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The First Four Steps You Should Take As an Investor

At one point in your life, you’re likely to consider the idea of investing. Investment is a large topic, and there are a lot of ways to get involved with the world of investment. When you’re first starting out then, there are a number of initial steps you’ll need to take before you can really start making any money. So if you’re looking to learn about how you can become the best investor you possibly can be, you should have a look at our guide to the initial four steps you should take to becoming a professional investor.

  1. What Are You Interested In?

First things first: you need to find a form of investment that you’re interested in. There’s absolutely no point in investing in the property market if you don’t think you’ll enjoy renovating houses, as this is going to be the way you’ll spend most of your time. Similarly, if you’re not interested in currency, stocks and shares, and economics, there’s no reasons why you should invest in foreign exchange or the stock exchange.

  1. How Can You Learn More About It?

Once you’ve really focused in on the method of investment you’re going to work on, you’ll have to learn more about best practices. If you’re investing in forex, for example, you’ll need to do a lot of initial research to see how best to approach the market. As examples, you’ll need to learn about fundamental and technical factors, different trading platforms and the differences between them, and you will also have to keep abreast of the world economic and business news. Ultimately, it’s all about learning as much about your investment method as possible.

  1. What Platform Will You Use?

Once you’ve done your research, it’s time to start looking at the various platforms that are available to you to make your life easier. When you’re investing, you need to ensure that you have all of the tools at your disposal to make things as easy as they can be. For example, to use our forex example, you need to use a trading platform that facilitates your trades like ECN MT4. A platform like this integrates everything you need to ensure that your trading experience runs smoothly:

  • Charts and market analysis

  • Social integration for learning from other traders

  • Market news

  • Trading history

  1. How Can You Be Proficient At It?

The only way to get good at something is to practice. Therefore, when you’re looking at your chosen investment method, the only way to get good at it is to practice investing. Returning to our Forex example, you might think that you’ll need to spend money to get experience (Alpari’s minimum spend is $200), but that simply isn’t the case. Instead, you can open a virtual account, meaning that you can practice your trading skills and earn (or lose) virtual money. Ultimately, it means you can learn to use the tools of the trade before you get into a real trading environment where the risk is much higher.