In the above video I explain how you can get started trading the markets by setting up and using your trading account.
If you’re already using a trading platform that you like, that is fine. I am just letting you know what we use and what we recommend to you and all our traders, which is on ETX Capital.
I have tested many different trading platforms over the years and I have come to realise that only a few fit the bill for what is required of the best online trading platform, which is:
- fast execution;
- reliable quotes;
- flexible controls;
- advanced charts and indicators;
- Good and friendly customer service; and
- demo practice account plus safety net.
(Please note that the demo account and the £250 safety net are only available to my subscribers at www.LeadingTrader.com. If you wish to have them too, you’ll need to apply for an account using the link shown at the beginning of the video (see above video)).
In the video I will also show you how to go about placing a trade using two type of orders: a market order and a pending order. A market order is where you enter the market at whatever price (bid/ask) the market is offering you at that time. This is more suitable if you are day-trading as it requires you to make decisions fast.
A pending order is where you place a trade, but in such a way so that you only enter the market when the price has reached a certain level. You can decide the price (or level) at which you wish to enter the market and also exit the market. A pending order is more suitable for swing trading where you may hold a position overnight.
Also, a pending order can give you more control, especially in very volatile conditions when the market can move erratically in different directions.
Finally, it is extremely important that you designate your stop loss at the same time when you place a trade. A stop-loss allows you to contain and limit your risk. This must be done as soon as possible when you enter the markets because it is too difficult to think objectively once you’re in a trade.
An additional option is to set a profit target so that you can slowly exit your position when you’re in a profitable trade. This is also shown to you in the above video.
Let me know if this has helped you and if you have any questions leave me a comment below.