Trading online is one of the most important skills today for those who want to make some extra profit besides their regular 9-5. Trading can set you in a highly comfortable position financially for the rest of your life if you have learned to do it right. If you are unsure about the process or not convinced as to why it is so effective among all other profit-making avenues today, we will provide you with ample knowledge on the importance of trading and the top 5 platforms on which you can learn trading online, in this article. Let us dive right into the world of trading!
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First things first: Why should I learn trading?
Online trading has become very popular among today’s generation. It offers individuals the opportunity to invest and trade in various financial markets. Thanks to the online system of trading, you can now invest and trade from anywhere in the world! But why should you even learn this process? Is it that important a life skill? Here we have listed down the top 3 reasons why learning online trading can indeed be a very crucial and useful life skill for the rest of your, well, life.
1. Time Freedom
Only you can decide for yourself whether you want to invest your time and effort when you are a trader. As a full-time trader, you will have a lot of time freedom, which is one of the most prominent reasons to start learning trading.
Compared to other professions in which others will control your hours, trading is one of the best professions to schedule your day at your free will. Other than that, when it comes to trading, you do not have to sit at a desk for as long as 8 to 9 hours and trade regularly as you do it on a 9-5 job most of the time.
When it comes to trading, you get paid for your skill, and it is important to understand that money is made by smart work. However, some background research is also needed like searching for a profitable strategy and back-testing.
2. You are your boss!
Many job seekers want to shift their careers to trading for this reason. You are not answerable to anyone other than yourself. You are responsible for your own actions and only your actions will determine your level of profit. On the other hand, you should also not take the profitability aspect for granted and analyze your strategies regularly. You should consistently improve your trading process and be honest with yourself. Take note of the mistakes you make and ensure that you are avoiding them on your next investment or trade.
3. You can compound your money rapidly
Trading is one of the best ways to compound your capital subject to condition if you can do this in a systematic and planned manner. Although trading is riskier than investing, profitable trading is all about how you can manage your risks and generate returns. You can double your capital pretty quickly if you know how to manage the risk of your capital well.
Top 5 platforms to learn to trade online
Whether you are a beginner or someone looking to enhance your trading skills, there are numerous resources available online for you to learn trading. Here are the top 5 platforms on which you can learn trading online –
1. Binaryoptions.com
This platform stands out for those interested in binary options trading. It offers a lot of information on this area, including strategies, broker reviews, and market analysis. It provides easy-to-understand guidelines and tips. Established in 2011, the platform has an experience of over a decade of teaching online trading. It is an excellent place for beginners to master the specific trading form of binary options.
2. Investopedia
Investopedia is a widely popular and trusted source of financial information. It offers a huge library of articles, tutorials and educational videos which cover various different aspects of trading and investing. Their content ranges from basic financial concepts to advanced strategies for trading. They also offer a stock simulator, which is an excellent tool for practicing trading skills in a risk-free landscape.
3. Babypips
This is a website that offers a Forex trading learning infrastructure with easy navigation capabilities. It is particularly effective for beginners, with its popular School of Pipsology, offering a fun and engaging way to learn Forex trading from the very beginning. The site breaks down complex concepts into language that is very easy to follow and understand. All of these are reasons why it has become a favorite platform to learn trading online for freshers who have just joined the industry.
4. TradingView
TradingView is widely known for its exceptional charting tools. But it is also a great learning resource for beginners in the world of trading or those looking to brush up their skills and strategy-making techniques. The platform offers content that is community-driven. On this website, traders can share insights, formulate strategies, and conduct analysis related to the market. For learners who need visual aids. TradingView provides an ideal and interactive experience where they can observe and learn from experienced traders.
5. The Motley Fool
The Motley Fool is a very famous website that offers a mix of free and premium content that is focused on investing and stock trading. Their articles, podcasts, and discussion boards offer learners the chance to get valuable insight into different market trends, individual stocks, and investment strategies. It is a site particularly well-regarded for its stock recommendations and investment advice.
The Bottom Line
This blog aims to provide insight into the field of online trading and its prospects and chart some of the most popular and useful online platforms to learn to trade. While a full-time career in online trading may seem lucrative, and in many cases it can be, one should always remember that profit and loss come simultaneously in this field. Precautions against loss should be taken by careful strategizing and one should always be careful of market risks.
