The first step I took once becoming the second Wannabe iTrader, was to tell some friends, and ask them for any top tips or vital information I might need. I soon discovered that they were mostly as clueless as I was. I would have to turn to the internet. When in doubt, ask Google, right?
My first google search was “What is a CFD?” I quickly found out that a CFD is a Contract for Difference and, after trawling through the internet for a bit more, I learnt a few more important technical terms used in the trading world. My main source for definitions and the like was www.investopedia.com.
The only trading I have done is put a bit of money into the RMB top 40 ETF monthly, which has not helped me much in my quest to understand day trading. One site that has helped me recently, recommended by Gerhard Lampen at Sanlam iTrade Online, is www.Justonelap.com. The webinars have been really helpful, and I understand a lot more about gearing, stop losses and strategy for trading. Having watched some of the webinars, I now feel a lot more comfortable about what I should be doing as a successful trader. Let’s hope I have the discipline, and clarity of mind to be successful.
Another place to go when in doubt, is to Sanlam iTrade Online. I have used the Learning Centre on the iTrade platform (available to clients and iView users – register on their site and get iView for free for a year as a Facebook fan). I now understand a lot more with regards to the many charts and data available, and the graphs are slowly coming to be more than just colourful, squiggly lines.
Wish me luck for my trading month ahead! I welcome any suggestions or comments, so feel free to have your say on this blog or Sanlam iTrade Online’s social media platforms.
– Bradley Lund