Online trading is an accessible format for getting involved in the stock market. However, it can be a bewildering experience for new traders, with a whole new vocabulary to learn, stats to understand, markets to comprehend, and more. Trading websites and online trading services understand the difficulties new traders might face when they first start out, and so they offer a range of tools, tips and resources to help you on your way. Here’s our guide the best of resources for learning to trade online…
1: Member forums
When you need help, who do you ask? Probably a friend or close family member. When it comes to online trading, the other traders who use the site take on these roles, offering support and recommendations to one another. You can ask about a trading term, for hints on upcoming trade opportunities, or recommendations on how to improve your current portfolio, amongst other things. A friendly and engaged community of traders can be invaluable in helping you to learn about trading online – after all, they’ve been where you’re sitting and have come out the other side.
Some trading websites offer webinar services, in which you become an active participant in an online lesson. These can be great because they offer an interactive means of learning, with some webinars allowing you to ask questions, check live stats, highlight issues you’re having and more. Other webinars are pre-recorded and will focus on a particular element of trading (such as specific lessons on the Forex market), allowing you to study in your own time and at your own pace. Often these are free, or provided for a small fee.
3: Ask an expert
Some people make a living from trading online, many of whom have studied the markets for years. If you think you could benefit from their expertise, you may have the opportunity to ask an expert for assistance. This may be free or they may charge a fee, but you can often read their blog posts or mimic their trades using your own credit. Their expert advice could really boost your profits and strategies.
4: Training courses
Taking part in online and offline trading courses can offer a great way to improve your trading skills. They’re suited to all levels, with courses often focussing on a particular element of trading. Unless they’re provided as an e-book or online pre-recorded course, these may cost money to attend. Sites may also suggest local offline courses which you can sign up to, with expert tutors offering you advice as you need it.
5: Analytics tools
Often ignored by new traders, several analytics tools may be available and could prove invaluable. These tools help you to monitor your trades, as well as general market movements, to pinpoint where you could improve. You can also use these tools to help predict future trends. It’s like having hundreds of pairs of eyes watching the markets for you, then reporting back on the most important parts. Whilst they might look complicated at first, using a learning wizard, tutorial book or online course can help you to use and understand the analytics tools at your fingertips.
You might be tempted to jump right in and start trading online. However, with a bit of know-how, some advice and the right tools, you can improve your chances of success. Explore the sites you’re interested in and see what they have to offer – some resources might be free, and could prove themselves to be invaluable.