What happens when the UK budget is announced? – There’s generally a move in the FTSE 100. This can be a good time for Bull and Bear bets. Brush up on your politics and economics! If you are serious about making money, you need to do your homework. Fixed Odds Brokers don’t generally provide you with this kind of information except occasionally in news feeds. Obviously with so many markets we can’t list all potential announcements and dates here, so your best way to learn about important dates is to do your own research.
Very Local Knowledge
One source of knowledge that is just a click away is our Traders Forum. Not only is it a source of Trading know how, but playing the markets can be a lonely business, and that’s why Trading Forums tend to be pretty busy – traders like to chat! Some of them even like to show off a little bit, which is great as they give you their tips. People also genuinely do want to help Newbie traders, because a lot of them remember how they started out. Obviously, don’t take any advice as Law, double check it.
Try a demo account first, you will generally be given $10,000 virtual dollars to place virtual bets with. However, treat them like real dollars. From day one you need to get it into your head that although this is gambling, it can be profitable if you are disciplined. If you can manage to get through your demo period with some virtual cash left in your account, then there is a future for you as a trader.
Tired? Go To bed
Don’t trade when you are tired or stressed, there are other ways of winding down – like a beer or a glass of wine if you can’t be bothered to put your running shoes on. But, after that glass though don’t ever feel tempted to get back to your screen.
Choose Your market
Choose which market you are going to bet on, most Brokers take bets on Indices, Currencies, Commodities, and US/UK stocks. If you don’t really know much about any of them, then commodity betting is a good option as you can focus on gold for example, and do all your research on gold, nothing else. If you jump into the currencies trading market you are confronted with a plethora of trading options which may add to your confusion. Once you’ve chosen your market or commodity do your research and immerse in your chosen market. There are many sources of information out there which can help you with your homework for example the World Gold Council .
Local Market For Local People
If you live in the UK, without even knowing it you will be absorbing news on a daily basis that will have an indirect or direct effect on the FTSE 100. This news may not necessarily come from the media; if you drive past the JobCebtre and notice people are queuing outside then something is afoot Watson! And it doesn’t take Sherlock Holmes to figure out what it is. So why start trading on the DOW or the Nikkei? Trading is a dog eat dog world, so you should use every advantage in your possession.
Even Odds – Risk management
If you are a newbie it might be best for you to stick to even odds bets while you are learning. You will notice that you can’t get negative odds (e.g. 5/8) as this isn’t a horse race, there are only two possible outcomes in the majority of bets. The brokers aren’t stupid. Use basic risk/reward planning, try to profit slowly, that outside bet with the great odds probably isn’t going to come in – yet.
Don’t Be A Chump!
There is all sorts of predictive stuff out there, free and paid for, telling you how to make your mint. And guess what? the paid-for stuff is always the real deal, guaranteed to bring success from the ‘best trader in the business’. Don’t be a Chump! If they were the best trader in the business its highly unlikely that they’d be writing books, they’d be sitting on their own Caribbean island. Having said this, if you are recommended a ‘system’ by someone you trust, then go for it, and let us know about it! If you are time constrained and interested in free trading signals, or predictive/automated software, you should probably be trading on the Forex as there is a lot more available than the other markets. Visit our Forex Trading Pages.
Some brokers actually have a real time sliding time-line telling you how long you’ve got left to place that bet – literally counting down the seconds. Don’t be rushed to place it unless you are 100% sure of the bet.
Bad Odds Today – Do Something Else
If the odds are bad there’s not really much point in betting, give it a miss. There’s always something else you can be doing, and besides staring at a screen for hours on end won’t make ‘something happen’, and besides its not too healthy either. Take a break!