To start trading, you will need to take the following steps:
Research different markets and asset classes: Before you start trading, it's important to understand the markets and assets you're interested in. This will help you make informed decisions about what to buy and sell.
Choose a broker: You will need a brokerage account to execute trades. There are many online brokers to choose from, so research and compare their fees, platforms, and regulatory compliance before opening an account.
Fund your account: Once you have chosen a broker, you will need to deposit money into your account to start trading. For brokers that I use, I recommend xm.com, capital.com and litefinance.com.
Learn to use the trading platform: Each broker has its own trading platform, and it's important to learn how to use it before you start making trades. I would recommend if yuor chosen broker have Metatrader4 or Metatrader5.
Start trading: With your account funded and your trading platform set up, you can start making trades. However, before you start, it's important to have a plan and stick to it.
Continuously Learn: Trading is a continuous learning process, stay updated with the market and economy, and continue to learn and improve your strategy.
Becoming a successful trader is a dream shared by many, as only a small percentage of traders actually achieve profitability. However, it is possible to be part of that successful 5% and reap the rewards of your trading efforts. One way to do this is by balancing trading with travel, but it's important to keep in mind that this can come with its own set of challenges. I can share with you some of my trading journey and how I start in trading and lived into it.
My trading journey began in 2012 when a colleague from the Philippine Air Force introduced me to the world of trading. I started by opening an account with BPITRADE and set my sights on achieving financial freedom. Despite my colleague's warning that trading is difficult, I decided to do some research and read articles about trading. After seven years, I took a look back at my portfolio and was surprised to find that it hadn't grown as much as I had hoped. I realized that I had made the mistake of just buying stocks and leaving them alone for long periods of time. To rectify this, I enrolled in mentorship programs and paid for courses to guide me and help me understand what went wrong in those seven years. I don't regret this decision and now I use my knowledge to guide new traders and educate them on how to be successful in trading just like I did.
“Risk comes from not knowing what you’re doing.” – Warren Buffett
This quote from Warren Buffett suggests that a lack of knowledge or understanding can lead to increased risk in any given situation. In the context of investing, this means that if an investor does not fully understand the stock or security they are investing in, the risks associated with that investment are likely to be higher. It highlights the importance of research, education and due diligence in investing to minimize risk. The idea behind this quote is that by understanding the risks and opportunities associated with an investment, investors can make more informed decisions and manage the potential risks more effectively.
Finding a Great Mentor and a Leader
Finding a great mentor and leader in trading can be beneficial in a number of ways. A mentor can provide guidance and support, share their knowledge and experience, and help traders navigate the complexities of the markets. A great mentor will have a proven track record of success in trading, and will be able to share strategies and techniques that have worked for them in the past. A great mentor will also be able to provide constructive feedback, helping traders to identify and overcome any weaknesses or mistakes in their approach.
A great leader in trading can also help traders stay motivated and focused on their goals, as well as foster a sense of community and collaboration among traders. They can also help traders to identify key trends and patterns in the markets, and provide insights into which strategies and techniques may be most effective in different market conditions. A leader can be a professional trader, a coach, or a group of traders who have experience and knowledge to share, who can guide new traders and educate them on how to be successful in trading.
Having a mentor or leader can be valuable for traders of all experience levels, as it can help them to refine their skills, avoid common mistakes, and stay focused on their goals. It can also provide access to a network of traders and professionals who can offer advice and support.
Have you found a mentor or leader in trading? Are you currently looking for one? Please share your thoughts and suggestions in the comments below.
To start trading open an XM account and start your trading journey.