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Become a member
If you want to make profits from the start, you may be disappointed. Instead, all new (and experienced) traders will suffer losses. For those who enter online trading as a complete beginner Here is a step-by-step guide you can follow.
1. find a stock trading site
To trade stocks online, you first need a brokerage account. A quick internet search will reveal hundreds of online brokers and agents looking for your business. However, this multitude of options could also be confusing.
At first glance, they all seem to offer similar features and tools, so you need to do your homework before choosing your trading site. Consult online reviews and factors such as access to international stock markets and fee structure.
To make things a little easier, we have included a list of the best stock trading sites at the end of the guide.
2 Open an account
Once you have chosen the right stock trading site, like I did in mt4, for your needs, you need to open an account. You will need to provide your personal details and select a username and password.
As with any other financial institution, you will also need to verify your identity by uploading a copy of your government-issued ID card.
3. add money to your account
For stock trading sites, you need to have money in the account instead of transferring money for each trade. Brokers need to have instant access to your funds to make trades as stock prices change by the second.
Although payment options are different for each trading site, they can be debit or credit cards, a bank transfer or e-wallets such as Paypal, Skrill and Neteller.
4. Decide how much you want to invest
For beginners, the most important question is how much money you need to invest or trade. There is no limit to how much you can invest - but it might be worth starting small.
With this in mind, you need to at least make sure you can meet the broker's minimum trade size.
5. place your order
Once you have placed your order, there is no going back. Weigh up the points discussed above and make an informed decision before taking the plunge
In summary, you will follow these steps.
- Choose the stock you want to buy or sell
- Determine the size of your trade and enter the amount
- Choose from a limit or market order
- If you are leveraged, choose your multiple
- Enter a stop loss position to mitigate your losses
- Enter a take profit position to lock in your profits.
Once you place your order, the stock trading platform should execute it within seconds.
6. close your position
If you have set a stop-loss or take-profit order, the position will be closed accordingly. Otherwise, you will have to close your trade manually. You must place a sell or buy order to close your trade. When this step is completed, you will receive any profits made on your share trading account balance.
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