The COVID-19 pandemic created a ripple effect on the global economy, that has adversely affected sectors such as business, financial, social, education, and especially healthcare for the masses. Many individuals are now struggling to find new jobs following waves of unemployment, with several of them forced to make do with temporary jobs just to put food on their plates.
Roberto d’Ambrosio, Chief Executive Officer of online trading platform Axiory Global, states that the shift to spend less on lifestyle spending has put a spotlight on alternative means of earning money such as through online trading.
“Market volatility has been at an all-time high, creating significant opportunities for traders as well as non-traders hopping on the bandwagon. This has led to investors seeing the attraction of online trading both as a productive leisure activity and as a way to make money from an alternative channel or to potentially boost stagnant savings,” said d’Ambrosio.
Here are several tips that the financial expert shared especially for first-timers:
Educate Yourself
While it is true that online trading has revolutionized the way people can trade financial instruments and simplified it exponentially to make them more accessible than ever before, it is crucial to not dive in without gaining some preliminary knowledge about trading practices, platforms, and most importantly, the market.
“Many online trading education sites offer some super insightful resources for beginners. Axiory Global, for instance, provides a massive library of resources, webinars, and tutorials to help investors understand different strategies and methodologies before they start trading on the platform,” said d’Ambrosio.
You Don’t Need A Large Capital to Start Trading.
This is a misconception people often struggle with. One trades intending to make profitable trades and build their capital, what they have to start with should not act as a deterrent. Online trading enables any individual, no matter the capital they have for trading, to have access to the global financial markets and start trading.
A new trader should try to start with a positive mindset – little money makes big money with intelligent decisions. They can trade the markets in any way that fits their individual goal: from dedicating only a few minutes daily to full-time trading; from generating a side income to making it the primary source of income.
“One very important piece of advise: if you want to be able to control the psychological pressure associated with trading, carefully determine the amount of money you will dedicate to trading. Allocating the right amount based on the overall portfolio and one’s own risk tolerance is key to appropriately size and manage trades, with the adequate mental attitude,” shared d’Ambrosio.
Where There Is Opportunity, There Is Also Risk
He added: “The thing with trading is that there is no right or wrong – a trader needs to simply find what suits them best. This requires trial and error, doing some research and taking prudent decisions. Sophisticated online platforms available today allow the deployment of any strategy, but traders need to learn to use them to their advantage.”
While leverage amplifies the upside potential of each trade, it should be used very wisely to mitigate or reduce the impacts of losing trades. Understanding how to manage and mitigate risk to make sensible decisions is key to a positive and profitable trading experience.
Choose the right Platform to Trade
There are several powerful features proposed by many market players, so it is essential to choose the right broker to trade with. Unfortunately, not all platforms or brokers are equally invested in growing the traders’ wealth as some. New traders must scout for a broker or platform that can genuinely partner with them and provide the appropriate trading and educational tools.
“As a trader, it is vital to be provided with continuous and caring support when needed. For instance, we at Axiory, provides a state-of-the-art trading environment with multiple platforms to choose from while ensuring safety for the traders’ hard-earned funds,” said d’Ambrosio.
