Trading online is a business like no other. You can make money regardless of whether you are in a fancy office setup or simply sipping coffee at a restaurant. It’s the only business on the planet that gives you the privilege of working from any location. All you have to do is get either a laptop or a desktop computer and access to the internet. Besides that, you have to register with a forex broker so that you can be ale to deposit your trading money. Once your trading account is up and running, you have to choose how you will be trading. There are basically 3 ways of trading the markets that have been outlined below.
1. Auto Trading
In auto trading, it’s a robot that executes all your trades. A robot is basically a software that’s designed to open and close trades without requiring your involvement when the conditions you have specified have been met. As a matter of fact, most hedge funds rely on these robots to trade for them. With a robot you don’t have to remain tethered behind the screen of your laptop. All you have to do is get a robot and install it on your broker’s platform. Getting a robot is also easy. If you have skills in software development, you can make yours from scratch.
You can also opt to hire a software engineer to create it for you. Once the software is ready, you should proceed by opening an account with a broker that offers an automated trading platform. This is because you will need to back test the robot with a practice account before using it on a live account. You must also invest in a virtual private server (VPS). The server makes it possible for your trades to be executed in the cloud even when your computer has been switched off.
2. Copy Trading
Even if you don’t have any experience in algo trading, you can still make money by copying the trades of others. In other words, you can bank on the experience of seasoned traders and still make a fortune. All you have to do is find a broker that allows copy trading and open an investor account on their platform. You should then comb through their list of the most profitable traders. When choosing a trader to copy, you should be guided by their performance in the last 3 months. This is because there are traders who don’t make profits consistently. You should priority to low risk traders especially if you have a small account. At the end of the day, there will be winning and losing trades. You therefore need to copy a trader that will increase your chances of survival during a losing streak.
3. Manual Trading
Manual trading is highly recommended for investors that have education in online trading. You can not participate in manual trading if you have a busy schedule. Before you get started with manual trading, you should first invest in training for at least three consecutive months. In fact, you should practice with a demo account until you are double sure that you can trade like a pro. It’s also recommended you find a mentor to guide you. You can learn how to trade by watching videos on YouTube and webinars. Once you have honed your trading skills, you should test the waters with little money and boost your account as time goes depending on your performance. You should also choose a trading strategy and stick to it always. Once you have perfected your skills, you can start selling trading signals to other traders.