The first thing to look at before you even begin trading is your bankroll. How much money have you set aside to trade with? This is important, and you should never need the money you trade with for anything else. If finances are tight, or you cannot afford to lose this money, you should avoid trading. Losing your mortgage money can have serious consequences that you would obviously want to avoid. You should also have enough in your bankroll to warrant trading with the amounts you wish to trade. A good starting amount is about $10,000, but you can trade effectively with more or less. Many brokers will allow you to open an account with $200, but your risk of ruin will be very high with this level. Another question you should answer is your end goal. If you want to make a living off of trading, $200 is simply not enough.
Next, look at what your level of knowledge is. There is no cutoff here, but a general thing to take into account is that the less experience and knowledge of the markets you have, the lower your correct trade rate will be. If you are just starting out, you will want to risk as little as possible in order to minimize the losses that you will face. There is a steep learning curve here, so you will want to be careful. One good strategy is to use a demo account for as long as possible. This will help you to learn the ropes and avoid mistakes that you will inevitably make. Demo trading allows you to figure out who you are as a trader ie do you prefer to trade 30 seconds or 30 days? It also allows you to use the platform and gives you an introduction to what real time trading looks like—this makes it a very valuable tool for both experienced and beginning traders alike.
you can achieve a sense of diversity that other marketplaces cannot easily supply you with. You will also want to practice smart money management techniques such as not risking a lot when you don’t have a clear edge over the market. This will become easier for you to see with several months of experience and keeping records.
Your risk will never completely disappear, but with these methods, you can minimize it as much as possible. There’s no guarantee that you will be a profitable trader week in and week out, but practicing safe trading techniques can push the odds a little bit more into your favor.
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