Has the world of online trading been calling your name? Are you in the market to start making more money and turning around a bigger profit? Well then, this article is for you. Trading is a great opportunity to start making more money on top of your day-to-day career. But with great returns, comes great risk, and you need to make sure you know what you are doing before you jump into this online world.
Many people look to trading to make easy money or to try and get out of debt. But statistics show that almost 96% of people actually fail and end up losing money. Managing risks is one of the most important, yet overlooked aspects of trading, and many new traders simply jump into the industry without doing research and due diligence first.
So, how do you go about starting a successful trading career? Well, the first thing is to choose the right platform and know how to use it. If you are kicking off your trading career, and need some insight into what platform to use, and how to use it, then we have some guidelines below to help you get started.
Choose A Platform That Is Properly Regulated
This is possibly one of the more important aspects of choosing an online platform. The broker needs to be correctly licensed and regulated in order for you to mitigate the risks of losing money online. The right platform will be registered in various regions in order for you to be protected in your country.
According to an Oanda forex review, the Oanda platform takes a particularly cautious and protective approach to regulate its platform and is regulated in six countries including the UK and the US.
Check Whether You Are Properly Protected
This should go without saying. You will be providing a lot of vital personal and financial information to the platform, and this needs to be secured and protected. So, you will need to do research into the platform first to see how protected you would be. Firstly, check what other people are saying about the platform. Customer reviews are key to knowing how trustworthy a site really is.
Secondly, go through the site, and even contact it’s customer service to ask questions like: “Do you have fraud protection? Would the company reimburse me if I am a victim of fraud?” Statistics show that online fraud has risen by 60% globally over the last three years. So, you need to make sure that your platform is not only genuine but thoroughly protected.
Go through the site carefully and check off the following on your list:
- Does it offer two-factor authentication;
- What technology is in place to protect you and your account;
- Will your information be sold to third parties;
- Is there an instant chat option should there be a problem;
- Is the company insured in case it fails or is liquidated?
Make Sure You Have Support
This is especially important if you are starting out. Having support from the platform will allow you to ask questions, troubleshoot and have access if you get stuck with something. As mentioned above, if you find that you have become a victim of fraud, you will need to quickly and easily be able to contact the company to rectify the situation.
Before signing up with a platform, take a tour around the site. Check whether it has an instant chat option or if there is an option for quick communication. Is there an email address on the site and does it work? Are there contactable phone numbers and how easy is it to get through to someone? If there are no visible contact details, stay away from the platform.
Know What Your Goal Is
Another aspect to keep in mind is that there are various platforms that serve different needs. You will need to know what your goal is before simply jumping in and trading. What are you looking to get out of the trade? Will you be an active or passive trader and how much are you looking to start your trade with?
You will also need to consider your level of expertise in trading. Are you just starting out? Do you have any expertise in trading? This will also factor into which platform you need to decide upon. You will also need to know what type of trades you are wanting to execute. Decide what your risk appetite is, choose whether you want to become a full-time active investor or if you want to leave a few investments on hold for a longer period for you to check on now and then. This will also determine your ideal platform.
Lastly, Have All Of Your Information In One Place
In wrapping up, a really handy thing to keep in mind when trading is having a platform that is incredibly user-friendly and technologically up to date. Check whether it has an app that you can download and use on the go. Also, look into one where you can get notifications on the go. If there is something important happening globally, notifications, news updates, and vital information pop-ups could help you save a lot of money. The more advanced platforms will also have tabs and places to provide you information on earnings per share, the price per share, balance sheets and currency strengths. All of this handy information will make it easier for you to trade and make money out of your new venture. Lastly, try and look for a platform that has diverse trading options. This will allow you to invest and trade in several options, all in one, user-friendly place. Good luck, and happy trading!
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