What Every New Trader Should Know
Monday, November 16, 2020 0:55
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What Every New Trader Should Know
If you are new to trading and feel as if you’re drowning in information, online tutorials, and free advice from friends, avoid information overload and focus on the basics. What are the basics? They’re the simplest, most fundamental guidelines that every new trader should understand before digging into technical indicators, complicated math, and mind-numbing systems for guaranteed profits that seem to be everywhere. Ditch all the books and complex calculations for a day or two and focus on these four key principles. They’ll help clear your mind, soothe your soul, and inform your brain about how to survive for the long-term in the competitive world of securities trading.
Not All Brokers or Platforms Are the Same
Don’t listen to your friends and coworkers when they say, based on no experience whatsoever, that all those trading platforms are the same. Just pick one and get started. That advice is as wrong as telling someone that all new cars are the same, or that there’s no point in comparison shopping for kitchen appliances, computer peripherals, or clothing. The cold, hard truth is that brokerage platforms are consumer services, and we all know how much services vary in quality. What should you do? Comparison shop by testing out a few of the platforms to get a general idea of how much they differ. Then move on to the next principle, which pertains to checking online reviews.
Reviews Can Help You Make a Choice
If you planned to spend a hundred bucks or so on a new blender, wouldn’t you read at least a dozen product reviews? Of course, you would, and you’d be wise to do so. Do the same before you commit yourself to a trading platform or broker. For instance, you might search this review for WeBull to see what users think of their experience with it. Do the same for other reliable trading sites and make some notes about the pros and cons that long-time customers point out.
Paper Trading Is a Must
Practice makes perfect, or in the case of securities trading, practice can keep you from failing miserably. You’ll never be perfect, but if you log a few dozen hours on a simulator, it’s possible to sharpen your skills and get rid of the nervousness that plagues many beginners. Check to see that your prospective broker offers a worthwhile simulator so you can engage in paper trading, or buying and selling with fake money. It’s the most effective way to learn how to place orders, what the different kinds of orders are, and more.
Patience Pays Huge Dividends
Practice patience. There’s a human urge to want to earn money as quickly as possible in a new endeavor. That’s understandable. But when it comes to buying and selling securities, you need to learn the fine art of being patient. Prices don’t move just because you want them to, or have just made a big buy. That old adage about a watched pot never boiling is apt. When you need the market to act, it will sit still. When you ignore it for five minutes, it will become insanely active.
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