If you’ve been on the lookout for ways to increase your income, chances are, you’ve come across online trading. It’s a convenient way to buy and sell financial instruments such as stocks, currencies, and commodities through an online trading platform. As long as you have internet access, you’re good to go.
But don’t jump in just yet because online trading is a highly speculative endeavor. While it can be very profitable, risks are par for the course. So, you must understand what you are getting into before parting with your hard-earned money.
The first investment you should make is in educating yourself about online trading. I don’t suggest you Google your way through this one. The best move is to have a learning partner you can trust to guide you every step of the way, a reputable organization backed by industry experts.
“Online trading or forex trading is a risky business. Knowing how it works will help you avoid falling victim to scams and frauds which are present in the industry. Educating yourself can help you analyze data and make informed decisions,” says Edwin Saguibo, Head of Learning and Development at SmarTrade, the education partner in the Philippines of globally acclaimed broker ATFX.
“Gold, forex, crypto, and other financial instruments can be volatile, their prices fluctuate quickly. If you don’t know the basics, you are more likely to make poor decisions and be easily swayed by misinformation or even make decisions based on emotions rather than logic.”
SmarTrade has helped more than 22,000 Filipinos know more about market trends, trading techniques, and risk management through learning sessions and one-on-one coaching offered for FREE. All you need to put in are time and effort plus the willingness to learn.
“We conduct learning sessions on Risk Management to familiarize you with the fundamentals of trading and help you implement effective risk management techniques. Lack of knowledge can lead to heavy losses in online trading. Even experienced traders lose money when they dive into trading blindly,” explains Edwin. “Education also builds your confidence. As you expand your knowledge, you become more confident about your trading decisions. Your knowledge helps you to build your own trading strategy based on your skills and, most importantly, your risk tolerances,” he adds.
“The goal of SmarTrade is to promote financial literacy to the Filipino community because we believe that sound financial management is one of the ways to a more secure and better future for generations to come,” says Joyce Mayo, President and CEO of SmarTrade.
As you move along in your online trading journey, find the right broker that can support your long-term goals for financial success. “Among the good practices on how to manage your money in online trading is choosing your broker wisely,” points out Edwin. “You can’t afford to have a broker that could suddenly disappear,” he warns.
“Make sure your broker is regulated by top-tier regulatory agencies. Your broker must allow ease of withdrawal, you should be able to withdraw within 24 hours, any minute more is unacceptable. Record everything so you can compare the prices that you are getting from your broker with the current prices, if your broker’s is too far then something is wrong with your broker. Execution should be smooth which means your broker’s system shouldn’t hang frequently. Customer service should be top-notch, your concerns should be immediately addressed. And most of all, your broker should be with you every step of the way. Even while you are just starting and studying the trade, your broker must be there to support you and teach you,” Edwin rattles off.
Hmmm… I know a global online CFD broker that checks all the boxes: ATFX! If you would like to open an account with them, click HERE.
All images are from SmarTrade.