MoneyMagpie

May 23

Tips to make more money by trading online

Reading Time: 3 mins

Are you looking for a way to increase your income?

If this is a question that keeps you up at night, you should take the advice of Olsson Capital’s top senior financial advisor. According to him, the only way you can make more money is by trading online. You can make an extra coin by either trading Forex or Stock Markets. Online trading is a great place to invest your extra coins. You can make as much as $1000 USD or more per week through trading online. This can go a long way to supplement your budget and assist in paying for some of your bills. And this is very real! Nowadays, individuals are making lots of money by trading online. It’s not as it was some years back when Forex and Stock markets were only for the few elite corporations and financial institutions.

Okay, that said; you may have many questions before jumping in at the deep end. How do you make money trading online? What does it entail? What must you do? Here are some few tips on how to make more money trading online:

 

Look for a powerful computer or a good smartphone

First things first! You will require a computer or a smartphone.  However, although smartphones nowadays are being used to trade, they are limited in one way or another. For example, most mobile trading platforms do not allow the use of trading tools like indicators or trading Expert Advisors (EAs).

Therefore, it is good if you find yourself a good computer; either a desktop or a laptop.

The best part about online trading is that you can trade from whichever geographical location. So, a laptop is better since you can carry it along even when travelling.

 

Have some savings that you are willing to risk

You will also need to keep in mind that trading online is highly risky and could result in losing all your savings. Therefore, you should set some savings aside; this amount should be an amount that you are ready to risk. It should not affect your financial position if the worst happens! You can start trading with as little as $5 but it is not advisable to deposit little funds into your trading account. With a small deposit amount, you are very much limited and the chances of the funds being wiped out are increased.

To make more money trading online, you should invest from $500 USD. Here you will have leverage to hold some trades for longer while targeting greater profits.

 

Look for a good broker

There are very many financial brokers in the market today and it will require due diligence when it comes to choosing the right one. Sorry to say, but some of them are scammers who are only waiting for you to make deposits and run away with your money! A good broker should be regulated by a regulating body within your region. For example, if you are from South Africa, you should look for a broker who is regulated by the Financial Services Board (FSB). Then you should look at the services that the broker offers, and the type of accounts that they offer. A good broker should have a demo account.

 

Practice patience

Online trading requires patience both when trading and when learning. If you are a beginner, you should dedicate much of your time learning how to trade. That is why you should look for a broker with a demo account where you can practice how to trade and also learn how the financial markets move. This will not take long and if you need assistance, most brokers have personal assistants who you can call upon for assistance. You should never be in a hurry to start trading your real money till you are sure you can trade well.

Again, during trading, you have to have patience to wait for the right opportunity to place an order. Trading is not just about placing orders haphazardly. You have to study the market before placing an order. Failure to do so could result in all your trades ending in losses.

 

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