There is only so much the internet can teach us. Professional traders have the type of inside knowledge, strategies and expertise that can only be learned on the trading floor.
Financial Markets Online co-founders, James Bentley and Samuel Fuller, are experienced traders who train up everyday people in the world of online trading. Today, they’re sharing 5 hot trading tips that’ll ensure you don’t get burned.
1. Work alongside another professional – having a mentor or working alongside someone with more experience than you, is an invaluable aid when you’re at the beginning of your trading career. It will help you build confidence, understanding and avoid common pitfalls that new traders often make.
2. Join a community – join a professional course and you’ll find a group of like-minded and active traders
committed to success through continuously improving their professional skills. You’ll become part of a community and will have access to experts who will be able to share insight and strategies, based on live streaming data and analysis.
3. Find a mentor – a good mentor will oversee your trading and be on hand to advise, encourage and, critically, also deter you. They can help you create a plan, develop your own set of rules and support you in staying disciplined enough to stick to them. This can be the difference between making money and losing it.
4. Capitalise on the sales side – trading and investing both involve seeking profit in the stock market, but
they pursue that goal in different ways. Investing is about buying stocks for long-term gain, but you can achieve short-term profit by selling stocks, with a focus on share prices.
5. Go for a walk – a clear head is a calm and focused head and the key to making good trades and
decisions. So, when the pressure starts to build, take a walk around the block and give yourself an opportunity to think things through in terms of strategy and what’s in the best interests of your trading and the positions you currently have. You’ll be amazed what comes to mind when you step away from the charts for a few minutes.
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