Stock trading is the most profitable skill that you can learn in 2023. However, if you want to trade in stocks, futures, options, commodities, or any other asset, you need to learn technical concepts and follow a few steps. Here are the five steps that new aspiring traders should follow to start stock trading in 2023:
1) Save Money for trading capital
The first step to start stock trading in 2023 is to start saving. In order to trade in stocks, you’ll require good capital. To start with, try to save at least Rs 1 lac as it will give you financial stability and margin to survive in the market even if your initial few weeks go wrong.
2) Setup your Trading Account
In order to start trading, you need to set up your trading account. Choose a stockbroker with a good reputation, low brokerage cost, strong trading platform, and high reliability. If you are yet to choose, two of the best-recommended stockbrokers where you can open your trading account are Angel One and Zerodha.
Click here to open your free demat account with Angel One.
3) Invest in your learning
The next step is to invest a small portion of your savings in learning. Investment is knowledge pays the best debt and the skills that you’ll learn will help you make a lot of profit in the future. Enroll in a few courses and webinars for specialized learning like candlesticks trading, technical tools, and indicators like Support & Resistance, EMA, SMA, RSI, VWAP, and more. Spend a few weeks learning the technical concepts.
To start learning, you can signup at FinGrad (the best platform to learn stock trading).
4) Do Paper Trading for 1-2 months
Paper trading is similar to actual trading where you can buy and sell stocks. However, here no real money is involved. You invest only in virtual money. Before entering into real trading, you can try paper trading for a few weeks to get comfortable with the trading setup. A good platform to do paper trading for free is TradingView.
5) Start trading & monitor your progress for 6-12 Months
Once you have learned the technical concepts, practiced paper trading, and have your trading account ready, start trading and monitoring your progress for the next six to twelve months. If you’ve started making consistent money for at least three months after this, you can increase your trading capital and get into full-time trading.
