On top of this list of resolutions is taking steps to make their lives colourful by fulfilling their dreams. And a great way is to start making small investments, which can help them earn some extra income to reach key life milestones.
Holi is, therefore, an ideal time to start the journey as an online trader, which can give them the financial support they desire.
But, before venturing down this road, it is essential to do one’s homework. So, let’s help you get started.
GET, SET, GROW
The only thing one needs to start online trading is a smartphone or a laptop with internet connectivity. The next thing is to identify a reputable trading platform that allows one to trade with minimum investments. That way, one won’t lose significant amounts of funds while still learning how to trade.
While selecting this platform, users must verify that it does not place any restrictions on the number of trades that can be concluded simultaneously. Sites like Binomo allow you to open several positions simultaneously and continue trading, which is an excellent opportunity for beginners and professionals.
Next, one can start trading with small amounts to understand the volatility and movements of asset classes and one’s own trading style. Consider this as initiation, and as one trades regularly, one will be able to figure out the assets that best suit one’s investment temperament.
Seeking a reputable and reliable online trading platform is essential because it will offer best-in-class services. These include client support, which is especially important for novice traders since the volume of questions is likely to be on the higher side in the initial days.
To sum it up, reputation, regulation, operational scale and support are some of the boxes that need to be ticked before committing to an online trading portal.
Also, check if the site has certification from reputed agencies like the International Finance Commission. This body guarantees the online trader’s quality service and protection from an independent dispute resolution organisation.
For instance, Binomo is a member category ‘A’, and the company voluntarily undergoes an audit of 5000 trades at Verify My Trade every month. Thus, it has a certificate of quality of transactions by VMT.
SELF HELP IS THE BEST HELP
Selecting the right online trading platform is just half the job; the other major part of it is learning the ropes of the trade. To become successful, one needs to understand the workings of online trading.
For instance, a key term to keep in mind is Fixed Time Trading or FTT, which is amongst the most fundamental trading methods available currently. Here, a trade can forecast whether the price of an asset is likely to rise or dip during a specified period. It comprises two trading types – Short-term trades, which expire in less than five minutes or long-term trades, which can expire within 60 minutes.
Fortunately, there are simulators available to start trading with small amounts to get an early education without investing too much capital. This simulated environment can provide beginners with an opportunity to acquaint themselves with the online trading software. However, one needs to prepare themselves for a live trading environment because simulated results might not necessarily correlate to actual trading results.
BETTER INFORMED, BETTER SUCCESS
One may also follow portals and news sites that offer technical analysis about trading and market dynamics to stay on top of the game. Of course, there are also several books, websites and podcasts that one can pick off the shelf to get familiarised with concepts like macroeconomic and economic activities regularly. Or just speak to a subject matter expert.
Popular trading platforms like Binomo can become a lifesaver for online traders as it has a 24×7 helpline. More importantly, this support is available in multiple languages, including Hindi, essential in a multilingual country like India.
An essential advantage of online trading is the control users can gain over their investments. One can trade whenever they want during trading hours and take decisions without any interference from a broker.
While this independence is definitely appreciated, one needs to better understand the technology and interfaces they use to monitor their investing performance. More profound knowledge about these tools and processes comes in handy while researching before trading, as one can also see real-time gains or losses.
Hence, while selecting a digital platform, check out whether it allows users to view the list of securities currently held through the dashboard. Also, verify whether one can access all previous investment statements.
Online trading can be thrilling and fulfilling if one finds the right platform. Users can familiarise themselves with the market realities and ways to work on the online platform, and follow the advice of seasoned professionals. Over time, as one builds the experience, they can increase the trading propensity while keeping safety in the crosshairs at all times.
According to one’s financial capabilities, following these steps will help reach the life goals one has set.
Disclaimer: Operations with OTC financial instruments are associated with significant risks. Before trading on the platform, the client needs to analyse their financial capabilities.