Online Trading as an Alternative Source of Income

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The current crisis facing the whole globe has brought about many repercussions among them layoffs and salary cuts. There has been a shift in the distribution of jobs occasioned by the pandemic and you might find yourself looking for alternative sources of income just to stay afloat during these trying times. 

Whether you are looking to boost your current income or you want to explore a new avenue of earning, trading online could hold the answers you are looking for. 

How Do I Start Trading Online?

The best part is you do not need to be a professional trader to start. The trading platforms are easy to interact with and they do not require prior knowledge on how to use them. Moreover, a platform like Binomo makes available to you all the relevant information you may need to trade successfully. For instance, news on the stock market, research findings, analysis of stock prices, among other vital facts. They also offer you any assistance you may need as you trade regardless of whether you are a beginner, an armature or an expert. 

7 Tips on How to Trade Profitably

  1. Stick to your trading plan and strategy. 
  2. The more money you have on your account, the easier it is to trade. If you lose $10 out of $1,000 on your account, you won’t be very upset and will continue acting as planned. But if you only have $50 on your account, this loss can knock you off your stride and drive you to make mistakes lose your entire deposit. This is not to mention that you have 100 attempts left to correct the situation in the first case, and only 4 in the second one. Simple math.
  3. Observe the money management principles. At least the simplest ones:
  • max. 2% of your capital per trade
  • All trades open at a time must not exceed 10% of your total capital.

4. Set yourself a daily stop loss. For example, 15%. That is, if something has gone wrong and you’ve lost 15% of your deposit by trading, you just shut the terminal down for the rest of the day. Regardless of how promising you may find the market situation. Even the bargain of the century! This is just a mirage caused by frustration with your not-so-successful trading.

5. Learn, learn, and learn again! Become generally more knowledgeable about the market, try out new trading approaches. Take a look at our “Strategies” section and/or talk to a support manager if you have a VIP account — as experienced practitioners, they will provide a fresh pair of eyes on how you trade.

6. Listen to yourself: a strong emotional background (both joy and depression), fatigue, or irritation interfere with trading. In such states you make more mistakes. If this state has overcome you for one reason or another during your trading day — close the platform for the rest of the day. If you find yourself “downhearted” before you start trading — don’t even open the terminal. Follow conventional wisdom and sleep on it.

7. A careful analysis of the market before and after the trade. Both in the event of profits and losses: you have to understand how to replicate success or how to avoid making the same mistakes.

Binomo Is Your Trade Partner

 If you really start to apply at least half of these tips, your trading results will change for the better. Think of that part of your deposit that you may lose as only payment for your experience, which will ultimately take you to a compensation of losses and, naturally, profitable trading. 

Binomo is your preferred online trading partner here to help you successfully trade online. download the app today and start trading online. 

 

Doreen Mueke
Doreen is the Senior Content Marketer at Ringier One Africa Media.