Like any other skill, online trading takes practice to master. Many new traders start out with little practical market knowledge which can lead to poor decision making.
LCG has some of the industry’s best analysts and they provide up to the minute analysis and insight into major market events. All of our reports, videos and analysis are available for free on our website.
Immerse yourself in market news and you’ll quickly become more familiar and comfortable with the type of terminology used. The more information you have, the more likely you are to make better trading decisions.
Before you get started actually trading it is useful get a basic understanding of how charts work, what information they display and how to read fluctuations in data on charts.
You can study charts for all of the 4,000 markets we offer in the LCG Trader Demo platform and can review trends, volatility, range and volume changes to get a better feel for the markets you’re interested in.
The next step in avoiding silly trading mistakes is to research a trading plan and develop a strategy that you feel works for you.
Remember, to become a successful trader, preparation is key. The more prepared you are and the more information you have, the better you will be.
While you may eventually be able to build up to making large profits from your trading, when you first start out you should be realistic about how much you trade and the potential returns you’ll enjoy.
Budget carefully for how much you have to spend (and never trade more than you can afford) and analyse both your successful and unsuccessful trades to avoid making the same mistakes in the future.