Bank deposit rates are falling, and the public, in general, are feeling less optimistic about storing their funds in traditional financial institutions, so they are looking for alternative ways to utilize their funds. One of those ways is investing in the stock market, which is becoming more and more popular.
But how old do you have to be to trade stocks in the UK in particular and around the world in general?
The rule of thumb is that you have to be at least 18 years of age to invest in the UK stock market, as well as to open account on NAGA. The good news is that you can start trading right after you've turned 18. Where can one start?
Step 1. Understanding the basics of trading
A good place to start is to briefly understand what trading is in itself - usually, 'trading' is referred to as the means of the swapping activities of legal entities and individuals associated with the purchase/sale of various financial assets. In fact, this is legal speculation on price differences.
Step 2. Learning more about trading stocks and shares online
It is no secret that starting something new can be quite scary - it is difficult to drive a car if you never learned how and are not familiar with the rules. Therefore, one of the things that might help you in becoming a professional trader is learning about the field that you're about to get into. To get started, you can read any book on the trading stock. Of course, you won't learn how to trade with just one book - no matter how brilliant it is - but at least you are likely to get some more understanding into how the world of trading works and the most important things to know. You can also find a lot of materials about trading in our blog, which might also help you better understand the topic.
**Step 3. Choosing an online platform and getting a demo-account **
If you are just starting your trading career, it might be worth trying things out using a demo account. There exist a lot of options on the market, but make sure you go for the right ones - be careful and don't get tricked into investing in scam projects. NAGA, for example, is one of the trading platforms you can trust - it also offers a demo account, which helps beginner traders to learn securely, without the risk of losing their money. With a demo account, you will be able to study the trading niche and see real orders, get your hand onto the trading arena, as well as correct minor technical mistakes when testing trading ideas. All of this is absolutely risk-and-finance-free.
Step 4: Opening a real account
After you've chosen the best for your exchange and tried 'the shoes of a trader' on, it is a perfect time to switch from trading in a demo account to trading with your real funds, as this is a good way to try trading as it is. When you realize you want to switch to the real arena, simply open an account, add some money and start making transactions. However, try not to invest all of your funds at once - it is best if traders take everything with a grain of salt and trade cautiously. There is one important point that is often ignored by beginners - psychology. Interestingly, this is what often becomes a stumbling block for inexperienced investors. Remember that trading stocks online with your real funds is fundamentally different from trading with 'virtual money'. You are quite likely to run into some psychological traps that will interfere with your trading plans. To understand and overcome all psychological barriers, it is very wise to invest real money at the initial stage, but in small amounts. Even small losses will give you an idea of what the psychology of trading is. By doing so, you might receive valuable lessons with little or no threat to your account.
Trading stocks and shares online
As you might've figured out, trading stocks and shares online aren't for everybody, as you can equally easily earn and lose funds when dealing with exchanges. The important parts here are thus to carefully study the market and try to invest only after considering all options available. Over time, you will probably understand what works best for you and how you can maximize your profits without getting exposed to too much risk. You might also find yourself in need of some expert or community help, which can easily be found on NAGA - you will be surrounded by traders who might have more experience and are willing to share their expertise.