Tips & tricks: 5 tips that’ll help elevate your trading game!

Trading is now one of the most exhilarating ways to make money today. And with markets like forex, stocks, CFDs, commodities, precious metals, crypto and more, you’ll never run out of things to trade.

But just like any great thing in the world, there are always cons that come with it! And for trading, it is its volatile nature. Any trade you get into is high in volatility, and the only way to deal with it is by knowing how to handle it.

So if you’re new to trading, or have been trading for a while now, down below are great tips and tricks to amp up your trading game to a whole new level.

1 – Always trade with a plan!

Today, trading has become pretty accessible and easy to enter, making people treat it like it isn’t complex at all. But in reality, trading requires a strategy, a trading plan, a budget and a goal. So to effectively profit, always have a plan!

Your plan can start with picking out a trade and then choosing a trading strategy. Afterwards, choose a trading platform and practice! Set a budget and have at least a plan B and a plan C in place in case things don’t go your way. And after mastering a certain trade, plan on the next trade that’s up to your ally.

2 – Choose a trading strategy that best suits you!

What may work for others, may not work for you and vice versa, always remember that! So if someone got rich using a certain plan, and it doesn’t seem to be doing the same for you, that is because the strategy isn’t suited for your trading preference.

So consider practising various trading strategies to see what will suit you best. Some of the most commonly used strategies are position trading, day trading, scalping, swing trading and trend trading.

There are more kinds to consider, but that’s just to show that whatever your trading style may be, there is always a strategy for you.

3 – Consider working with a great trading platform!

Another thing that’ll surely amp up your trading game is by using a quality trading platform. Not a lot of people know but this actually makes all the difference when trading. This is because some platforms lack tools, some have high fees, some offer low market options and so much more.

So when picking out a trading strategy, consider choosing one that’s reputable and credible, has various trading tools, has quality features, offers a wide scope of markets, has fewer added fees, is user and beginner-friendly, is compatible with different devices and more.

To give you an idea of platforms to consider, here are some of the best trading platforms in 2023 to consider: Fidelity, TradeStation, MetaTrader 4, Ally Invest, Merrill Edge, TD Ameritrade and so on. But depending on what market you’re in it may vary.

This is because there are platforms that specialize in certain markets. For instance, if you’re into forex, share CFDs, commodities, indices and cryptocurrency consider going for the MetaTrader 4. And if you trade precious metals, consider eToro or XTB.

4 – Only risk what you can afford

This is something a lot of newer generation traders don’t consider since today getting loans is easier than before. But trading aims to profit, not to wager. Trading is not like betting, although it may seem so for various traders.

Trading involves strategy, fundamental and analytical analysis and more, to come up with a conclusion. As well as current market trends, situations and more. With that in mind, you now understand that trading and investing are something you should take seriously and only risk what you can afford.

Because simply putting money in and letting luck decipher your fate will cause you more harm than good. And in most cases will put you in debt faster than ever. So before trading, make sure to have allotted money for trading alone. Other accounts for your mortgage, bills and taxes, set that aside and away from your trading expenses.

5 – Consider using Stop Loss

If you don’t already know what Stop Loss is, it’s basically an order you can place in order to minimize the risk of loss. So what you do is, you set an amount limit and when it reaches it, the Stop Loss order comes into place and closes a position for you.

So for instance, if your Stop Loss amount limit is $40,000, once you reach that number your position gets automatically closed. This is to ensure you seal the bag on a certain amount and do not lose it by leaving an account open for too long.