words, wishes to the one who sets off
Everyone chooses their own path. Time will tell whether it will be easy or difficult. My path began in 2008. Speculation on the stock market is not taught in institutes and universities. From that day, when I made my first trade until this day, I am constantly learning, researching, testing and developing. Technology, tools and exchange platforms are always evolving. To continue on your way, you have to progress as well. In 15 years – I have gained a wealth of experience and knowledge. The advice and recommendations that I will share, you will not read in brokers’ handbooks or see in the movie Wolf of Wall Street.
To win at the card table, you first need to know the rules of the game. It is not enough to know what you have learned in basic training courses once you have opened a brokerage account. Learn all about stocks or futures contracts, thoroughly understand all types of orders, information on how the exchange works, learn as much as possible the software with which you can analyse the market and send orders.
Money changes hands in the market. If you want to make money in the market – it is not enough just to let the profits flow, risking only 1% of your deposit. You need to take the time, put in the effort and do it before your first trade opens.
A trader is a profession just like an accountant, a fireman, an engineer – from session to session you will be immersed in routine work. After 1-2 years your enthusiasm and romance in mastering the stock market will fade away. You will spend from morning till the close of trading in your office behind a desk in front of 3-4 monitors. Videos in social networks, where the trader in the shade of palm trees with a laptop receives a huge % of profit making deals on the currency or crypto-market – will irritate you.
Think it through, assess your capabilities and financial resources. Assume that you will not make a consistent profit from trading for 1-2 years. You will need to pay attention to analyzing market activity and waiting for the right moment to make a deal – from the opening of the exchange to the closing of trading.
Think well and make a plan of your actions before the opening, after the opening of trading, also when and with what tools you determine the point of entering the trade, your actions in case of successful and unsuccessful development.
After a thorough study of the stock market, fundamental, technical and volume analysis – are you still determined to go further? Then start gathering all the information on brokerage firms that are available to you.
As a talented analyst and successful trader you will not get rich, if the “middleman” between you and the exchange does not play by the rules. A broker has to be reliable and trustworthy, not just in the reviews section of his website.
Don’t trust anyone. Not even me. Check all information: strategies, analysis methods, approaches, news feeds.
To make the right trading decision, you need to analyse several streams of information: market data, quotes, reports and economic indicators, and all of this information must be reliable and from reliable sources.
Otherwise your decision, which is based on the analysis of false, inaccurate or incomplete information, will be obviously unprofitable. Initially prepare and check everything you need to analyse.
Money changes hands on the financial market, you have to be faster than your competitors, make as few mistakes as possible and correctly assess and identify profitable deals. It is very important how you analyse the market and based on what information you make your decisions.
Prepare yourself well for trading on the futures market. To compete with professionals from all over the world, your self-confidence is not enough. Think about the strategies you will use and the software you will need or the type of analysis you will need to win.
If some expert analyst/trader tells you about a risk-free strategy or that he has no losing trades, do not demand confirmation of his words, you are simply wasting your time by continuing the dialogue with this genius. End the call or delete the chat and block this contact in all possible communication channels.
Trading is a business, which means there is risk and losing trades is an inherent part of the process. Do not look for anything risk-free – believe me this advice could save you several years of chasing the sun bunny.
Losing trades are inevitable and it’s not just for beginners, even super experienced traders make losing trades. Analyse each mistake, identify the key cause and how to avoid them in the future. You have to understand that negative trades can be due to a mistake you made, but they can also be due to a sudden overvaluation of the trend of traders, or due to excessive volatility after a news release.
Don’t stand still, evolve and improve your TS, improve the quality of market evaluation and analysis. use stop orders.
Trading is an expensive business. In addition to the funds in your trading account, prepare a budget for 1-2 years of full life in case you have no source of passive income.
Use an action plan when you follow a trade: when and under what conditions you close the trade and lock in a profit. Sooner or later you will have a series of super profitable trades – remember, the profit can be considered as the money you transferred from your trading account to your credit card, and you can gratify yourself by achieving your long-held dream.
There is a lot more I can share with you, but even sticking to these tips and advice will save you a lot of time and money. There’s a lot to think about and I’m sure this article will be of great help to those who just started on their journey.