been dabbling in trading alittle bit over the past few months and had alittle success but now would like to really understand how to trade and make it profitable long term. hope to learn alot here
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Best trading demo before you go live man. Make sure you develop a profitable strategy and you’re good to go.
This is the best site for learning.
Yes, gaining experience is critical to whether you’ll succeed or not. And even then, there’s no guarantee you’ll be successful. The key component is discipline in managing your emotional responses.
Certainly, over 90% of newbies overtrade, revenge trade, or gamble, resulting in blowing their accounts. IMO, there are three other difficulties to overcome -
- ignoring social media marketing hype,
- learning how not to lose money,
- trading a minimal account size.
Number 3 is the downfall of most newbies because it just is for a number of above reasons. IMO, to stand a reality of making enough money to cover lifestyle costs, I would start with a $ 2,500 - $ 5,000 size account, staking 1% risk per trade at $25 - $50, limited to a maximum exposure of 5% per day which could meet most new - but competent - traders’ goals.
Bear in mind that 1% risk is NOT profit, but with a winning strategic ratio around 60% it could be.
Hope that helps…
BTW, for most newbies who have gained experience, but with low capital, I would suggest entering a prop firm evaluation at around $100 outlay with the goal of succeeding to trade a $2,500, or above account. Here is a link to one of the better ones.
Looks like you have come to the right place. There are lots of learning materials on here. I would recommend using a demo account before going live with your trading.