You have unlimited resources on how to become a trader in 2024. So make the smart choice by using your time and money wisely to get most value from your investment. You have options from equity to bonds, to complex financial instruments like Futures and Options at your disposal. The problem with these traditional financial instruments is you need a large amount of capital to make large amounts of profits. Fortunately for you, we live in an age with rapid advancement in AI with exceptional prop firm accounts that allow you to leverage as little as $50 to run a prop firm account size of $5000. So here’s how I would advise you on how to become a trader in 2024.
Our capital, your skills
The intrinsic value of the asset class you trade is vital in analysing price action for long term investments. There are several models used today from the Discounted Cash Flow Model or Free Cash Flow model to the Multiple Market Model, to Dividend Discount Models used to assess the intrinsic valuation of an Equity. To gain a deeper understanding of financial statement analysis and how it impacts equities you will need to watch a few YouTube videos on Fundamental Analysis. Watch this playlist to educate yourself on Fundamental Analysis: https://www.youtube.com/watch?v=3BOE1A8HXeE&list=PLf5N6dqfQaNSwI0h-TAO0qGyMvxeNH-6V
Asset Classes can range from Equities to Bonds to Crypto to Commodities. To know more watch this video that breaks down each asset class: https://www.youtube.com/watch?v=I72AKFu-cZ4
Discipline is key when it comes to trading, and a trading plan helps you stay disciplined. A trading plan acts a thorough guide when trading, and helps you remain level headed in high-pressure situations. A trading plan includes elements of your goals, capital management strategy, risk management strategy, trading plan. Watch this youtube video as a guide to making your own plan: https://www.youtube.com/watch?v=LgNO2TuD3Uc
Important things to keep in mind when considering a broker are charges (fees like transactions costs, commissions and spreads etc.), the order gateway and trading platforms that they use, and most importantly, if they are registered and regulated by the concerned authorities of your country.
Practice makes perfect. Start your journey by trading in live conditions but with paper money. This gives you the opportunity to test your strategies in live conditions while removing all the risk. This process helps you build confidence.
After completing the previously listed steps, you should be ready to trade. Start with a small investment and begin practicing in the live market. Evaluate your performance and adjust your strategy as and when required. Once you gain confidence, you can look to scale up your trading by partnering with a proprietary trading firm like Axe Trader.
Anyone can become a trader with the right education, planning, and experience. Educate yourself, develop a strategy and test yourself in a demo market. When you’re ready, start trading with live funds to truly experience the market. Remain patient, follow your plan, and you are sure to achieve success over the long term.
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Axe Trader Ltd. offers fee-based assessment services and facilitates connections with third parties for Potential Traders who meet specific criteria defined by Axe Trader (“Eligible Traders”). Our services involve evaluating the simulated trading performance and results of Potential Traders in certain virtual off-exchange foreign currency instrument pairs (“Forex”) and/or selected virtual contracts for differences (“CFDs”). We conduct data analysis based on simulated trading activities in demo accounts traded by Potential Traders through Axe Trader’s platform, utilizing data provided by a third-party broker. Our methods and techniques are established and maintained by Eligible Traders.
Axe Trader grants access to a third-party’s simulated trading platform, related demo accounts, and simulated trading information for the purpose of conducting data analysis and assessment services. This third-party offers Eligible Traders a simulated trading environment and an opportunity to earn a share of virtual trading gains generated in demo accounts, as specified in their agreement with the Eligible Trader.
Additionally, Eligible Traders acknowledge and agree, as outlined in their agreement, that the third party has the right to collect and use the data obtained from Axe Trader for their own benefit, including the option to replicate trading activities based on this data. The third party also retains the right to incorporate any information received from Axe Trader regarding Eligible Traders into actual live market trading, which they will conduct for their own account and at their own risk.
Theoretical performance outcomes should not be considered as reflective of real trading experiences and are typically formulated with the advantage of historical knowledge, which may either overstate or understate the influence of specific market factors such as limited liquidity and price fluctuations. Moreover, since theoretical trading does not carry financial risk, it cannot fully encompass the impact of various risk-related elements, including an individual’s or advisor’s capacity to manage losses or adhere to a specific trading strategy when confronted with trading setbacks.
