Trading 101: First timer tips

Trading. What is trading? If you have ever seen movies such as the Wolf Of Wall Street or the Big Short you will likely have a certain vision of the stock market as well as the types of people to spend time trading there, but this is only the tip of the iceberg. If you want to make some money passively for yourself this year and you aren’t sure where to start, trading is your best option. It is simple and easy to learn and it can fit around your schedule. So here are some beginner trading tips you should know about this year.

Make time for it

Make time for trade every single week. Just like any other good habit or hobby you have in your life; the more time you can make to do it the better it will be and the more successful you are likely to be with it. If you want to make sure that you are able to trade properly and make some good dough, make sure you take time out of your week to do it each week. Set a specific time or day when you want to carry out some trading and spend an hour or so on it. You don’t have to lose your whole week on it.

Find a good platform

It is important when you decide to start trading that you think about researching all of the different areas you can trade in as well as think about looking into what platform you will use. Take your time to look into farming, property, things like the crude oil inventory report today, and make a decision on which type of trading will suit you and where you want to start.

Make friends

It is always helpful to get advice on things such as this and when it comes to trading online it can be hugely helpful for you to make some connections on a trading forum or on a group on LinkedIn so that you can ensure you stay in the loop with trading and also get advice from people who are more experienced than you in the field.

Have a budget

Before you even think about spending a dime on the market you have to set aside a strict budget for yourself which you cannot exceed for any reason. There will always be an element of risk to trading and it is so important that you treat this risk seriously even if it is really low. Make sure that whatever you do, you don’t overspend and you really look into a viable option before you pay the money through. This will ensure that you can make some good money without risking losing any.

Avoid penny stocks

Penny stocks will always seem like a great idea when you start out in trading because they are low risk and you can spread your money out across many different stocks, however, it will always be a risk and it can be a waste of time to do with the profit you can make. It is better to start with a few small stocks and work your way up to get the feel of it.