I can't believe I have now been trading full time for over two years. As an experienced trader myself, I thought that I would share some tips that helped me along the way. This video has some general advice but if you would like to discuss this in further detail please get in touch.
The first thing I want to talk about are your expectations. Now, not only yourself but other people who you interact with around you including your boss, colleagues, and friends you need to realise your goals and what they are expecting from you. You should clarify this out ahead of time. Do your research, find out how much capital you are expected to use each month and understand the risks? What are the expected returns, what is the volatility, how long does the market think it will take to return on its original investment etc.? Be prepared!
If you don't know where to start look at different avenues to become profitable such as swing trading, trend following, day trading, position sizing, scalping, arbitrage and momentum strategies. There are hundreds of books written about these techniques, many schools and many platforms to choose from. Some are expensive while others are free and there are good ones and bad ones but you just need to decide what works best for you. If you decide to go down the school route then look at reviews of courses online and then make sure that the course is reputable. Make sure it teaches you valuable skills and knowledge and that it's something you're interested in.
If you've decided that being a professional trader is what you'd like to do then I recommend having both technical analysis and fundamental analysis tools. Technical analysis is looking at charts and indicators to predict future price movements while fundamentals cover news articles, reading public announcements and analyst reports about a stock, company, industry or country. These tools should be used together and provide a good base for making decisions, forming opinions and taking trades. Fundamental analysis provides information about a companies financials, economics, business model, management and growth trends. Trading based off this analysis instead of emotion is usually the difference between successful traders and unsuccessful ones.
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