Trading online can be a lucrative money-maker: online trading involves buying and selling stocks, shares and currency, typically through an online broker, to make a profit. In recent years there has been a boom in the number of people trading online. The FOREX market alone, a market which trades different currencies, sees a daily trading volume of 3.9 trillion pounds.
The best advice for any wannabe trader is research, research, research. Scrupulously studying the market is critical to becoming a successful online trader. You’ll need to be hot on the different types of trading and be aware of market trends. Once you’re clued up on the market, you then need to decide on the kind of trading you want to engage in: cryptocurrency, for example, has proved a popular medium in recent years.
Next, decide on a broker to use for buying and selling. Popular platforms include Etoro, Plus500 and IG. Many trading platforms provide trading simulators for new traders to practice on; take advantage of the option to trade with no money in play before entering live trades.
No matter how much research you do, online trading will always be a risky venture. Only 5% of online traders are successful. The trick is to start investing small amounts and scale up as you gain experience. Remember, always keep your trades to low percentages of your overall available capital. That way, one bad deal won’t clear you out.