Even after all the hard work and learning that goes into becoming a trader, much of the success comes from the experience of trading. But unfortunately, if you’re not very careful, you can lose your entire account before you figure out what’s going on and how to play the game.
Hopefully, you’ll start racking up some wins early on, but looking back, there are things that if we only knew a year ago, they could have put us on the fast track much sooner. I learned the hard way. My emotions carried me away and before I knew what I was doing and how to look at the big picture, I jumped into trades. Bad idea. I do not recommend it! Here are some of the tips that I have picked up since then that would have helped me a whole lot a year ago!
Choosing A Trading Guru
The first thing you can do is to find a successful trader that you can learn from. You don’t have experience and many traders do, so why not take advantage of their expertise? Some traders offer free online tips and services, but others may charge a fee for more personalized support. Whatever it takes, subscribe to at least one mentor who follows your same type of trading style. Shadow that person for a while and watch the moves and trades. Learn to mimic this mentor’s actions so that when you’re on your own, you can judge a scenario using the same types of factors. What charts does the successful trader watch? When is the best time to jump into a trade and learn the most ideal time to exit.
Prove Your Trading Strategy First
Before putting any money into a trade, spend time setting up your trading style and trading strategy. That’s quite a project that will take some time, but you’re still not ready to enter a trade. Why? Because you need to test your strategy and make sure that it works for you. Start your career as a trader by signing up for a dummy account with any brokerage. This is the place where you can see if your strategy fits your trading style. Notice what works and what doesn’t, and go from there. It’s of the utmost importance that you spend whatever time it takes in testing it so that when the stress hits, the numbers are rolling and you’re unsure what’s happening, you can rely on your well-tested and proven trading strategy.
Correlating Your Goals With Your Lifestyle
Spend time pondering what you want from trading and how you should best fit it into your regular schedule. Don’t make the mistake I did as a newbie and spend waaaaaayyy too much time in front of the computer. I missed appointments, skipped going to the gym and secluded myself from the outside world. I was so afraid that I would miss that one big win, that I was afraid to leave. Take advantage of the 24-hour open markets and choose one that works into your lifestyle.
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