To take the temperature of market sentiment, it is necessary to be constantly informed of the news, and to see how the markets react to them. For this, some sources of information are better than others. There are good free blogs and websites out there, just as there are also paid real-time news services specifically for professionals. You can also consult the economic analyzes of the research departments of the big banks, documents sometimes difficult to read but which will make you progress very quickly in terms of economic analysis.
Trading with expert help
Trading can be a lonely activity which is often overwhelming. To overcome this, professional traders are often in contact with each other, either through private networks or forums, or on analysis sharing platforms or on the social network of Global CTB.
This not only breaks loneliness, but also learns from other traders. You will progress in this way by comparing your points of view with those of others.
Expert Advisors (EAs) are programs that run on the MetaTrader 4 (MT4) platform, used to monitor financial markets in real time and trade using algorithms. They automatically spot opportunities based on your settings, then notify you or open a position automatically. And once your position is opened, an EA can add closing conditions, including stops, trailing stops, and limits.
- In short, it is therefore possible to automate your trading strategy. You then only have to monitor the results, and modify the parameters if market conditions change.
- Note that EAs are used for this when it comes to MT4, but other trading platforms offer their own interface to automate your trading strategies without the need for any computer coding knowledge.
Conclusion: How to become a trader?
Practicing online trading is therefore within everyone’s reach. No prior knowledge is necessary, either in mathematics or economics. The knowledge you will need to start trading online can be acquired in a matter of weeks or even days. However, to become a trader, you must carefully follow several steps, to ensure that you start trading online well-armed, and in full knowledge of the facts.