Are you looking for mcx commodity tips? Well, if the answer is yes, then you have come to right website. Indian markets have opened up a new avenue that traders as well as retail investors can take advantage to make a fortune in life. If you want to diversify your portfolios beyond trading in bonds and real estate, then it is high time you considered the idea of Commodity trading. However, making it in this sector is not easy for a newbie. Therefore, it is very important to equip yourself with the best mcs trading ideas as well as read mcx market news frequently. This article brings you commodity trading tips for beginners. These tips will not only help to get started but also to rise to the top.
Where to take part in commodity trading
Choosing your broker
With the many brokers in the India commodity market, choosing the best is not an evening walk at the park especially for novices. This nation has very many equity brokers who have registered for membership with MCX and NCDEX. Companies such as ISJ Comdesk are already offering investors with commodity futures services. You can check with the list of service providers in different categories before making your final decision. Take time and compare several brokers so that you choose the best.How much should you invest in commodity trading?
The good thing about commodity trading is that you can invest as low as 5000 Rupees. You only need cash for marginal payable upfront. This margin can range between 5-10% 0 of the contract value. Although you can begin commodity trade with about 5000 rupees with the ISJ commtrade, most Indian brokers have their different packages allowing you to choose according to your potential. To trade in gold and silver, you need a minimum of 650 and 950 rupees because the current price is for gold is Rs. 6500 per 10gm and 9500 for one kg of silver. The amount required for agricultural commodities vary from one commodity to another. To make money from agricultural commodities, you also need 5000 rupees or more.
Also Check out Top 10 Exported Commodities of India.
What should you have to start trading in the commodity market?
Currently, you only need to open a bank account. To trade with brokers, you have to make a number of normal account agreements with them. Furthermore, you are required to provide them with a number of details including bank account number and PAN number among others.
In conclusion, if you have dreams of becoming the next millionaire in town, then you should enter the commodity trading field. You only need 5000 Rupees and you will be good to go. In addition, you should equip yourself with the best commodity to make more profits.