[10stepdaytrader]

Trading is not easy. That is something that most of the brokers and vendors forget to tell you before you start. There is so much that needs to be learnt early to avoid the usual trial and error mistakes.

My personal advice is to start with the basics and to understand them completely

1.Psychology of Trading
Knowing how you will react to loss and gains is important because either event will impact your mental state. The two main culprits being Fear and Greed which can make you do things that you could regret later, such as ignoring a stop or not even taking a trade

2.Risk Management
To make money you first need to have money and that is what risk management teaches you. Protecting your capital should be your first concern when starting.

3.Technical Analysis
Technical analysis is our main tool as traders and a understanding of it and its basic principles will help any new trader.

4.Developing a Trading System
You simply must have a trading plan or system in place before start. It shows you what works and what doesn’t for yourself.

5.Traders Journal
Keeping a journal of all trades and personal trading notes helps to keep you sane in an environment that can make absolutely no sense

6.............Please share your tip for newbs

[henryduncan12]

6. Being updated with latest market news and updates to avoid chances of loss.
7. Start trading with demo or practice account.

[Rashedbgd]

Very useful tips, thanks for sharing.

[TraderJeffrey]

Originally Posted by henryduncan12 »

6. Being updated with latest market news and updates to avoid chances of loss.
7. Start trading with demo or practice account.

Seriously...ignore these recomendations.

News will just distract you from the original 5 and cause you to feel you're missing somthing and raise your anxiety level.

Practice or "Dummy" accounts remove the energy of having your REAL money on the table. Instead trade with small shares to prove your system.

[wrbtrader]

Originally Posted by henryduncan12 »

6. Being updated with latest market news and updates to avoid chances of loss.
7. Start trading with demo or practice account.

# 6 - very critical for a futures and forex trader because key market events will more often than not cause swing points, reaction points, strong continuation or trend price actions. Therefore, key market events help gives some of that critical market context that's needed prior to the appearance of any trade signal.

# 7 - only use a demo/simulator to learn the broker trade execution platform. Therefore, if someone is still designing a trade method, do that in backtesting and not while using a demo/simulator. In contrast, when traversing from demo/simulator to real money trading, only do such via small position size.

[yankdownunder]

Trade what you see. Do not listen to the talking heads. There are many who take advantage of inexperience. Remember, you are embarking on a quest, and you are the master of your destiny.

Originally Posted by 10stepdaytrader »

Trading is not easy. That is something that most of the brokers and vendors forget to tell you before you start. There is so much that needs to be learnt early to avoid the usual trial and error mistakes.

My personal advice is to start with the basics and to understand them completely

1.Psychology of Trading
Knowing how you will react to loss and gains is important because either event will impact your mental state. The two main culprits being Fear and Greed which can make you do things that you could regret later, such as ignoring a stop or not even taking a trade

2.Risk Management
To make money you first need to have money and that is what risk management teaches you. Protecting your capital should be your first concern when starting.

3.Technical Analysis
Technical analysis is our main tool as traders and a understanding of it and its basic principles will help any new trader.

4.Developing a Trading System
You simply must have a trading plan or system in place before start. It shows you what works and what doesn’t for yourself.

5.Traders Journal
Keeping a journal of all trades and personal trading notes helps to keep you sane in an environment that can make absolutely no sense

6.............Please share your tip for newbs

[henryduncan12]

Originally Posted by TraderJeffrey »

Seriously...ignore these recomendations.

News will just distract you from the original 5 and cause you to feel you're missing somthing and raise your anxiety level.

Practice or "Dummy" accounts remove the energy of having your REAL money on the table. Instead trade with small shares to prove your system.

"raise your anxiety level" One should patient to overcome on anxiety level.

I think, using dummy account is much better than using real account and loosing small share invested.

[Laura Isom]

Originally Posted by henryduncan12 »

6. Being updated with latest market news and updates to avoid chances of loss.
7. Start trading with demo or practice account.

I like these recommendations. We started using dummy money. After playing around with it for a while, I decided I liked trading and we decided to invest some of our real money.

It didn't cost me anything to gain the experience. The only thing I lost out on was profits i "could" have made but would not have made because of my inexperience.