In this day and age, we are bombarded by information, making something as finding a forex trading app seem overwhelming. There are many schools of thought from a host of different sources, and if you’re not careful, you can get caught up in all the noise and be left feeling more confused than you were before. Whether you’re new to trading or a seasoned trader, there are certain pointers that you should bear in mind which could streamline your trading journey. From trading education to finding a forex trading app, we’ve broken down five of the most important trading tips to enhance your experience from the get go.
- Do your homework
Enhance your knowledge and improve your skills by educating yourself. This is one of the most important tips for your trading journey. As the old saying goes “knowledge is power,” and that certainly rings true when it comes to trading in the stock markets. Quite simply, the more you know, the better decisions you could end up making. One way to begin your trading education is to take some online courses for traders, which are available from various institutions. You can also enhance your knowledge by taking advantage of educational resources offered by some regulated broker platforms nowadays like iFOREX, who provides PDF guides, articles, helpful videos and even one-on-one training with your very own personal trading coach. No matter your skill level, there is a lot to learn about trading and the markets. Even if you don’t have time for online courses for traders, learning should be a constant along your trading journey.
- Find a regulated broker
Finding a reliable broker that you can trust is one of the most important aspects of trading. Your broker is the gateway to the financial market and you are entrusting your funds with them, which means that you need to trust them implicitly. The best way to make sure that you can feel comfortable with your broker is to find a regulated broker that is authorised and regulated by an authority, for example the Financial Conduct Authority (FCA). Using a regulated broker can give you peace of mind that if anything were to go awry with any of your trades, you can dispute this with the authoritative body. Essentially, this provides a kind of insurance for brokers and clients. Being regulated is important for brokers like iFOREX who maintain a client-focused approach and strive to make sure that all clients are trading with confidence and able to take advantage of excellent service.
- Pick your instruments
Traders are spoilt for choice when it comes to the selection of instruments available, which, on a trading platform like iFOREX, can range from forex trading to ETFs, indices, commodities and shares. So many, in fact, that it can be difficult for traders to choose. A common method which traders use to select an instrument is based on how much they already know about that instrument. For example, if you actively follow commodities already and know a lot about them, entering the commodities market may be a smart way to start. Many traders choose to diversify their portfolios by delving into different sectors of the markets, instead of simply sticking with one instrument. Of course, the amount of diversification often depends on the portfolio size, which is important to bear in mind when you’re trading in different sectors of the market. When it comes to choosing your trading instruments, choose wisely.
- Map it out
Many traders use trading strategies in order to try to map out trends and attempt to anticipate the performance of an instrument. It’s important to choose a trading strategy that works for you but bear in mind that not every strategy will fulfil your needs, so it’s a good idea to choose one or various strategies that will work for your specific requirements. Also keep in mind that past performance never guarantees future performance, and trading strategies are only designed to help you gain insight. Begin by reviewing the strategies available and take a deep dive into what each strategy entails. For example, the MACD strategy requires some calculations, which may not be ideal for everyone. Some traders prefer to use technical analysis as their overall strategy, which requires calculations and looking at data, whereas some traders prefer to use fundamental analysis, which requires looking at the external factors that can influence an instrument. Some traders use a combination of both in order to work out possible future price movements of an instrument. This largely depends on you, where your strengths lie and which instruments you trade, as everyone’s portfolio is different.
- Trade on the go
In the age of instant gratification and the global move to mobile, it has become important to find a broker which allows for trading on the go. Finding a broker that can offer you a forex trading app can be extremely useful, particularly for those who would like to trade while on the move, or without having to be in front of a computer. The iFOREX mobile trading app offers traders the ability to open, close, and monitor deals anytime, anywhere, as well as keep up to date on the latest news and market events—all within an intuitive and easy-to-use interface. Best of all, the iFOREX trading app was built in-house using today’s most innovative technology and real client feedback to ensure it meets all the needs of today’s modern trader.
These are just a few of the most useful tips we have for trading in 2021. Wherever you are on your trading journey, be sure to always keep yourself educated, informed, and focused on gaining as much information on your instruments as possible.
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