I wrote the following points at the end of 2016 as some sort of a short guide for people wanting to get into trading.
It goes without saying that learning to trade from scratch can be overwhelming and before one can dream of making more money than their pockets can contain, here are some of the things I think you should do to increase the chances of you having a long run in the game;
Get a mentor
Simply put- you don’t know what you’re doing. Find a mentor with a proven strategy and a teaching style that suits you and learn as much as you can from them. This will shave months, if not years, off of your learning curve and will almost certainly stop you from making those stupid rookie mistakes.
(Tweet me if you’re looking for a mentor and I’ll try and point you in the direction of a suitable one.)
Keep it simple
If you chose not to get a mentor for one reason or another and try to teach yourself how to trade, keep it simple. Learn the basic fundamentals of price action and try not to distract yourself with a billion and one indicators.
Don’t succumb to small account syndrome
Listen- you’re not going to become a millionaire overnight if your trading pot is smaller than an atom. Learn a strategy that earns you profit over time using prudent risk management and focus on growing your account/honing your skills until you have the funds to consider trading for a living.
Keep risk constant ALWAYS
Don’t vary your risk per trade. Just don’t.
Keep a journal/record every trade
This point is pretty self explanatory. How will you improve if you don’t have a record of what it is that you’re doing?
(Tweet me if you need a template for a journal, I’ve a pretty cool excel file that produces stats almost automatically)
Don’t risk money on suboptimal trades
It’s money we’re dealing with here not fun coupons.
Thanks to Joseph Kuye