Trade Online.. and never lose money they claim..How can this be possible? Let us show you the only way we know how..
We all read the stories of people losing millions trading the markets (or recently the Socgen losses in the billions) and in recent times (2007 Oct – the losses in the “Credit Crunch” are Billions of pounds.. it boggles the mind. Ok so it’s clear, you can lose a lot of money if you don’t know what you’re doing.
On the flip side, we hear of traders earning vast sums, and the excesses of the city. So what is reality? and how can you get the good without the risk. Well here’s one solution.
So are you ready now to let us show you the how you can learn to trade without losing any money.
The secret is simple: Don’t trade with real money!! We told you it was simple.
Most only trading companies have great free games and trials where you can trade, with all the fun, excitement, and experiences of the real world onlne trading platform. They are often a 100% free, and don’t usually require you to send in any paperwork or give you credit card details (if they do we’d recommend you check the fine print very very carefully – after all why would they need these details?) So then you can learn to trade and all without risking any real world money.
As with many things in life, you can only become better through hard work and practice, (unless you’re a natural genius, which many of us aren’t) so “Practice Makes Perfect”.
So what to to look for:
- Using real world price feeds for the trading game
- Ability to run a position for a long time, (weeks, months)
- The ability to have multiple demo accounts
- Don’t put in any bank details to play the game
There’s a great one here
Things we’ve found help when you’re learning/practicing:
- Try and behave as if the money is real (losing £100k, shouldnt’ just mean you reset the account as if nothing went wrong, in the real world that would not be the case)
- Come up with your strategy, and trial it over a steady piece of time. Test it, and re-test it.
- Do research different markets
- Do research trading strategy, regulations, laws and taxes.
- Do enjoy learning.. it is a game, and you can’t lose any money as you’ll be trading in a simulation, also you learn better when the mind is stimulated and having fun. (for getting the mindset try nlp).
Summary: Learn to trade in a Game/Simulated Environment
So it’s fairly clear, that by learning to trade in a simulated “game” environment, where you use real market data and the same online platforms, you can build up experience and learn how to start online trading.
So just like when you learnt to pass your driving test, you didn’t first go onto the motorway in rush hour by yourself, so it is with learning to trade online.
How about winning real money.. without risking any
There are also competitions out there that pay real world money to the winners of their trading games. Now that is a great trade! You can find a list of current competitions here