Gilbert.Jer
Member
Hi, fellow traders! I'm sharing with you a few points that I wish someone had told me during my initial trading days. If you have more points, do add on!
1. Making multiple trades
Wanting to diversify your portfolio is good. But doing it too soon as a newbie might leave you bombarded with information and data that you might not be able to keep track of. Hence, take it slow!
2. Seeking multiple opinions from multiple people
There's an ocean of information out there and each trader has his/her own way of making trades. What worked for one, might not work for the other, and vice-versa. Seeking too much information for fear of missing out might leave you confused and feeling lost. It's always best to learn first, and then work out your own strategy.
3. Making decisions based on emotions
In the initial stages, loosing can make you feel like trading is not your cup of tea and that you'll never be as good as your fellow traders. But you have to accept that there's no profit in trade without a certain loss. You can't escape loss, but you can definitely minimize it.
4. Not having a trading plan in place
You must have heard from many to keep a journal, which new traders often tend to overlook. Well, it's one of the most important things to do, perhaps the easiest. It helps you note important variables like your entry and exit points, whether the trade was long or short, etc. It helps you understand what works for you and what doesn't, as well as your strengths and weaknesses, and helps you make an informed decision moving forward.
5. Trading without taking global events into account
Global events like natural disasters, political elections, war, etc. can have a huge impact on a country's currency. Although it's extremely difficult to forecast these events in advance, good traders will stay informed and use them to their advantage.
1. Making multiple trades
Wanting to diversify your portfolio is good. But doing it too soon as a newbie might leave you bombarded with information and data that you might not be able to keep track of. Hence, take it slow!
2. Seeking multiple opinions from multiple people
There's an ocean of information out there and each trader has his/her own way of making trades. What worked for one, might not work for the other, and vice-versa. Seeking too much information for fear of missing out might leave you confused and feeling lost. It's always best to learn first, and then work out your own strategy.
3. Making decisions based on emotions
In the initial stages, loosing can make you feel like trading is not your cup of tea and that you'll never be as good as your fellow traders. But you have to accept that there's no profit in trade without a certain loss. You can't escape loss, but you can definitely minimize it.
4. Not having a trading plan in place
You must have heard from many to keep a journal, which new traders often tend to overlook. Well, it's one of the most important things to do, perhaps the easiest. It helps you note important variables like your entry and exit points, whether the trade was long or short, etc. It helps you understand what works for you and what doesn't, as well as your strengths and weaknesses, and helps you make an informed decision moving forward.
5. Trading without taking global events into account
Global events like natural disasters, political elections, war, etc. can have a huge impact on a country's currency. Although it's extremely difficult to forecast these events in advance, good traders will stay informed and use them to their advantage.
