The popularity of online trading has resulted in a rapid increase in the number of e-traders across the UK. But, what does it take to excel at buying and selling asset classes such as stocks, bonds, forex and cryptocurrencies via the Internet?
Tips for newbie online traders:
1) Understand the difference between trading and investing:
Investing is more long term where you buy asset classes and hold on to them for months, years or even decades. In contrast, online trading is a more proactive and short-term approach, where you often buy and sell assets to make money.
Online trading offers tremendous opportunities to generate independent income through the Internet, but it is not suitable for everyone. Therefore, before moving on to the next steps, you must make sure that online trading is the right option for you.
2) Find the right online trading platform:
Theoretically, you should be able to trade online using your desktop computer, laptop, tablet or mobile phone. However, not every online trading platform is compatible with all these tools, which means you need to make sure that your chosen platform will allow you to trade through your preferred device. Also, the platform must have received approval from a government agency (such as the FCA in the UK).
3) Enroll in Trading Courses:
Many online trading apps offer free courses and educational materials for their clients and you should take full advantage of this opportunity. If your chosen platform does not offer this benefit, there are many free and paid learning resources on the Internet that you can use to learn the basics of trading.
It’s important to familiarize yourself with concepts like leverage, pips, lot sizes and order execution – it won’t take long to learn about these concepts, but it will go a long way in teaching you the mechanisms of online trading. Ideally, you should choose a course that introduces you to the most popular trading strategies and styles.
4) Establish a Trading Plan:
To be a successful trader it is important to establish a trading plan and stick to it. You can either create your own plan from scratch or customize a pre-existing template. Your plan should include your periodic (weekly, monthly, quarterly, or yearly) financial goals, the amount you deposit in the trading account, and the number of trades you make each day. In addition, you also need to determine the financial assets or instruments that you will be trading. Once again, it is important to stick to your plan, especially when market behavior or volatility prompts you to walk away from it.
Should you sign up for Astro Holdings as a novice trader?
Astro Holdings One of the newest online brokerage firms in the UK to offer a range of benefits and features designed with the typical novice trader in mind:
Customized Trading Account:
Astro Holdings offers several different trading accounts, including some that are specifically targeted at beginners. For example, if you’re just getting started with trading, chances are you don’t want to deposit a lot in the beginning. For such traders, Astro Holdings offers its Basic Account, which can be opened with a minimum deposit of less than $10,000. The Basic account offers a number of benefits for new traders, including:
- Training course on how to use Astro Holdings’ trading platform
- risk management training
- basic market training
Plus, increasing your deposit to $10,000 will make you a Bronze account holder, which means that in addition to the above benefits, you’ll also have access to your dedicated Account Manager.
Another outstanding feature for new traders is Astro Holdings’ Trading Station, the firm’s interactive and intuitive trading platform. The trading platform is especially good if you want to enter the CFD and Forex markets.
This station can be operated with just a few clicks and even has its own dedicated mobile application that can be used by both Android and iOS users.
As we mentioned earlier, learning and education are an important part of becoming a successful trader – and Astro Holdings’ vast educational library shows that the platform is in strong agreement with us.
Astro Holdings’ educational and instructional videos are the best way for new traders to learn about the trading world as well as familiarize themselves with different asset classes such as stocks, cryptocurrencies, forex, CFDs and commodities.
Security is one of the biggest concerns for any trader, but especially for those just starting their trading journey. With Astro Holdings’ SSL encryption, Comodo Security and VeriSign Security, customers can rest assured that their account details and other sensitive information are adequately protected.
Also, to make traders even more comfortable, Astro Holdings provides their email address and other contact details which will allow customers to reach company representatives at all times.
In short, customized trading accounts, an intuitive yet powerful trading platform, comprehensive trading education and robust security measures make Astro Holdings an excellent platform ready to take your first step towards a rewarding and exciting path to online trading.
(Devdiscourse journalists were not involved in the making of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)