Modern Australian
Men's Weekly

.

Everything a newcomer needs to know about trading

  • Written by NewsCo

Fail to prepare, prepare to fail.

The lure of trading CFDs, stocks, forex and other instruments — and enjoying a secondary income stream — is hard to resist, but if you rush in like a bull in a china shop, then mistakes will be made, capital will be lost, and you will be chasing your losses before you’ve even got started.

Instead, it makes sense to prepare yourself fully for your trading experience prior to parting with a single dollar.

As such, below is a list of everything you need in place before you can trade the best Australian shares. Without these items, you will make your task of being a long-term successful investor even more difficult.

1 – Join a reputable broker

To access the stock market these days, it’s smart to have an account with a broker.

Traders of a different age will remember having to set up telephone-based accounts, but nowadays there are plenty of online brokers who offer a quality service with just a few clicks of a button.

Of course, the trading sector is not unlike any other industry – some of the operators in it are excellent, some less so. The trick, naturally, is to separate the wheat from the chaff, so take the time to read reviews online, do your research and find those reputable brokers that other traders recommend.

2 – Get the right equipment

If you are serious about trading – even if it is to be a part-time venture as a secondary source of income – then you need the equipment to back you up.

That doesn’t mean you need these super-expensive, multi-screen set-ups that you see posted on social media, but you do need a reliable computer, laptop or tablet that won’t let you down in the heat of the moment.

It’s always worth having a smartphone on which you can trade – particularly if you engage in a trading strategy that is of a timely nature. Finally, don’t forget the reliability and speed of your internet. Where speed and reliability are of the essence, there is no point trying to cut corners with a cheaper broadband connection.

3 – Choose the best software for you

There are different trading software packages you can use – some which are proprietary and customized to your needs, others which are ‘off the shelf’ and typically offered by your broker.

For the most part, your broker will offer you the chance to use sophisticated software such as MetaTrader, which remains the flagship program available today. Perfect for beginners, this software is easy to use and comes with a comprehensive user guide, so you’ll be up to speed in no time.

Trading software can be modified with bots and your own personal automation if you have some experience in coding.

4 – Learn, learn, learn

It’s true to say that even successful professional traders have bad days at the office.

When you choose to work with volatile markets, you accept that not all the positions you open and close will be winning ones.

By committing yourself to learning as much as possible about stock trading, you will at least maximize your likelihood of being profitable. The theoretical grounding in reading charts and being able to analyse the data will prove invaluable.

You know what to do. Hit up Google, YouTube or any other platform for advice and guidance on trading. There are so many free resources available that you can’t go far wrong!

5 – Create a demo account

Finally, it’s time to practice what you have learned – albeit with caution.

Many trading brokers let you open a demo account with them, and it cannot be stressed enough that you should make your mistakes — all part of the learning journey — without any of your hard-earned money in the game.

Once you have undergone a paper trading apprenticeship, then you will be ready for the real thing.

Business

Building a Governance Model for Headless Content Management at Scale

Image by pch.vector on Freepik There's never been a better time to implement a headless content management system (CMS) to gain the flexibility and scalability necessary for developing digital experiences...

Understanding Trade Insurance: Essential Protection for Businesses

Image by Drazen Zigic on Freepik In the current economic environment, trade insurance is an important element for companies trading both locally and internationally. This is a type of insurance that reduces...

Navigating the Digital Landscape: Managed IT Solutions and IT Services in Townsville

As technology advances at an unprecedented pace, companies must adapt to embrace the transformation ahead. With an evolving technology landscape, managing technology effectively is a strategic priority for every North...

Maximising Operational Efficiency: Electric Winch Hire Australia and Hydraulic Power Pack Hire Solutions

Image by jcomp on Freepik From urban construction sites and remote mining operations to coastal maritime facilities, specialised equipment solutions are integral across Australia's varying industrial landscape to deliver project success...

Designing Secure Content APIs in Headless CMS Environments

APIs are what enable content to be delivered from a headless CMS to anywhere digital content can exist from websites and apps to IoT and more. Yet while the headless...

The Role of Mining Equipment Suppliers in the Industry

Mining is one of the most essential industries, driving the global economy by providing raw materials for manufacturing, energy production, and infrastructure development. Behind every successful mining operation lies an...

Building a Governance Model for Headless Content Management at Scale

Image by pch.vector on Freepik There's never been a better time to implement a headless content management system (CMS) to gain the flexibility and ...

Understanding Trade Insurance: Essential Protection for Businesses

Image by Drazen Zigic on Freepik In the current economic environment, trade insurance is an important element for companies trading both locally an...

Choosing the Right Timber for External Cladding

Timber cladding is one of those finishes that pulls double duty: it makes a building look warm and welcoming, and it quietly shields the frame from ...

Top Services Offered by Diesel Mechanics in Brisbane

Keeping a diesel vehicle running at its best takes more than the occasional oil change. When you invest in regular specialist care, you protect the ...

Top 5 Benefits of Hiring Professional House Removalists

Moving day should feel like the start of a new adventure, not the end of your patience. Yet once the settlement papers are signed and the champagne ...

Navigating the Digital Landscape: Managed IT Solutions and IT Services in Townsville

As technology advances at an unprecedented pace, companies must adapt to embrace the transformation ahead. With an evolving technology landscape, mana...

Types of Catering You Should Consider for Your Next Event

Choosing the right type of catering service can elevate your event from ordinary to unforgettable. Whether it’s an elegant wedding, corporate func...

Understanding the Benefits of Split System Installation for Your Home

Climate control is essential to maintaining comfort in your home, especially during the extreme temperatures that many regions face. Whether you’r...

Best Aluminium Window Sliding Designs for Natural Light and Airflow

Bringing natural light and airflow into a space is one of the most efficient ways to create a healthy and comfortable home. In Sydney and across Aus...

Maximising Operational Efficiency: Electric Winch Hire Australia and Hydraulic Power Pack Hire Solutions

Image by jcomp on Freepik From urban construction sites and remote mining operations to coastal maritime facilities, specialised equipment solutio...

Navigating the System: Your Guide to Support Finding Work with a Disability Around Melbourne

Image by freepik Finding the right job can be a challenge for anyone, but it can feel particularly daunting when you're also navigating life with a ...

Say Goodbye to Draughts and Hello to Savings: Your Guide to Perth Window Replacement

Image by prostooleh on Freepik Are your windows looking worse for wear? Are you paying a hefty power bill due to sneaky draughts and poor insulation...

How to Choose the Right Horse Trailer for Your Riding Needs

Many horse owners travel long distances for riding lessons, competitions, or to move horses between properties. Having a safe and reliable trailer i...

Sydney Turf Installer for Instant Green Lawns and Long-Term Performance

Having a green lawn at home makes everything look better. Whether it’s the front yard, backyard, or a small patch beside the driveway, people in S...

Designing Better Living Spaces: Why New Kitchens in the Blue Mountains Are in High Demand

The Blue Mountains region is seeing a steady rise in home upgrades. According to recent housing data, kitchen renovations remain one of the most req...

The Role of Packaging Manufacturers in Reducing Supply Chain Costs

In today’s fast-paced logistics and distribution landscape, businesses are under constant pressure to optimise operations and reduce expenses. One...

Customising Roller Shutters for Warehouses, Factories, and Logistics Hubs

In today’s fast-paced industrial and commercial environments, security, functionality, and efficiency are paramount. Whether you manage a busy log...

Top Fire Hazards in Commercial Buildings and How to Avoid Them

When it comes to protecting lives, assets, and business continuity, fire safety should be at the forefront of every commercial property owner’s ri...