0 Walter Peters Posted May 24, 2019 Author Share Posted May 24, 2019 Quote Link to comment Share on other sites More sharing options...
0 Justin Freeman Posted May 24, 2019 Share Posted May 24, 2019 You’re probably better breaking this down into the two parts of the process: learning how to build a successful CFD trading strategy and learning the mechanics of the process. The two are intertwined but approaching them independently will minimize the time it takes to get into the markets. Having a strategy is crucial. You’ll struggle to find anyone, anywhere who suggests that rocking up and putting trades on is going to be long-term sustainable. To develop a profitable strategy you’ll need to start with some self-analysis. Consider the amount of time and resources you can offer; how does trading CFDs fit in with your daily schedule? What is your personal risk/return appetite and what types of strategies/trading might suit you? There are a myriad of trading styles and strategies available to you and you’re probably best off trying them out in Demo accounts or very small size trading in Live accounts. This might sound odd but if you’re trying out a type of trading strategy for a short time, the P&L is probably of less importance than how you feel about it and if it fits in with your lifestyle. A strategy that fits in well with your other commitments but makes a loss over a few days of testing shouldn’t be discounted. It might actually be profitable in the long term (all strategies have down days) and the fact you will be able to monitor it efficiently is not to be underrated. Free research and learning reports and tools are widely available online. Some is produced by third-party firms that specialize in research products and some is available from the brokers that offer it for no charge as part of the trader support service. Information relating to trading strategies or how to actually book a trade, is readily available and might take the form of face-to-face roadshows, Live webinars, tutorial videos or articles. ETX Capital for example offer a ‘Trader Course’ they claim would cost £1000 to buy independently. The broker Alvexo assigns new users a dedicated member of staff to help with on-boarding and getting to understand the markets; this hand-holding prior to Live trading usually being at least a week in length. Complete beginners would do well to set up with a reputable and established platform. It’s hard to underrate the need to find a broker that is willing to invest in your learning. The time spent building your knowledge might even save you from yourself by holding you back from diving into the markets unprepared. Quote Link to comment Share on other sites More sharing options...
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Walter Peters
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