October 15, 2019, | AtoZ Markets – When you get into the financial trading sector, most of the time you are a beginner with the hunger to know more of the market. This is one sector where you can make a worthy investment with decent returns so long as you know how to go about it.
Stages of growth in the financial trading sector
As in any other sector, you get into the financial markets with a plan to grow both in experience and gains as time passes by. Growth is very important and it’s a show of resilience and hard work in the industry. On that note, let us look at important stages of growth in this financial trading sector.
Key Driving Forces for a Forex Beginner
As a beginner, interest, and curiosity are the key driving forces that may lead you into the market. The initial stage is a very important step as here lies your foundation for being proficient in what you do. When starting out, you need to know what you are getting into. Research and training are the key resources you need at your disposal.
Get a proper trainer to lead you through financial concepts such as trading instruments, the broker market conditions and many more. You can also bank on the demo trading account which many credible brokerage sites have. This account helps you hone your skills by practicing on a simulated, loss-free environment.
Best Account Type for a Forex Beginner
When starting as a newbie, you need to be trading small. Some CFD broker sites require you to start with the demo account as an orientation to their trading conditions. Once done with the demo account, you can go on to the cent or retail account. These account types are small scale or less-experienced Aussie traders, which is the level you are at the beginning of your trading journey.
While at this stage, continue researching ways to improve while having the demo account with you to improve your skills.
Key Driving Forces for an Intermediate Forex Trader
After a few trading stints, you can upgrade to the intermediate level. This is the level many traders are at the moment. Here, the driving force is you working on your strategies and aiming to reach a professional level.
At this stage, you have a decent knowledge of the market and you can come up with almost accurate predictions of the market. You know which the best securities to trade in are and also how to take advantage of the features on the brokerage platform you are using.
Best Account Type for an Intermediate trader
At this level, your trading volume is quite improved and you are confident in your strategies. The account type of choice is either the retail or standard account. These are versatile account types for both newbie and experienced traders. For some, the path ends here. However, if you have the focus and drive then your sites are on the professional level.
Key Driving Forces for a Professional Forex Trader
The professional level is on the higher side of trading when looking at experience. As a professional trader, you have an impressive knowledge of the market and demonstrate expertise when it comes to executing your trades. This level is characterized by a large trading volume with many of the platforms setting a minimum initial deposit of figures such as $50000 or more.
Best Account Type for a Professional Forex Trader
The account types you can opt for at this level come in many varieties such as the VIP, the professional or at times the corporate account. For most platforms, you need to request to sign up for this account type. The site’s managers review your application in terms of trading volume and rate of successful executions. Once accepted you have it and get benefits such as zero commission, zero transaction fees, and prompt response to queries.
You may also get a manager to help you with your trading stint.
When in the financial trading sector, the drive for growth should be a guiding factor to lead you to get more knowledge and go up the ladder in terms of experience. Above are some of the trading levels and account types that punctuate each level. Each stage requires time to get through but provides a worthy lesson about investments.