How to Choose a Trading Platform in the UK & Trading Tips for Starters
You may believe that there’s a lot of potential in getting involved with a trading platform. While it can come with its and ups and downs, for the right individual it’s true that there can be a lot to gain. Would it encourage you to know that the average day trader gets a weekly pay of over £1,000, which rounds up to over £55,000 a year?
For those who are new to the field, getting started can seem overwhelming. If you’re also aware of the potential risks, you may even be wary of doing so. This is why it can be important to know all the facts first. With our help, you’ll be able to find the best trading platform for your needs, as well as learn some expert advice along the way.
What’s the Best Way to Choose a Trading Platform in the UK?
No doubt, when considering all the options available, you might feel overwhelmed by the sheer number of trading platforms available. This can make it quite a tough task to find one. Especially if you don’t have much trading experience and can’t use your own insight.
On the positive side, getting the information you need to make a decision doesn’t have to be too difficult. Here are some key things to consider when selecting a trading platform in the UK before we share some trading tips with you:
- Choose an easy-to-use, well-designed and secure platform
Whether in the form of a website, app, or both, it can be beneficial to ensure that the platform can be navigated without any hassle. In most cases, a simple interface and an appealing design will help to make your trading experience easier and more enjoyable. Also, you need to make sure that the platform is secure and offers high-quality support for its users.
- Consider the fees and charges
Of course, you need to pay attention to security and customer support when searching for the best trading platform UK low fees are, however, also important for beginners. Most trading platforms will take some money when you make a trade through them, often determined by how much you invest, or a straightforward flat fee. If you’re still new, you might not want to go for the most expensive platform, but at the same time, it can be wise to avoid the cheaper ones that seem too good to be true.
- Find out what you’ll be able to trade
Another factor that can’t be overlooked is what you’re allowed to trade – since not all platforms offer the ability to buy and sell all commodities. If you’re looking to get into a specific niche (such as ETFs or cryptocurrency), it might be worth looking for a platform that specialises in that particular area of trading.
- What tools and data are being offered?
A good trading platform will have tools and resources available to give you all the information you need to make the most out of your investments. The important thing to do while you’re still in the selection process is to consider what’s being offered and how reliable each service is (since this will play a huge role in your trading success).
10 Trading Tips for Beginners
You’re not the only person who’s considering getting into trading. To get ahead of the competition and make the most of your journey, it can be important to be prepared. If you’re keen to progress as quickly as possible, it might be worth taking a look at our top 10 tips for beginners you can use on any trading platform:
- Avoid system hopping. A common mistake among new traders is switching to a new trading system when things go wrong. Instead, learn to deal with the imperfections and make it work. If you quit every time, you won’t progress as a trader.
- Don’t take shortcuts along the way. While tempting, you’re likely to find that the benefits of shortcuts don’t last very long in the trading world – and it could end up costing you in the near future.
- Create a checklist for your trades. If you want to minimise mistakes and overall improve your trading skills, it’s well worth having a checklist to refer to before investing.
- Plan your trades in advance. Don’t just jump straight into investments – instead, take the time to pre-plan your trades and weigh up your opportunities.
- If you want to be successful, take trading seriously. Trading isn’t an easy business. If you want to make the most out of it, you need to have a good work ethic and put in the effort to reap the rewards.
- Losing streaks do exist. If you trade long enough, you’re bound to lose sometimes and perhaps even have losing streaks. Because of this, you should only ever risk less than 4% on your investments.
- Take responsibility for your mistakes and learn from them. Whatever happens, you’ll need to take responsibility for the loss. It may not be pleasant, but you have to remember that you’re in control and you have the potential to turn it all around.
- Keep track of your trades. Most first time traders (and even experienced ones) don’t consider keeping a log of their trading endeavours. If you want to learn from your mistakes and see where you can improve (even on good days), it can be important to have reference info.
- Becoming a seasoned trader takes time. Most first time traders (and even experienced ones) don’t consider keeping a log of their trading endeavours. If you want to learn from your mistakes and see where you can improve (even on good days), it can be important to have reference info.
- Try to have fun. Sure, there’s a lot that can make trading complex and even stressful, but the most important thing is to try and enjoy yourself.
Ready to Begin?
The world of trading is vast and varied. You may not ever be able to learn everything there is to know, and even getting to grips with the basics may take a little time. However, if you learn from experts and find the best trading platform for your needs, you should find that the whole process will become a lot simpler over time.