You will first have to be very up to date on themes absolutely essential to trading: the role and choice of the broker, the different styles of trading existing and the one that is best suited to your personality, the different assets on which to position yourself and the absolute need to clearly determine which ones you will favour, the times at which you can trade and what this implies in terms of choice of assets, the placing of orders and the different solutions that will allow you to secure as much as possible your positions. For ic markets review 2020 websites this is important.
Choose Your Broker: The Financial Intermediary That Allows You to Trade
The broker is the essential partner of the trader. This financial intermediary who makes it possible to buy and sell assets is necessary for the trader who could not carry on his activity without him. Trader and broker or trader and broker do not oppose. These are two trades that cannot work without each other. The broker provides trading platform, tools, graphical analysis software, educational materials, which allow the trader to position himself effectively on the financial markets.
Who to trade with?
Which broker to choose when you want to become an own account trader? Are the first questions to ask for who wants to exercise the activity of independent trader?
First of all, it is particularly important to opt for a quality institution. Check the reputation and seriousness of your potential future brokers as well as the bank or the institution to which they are possibly attached. You can do this by consulting the list of authorized investment service providers or the list of authorized intermediaries in the financial investment advisor category.
Choose an online broker who will provide you with the appropriate tools:
You will also have to choose your broker according to the financial markets on which you wish to trade. You may not want and rightly so to confine yourself, and will therefore have to be attentive to the different stock exchanges and financial products available.
Finally, the rates must also be taken into account when choosing your broker. Compare the costs of the transactions offered by the different brokers, and possibly the size of the spread, i.e. the difference between the purchase price and the sale price, if the broker is paid this way.
Determine You’re Trading Style and Refine Your Investment Strategy
To determine your trading style, you will need to consider your investment horizon short, medium or long term and the duration of your positions. The position trader will hold his positions for a few weeks or months. The swing trader will keep them a few weeks to a few days, the day trader a few hours and the scalping a few seconds.
Check Investor profile
To define what type of trader you are, you will also have to take into account your investor profile and your risk profile but also your skills and your shortcomings, your character and your personality in order to create a trading strategy adapted to your personality.
There are certainly some skills required to be a trader, common to all profiles such as expertise in graphical analysis, in-depth knowledge in terms of calculating financial indicators and ratios or even knowing how to show composure, but certain qualities are specific to a trading style.