You might want to trade online but feel unsure about how to begin. The major concern is knowing where to look and how to move forward when you require information. This step-by-step guide on how to start trading online will break everything down into simple terms. You will receive basic information that you’ll require to start your trading journey.

The first day of trading in the online world can be confusing enough with all the new terms and options. But don’t worry, this guide will explain markets and different trading platforms to you.

You will not only know the basics but also find some very useful tips about avoiding common mistakes. So, let’s get started!

Can a Beginner Start Day Trading?

Yes, the beginner can get started with day trading! Many people have successfully learned to trade online. But the curve one has to climb is long. Homework, practice, patience, but start by learning about market trends and different trading strategies.

The great idea is to use the demo account to practice trading without losing money. With time and practice, you will become more confident in your trading skills.

How to Begin Online Trading: Step-by-Step Guide

1. Selecting a Trading Platform

The first move toward online trading is the selection of a good trading platform. Then, ensure that the one selected is easy to use and the customer support is reliable. Options to consider include forex, stocks, and CFDs. A valuable tool for executing trades is MetaTrader 4, and a top-notch trading platform to use is FXcess.

2. Open a Trading Account

Once you have chosen a platform, you need to open a trading account with them. The process will involve filling an online form where you give personal details including names and financial backgrounds. After the application you receive approval, then you can deposit money into your account.

You might also need to present some of these documents:

• Government ID (passport or driver’s license)
• Proof of where you live (e.g., a utility bill)
• Your financial information, e.g., your job and income certificate

3. Deposit into Your Account

After opening the trading account, deposit funds to ensure that you have available funds to trade. Most Internet trading sites are user-friendly. For the most part, you can select several options for depositing funds, including through bank transfer, credit or debit card, or e-wallets.

FXcess is a good way to top up your trading account. Using FXcess, the process of depositing funds to your trading account is hassle-free since it simply becomes an easy process in just a snap of a finger with easy methods most preferred by you.

4. Learn Trading Basics

You must know the basics before going to trade. These include a few key concepts:

Pips: The minimum price movement within a trade.

Leverage: Taking the position by using borrowed money.

Margin: The amount that has to be kept in order to enter a leveraged trade.

As well as educational resources, good trading platforms also provide many portals such as FXcess that offer video tutorials. You can learn them too.

5. Trading Strategy

No good trading strategy goes down the lane without success. Some of the strategies you may opt for are mentioned below:

Day trading: You buy and sell the same commodity within the day to gain quick profits .

Swing trading: You keep trades for more than one day to capture the larger price movement .

Scalping: You make many trades in a day to garner minute profits repeatedly .

Select a strategy that suits your risk level and the time you will take .

6. Start with a Demo Account

Before trading with real money, test out using a demo account. What this essentially means is that you trade in fake money, which means you learn the game without risking your cash. Most platforms, such as FXcess, offer you demo accounts, which will help you get comfortable.

7. Start Trading

Now, when you are confident enough, then trade with real money. Continue focusing on a few assets first hand. In addition to that, monitor markets and news related to it, which might affect the rates as they may have some impact on the trade from your end.

8. Keep Track of your Trades and Manage Risks

It is going to be a very successful trading system when you watch over your trades. One can make use of stop loss orders where your loss will be restricted and take-profit orders for a gain.  Always be ready with risk management if something goes wrong and keep your emotions from controlling your decision to trade.

Which Trading is the Best for Beginners?

Forex is one of the easiest ways to trade for beginners. Forex markets trade 24 hours a day, allowing you to trade when it best suits your schedule. Most brokers, such as FXcess, have resources and tools designed for an individual just learning to use them well. Hone your skills through demo accounts you can start trading live after feeling ready.

Conclusion

Hence, venturing into the trading world requires the selection of a good platform, opening an account, and learning what strategies are needed. You can be safe and confident with trading platforms like FXcess and learn with intensity, so what’s next?

Let’s start with finding a trading platform, creating your account, and figuring out how much you want to save today!

FAQs

1. How much money do I need to begin trading online?

It depends on the type of online trading platform and what you prefer to trade. You can start trading for as little as $100.

2. Can I do this from my phone?

Yes, most service providers, including FXcess, have mobile apps that you can access to trade from any location.

3. What is the best time for trading?

The best time for which markets are most active will depend on what you are trading. In general, major currency pairs tend to be at their most active during the overlap of market openings, such as when London overlaps New York.

4. Is online trading safe?

Of course, trading is not risk-free; but if you select the right platform, for example, FXcess and use the right sets of rules governing risk management, then your investments will also be that much safer.

5. How do I analyze the market?

You should use Technical Analysis (The charts) and Fundamental Analysis (reading news and reports).

Disclaimer:
This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. FXCess is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication