Talking online trading is all in the details. Here are some handy pointers.
Learning How To Do Online Trading
The ins and outs of online trading. Here are three quick hacks for getting started and staying in the game.
by Maryanne Roller, whose book is also the novel The Girl With PEARL Necklace (in which that title should give you all the information you need to do online trading).
Trading! Wow, isn’t it amazing how many people can’t do it well!
For some reason, many people keep telling themselves that it’s not important. Really? Because you could be best friends with me and I’m an online trader. I’ve invested over the years. I got a third of a million dollars when I quit my day job and started doing it full-time. I work 80 hours a week and meet with my computer every day at 10am and 4pm for an hour to make a trade. I train with people online—many times, every day—to give them tips to become better at what they do.
It’s amazing how many people think it’s boring or busy work or “women don’t like to do this.” It’s not what I hear about when I talk to people who don’t do it.
In short, online trading is one of the best things you can do for your money and for your happiness. In fact, I would go so far as to say that it could be the best thing you do. How? Let’s count the ways.
Three methods of trading: buy and sell, margin trading, and margin calls.
Instead of making the decision to trade at all, you get started by deciding which method of trading you want to use: buy and sell; margin trading; or margin calls. When you get the idea of what you’re doing, you choose to begin. Make sure you do your homework. How? Start by learning the basics and a little about each method of trading. I highly recommend Brighter Investing. Learn basic trading principles and spreadsheets. Learn about margin, too. Then see what really works and don’t.
I love the idea of buying and selling as a strategic investment. This way, you can always get on the winning team, right? Everyone knows that there are better days and worse days in the stock market, but also that there are times when you can sell well or lose a lot. Learn how to do the latter. Investing is a high-risk, high-reward game. Even Warren Buffett puts up with a few losing days in his portfolio.
Spreadsheets. If you’re going to be making trades, you’re going to need to learn how to make spreadsheets. Spreadsheets are great for any other kind of financial system that you need to track your investments and make changes to your cash accounts at the same time. But if you’re going to be getting started in the world of online trading, this is the place to learn.
A lot of people make decisions based on algorithms or colored dots. It’s easy to get discouraged by their advice. They may have the skills, but not the idea. If you have a strategy, don’t buy and sell because someone else said so. This way, you’ll know how you’re doing. Know your team.
Financial market volatility. Market volatility is normal, both good and bad. Market volatility is what happens when something small, like the stock market, is good. Market volatility is how it goes up and then down. You see a bump in the stock market. If you’re watching the market, you may think, “How could this be good? I’m losing money!” Actually, it’s just good volatility. Because it means that the market is on a steady march upward. There are ups and downs. Be prepared for those ups and downs. If you’re new to online trading, what’s being thrown your way is the next step in this long journey to earning your keep. Just know that the next trade may be something shocking, great, and unexpected. If you can handle it, keep going. Have fun! And always, always remember that the market goes up and down—there is no such thing as a stable market—but the up moments bring in and back out money. Want more? Just look at the screen.
What do you think? How’s online trading? Do you have any more tricks for mastering online trading? Please share your thoughts in the comments.