HOW TO GET STARTED IN TRADING?
Step 1- Open a demo account with a trusted and regulated broker
Step 2- Have a trading plan and trading strategy
Step 3- Start trading on a demo account to test out your trading plan and strategies first
Step 4- Start live trading and create second source of income
Open a demo account with a trusted and regulated broker
Before you get started to trade live using real money, you should start with a demo account first. Only when your demo account is doing well, then you can consider trading live
Have a trading plan and trading strategy
A trading strategy is part of a trading plan. It consists of the following checklist:
1) The markets you want to trade.
2) The time frames you want to trade, e.g. 5 min, 15 min, 1hr or daily
3) Strategies you want to use for your trading. If you are new to trading, you can start with learning 3 things first:
a. Support& Resistance
b. Japanese Candlestick
c. Trend Analysis
4) The entry and exit rules of the strategies.
5) When to trade and when not to trade. Eg Interest rate announcement do you want to trade?
6) Money management
Start trading on a demo account to test out your trading plan and strategies first
Make sure you are profitable on your demo account first before going live. And treat your demo account seriously just like a live account so that you can form good trading habits
Start live trading and create second source of income.
When you start to trade live, start small first. A lot of brokers give you trading bonus of $100-$200 when you fund a min of $1000 USD. Only when you become more and more profitable then you can consider increasing your funds and capital and create a second source of income for yourself. And also you need to make sure you check the government authority site to ensure that the brokers are regulated as what they claim to be.