How to Make Money Online 2021: The 7 Simple Steps to Success

Step 1 Create an account

Navigate to your chosen trading platform. Enter your client ID and password and login. Install the platform's payment gateway, sign in and complete the transaction, pay the deposit and the commission or ask for it. Step 2Pick a trading strategy Pick a strategy, pick a stock, take a position and hold for long. Position selection depends on the market condition. Prefer stocks which have all the required market data. Trade with a high trading volume, usually the higher the volume, the higher is the liquidity of a stock. On the other hand, the higher the volatility, the lower the liquidity. Read more about trading strategy You can read or listen to the site's trading content. Review the current trend. Place Buy orders when there is a favourable price or volume which is high.

Step 2 Choose the type of account

There are 2 types of accounts on this platform: 3 Step Trading Account (that is most popular) – Requires brokerage or you have to place money into your online savings account to fund your trade (you can also trade for free). Simple Order Draft Account – You only use the stocks that are available in the order book. Learn how to open an account here Step 3Using the terminal In order to trade on a stock exchange, you need to have a terminal. Traders use terminal for two reasons: They can buy and sell stocks in a few seconds, and They can check their account balance. There are many different types of terminals to choose from, you can go here and read about them all. Once you decide which terminal you want, it is time to do the next thing.

Step 3 Choose the right trading system

Once you've chosen a trading system, pick a platform. The main goal of a trading platform is to attract traders by offering the best customer support. Many trading platforms have their own bots, and they will help you save you time. Some platforms even give you access to live chat, where you can get questions answered. Don't limit yourself to just a few popular platforms; a lot of trading platforms have a good reputation, so make sure you compare different platforms before making a decision. Step 4Start small. Many people make a lot of mistakes while trying to make money online. One of the biggest mistakes is trading without properly analyzing the results you've achieved.

Step 4 Find the right broker

Trading should be a game of win-win. If you win, you increase your capital and if you lose you are not out of business. So, pick your broker wisely. It should be able to reduce or eliminate losses while maintaining profits. It should also give you the best return in your investment. Being very cautious, I advise you to compare broker performance carefully and pick the one that gives the highest return and least risk. System This means the brokers that best fits your needs. You should be able to start on the platform with just N100,000 to start with and, if you look at your performance on the platform, before long, you will be able to make a profit.

Step 5 Choose the right time frame

Finding the right time frame is equally crucial for people who are looking for ways to make money online. In this step, you are just getting started. As the future will teach you many valuable lessons, you should know the rules that will be in the best for your trading. If you plan on investing your time, you can either take on riskier investments (stocks, commodities, etc.) or take more safety (e.g., buy and hold, dividend stocks, etc.). Do you plan to use your earnings to save for emergencies? Then, you should only invest in conservative assets. Keep in mind that the less time you invest in a trade, the higher is your chance of winning.

Step 6 Trade consistently

You should save money every month and use that money to buy goods at times when you think that prices will drop. For example, if you buy a television at a discount and sell it a month later, you will make a profit. On the other hand, if you buy a high-end computer and sell it in two months, you will lose money. Step 7Systematic trading Systematic trading means that you don’t buy things unless you know that they will be cheaper in the next few days. The reason is that you don’t want to pay for something that you can’t sell at a profit in the future. Step 8Look for a free commission-free broker You should make an initial investment of at least $100 just to have access to the software. After that, you can use free brokers to trade.

Conclusion

Working on your own as an investor is undoubtedly hard, especially when you are first starting out. The wealth that you have built, your achievements, and your financial freedom are no mean feat, so be proud and congratulate yourself for that. However, there is one thing that is not easy, and that is planning for the future. It's a little known fact, but one that you can prepare for and even gain the upper hand in the long term. This means building a strong foundation for your investments and ensuring that you have a solid savings plan to go with it. For most of us, the solution is to begin building up our investments now so that we have the funds available and are not out of pocket at the worst possible time.