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As we all know, from the past few years, there has been considerable hype on stock trading through online platforms, which has attracted many people to grab an opportunity of becoming a trader and enjoy fruitful gains. But it isn’t always true that it turns out to be fruitful for every single person involved. One has to be very careful about knowing about the system. Because it is certain that this game also has many scammers into it, that might push you into the deep hole of loss! So, it is important to know and review the platforms in depth before you take any decision.
In such situations where one is not sure about picking up anyone platform to trade on, he should proceed with researching about these markets and platforms and opt for one that promises its reliability. Let’s take an example of one of the oldest working trading platforms - eToro. Based in Cyprus, UK, and being active for more than 15 years, it now works globally and provides services in a wide range relating to trading stocks, commodities, CFDs, Forex, Social, Indices, cryptocurrencies, index-based funds, Exchange Traded Funds (ETF). This can be read in-depth through eToro Review.
Basically, stock trading is something that one can easily access through their fingertips on their smartphones. Interestingly, it doesn’t require you to follow the old, traditional trading that involves some cumbersome activities. Anyhow, let's talk about some of its main courses. The trading involves two of its main types - Active trading and Day trading. Active trading involves short-term movements. This trading refers to gaining quick profit by quick and short-term movements. One is supposed to hold the position for a very short span of time. Whereas, in the lateral one, the buying and selling game lasts for one day! This helps the traders to avoid unmanageable risks that can cost them a lot the next day. So basically, day traders aim to earn as much as possible in one day before the market closes, and hence are saved from any fluctuation in the market the next day.
How to begin trading stocks?
If it is your first time, then you must know that if you will keep things simple, you will be best served. Let’s hop on to some steps which you are supposed to follow once you have decided to trade.
1. Brokerage Account Opening
The foremost step is to open an account for stock trading. It holds the investment; it is specifically designed. It is an easy-peasy step that only requires a few minutes. You don’t need to panic while opening an account, as it doesn’t ask you to invest in this step.
2. You need to set a budget for stock trading
Here are some quick things to know regarding this. You should only invest your amount to which wouldn't affect you if it is lost. In order to manage the risk, you should allocate your portfolio's 10% only. Other do's and don'ts should also be reviewed.
3. Learn about orders
How to buy a stock is a different chapter, but here we must know about the common types of orders - Market orders and Limit orders. In the first type, the stock is simply bought or sold sooner as possible at the attractive prices available. And in the former one, the prices for the stock are set by yourself. This involves a limited amount that you can afford to pay for the stock.
4. Get your hands-on virtual trading
One of the most fascinating things about many brokers is that they provide you with a virtual account in order to let you practice the system before entering into real trading. This is to teach you the steps before you invest real money.
5. Establish a Benchmark
In order to measure the outcomes of the investment, investors are supposed to make a valid benchmark. It varies for every investor, depending on their capacity to tolerate risks, their time horizon, investment goals, and their asset allocation.
6. Avoid risks
There are a few tips to avoid some risks while investing and trading. There is no need to rush, built your position gradually, this can help you reduce your exposure to the volatility of the price. Other than that, maintain a good record with IRS. it has some potential benefits.
Be wise! Happy Trading!
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