As I'm new in trading, can you indicate some tips & tricks on how to start?
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In our opinion, if you are a beginner in trading or you want to improve your trading experience to increase your yields you have two main ways to follow:
Option A: Just contract a trading insights service, like the proceedit's DTI Daily Trading Insights, and follow this procedure:
Follow the indications you will receive every day;
Place the Buy or Sell orders to your broker as suggested by the service, or simply maintain your positions when receiving a Hold order;
Review frequently the evolution of your yields and if you are not satisfied, contract another service.
This is a simple, smart, profitable and affordable approach, no much time involved (maybe 5 minutes per day), no mistakes no risks involved, provided you have chosen a good insights service. Don't you think so?
Option B: Learn and experience by try and error on how to become a successful professional trader by following these steps:
Explore and "cook" yourself the tons of daily updated market information that is available.
Develop your trading plan by setting your own trade strategies and try it in backtests and with real money for the different assets you want to trade with.
Check frequently the yields obtained and, depending on results, redefine your trading plan to adapt it to the continuous changes in the market.
This approach is a complex and never ending learning process, being mistakes and risks of losses part essential of the equation, submitted to continuous updating efforts and, according to statistics, of doubtfully profitability.
Maybe this Option B looks like to be a little bit too complicate and, to be honest, results are not guaranteed. In fact this is what happens: In the stock exchange market, 90% of traders fail to be profitable yearly. Based on significant brokers' statistics, 80 percent of traders lose, 10 percent of traders are break-even, and 10 percent make money consistently.
Anyway, if you want to follow this second way, the question is: how to implement it in practice?
By googling something like "tips & tricks for trading" you will receive more than 40 millions responses. How to face with this huge amount of sources, advises, services, rumors, data, etc?
As we want to help you to start, we have made for you a selection of the the best practices in trading we have obtained from many different sources and tried to condense them in short and clear recommendations to make your trader life easier and successful.