Every single trader wants to “take it to the next level.” But, how do you do this? What skills do you need, and what preparations need to be made before you can move on to something bigger? There are three key things that you need, but they are very basic. Still, because of the number of people that skip having all three on their side, they are definitely worth mentioning in detail.
Money: This one’s a given, and there’s no way around it. You need to have a good amount of money in order to move forward. Yes, anyone can trade with a couple hundred dollars. But moving up in the ranks of traders involves having enough money to make your profits worthwhile, and to ensure that taking big risks will not set you back to the beginning–or worse, put you in debt. Having enough money to be successful protects you from the ups and downs that are inevitable, and it gives you a psychological edge so that losses do not bother you as much.
It is of note to say that certain methods of trading are better than others when it comes to generating bigger profits. For those without a lot of cash to begin with, binary options are best. These provide small amounts of risk with fixed profit rates, sometimes as high as 81 percent. Many beginners find that this is the best way to give their career a jumpstart. Many professionals also like this type of trading when markets are predictable, but the magnitude of change is small as rates are not tied to the amount of movement, just direction.
The Right Equipment: You can’t trade well if you aren’t prepared with the right tools. You know that you need a computer and a high speed internet connection, but there’s more to it than that. Having a smartphone, preferably an iPhone (because of the fact that they are more widely accepted), is going to help you keep tabs on things if you are away from your computer. Many brokers have mobile trading platforms or apps so that if you do need to make a change to things while you’re on the go, you can.
You will also want to have the right software. If you trade currencies at all, either in the Forex market or binary, you need to have MetaTrader 4. It gives you real time feedback on what currencies are doing price-wise, allows you to trade directly from it with many Forex brokers, and allows you to customize different charts right on the interface. Similar tools can give you real time quotes in the stock markets and commodities market. You may also wish to sign up for a signals service so that you can get professional opinions on which trades should be made and when.
Time: This is a necessity for all of the things we wish to do, but even more so for trading. A lot of your trades can be automated today, especially if you use Forex robots or one of the few new binary robots. These can make trades for you, and you never need to be at your computer for them. However, you need to set aside time to review these, check your position and risk sizes, and make sure that they are functioning properly. Automating things saves you time, but you will still need a few hours per week for these. Then add in the time you spend researching other methods, and you will have close to 10 hours each week on your trading–even with automating everything. In other words, being as successful as possible is not easy, and it requires a significant portion of your time and the commitment to follow through with it to keep being profitable.