Professionals’ tips for New CFD Traders
We don’t have a secret recipe for profitable trading, so don’t expect our CFD trading hints to turn you into a millionaire in a day. But we do think that the following ideas are worth noting if you wish to get the most out of your CFD trading experience.
1. Use stop-loss orders
Rule #1: place stop-loss orders. Rule #2: utilize stop-loss orders. Rule #3: always use stop-loss orders. If you want to hear our most valuable CFD trading tip, it’s this: make sure you limit your downside by employing stop-loss orders.
2. Do your homework
Make sure you’re clear on what you’re doing, both in terms of CFD trading fundamentals and your trading portfolio. So don’t get into trading before you understand what a limit order or a market order is; again, there’s more information regarding these orders in this post.
Forex CFDs are not to be confused with USD/GBP or GBP/USD quotes. Don’t expect to become an expert in all asset classes or markets. It’s preferable to pick a specialty (or two) and stick with it.
3. Read everything
Your neighbour is bragging about how much money she made on Bitcoin trading. This doesn’t imply she’ll be able to replicate her success, and it certainly doesn’t imply you should go out and start trading Bitcoins as your life depended on it.
First things first: read research reports, look up articles on the topic, and do your analysis – fundamental, technical, or both.
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