Modern Australian

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

Choosing Affordable Office Cleaning Services with Flexible Contracts

Maintaining a clean work environment is essential not only to the morale and productivity of the employees but also for cost reasons, since cleaning agents can be procured at relatively...

Top-Rated Criminal Lawyers in Brisbane: Securing Legal Defence and Justice

Navigating the legal landscape, particularly in criminal defence, is an intricate journey that demands experience, expertise, and a deep commitment to justice. In Brisbane, criminal lawyers provide essential legal assistance...

The Hidden Benefits of Bundling Utilities with Moving Services

Moving can feel overwhelming with so many things to juggle. Hiring a moving company in Brisbane helps make it easier, but did you know you can make it even easier...

Income Stream Integration: 7 Ways to Earn Money Through Your Website

Whether you sell Vietnamese coffee, review Japanese gadgets, or rent Melbourne self storage, your website is more than just an online presence—it’s a potentially valuable source of income. Here are...

What Are the Rules for Keeping in Touch Days in Australia?

Returning to work after parental leave can feel like a big leap, but "keeping in touch days" are designed to ease that transition. In Australia, these days allow employees on...

Quiet Nights and Peaceful Days: The Benefits of Noise-Reducing Double Glazing

Are you tired of the constant noise from traffic, barking dogs, or rowdy neighbors disrupting your peace? Imagine coming home to a quiet, peaceful space where you can sleep soundly...

Driveree App Expands into Food Delivery with Exciting Discounts and Growth Plans

Victoria, 15 Nov 2024 – Driveree, the innovative app transforming food delivery services in Geelong, Victoria, is now making waves across the coun...

Choosing Affordable Office Cleaning Services with Flexible Contracts

Maintaining a clean work environment is essential not only to the morale and productivity of the employees but also for cost reasons, since cleani...

Tips for Managing Business Funds in High-Interest Accounts

For entrepreneurs, astute fund management extends beyond survival alone—it fuels expansion and ensures ongoing viability. A shrewd tactic involves...

Understanding Regulations and Requirements for Building a Granny Flat

Constructing a granny flat entails understanding and complying with regulations that may differ depending on the area you're, in Here is a breakdown...

Top-Rated Criminal Lawyers in Brisbane: Securing Legal Defence and Justice

Navigating the legal landscape, particularly in criminal defence, is an intricate journey that demands experience, expertise, and a deep commitment ...

Innovative Solar Conduit Solutions: Why Solarflex Stands Out

When it comes to solar installations, efficiency, safety, and regulatory compliance are essential — particularly when tight schedules and diverse en...

Loaded Potato Snacks: Perfectly Crispy French Fries and Air-Fried Hash Browns

Are you craving a crunchy, flavorful potato snack that goes beyond the usual French fries? Let me introduce you to two of my favorite recipes: Loade...

Bulk Liquid Storage Tanks: Essential Solutions for Modern Industry

In industries where managing large quantities of liquids is a daily requirement, bulk liquid storage tanks play a vital role. These tanks are desi...

Bistro Blinds for Seasonal Changes: Adapting Your Outdoor Space

Bistro blinds are outdoor designs that can be adapted for seasonal changes. They warm up the environment by making it wind-free, wet-free, and sun...

Advantages of Using Digital Printing Services

The demand for quick, efficient, and high-quality printing solutions has seen remarkable growth in our modern, fast-paced world. This increasing nee...

Benefits of Professional Strata Management

Navigating the complexities of strata management can be a daunting endeavor for any strata property owner or committee member. Strata management inv...

The Hidden Benefits of Bundling Utilities with Moving Services

Moving can feel overwhelming with so many things to juggle. Hiring a moving company in Brisbane helps make it easier, but did you know you can make it...

Family Mediation: The Path to Resolution, Healing, and Lasting Solutions

In an era where family challenges are often met with emotional and financial strain, family mediation has quietly gained traction as a life-changing...

Surprise Party Ideas That Will Leave Your Guests Speechless

Throwing a surprise party is one of the most exciting ways to celebrate a special occasion. The thrill of keeping it a secret combined with the joy ...

“North of the River” Vs “Over the Bridge” – What’s in Brisbane’s ongoing North Vs South Feuds?

Greater Brisbane Australia’s largest capital city by land area, coming in at 15,824 square kilometers, and ranks number three worldwide. It has Au...

Income Stream Integration: 7 Ways to Earn Money Through Your Website

Whether you sell Vietnamese coffee, review Japanese gadgets, or rent Melbourne self storage, your website is more than just an online presence—it...

Top 10 Benefits of Practicing Taekwondo for All Ages

Taekwondo is more than just a martial art; it’s a way of life that offers profound physical, mental, and emotional benefits. Whether you're a chil...

Plasterboarding and Ceiling Repair: The PlasterX Advantage for Long-Lasting Results

Contacting professionals who are well-versed in the nuances of the task is essential to preventing headaches during plastering ceiling repair work. ...