by Before we start actually talking about the steps for a trading career in India, let’s analyze a few things to see a clearer picture. First, we will need to know how expensive India is. If it is too expensive, it is good to consider changing your residence to a cheaper place. Then we will continue with education and skill and network building. In summary, we will sum up all the critical knowledge elements to become a successful financial trader in India. So, let’s start.
Living costs overview – is life cheap in India?
From our data gathered from various sources, the living expenses in India are very cheap. It is estimated that for one person to live for a month in India, it will cost from $535 to $1 750. The apartments in the city center with one bedroom start from as low as $180. So, it is cheaper in India than in most countries worldwide. This is good news as it allows beginners to invest more funds in education and start their careers on a very low budget. For Indians on a tight budget, it is possible to work and study at the same time while having money to even go to Mcdonald’s. From a live expenses perspective, it is the easiest to start a trading career in India, despite high competition. The expenses are extremely low, making it possible to slowly build a robust career. online forex trading
The first step to gaining valuable knowledge in financial trading is to start learning from reliable sources, which is tricky in today’s informational world where most websites are full of ads and clickbait. In this matter, education could be divided into two main important parts, education from books and video guides, and gaining knowledge from already successful traders. The latter is a must after gaining basic knowledge of trading and acquiring a few practical skills in trading.
As in any field, it is required to understand how the financial markets work, who are participants, how prices are moving, and what affects their movement the most. Then developing trading strategies and methodologies.
The most valuable sources of information are books and experienced traders. You can see if a trader you want to become your mentor is successful by checking their track record. It is recommended that the trader in question has at least a year of trading experience with profitable results for most of the months.
It is hard to avoid scams when new to the financial trading world. As many scammers are targeting newbies with well-thought psychological tricks. The main threat to avoid here is get-rich-quick schemes. Anyone telling you that you can make money in one day or easily on financial markets is lying, therefore should be ignored as a source of education. Trading is a business and as in all businesses there are losing days or even months, so anyone telling to have above 90% success rate is a scammer. Make your goal to slowly become an expert and build experience in trading. Most traders lose money in financial markets as it is not an easy task at all and takes time and dedication to become successful.
When speaking about trading in financial markets, experience, and practical skills are everything. From psychological and emotional balance to executing the strategy correctly and flawlessly, practicing can never be underestimated in the financial trading world. Start your practice by opening a demo account and testing various strategies and methods. Try to develop your own trading strategy and write down the rules for entering and exiting the trades. Make sure to test your strategy.
Switching to a live trading account
Trade your selected strategies to get better at trading. Usually, after about 6 months of trading a demo account, you can freely switch to a live account and start with small capital and increase slowly. Manage your risks properly and make your goal to stay in the game in the long run. Trading is not for the short term, it is a long-term endeavor. Create a trading journal and write down your trading activities to analyze where your weaknesses lie.
Network building is crucial in any business. After gaining knowledge and practical skills in trading, it is important to connect with other successful traders. This will make it easier to be always informed about important global developments or new strategy trends. Sharing information and knowledge is what makes any professional trader better in the long term. Make sure to make friends with honest and profitable traders and don’t hesitate to share your ideas with them. This will improve your trading abilities and will make it easy to develop new strategies which are profitable. The more powerful your network you have, the better trader you will become by taking into account other traders’ experiences and approaches.
It is much easier and cheaper to get from zero to hero as a financial trader in India. Living costs are almost the cheapest in the world, and acquiring knowledge will be easier with a tight budget. Make sure to use books and video educational materials as learning sources. Try to get mentored by experienced and successful traders to learn the necessary skills and psychological aspects of trading. Avoid fraud by controlling your desire to get rich quickly. This is important as trading financial markets is serious business. It takes time to learn and use new skills. No one can make a million in one day or from one trade except George Soros. Make surviving in the long-term your primary goal, and work with discipline for achieving it.
