The path from a beginner to a successful trader may not be as easy as it seems at first glance. Most people want immediate profits, no matter how unrealistic that sounds. The world of investment can be daunting if you are at the beginning of your journey, so you need to understand some basic concepts first. Here are a few tips from Binomo that will help you as a novice trader.
Read books about trading
Books are one the most common ways to get valuable insights about trading and investing. They are one of the best resources for learning the basics and getting new ideas from different authors.
For example, you can study technical analysis, and there is no better book than the classic “Schwager on Futures: Technical Analysis.” You will get a description of the most popular figures in technical analysis and a detailed review of indicators like the Moving Average and oscillators.
As soon as you know the basics of technical analysis and have a couple of working patterns at hand, it’s worth exploring more approaches in trading. One of the best collections of ready-to-use strategies is the book “Street Smarts: High Probability Short-term Trading Strategies” by Linda Raschke.
By exploring different authors you will get various views on the financial market and be able to create your own trading mindset. Keep in mind that some of the principles described in these books might not always be relevant today, as market conditions are changeable.
Watch video blogs
Video blogs are an excellent way to get a new scope of experience. Different traders often create tutorials and break down their trading sessions, providing the audience with new insights about asset markets.
For example, you can take a look at the Chart Guys — a video blog about technical analysis. This channel explains how to read charts and use various trading tools, and it also dives into different stocks. It is a good choice if you want to brush up on your trading basics.
Another interesting channel to watch is Warrior Trading, which has tons of video content on how to trade on financial markets. The host reviews his trades almost every day and provides free educational content. There are tons of bloggers on the internet, so search the web and find the perfect one for you.
Practice on a demo
During your first steps on the asset market, we recommend you take a look at the Binomo demo account. It is a trading simulator with virtual $1,000 to practice your skills with. It doesn’t differ from a real account, except that unsuccessful trades won’t bring a loss, as all the funds are virtual. Thus, you can hone your skills in conditions close to the real ones without risk.
Practice on a demo account regularly and you will see a gradual transformation of your theoretical knowledge into skills. As soon as you get comfortable, the next logical step will be to move to real investments on Binomo.
Implement trading strategies
You will get even more ideas for trading when you start exploring the free strategies from Binomo. They are step-by-step guides on how to work with financial markets in specific conditions. You can use them instantly on a Binomo demo or real account. Later these strategies can become a great basis for your own ideas, as you can adapt and configure them to other market conditions.
‘Live and learn’ is one of the key principles in trading. This postulate is important to understand from the very start. You can begin your trading journey with Binomo as you’ll get everything you need for a comfortable start:
- Video tutorials to understand the basic principles of platform operation;
- Free demo account to practice your trading skills;
- Trading strategies for beginners and experienced traders;
- Favorable conditions — you need only $5 to open a real account;
- Accessible investment mechanics where you need to predict whether the asset price will go up or down. If your forecast is correct, you will get additional income.
Don’t wait, sign up on the Binomo website and open up new investment opportunities.
Disclaimer: Content Produced by Binomo