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The best resources for first-time traders

If you are looking for an exciting and cool way to earn money, then trading on the global financial markets is one option to think about. While it will always involve some risk, there is no doubt that you can succeed as a trader with the right approach. Lots of people already do, so there is no reason why you cannot either. Whether it is the world’s stock markets, digital currency or the foreign exchange market, there are many options open to you as a new trader.

However, you definitely need to put some effort in first before starting to invest real money into your trades. Getting to grip with the basics of how eachmarket works will allow you to choose the best one to trade on and give you the information needed to make it work. But which are the best resources to use when starting out as a trader?

Online trading sites 

As noted above, it is key to learn the fundamentals of any market you trade. This includes learning the terminology involved, how to read charts and analyse them, and setting out a trading strategy as part of an overall plan. You should also understand what makes the market move and how this can be used to your advantage. 

There are lots of online sites now that give superb instruction on the basics of trading a certain market – BabyPips is one such example for any new FX traders. Of course, one other key factor for any new trader is choosing which broker to use. When getting started, this is essential so that you place your money and personal details with one you can trust. Using an online broker comparison site is the quickest and easiest way to do this.

Real-life mentor

Once you have the basics down and have found a good broker to use, it can be worth finding a trading mentor. This would usually be a more experienced trader who has seen consistent success on his own journey. You may be able to connect with someone via an online forum to do this, but it can be better to have a real-life mentor to bounce ideas or queries off. This is great for helping you avoid common trading mistakes that many newbies make. 

Books

Another great resource for anyone looking to break into trading is books. While there are many great articles around trading online, buying a few respected books on the subject is also worthwhile. These can be left on your trading desk so that you can easily flick through them to get new ideas or work out what to do in a certain situation. Print books can also be marked up so that any important chapters or passages are easily found again. 

Plan for success as a trader 

Whether you opt to trade stocks or dabble in cryptocurrency, the key is to plan for success from the beginning. No one is born with all they need to trade successfully – not even the great George Soros or Warren Buffett! By finding the resources you need as above, you will be doing all you can to follow in their footsteps. 

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