Trading online is accessible to anyone with an internet connection and has become very popular over the past 30 years.
However, for a beginner we recommend that you take your time and follow some simple guidelines.
Remember, this type of trading is speculating the market and therefore is a form of gambling, betting or even guessing. Sometimes hoping. 😊 such as sport spread betting. However, it is very exciting for many and can also become profitable.
Try It and if it is not for you move on.
“He who laughs most, learns best.”
– John Cleese
New online traders should consider brokers with the following qualities:
· Regulation. Why, a Licenced broker must abide by the rules applied by the financial authority it is regulated by. The broker must be fair and transparent and offer best practice. Most importantly it offers a course of redress to the trader.
· Educational resources – simple to understand webinars and educational tools is essential for beginners, do not get lost in the jargon.
· Access to a demo account for practice trades. This is particularly useful if you are new to the world of online trading or if you would like to test a broker’s platform before you trade for real.
· A simple user-friendly trading platform, there are numerous platforms on the market (everyone wants to reinvent the wheel), some more complex than others. As a beginner you do not need a complicated platform with complex trading strategies or algorithms. That comes later, you should be looking at understanding the basics first.
· Commissions & Spreads. This market mostly operates on spreads rather than commissions. There Ain't No Such Thing as a Free Lunch. Therefore, understand the costs involved, transparency is paramount.
· Broker’s Business Model. The business model of the broker is important as this will affect the kind of spreads & services that you will receive.
There are many factors that you can consider when selecting your broker. You may end up trying several brokers over your trading experience or even trade on several platforms at the same time. That is why we offer this consultancy service. We can help you choose which broker is suited to your needs. Once you have found the right broker to work with, we can assist you in increasing your knowledge and your own unique trading style, everyone is different, this is not an exact science.