Another new trader here - though have been lurking for a while now. Have worked my way through the school, and have recently started with a demo account. Still kind of trying to find my feet with everything really, and work out what works best for me with analysing the charts. The toughest thing I’ve found is just sitting on my hands and not jumping into trades without proper thought! Burnt my demo account initially but started afresh now and trying to be more disciplined with things this time around!
That’s a normal outcome for most newbies. Experience is key. And when you recover from this and start to trade properly and proficiently on your demo account, you’ll likely be confident enough to open a live account.
That,my friend, is a whole new ballgame. So start small and keep small until you can emotionally control your trades. Best of luck.
I feel youuu. This was also one of my struggles when I was starting out. I felt like I had to always have an open position to really become a better trader. But, I’ve learned the hard way that it’s more about discipline and smart planning. If you don’t mind, what trading strategy are you currently using?
It’s a tough one isn’t it! I’m mainly working off 1D and 4 hour charts at the moment. Going into the 1D charts to find the overall trend and marking that. Then marking the previous strong support and resistance levels. From there I’ve then either been going with the trend or looking for obvious signs of a reversal. Another trap I was falling into was reading into things on the charts that weren’t really there, and making them fit what I wanted to see - e.g. head and shoulders formations.
I’ve only really started again in the last week with a fresh demo balance, so still working on the best way of doing things and always open to other peoples ideas and thoughts. The main thing I’ve learnt is to sit on my hands and wait before entering a trade!
This was also one of my struggles when I was starting out. 