The newcomers cannot avoid losses by their greediness and emotions, it’s true. But the regular traders cannot come out their losses because of having most powerful risk management and MM. they always fours on just acquiring good trading knowledge . of course we have to do it. But besides it must be focused on risk managing approach if we want to avoid losses.
as a newcomer Don’t focus on your capital; focus on your process! By the way, you have to invest your capital only when you are very sure on your trading skill, here knowledge is the key not your healthy trading equity.
Newcomers should focus on others inevitable part of trading besides acquiring good trading knowledge. Controlling emotions , avoid revenge trading , overtrading , money management ,RR and much more things they have to observe for avoiding unfortunate loss.
The fastest way for a beginner to get settled is a demo account. Even there, the trader starts to develop some habits and new qualities. If they are good and have a positive effect on both trading and the person - then they should be developed further. If they aren't, then they must be immediately changed or even eliminated. The trading journal also helps to follow yourself and your habits. Using it, you'll be able to analyze the problems and find your weak points. So, I recommend keep trading journal to all beginners!
Imamul posted: practically as a newcomer it is quite difficult to keep patience for a long time , so demo trading for long time we the newcomers have to practice , it can help us for ensuring a great patience.
True, even i had a problem being patient in the start. Patience takes a lot of time to come to newbies. But practice should be restricted to demo trading only, as emotions are less prominent there. We should do both demo and live account trading if we want to control emotions.
It is very difficult for newcomer to make the right judgment since they are new to everything. But hopefully, by the time, they know how to adjust and make the changes can help in bringing the dramatic difference.
Demo account generally is more appropriate to ensure the basic fundamental market experience which is very supportive to continue a live account in a proper way , but not appropriate to make sure brokers performance but shortly you can understand how the broker works.
reggae posted: It is very difficult for newcomer to make the right judgment since they are new to everything. But hopefully, by the time, they know how to adjust and make the changes can help in bringing the dramatic difference.
Right! In the beginning everyone faces issues, but with good research and study, they get a good hold on everything.
Go and trade with experience trader before you try to trade on your own, as a professional I will never advise you to venture into trading yourself if you have not done that I just said, and at least 1 year with a proffesional experienced trader.
right now in this time when COVID 19 is going over the world so many things stopped but one thing has never chanced that is newcomers common mistake , they trade random still , i have been seeing from last couple of weeks.
Mohammadi posted: The newcomers cannot avoid losses by their greediness and emotions, it’s true. But the regular traders cannot come out their losses because of having most powerful risk management and MM. they always fours on just acquiring good trading knowledge . of course we have to do it. But besides it must be focused on risk managing approach if we want to avoid losses.
Get a good risk management and you are a successful trader
Vozil559 posted: A beginner's best habit is to get used to what you have to learn. This is a fact, because if you think you can learn one strategy and earn money from it, you are already on the wrong track.
I agree! No single strategy works all the time, the market keeps changing. Good advice
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