It is very important for the beginner to keep in mind all these tips and then move ahead. These tips make a huge difference in the way we trade and give better results.
Here are some tips you should always keep in mind:
- avoid trading without strategy
- always use a stop loss
- never stop learning
- follow risk management and money management
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Know Your Limits is a crucial piece of advice that I keep in mind when trading.
It’s simple, yet it’s essential to your future success. Knowing how much you’re willing to risk on each trade, adjusting your leverage ratio to suit your needs, and never taking on more risk than you can afford to lose are beneficial in long term.
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By using stop losses, an appropriate leverage, and the right mindset, beginners can trade without losing much. Though, it is crucial to have a tested trading system before actual trading.