It’s 2018 – cryptocurrencies are becoming main-stream, trading online has become easier than ever before. Still, most people are not leveraging the financial opportunities the market is offering us. This guide’s aim is to help you get started with trading forex, crypto and options online. I hope this guide is an eye-opener to every reader and will help you find your way to financial freedom.
I hope this guide is an eye-opener to every reader and will help you find your way to financial freedom.
Why should I trade stocks?
It is very likely that like many others you too are stuck in a capitalist loop. You wake up every morning, you go to work or school, you come back home, you sleep and it begins again. Can you imagine having the same routine for 10, 20 or even 50 years? Personally, it would drive me crazy. I would feel like my life was wasted. If you enjoy being enslaved 9-2-5 every day, then this guide is not for you.
Unfortunately, this is the reality of almost all working-class people. The sad part is no one dares to do anything different. People are stuck in their comfort zones. One of my first mentors always used to say that in order to have success one must step out of their comfort zone. After being in business for years now, I couldn’t agree more.
Trading stocks lets us take charge of our own lives. It puts us in the driver’s seat, you can decide when, where and if you want to work and most importantly – it can give you financial freedom.
What do I need before starting?
Thankfully it is rather easy to start trading stocks these days, but there are some prerequisites. Here is a list of some of the most important things:
- You need to be 18 or older – minors can’t open trading accounts
- You need some money to invest – it doesn’t have to be a lot. The minimum requirement is 10€, but I would advise starting with at least 100€, a larger investment makes trading more profitable.
- Have a scan of your documents – because of international regulations you have to identify yourself before trading. An ID or driver’s license and a proof of address are necessary (can be a communal bill for example).
- That’s it!
If you don’t have everything ready yet, you can provide the documents or money later. Most exchanges also offer free demo accounts where you can practice trading without providing any documents or money. More on that later!
How do I start?
The process is rather simple. I’ve made a step-by-step guide to make it even easier.
Step 1 – Open a trading account
There are many trading platforms on the market, but the best one I’ve used is this one. I highly recommend them, they offer by far the best service. They have a wide variety of assets to trade and offer good analytical tools.
Visit their website and sign up for an account. It doesn’t cost anything. You might be asked for the documents I mentioned earlier.
Step 2 – Make a deposit
Before you can start trading you must make a deposit. The minimum requirement is 10€, but the more you invest the higher the potential ROI will be. I generally suggest to start with at least 100€ but it is really up to you.
Step 3 – Choose a portfolio
One of the most important traits of a successful trader is being focused. Find up to five assets of interest – they can be whatever you’re interested in (crypto, forex, CFDs, etc.). Learn everything you can about these five assets, what they are and how they work.
The most important source of information is news. Make sure you constantly stay up to date with the latest developments. You should check the news as often as possible when trading. Market intelligence is key.
Step 4 – Choose a trading strategy
There are two strategies to trading – day trading and swing trading.
Day trading means that every day you make a series of predictions about how the prices of stocks will change in the next 24 hours. Then you make the investments and check back and close your positions 24 hours later. This takes the least amount of time but requires more skill.
Swing trading means that you are more involved in the real-time trading process. You constantly buy stocks when they are low and sell them when they are high. This usually happens in the course of minutes or sometimes even seconds. You benefit from small changes in the markets.
Step 5 – Start trading!
It is very important that you are consistent with your trading. Even though you’ll be making money from the comforts of your home, you should treat it as a real business. You have to be focused and up to date with the latest news.
Step 6 – Withdraw earned money
You can withdraw your earnings anytime you wish. Personally, I suggest to re-invest your initial earning, because they will start compounding and will vastly boost your future potential earning.
I hope you found this guide helpful and motivating. You can start trading right now by signing up here.