. A successful trader is always cold-blooded and operates exclusively with dry numbers, strictly following the chosen strategy.
So, here are all the steps that you need to take to start making money on the stock exchange. The main thing is to just overcome your fear and laziness and start acting.