To be successful at anything in life, preparation is key. Whether you are a new or experienced trader, it is important to recognize that there is no such thing as too much information when it comes to trading. It all comes down to risk management and making sure you are confident in your trade and yourself as a trader before actually trading. Therefore, in order to make sure you are an informed trader making informed decisions, you need information. Trading allows us to learn something new each and every single day, and in order to tackle this information effectively, there are a few tips that the #DreamTeam feels will help you get on your way.
1. Choosing the Right Brokerage
Trading is done through an online brokerage. Choosing the right brokerage is one of the most important aspects of trading. As Canadian traders, we use the online broker Questrade, which is great for price conscious traders as they offer some the lowest commission fees. Their platform is user friendly and they provide many learning tools and videos to learn how to navigate their platform. Sign up here and enter the offer code: 0jqail3j to receive $50 in trade commissions.
2. Keep Up with the Market
Fundamental analysis involves analyzing news and company profiles. No matter what type of trader you are, news trumps everything. It is important for traders to know what’s going on with the market as everything around us is affected by the market and vice versa. Yahoo Finance (Finance.Yahoo.com) is a great website to get a general idea of market and company news. Finviz (Finviz.com) is an excellent stock screening tool as it provides detailed information about the market and company profiles. It offers free services which we feel are informative enough to help us gain the insight we need.
3. Maintain a Watch list
With so many stocks to choose from, it can become very challenging to keep up with them all. It is important to maintain a watch list, which includes stocks that you are following and are interested in trading. By following and studying a stock’s behaviour and ongoing news and advancements over a period of time, you will be better able to trade it. The #DreamTeam provides members with their updated watch list of stocks they keep their eyes on.
4. Stock Charts
Technical analysis involves looking at stock charts and trends to help give you a better picture of how a stock is trading. Stockcharts.com offers free and premium chart tools to help give traders a clearer picture of trends, patterns and indicators. The #DreamTeam has developed content to help you learn how to effectively read charts for buy and sell signals. This will help you become a more informed trader and as we like to say, chartist.
MyStockLife.com offers members premium newsletter services, educational resources and watch lists, a live moderated chat room and so much more. The #DreamTeam at #MyStockLife is determined in helping you learn how to apply a strategy of trading to your life and routine. We trade full time and are consistently following the market and applying our analysis to our trades and everyday life. Our goal is to share our wealth of information and experience with you. Many services do no take their members seriously, and sometimes take advantage. The #DreamTeam does not believe in unethically promoting any stock or trade and we are not affiliated with any other service. MyStockLife.com is a service dedicated to our members, plain and simple. We will not only help you learn how to trade, but apply what you learn towards your life and goals. We believe we have the experience, content and confidence in helping you achieve your dreams.
Start your #StockLife here.