Great point.
Also knowing your mission, your goals, how you plan to reach both exactly written down is incredibly helpful.
Writing things down has a power to it that just conscious attention alone does not.
Steps For Beginners
- Thread starter LoganSilver
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Great point.
Also knowing your mission, your goals, how you plan to reach both exactly written down is incredibly helpful.
Writing things down has a power to it that just conscious attention alone does not.
I love your first point! We have traders in our firm who could benefit from a lesson from the bigger players in the market. Every professional trader I know does NOT use leverage above 1:50, maybe 1:100.
The rest is spot on. The best situation would be to keep your losses small for your 4th point, but it does seem to happen in the traders lifecycle that there is a blow up of some kind especially in the first learning period.
I think that is when most traders make the switch to conscious incompetence and then realize that they have so much more to do and learn, which is envigorating and incredibly inspiring. (depending on who you are of course)
Hello deaddog,
Questions please:
1. Where does a trader obtain a trading plan with proven and validated edge for trading strategy(s)?
Thank you,
Hello LoganSilver,
Questions please:
1. Where will the trader obtain realistic goals for trading?
2. Who/what to compare goals to? What if my goals is 3000% return per month? How do I know if 3000% return is achievable?
3. How do I know if there is actual day traders making X%, or XX%, XXXX%, or XXXXX% per day/week/month/year? Where do I obtain records of this?
Thank you,
Realistic goals will be goals that can be replicated and in line with your risk management profile.
There are no records unless people wanted to share their history with you, which some traders might be comfortable with but as soon as you get into the space more you can see there are many, many very profitable traders.
If you are risking 2% per trade, a soft goal for you might be 4-6% per month.
If you are risking 1% per trade, a soft goal of 4% a month as well would work.
That is going to depend on your goals, your account, and your skills.
The best is to build your own. I know it sounds like a Bullshit answer but you have to have spent some time watching whatever market you want to trade. You come up with a strategy to trade that market.
Spend the time testing your strategy. Spend some time trying to prove it won't work. Back test.
I swing trade stocks with a simple trend following strategy. Buy stocks that are going up. Don't hold losers in your portfolio.
the beginners should choose the broker which is more appropriate to the concept of trading that will be used , if love doing scalping should choose the broker which allows trading concept such as this.
Not bullshit at all, I love that. Each trader has their own unique trader DNA. Everyone is going to view the market in slightly different ways.
Finding what works for you is critical. Thanks!
the beginners level at all times try to skip learning attitude but the main problem is there is no way to bring profit with no learning.
agree but different concept i have about this , learning is very much important but if there is no regular level of practice any level of learning approach can be useless.