So, you’re looking to start online trading but you’re not entirely sure where to begin. Well, there are a few steps you should consider before you take the plunge and start trading away. From researching the right course of action to implementing a successful strategy, this helpful guide will get you ready to trade confidently with GigaFX in 5 easy steps.
Choose the right GigaFX account
At GigaFx, in addition to the flexible, user-friendly trading platform, there are also four different account types to fulfill the varied needs of users. From total beginner to professional trader, each account offers a range of features and benefits created to help everyone get the most out of every trade no matter their skill level. As you’re likely to be new to the world of online trading the Starters Account is probably the right choice for you. It’s designed for those who want to trade more conservatively while taking those initial steps.
This account will help you feel secure and give you that all-important experience as you make those very first trades. With this account you’ll receive access to the MT4, Web and Mobile trading platforms offering second to none user experience and clarity. You’ll have access to a Personal Account Manager, Expert Advisor and will receive training once you’ve opened your account. It also offers some great opportunities to broaden your trading knowledge further with access to the Forex News feeds as well as the Resource and Education Centers. It’s a great place to start if you want to hit the ground running while building up confidence.
Make the most of GigaFX’s educational material
The best piece of advice for any first time trader is to learn absolutely everything you can before you begin. The more knowledge about investing and the markets you equip yourself with the less likely you are to make mistakes. GigaFX offers a whole host of free educational material to help you prepare for your first trade.
With the Starters account you’ll receive basic training as well as access to the Resource, Knowledge and Education Centers mentioned above. By making the most of all these benefits you can significantly increase your chances of avoiding those beginner’s pitfalls.
Do your research
Next, it’s time to do some market research. Your account is open and you’re ready to get started so take some time to investigate those stocks that you’re interested in. If you’re looking to invest in a company then make sure you carry out a thorough analysis before doing so. This means going through all its public information with extreme care.
Earnings reports and SEC reports, as well as external analyses from experts, will help you to make a well-informed decision about your first stocks. Also, take the time to go through recent company news stories as well as checking the risk rating. The GigaFX platform and its team of advisers are a fantastic place to start your research.
Decide on a strategy
Once you’ve done your research and feel qualified to start investing, it’s time to decide on a strategy. Most experts would advise first time traders to start slowly. A good initial strategy is to select one or two well-researched stocks and practice monitoring these until you find your feet. Once you’re feeling confident you can start to build up a more diverse portfolio.
Stay in control
Online trading is both an exciting and emotional practice. Many traders will tell you it’s easy to get carried away when you first start out so try not to panic if prices fall and it doesn’t look to be going your way. Staying calm throughout the process will help you to make well informed and sensible decisions through both the good and the bad times.
Above all, to stay in control, decide exactly how much money you’re prepared to invest and how much you’re prepared to lose. Never invest more than you can afford. Remember, you can always consider putting a stop-loss order into place to sell your stock if it falls below a specified price. This gives you more security and dramatically minimizes the risks.
Photo credit: The images 1 and 2 were done by Chris Liverani.
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