If you're serious about making a consistent income on the markets, you'll save today's article and work through it carefully at your own pace.
I can thank Johan, one of my Trading Tips reader's, for posing this important question on how to go from opening your trading account to actually taking real-live trades.
“Hi Timon, I've just subscribed to Trading Tips and am interested to start trading.
Can you tell me step-by-step in one sentences how to go from opening an account to taking real trades on the markets. Thank you, Johan…”
Answer by Timon Rossolimos, Red Hot Storm Trader
Johan, I understand exactly where you’re coming from.
In 2003, I was so eager to start trading but had no clue what to do. I didn’t know which broker to choose, which time was best to trade, how to set up my trading platform or anything.
In fact, I had more frustration than excitement. And I had absolutely no one to help me get started trading.
The brokers back in 2003 were not friendly like they are today and the charting platform’s were, excuse my French but, absolute RUBBISH.
They were also damn expensive. I remember spending R15,000 a year to have a charting platform that had 15 minute delayed prices. I didn’t know what chart to look at, what the numbers meant and what indicators were.
And every day at my computer I had to wait half an hour until the charts were updated.
Today, the charting platforms are free, have no delays and are much more user friendly.
Over the last 14 years, I pretty much have an understanding on how you can go from opening an account to trading live on the markets. And so, I’m up for today’s challenge.
I'm going to answer your question with one sentence steps.
Because I can't go into detail I've linked a few steps on articles and products which will help you understand each step carefully.
Here they are…
Step #1: Choose your broker you’ll trade with.
Note: (You can read about our recommended brokers at the end.)
Step #2: Deposit money into your account
Open your trading platform and select Candlesticks
as your chart type
Select the stocks, currencies or indices in your watch list
which you’ll trade with
Note: Phone your friendly broker who'll be more than willing to assist with any of the above steps.
Step #5: Make sure you have a tried and tested trading strategy with the appropriate (entry, risk and reward levels).
Choose the right time and time frame
to trade, which suits your personality best.
Step #8: Follow your trading strategy and take every trade that lines up.
Step #9: Jot down your trading results to track your success.
Step #10: Join here
to never miss a profitable trade again..
These 10 steps will help you go from opening your trading account to making real-life trades.
If you’re not sure which broker is reliable to choose then read here for our recommended trading Broker Letter.