Social trading is a great way to trade markets by replicating positions and discussing trades with other traders. If you don’t want to invest time in analysing opportunities then social trading could provide you a quicker entry point into trading markets successfully.
With the right plan you will have the guidance you need to select assets and decide when to take profits and cut your losses. If you fail to plan, you plan to fail. Traders who have been successful over the years will swear by a trading plan so start building yours now.
Warren Buffett is arguably the greatest investor alive today. He recently celebrated his 90th birthday as the fourth richest person in the world with Forbes estimating his net worth at $82.3 billion, this is more than the net worth of Tanzania! What is his trading strategy and how can we follow his phenomenal success?
If you’ve never heard of a Stop Loss or Take Profit order or if you’re not sure how to use them order read on… These tools are essential to trading successfully as they help you exit the market at a predetermined price. Putting in Stop Loss and Take Profit orders should be done for every trade you make to ensure you control the outcome of a position by capping your losses at a price you are comfortable with.