With a daily trading volume of $6.6 trillion, it’s easy to see why traders of all levels are captivated by the global forex market.
The market has attracted hundreds of thousands of new traders; according to Statista, there are more than 300 000 forex traders in Nigeria.
Easier than ever to become a trader
It’s easier than ever to become a trader today, all you need is access to the internet and a trading platform. To be successful, however, you need to partner with an award-winning broker, such as CMTrading.
CMTrading believes in uplifting all our clients through education and delivering a safe, secure trading platform.
How to become an online trader in 2022
To help you on your journey here are top tips for being a successful day trader:
1. Choose a trading style that suits your needs
If you work full-time, a flexible-trading style may suit your needs. Swing traders review charts in the evenings, identify possible trades and leave open positions for a few days. You can earn a steady income stream by performing 3 to 5 trades a week.
Another style of trading that’s popular with those with more free time is day trading. The traders open and close trades on the same day. If you have some time in the mornings (around 8:00 am GMT) you could potentially perform some trades as the markets open.
2. Follow economic and political news
Big economic news especially in the USA and EU will move the markets. The US employment figures, called the Nonfarm Payrolls (NFP) report, will move the US dollar. Likewise, a major conflict, such as Russia’s invasion of Ukraine, will rock the global economy. To be a good trader, you’ll have to keep up to date with the latest news and events.
3. Develop a trading strategy and stick to it
The best traders develop their trading strategy and constantly refine it. It’s easy to want to jump to a new trading strategy if things don’t go your way. As you gain more experience you can adapt your existing strategy and add new ones. Refining a technique will be more profitable than creating new ones when you take a loss.
4. Trade the trend
Markets are cyclical – they go up and down. The best traders can profit no matter which way the markets are going. By following the trend, no matter what instrument or asset you’re trading, you will be giving yourself the best opportunity for success.
5. Have patience and discipline
Trading, like any skill, requires patience and disciple. By waiting for the best trading opportunities instead of chasing after trades that offer a low probability of working out, you’ll be on the path to success. From Forex to cryptocurrency, there are always good opportunities in the markets. The skill is being able to identify them when they come along and acting swiftly when they do.
6. Get in the game
Trading offers the opportunity to generate a second income and a path to financial freedom. What’s the best time to get into trading? Today! Why wait? Get in the game and grab your share of the financial markets. You can trade small positions to reduce your risk and increase your trade sizes as you build up your confidence and trading experience.
CMTrading has been operating since 2012 and has recently won four incredible awards in Africa:
2022 Best Broker Nigeria – Global Business Review Magazine
2022 Fastest-Growing Broker Nigeria – Global Business Review Magazine
2022 Best Financial Broker Nigeria – Global Business Magazine
2022 Best Performing Broker South Africa – Finance Derivative Magazine
Join CMTrading, the largest and best-performing broker in Africa, and discover more opportunities with an award-winning broker. Register here to get started
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