Tips That New Traders Should Know

If you are a brand new trader, you have a lot to learn and know about the money trading business.  Many experts look at this advises as helpful to new traders. Here are some important tips:

  1. Study one or two markets at a time. Pick two of your preferred choice. It does not matter what they are. Whether it be coins, currencies, commodities or stocks, pick two pairs only and focus on them. Make sure that you focus and are not distracted by anything.
  2. Look for one individual set-up that you can use in both of the trades.
  3. Treat trading seriously. It is important for new traders to dedicate time daily. Always understand that trading is a job.
  4. Avoid shortcuts. Stay away from promises that are too good to be true. Be processed-oriented. Know the process, it is hard in the beginning, you will be discouraged if you fail but don’t give up as long as you follow the process, you are good.
  5. Give yourself at least five years. This is how long it may take or even longer. Remember you certainly won’t become profitable in 6 months. Play the long-game in all areas of trading.
  6. Review and analyze regularly. Always keep a journal of your trading activity, a trader who does not journal has 0 chances of becoming successful. Go through your trades regularly and look what works and what does not.
  7. don’t risk more than 3%! 3% may already be very aggressive for many, losing streaks is possible to happen, plan accordingly.
  8. have a checklist. Get to know your trading system. Try compiling a list of rules for your trades and try to eliminate subjectively.