Practical advice for a novice trader

22 февр. 2023 г.

Practical advice for a novice trader

- It doesn't matter what size of the deposit you have, start gaining experience with symbolic sums: $10/50/100, as you gain skills, you can increase the deposit, but be prepared to lose. In addition, with such an initial deposit, the logic of the behavior of market participants will open up to you.
- Do not invest in trading those funds, the loss of which will affect the quality of your life, only what you are ready to lose.
- Do not rush to leave your main job, let trading be your hobby for some time, perhaps it will grow into something more over time (but this is not certain).
- More trades does not mean more profit, you can make several trades in a month and earn more than if you made dozens of trades a day, and sometimes it’s best to be out of the market, but this is very difficult without experience.
90% of a trader's time is spent on analyzing the instrument and the situation, forget about the rush, opportunities appear and disappear every day, know how to wait.
- The first transactions can be made on paper, on an unfamiliar chart, but just take into account not only the profit or loss, but also the time spent.
- It doesn’t matter what timeframes you work on, as long as you manage to trade profitably, but you need to start studying the chart with higher timeframes: monthly, weekly, daily and go lower, so you will understand the whole picture.
- There is no endless growth, as well as an endless fall, markets are cyclical, and reversals usually occur at the most unexpected moments.
Do not make decisions on emotions, only a well-thought-out plan. Develop your own trading strategy, according to your initial data and temperament.
- Don't ask others where to buy and where to sell, they don't know.
- If the instrument has already made several hundred percent growth from the bottom, then it is not rational to enter it without stops, if the profit from the bottom is several thousand percent, then it is contraindicated to enter such an instrument on growth without waiting for a significant rollback!
- Even if everything points to a specific direction of movement, always allow 1% for the opposite option, this can save you from significant losses. Always control risks.
- If you make a profit, withdraw at least a part, regularly, you must understand why you are spending your time on this. Ideally, over time, withdraw all the money invested, so it will be easier for you to psychologically operate with a deposit.

There are no universal strategies. Your trading strategy should be well-considered, but at the same time adaptable to the current market situation. Something works well in a rising market, and does not work well in a falling one, and vice versa. You will be able to earn if you quickly adapt to the situation and skillfully manage risks.

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✅Disclaimer: Please be aware of the risks involved in trading. This idea was made for educational purposes only not for financial Investment Purposes.

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