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 Posted: Tue Oct 23, 2012 6:24 am Post subject: 5 Tips To Begin Stock Trading |
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1. What do you know about stock trading? This is the first question you need to ask yourself. You should Look Before You Leap. Put your money in a business that do not understand you, but put your time and energy to begin to learn how it works. Take advantage of the good stock trading books written to the beginners guide and learn to enter the stock market street in front of the execution.
2. A Business Plan: stock trading is a good business, and like other companies, it must start with a good business plan. Your plan needs to address what they wanted to achieve and how you want to achieve it. It will determine whether you are a short, medium or long term traders. Their plan is also how you intend to manage your risks. In seeking to achieve your trading goals you need to have trading strategies that will guide you on entering and exiting your trades. You can learn more about the design of your trading plan through this book, “Secret Practical Guide for Beginners Stock”, she has more in debt analysis and illustrations on setting up your trading plan.
3. Practice before you invest for real money. Market is a risky market, but you can the risk of losing your hard-earned money, reduce the gain first experiences with the trade through the opening of one or more of the shares simulator units of account. A stock market simulator is a program or application that tries to reproduce or duplicate some or all the characteristics of a live stock market on a computer so that a player who shares can practice without financial risk. Play the game with virtual money by holding a virtual portfolio, test your strategies and gain more confidence before approaching the market.
4. At this point you are confident enough to show to see your real account so that you have created your virtual portfolio with your trading strategies. There are numerous brokers online and you must choose the type of broker that matches your interest too.
5. Keep a trading diary in the vicinity of your table. This is very important, even if you practice with a virtual portfolio, as it will help you review your trades from time to time to further improvements in your trading skills. This will help you identify trading mistakes when they are made by your broker.
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