If you have been looking at trading as something that you would like to do with your money then we have some top tips on doing just that from the remarkable Michelle L Marquez. I have known Michelle for many years now and she has been trading for over a decade. Michelle shows real passion for her career and she i the perfect person to offer advice on how you can get started and precautions to take. We are going to focus on the latter today and here is the advice which Michelle has shared, that will keep you safe when trading.
Ignoring Schemes
Michelle tells me that she often has her feathers ruffled by online schemes which claim that they can teach people all about trading and stock brokering, so that they can get rich quick. Michelle believes that there is no fraud involved here, just people who perhaps aren’t quite giving users the full picture. In Michelle’s view, she believes that the best way is with a slow and measured approach, so avoiding these schemes will help.
Understanding the Law
One aspect of trading which Michelle is keen to stress is the important of doing everything in accordance with the law. Trading and brokering has changed a great deal in recent years and so too have the rules and regulations. For example the Securities and Exchange Commission is in place to monitor trades, for arbitration needs and essentially to ensure that everything is above board. Prior to beginning your trading, Michelle wholeheartedly recommends that you learn all that you can about the laws around trading and brokering.
Smart Budgeting
During our chat Michelle speaks honestly about many of the traders that she has seen come and go during her years, and talks about some heartbreaking stories when people have lost huge amounts of money. The reason why most people lose in trading is that they have not set limits on how much exposure they will have, and they have chased losses to the point where they end up with nothing or worse still, in debt. Michelle recommends that you spend a great deal fo time working out how much money you have, and ultimately how much you can afford to lose, and then sticking within the limits which you have set.
Formulating a System
Finally Michelle recommends that before you get started with trading, that you have a system which you will use each and every day. The system should involve which markets you will invest in, and what you are looking to get out of each trade. She concedes that there isn’t necessarily a right way and a wrong way to do this, but a system should be in place nonetheless. She offers some great advice on putting together your system, which is to practice using a simulator, which means that you can get the system that you want, without risking your money.
