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Published On: Thu, May 12th, 2016

Online Trading: What a Beginner Should Know to Succeed

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Things can become confusing and frustration for someone looking into the world of online trading. Misinformation, myths and contradicting information can be found on many articles.  So with so much slander and misleading information out there, how do you distinguish between what is fact, and what is fiction in online trading?

Reading incorrect, negative information is enough to halt your interest altogether. But distinguishing fact from fiction could save your trading career and may give you some greater clarity into the situation.  

How to avoid falling trap to online trading misinformation

  1. Reading a slanderous article, might put you off the idea of online trading, however reading an article that is filled with incorrect information could be the very worst thing for a novice who is just beginning to trade. Make sure that the sources of your information are reliable. Remember, to cross-reference any information you come by, with a second and third source.  Read what actual traders are saying about their own personal, online trading experiences.
  2. Try it for yourself. If seeing is believing, then opening your own demo account will surely give you the experience and knowledge that you would need to clarify any doubts before opening a fully active, live account. Having a demo account is free, and is invaluable to any new trader, for training and developing trading styles.
  3. Take advise from your broker. Brokers online will have pages and pages of useful trading information for traders of all levels. Novices and beginners will find an abundance of helpful tips and tutorials offered to them, by true trading professionals.
  4. Don’t trust any negative reviews or misinformation from unreliable sites and dubious sources. If it seems like nonsensical and conspiracist then chances are, they are just blowing hot air. The fact that forex trading has grown by the hundreds of thousands, into the biggest trading platforms in the world, should speak to itself.
  5. Don’t expect magic to happen. There is no “get rich quick” formula to forex trading. Anyone who swears by it, is exaggerating at best. Forex is a thing to be studied, practiced and tried again and again. A bigger or novice will find roadblocks and will stumble as he or she tries to overcome the hurdles of inexperience. Past that, there is nothing more magical about the process other than logic and practiced strategy.
  6. Take it slowly. There is no need to rush, and no need to go “all in” when it comes to your first live account. Making a selected few calculated trades will see you better off, then frantically trading over 5 different currency pairs at a single time. Keep track of your trades and keep an eye out for any major news in the currencies country that you are trading in. Becoming an expert in 2 pairs will serve you better than spreading yourself too thin, with no result.
  7. Trust your instincts. Trading in my opinion is 90% knowledge and 10% intuition; if you have the knowledge and experience to back it up, chances are that your gut feeling with help you to successfully determine a good trade.

Author: Daniel Quinn

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