The arrival of the internet meant the arrival of the opportunity for trading online. For experienced traders, trading online means that they can take matters into their own hands; they can bypass the broker’s pressure, interference and commissions. For novice traders, trading online means that they can learn at their own pace; they only need to invest small amounts of money at a time, gaining both experience and self confidence in the process.

This learning should however not be experiential only. There are introductory books that any novice should consider buying, containing the wisdom and the experience of traders who have proven themselves to be masters at playing the stocks and shares game.

To fully understand the extent of the benefits that stand to be gained from trading online, one has to compare the traditional brokerages against that which is offered by online trading:

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The speed of access to trading – The time to place an order and to get it executed by trading online is much quicker than dealing with a broker. If you trade online, you are your only client and get attention first. With a broker you are not, and may well be third in line or worse.
Reduced transaction fees – Trading online means that you can trade at up to half the price you traded at before. This means more money to trade with, and if you do this right, more gains.
Hassle-free Trading – You don’t have to contend with brokers trying to push you into making a transaction so that they can generate more commission revenues. Most investors have been in this situation, so it warrants no further explanation.
Flexibility – When trading online, you can do what you want, when you want. No need to call the broker every time you want to enter, change, park, or cancel an order, ending up feeling like a bit of a nuisance eventually. By trading online, you do everything yourself.
nformation – When you open an account for trading online, you will get news, quotes, charts, fundamentals, and maybe even research reports free of charge. Obviously if you want more detailed information you will have to pay for it. The costs are nominal though.

So is it all Blue Skies?

The fact of the matter is that whether the skies are grey or blue depends on the trader. One of the main reasons why people end up out of pocket is that they don’t know how to manage risk. This does not imply that you will never lose, though. A trader, who does not lose, does not exist. It’s the nature of the beast. When trading online, the trick is to manage you trades well; this is part and parcel of managing risk.

Good Management

Trading online successfully means taking calculated, managed risks. These are risks that can be controlled by employing good management techniques. Do not confuse this with going into something risky as this is another concept entirely, and one that is best avoided. These are very important aspects of the stocks and shares game. I liken betting on horse or dog racing, for example, as a risky business, since one cannot, as far as I’m aware, protect oneself against a total loss should one’s horse or dog get injured, or fall.

Quality Information Sources

You will need real-time, or “end of day” information to practice online trading. Although free information abounds, keep some money aside to pay for in-depth information.

By way of example, you can get generic nformation such as simple quotes and charts for free, but should you need real-time, detailed quotes and charts, you will have to pay a subscription. Quotes and charts are important tools for traders, because without these you will literally be trading “blind”. Quotes tell the tale of the present or, differently put, what the market is doing at the moment.

Charts tell the history and allow you to gain a sense of what the information such as simple quotes and charts for free, but should you need real-time, detailed quotes and charts, you will have to pay a subscription. Quotes and charts are important tools for traders, because without these you will literally be trading “blind”. Quotes tell the tale of the present or, differently put, what the market is doing at the moment. Charts tell the history and allow you to gain a sense of what the market had been up to in the past. This affords you the opportunity to plot trends.

Subscription services are a good option when trading online. There are many software charting platforms available that will allow you to write and test systems and to track your trading positions. If you want to improve and hone your trading online skills, it is advisable to use these.

Discipline

Remember that not even the greatest of tools, creates a winning trader. You need to know how to trade, manage risk, and develop trading discipline when trading online. If you trade well and follow a reliable and solid system, the money will be yours to make!

Would you like to discover more about the systems successful traders use to make profitable trades?

Download them free here: Trading Lessons

Ian Jackson learned how to trade the hard way - now he reveals how you can learn to trade too, but without all the growing pains.

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