After first deciding to get into Trading 1 year ago, it has been a path into one of the most interesting fields I have ever encountered. Things were slow at first, and the real journey didn’t begin until late last year after beginning to research and practice trade. I was lucky enough to read through many peoples accounts of blown accounts and repeated mistakes, so avoided many of the pitfalls others have faced, but have faced my own hurdles such as adjusting my psychology to a traders mindset.
Now, I am finally live trading with a strategy that is consistent and suits my personality and style, and have it fit around my lifestyle so that I actually get to enjoy trading rather than it becoming one big grind. I’m still making my way back up from a 10% loss (paid my dues to the market for the lessons it taught) but now I don’t see it as “earning it back”, instead I am just confident that my strategy will get me there eventually with its steady profits.
With this little summary in mind, there are a few things I’d like to share to any new traders or those who feel stuck.
Take your time - Don’t just jump in with the first strategy or mentor you see. Instead take the time and put in the work to understand the markets and your own psychology. The Babypips School of Pipsology isn’t just something to be skimmed to get the completion to 100%, take your time and study it, write notes if you have to as it is providing a quality education for free where others would charge thousands for much less.
Practice makes perfect - Learning to trade is like learning to drive, practice trading will teach you what you need to know and may help you find a consistent strategy, but the moment you switch to a live account with real funds you will trade differently and may start to doubt you could ever do it (obviously not everyone experiences this). If your strategy worked in practice, then the only thing stopping it working live is yourself. I recommend the book Trading in the Zone to help with this matter.
Keep a diary - However you prefer to do it (I use a spreadsheet which I’m happy to share if anyone is interested) record and revise your trades. Every. Single. One. it will help you become a better trader and make it clear what you’re doing wrong and what you’re doing right.
Don’t force it - If you have a busy schedule and only have 30 minutes a day to trade, then intraday trading may not necessarily be for you. On the opposite side, if you have impatient tendencies and a free schedule, then swing trading may not be your style. I was shocked to find myself ending up on the 1 minute timeframes for my strategy (I don’t scalp, it just helps with entries and accuracy) which fits in well with my flexible schedule. Take the time to work out what’s right for you, if the strategy or timeframe doesn’t feel right then chances are it’s not a good fit.
Ask for help - This forum is an incredible community and often my first stop if I can’t find things myself or need a discussion, take advantage of it and ask whatever you need answering to help you advance further. Only consider a mentor or training group after you’ve exhausted your own ability and research, it may be what you need, but it can sae you a lot of money and heartache to start at the one person responsible for your trading - you.
Happy trading guys!