If you ask a stock trader, they’ll tell you that there is no greater high than stock trading. We are not trying to give it a bad image but the pure ecstasy and emotion that is felt during stock trading is something that we’re sure you haven’t experienced before. Stock trading is an art and techniques that were founded decades ago, are still being utilised to this day. Like any art, some have a distinct knack for it. But fret not; you can reach the same heights of seasoned stock traders through experience and education. In this article we give you some basic tips to get you started.
1. Virtual Trading
First things first, create an account on an online stock brokerage. Once you’ve explored the website and understood the basics; start virtually trading with “in-game” currency to give you a taste about what to expect when you start doing it for real. It is important to understand how the stock market works and all the nuances before you start on your journey.
2. Educate Yourself
There are a number of books that are available online for free as well as for a price that you need to check out before you start trading. Look up prominent stock traders and their simple hacks to being a success in stock trading. There are also online video tutorials for those who don’t particularly like reading a book to understand a concept. Once you have understood the basics through videos and books; we suggest that you read the accomplishments and journey of some of the greatest stock market traders on the planet. Remember you have the power to educate yourself in the click of a button.
Not everyone who does stock trading is a hardass; so if you happen to know someone personally who has dabbled in the stock market then try to become their mentee. Having a mentor is great when it comes to understanding key issues, getting essential resources and getting motivational tips when the market is rough. The things we gave as an example of what a mentor can help you with, is just the tip of an iceberg. It is best to get mentored by someone you know because a professional service will cost you a bomb. We suggest that you refrain from taking the advice of online forums because there is no guarantee that the things being posted are valid or true. If you do find a great forum, use it as a means to understand the business and not as a way to find the next big trade.