A trader’s main job is to analyse the market and place orders on it — either independently or on behalf of particular financial institutions they are in partnership with. They can engage several traded markets — such as bonds, Forex, equities, metals, meat, coffee and so on.
In fact, commodities and goods overall nowadays come with a trading market of their own — for each type of product/ commodity. Moreover, it is also worth mentioning that most trading contracts are settled in a foreign currency — naturally, physical delivery or settlement, so to say, of these contracts is not at all common.
Therefore, as trading it can be very profitable — mainly due to it usually involving trades in foreign currency, more and more people make trading their passion and want to learn everything they can about it. Naturally, it goes without saying that one has to know a lot about trading and then have the patience to research the markets, in order to become a professional trader!
As such, in today’s article, we’ll present you with six great ways through which you can learn more about trading in 2020!
Plenty of brokers allow you to start trading on a trial account that is set in a real-market scenario, so to say. You can easily use this type of account to familiarize yourself with the basics of trading.
On top of that, trial accounts also help you better understand trading platforms. For example, the MetaTrader 4 platform is offered by many brokers and it’s also among the most popular ones that you can find and trade on. Trading on a trial account on such a platform will make it easier for you to switch between brokers if you wish to.
Naturally, articles and news related to trading – or about the market, commodity, or currency that you’re interested in – are the best things you can rely on to study/ research the market and gain precious insight as well.
This is because the movements of the trading markets are likely to be put into articles and hourly news – especially the noticeable movements. As such, you can read articles to better understand trading overall and to create your own trading strategy as well.
Although books cannot give you the information that you need for your next move in a trade, they can still teach you more important things about trading.
In most of them, you can find the same information that you’d get by buying online courses, attending classes or seminars, and so on. In short, books help you define your system of trading and strategy, as well as your trading personality.
Study Other Investors
After you accommodate yourself with the platform, you should take a peek at the top traders and maybe even learn a thing or two from them. Most brokers have trader profiles implemented where you can see more information about a certain trader.
You could, for example, see the strategy they use for trading, when they trade, on what markets they trade, how they trade, and so on.
Read and Follow the Trading Markets
Depending on the markets that you want to trade within, it’s important that you take your time and read news and information about those specific markets. In fact, if you have both the time and knowledge, you can closely study the movements of the market – without trading – and try to create your own strategies or even engage in trades.
If you try to predict movements without making any actual trades, you’ll soon see whether you have to study more theory, so to speak, or if you’re ready to trade.
Even though we mentioned that books contain the information that you can get from seminars, remember that seminars – on the other hand – allow you to interact with other traders as well.
Therefore, you can attend a seminar focused on specific investment types of the trading market and also get valuable insight from your tutors or from other people attending it.
On top of that, speakers may showcase the strategies they’ve been using so far, strategies that you can use as a foundation for your future career in trading.
The Bottom Line
At first, trading can seem quite complicated, especially given the plethora of markets that you can place orders on.
This is why, before you actually start trading, you should be patient and study trading overall and its strategies, and then move closer to the market that attracts you the most.
Once you know enough about the market you chose and are able to predict some of its movements, you can start trading!