As with starting any career, there are many things to learn and prepare for when you are a beginner daily trader. Here are some tips to point you in the right direction when you start as a trader.These tips will make you prepare the right hardware and software, help you decide what to trade and when to trade, show you how much capital you need, how to manage risk, and how to practice trading strategies effectively.
Choosing a Daily Trading Market
As a beginner trader, you may already have what market goals you want to trade.on the stock market traded are company shares, such as Unilever (UNVR) and Bank BCA (BBCA) and so on. In the forex market, you trade currencies, such as euros and US dollars (EUR / USD). In the futures market there are various types of instruments that can be traded such as crude oil, gold or the movement of the S&P 500 index.
One type of market is no better than another.it depends on what you want to trade, and what you are good at. The stock market requires the least capital for daily trading. You can start with only Rp. 100,000 in capital, although it is strongly recommended to start with more capital.
All markets offer tremendous profit potential.it's also in line with how much capital you have to get started. Choose a market, then start focusing yourself on learning the ins and outs of that market, and don't waste your time studying other markets that might not help in your chosen market.
Don't try to dominate all markets at once.This will make you not focus so that it inhibits you in making profit. Once you learn to make money in one market, it will be easier to adapt to study other markets. So be patient. You don't need to study all markets at once.You can learn about other markets later if you want.
Tools and Software for Beginner Day Traders
Computer or laptop : Having two monitors is better, but not too urgent. The computer must have enough memory and a processor that is fast enough so that when you run your trading software there is no lagging or crashing.You don't need an expensive gaming computer, but also a computer that's not too cheap. Software and hardware are constantly evolving, so make sure your computer is up to date.A slow computer can be fatal when you are trading daily or scalping, especially if the computer is stuck, hangs or lags while you are trading, causing you to buy or sell shares late.
Reliable and relatively fast internet connection : Day traders must use at least a cable or ADSL type internet connection.speeds can vary across these types of services, so try at least for middle-class internet packages. Start with a middle class internet package, and try it. You can always adjust your internet speed later if needed. If your internet often goes down, that's a problem. See if there is a more reliable internet provider.Daily traders are not recommended to use a slow internet connection.
Trading platform that suits your market and trading style : When you are just starting out, finding the perfect platform is not your goal. Download several trading platforms and try it. Because you are a beginner, you do not yet have a well-developed trading style.therefore, your trading platform can sometimes change throughout your career, or you can change its settings to accommodate your trading progress. There are many stock trading platforms provided by each broker or security where you create a stock account. Try some of what your broker offers and see which one you like the most.try to choose and use the trading platform computer / laptop version rather than the mobile / hp version because the features and speed of execution on the pc / laptop platform are usually faster.
Broker / Securities : Your broker facilitates your trade, and for that there will be a fee for each purchase or sale of shares that you must pay.Daily traders want to focus on low-cost brokers because high commission fees can damage the profitability of daily trading strategies. But many also say, the broker with the lowest fee is not always the best.You want a broker who is always ready to help if you have a problem.
A more expensive fee is quite feasible if the broker can always help save millions of rupiah in your money when you have problems on the trading platform so you can't get out of your trade. Large banks that offer stock trading accounts are usually not the best choice for daily traders.Buy and sell fees are usually higher in large banks, and smaller brokers will usually offer fees and a more adjustable commission structure for daily traders.