Topic: My experience as a beginner trader - page 8. (Read 1704 times)

Self control, it is important and many are discussing that for so many times. Without which, a trader is bound to his own losing trades because as a trader, newbie or not, when you can't control yourself and there's the market fundamentals changing over time, you'll have hard time dealing with it.

Because trading is a game of emotions and strategies.

When you're weak emotionally, you'll lose against the market and that's how many are being eaten by the bigger and more experienced traders.

Haha. In as much as I agree with you, also note it that, there always arrives a time in the life of some potential traders when they will have to make a decision either to quit or keep losing money, quitting is not always a bad thing in some circumstances, after all, it is often said that those who fight and run away, will live to fight another day ..

Quiting does not necessarily mean that the person is done for life, a trader might discover another or some other sources of incomes which he is better at, and decide to leave trading to focus on that , while some other might want to take a break from trading to put their life and emotions in a better shape before running back ..

I myself have quit trading several times to get better control of myself, but I still return back better than I left, and even though time won't permit me to trade as frequently as a want nowadays, I am still very happy with the knowledge I've acquired so far ..

Greed is indeed the main obstacle for a trader, who is not satisfied with the profits he has achieved, so wanting to pursue even greater profits is even illogical. If it's like that, it means the same as gambling, we will suddenly get rich or fall into poverty, but if we continue, we will lose in the end, because luck will not come continuously. therefore learning to repair and maintain our emotions is very important

usually as a beginner its better if you test out small amount of money, checking the water, seeing how overall market actually works, then you might slowly increase the capital that you traded, because newbies aren't really knownig what they are truly capable of because they haven't encountered some circumstance where the market is going out of the usual textbook technical analysis guides so some of them are gonna gets confused because of it, testing the water using small amount of capital shown to be massively effective for newbies while not really endangering their whole life saving for the sake of knowing or starting their trading journey, though sometimes these so called beginner traders ended up becoming investors after they know that trading is more exhausting that they seemed to picture it out to be.

One reason why many traders have failed is because of their greediness. In trading, we also have to know contentment and we have to accept small earnings because we are not controlling the market nor it give a favor to us every day. If ever we get $100 today, we must be happy with that because we never know that by tomorrow we also lose $100. In fact, as a beginner, we can't expect that we are to earn right away but rather be expecting to lose. However, on the other sides, we are also earning from it, and can be useful as we continue our journey.

That's because you trade too early. Ideally, you need to know first how to read candle/chart patterns before you started trading. A trader needs to understand both technical and fundamental aspects, it is the basic need in trading. If you still can't master them, how you analyze the market? Sure, the best decision is to learn first, just trade when you have sufficient knowledge.

Trading plan can be made if you have knowledge. If you still have lack of knowledge, you are difficult to make a proper plan. When you have no proper plan, that discipline will be nothing/useless.

All of these things would really be only done on the time that they would be experiencing those devastation when it comes into their funds because those things mentioned above isnt something that they would really be doing initially or on the time that they are really that starting up on which this is really that a very common known approach specially into those noobs who are really that rushing on making money or really that already thinking that they would become rich on the time that they would engaging on trading without even trying out to realize on whats the real deal within this market. We are all would really be experiencing on being a newbie since we are not all knowing kind of being on which on the time that we would really be first time on experiencing like trading then it would really be just normal that experiencing losses would really be more compared to those veterans or those oldies who had been dealing with this market for a long time already.If you are really that someone who doesnt really have that kind of awareness and knowledge then it would really be normal that you would really be seeking up first with those sensible information and other correlated things in regarding about trading. Other things or learnings would really be gained through real experience though but its better to take the slow pace rather than on making yourself that being rushed.

Beginners are never even advised to use money to trade beyond their ability to understand the risks of trading itself. By that I mean they are likely expected to learn and understand how trading works including the assets they want to trade. You should not choose any asset randomly just because you can afford to lose money, even if you have a small budget then do some analysis.

There are many avenues to learn if they wish including; read, watch videos and even trade in demo mode.

For the first time everyone starts as a beginner and after some time he knows all about trading. Trading is a skill and it requires time and practice. At first, you will make mistakes and lose money, and it's normal to make mistakes for the first time but when you take lessons from your mistakes one day you will be a successful trader.
If someone follows some steps that every trader must know then I think he will some profits at the beginning.
>Start with a small fund if you lose it, it will not affect you that much
>Start from a demo account which also helps you a lot
>Before investing, I suggest you do your own research.
>Be patient and never give up on what you started.

Yes and every trader will definitely feel this kind of condition where he experiences a loss that causes himself emotions and after that I think if indeed he does not have firmness in his self-control then it is very likely that he does not know what the stop is about, and obviously after that they must continue to trade but by relying on emotions not knowledge, sometimes I also like to see not a few of them who end up experiencing MC. So it means that self-control is very important in trading, even if you have a 100% accurate strategy it does not necessarily bring real victory if you do not have a good mental and psychological. Yes, it's true, even though stopping is not a bad thing, but well it's difficult if the person is already emotional.


Yes, basically in trading we must always use good planning in addition to strategy, as you said stop los and take profit are very important there, and also only that can help you not to lose too much. But yes emotions are like our enemies, it's like we are at war with ourselves, especially when it is difficult to find the right decision, I'm sure all traders experience things like this, honestly I myself am also not strong when I am in a position like this.

A beginner shoudn't start trading when he joins the industry, he should gain experience from investing so he can develop the habit of having patience because you'll need patience to stay longer in the industry and not give up or quit as the market can frustrate you multiple times by making you lose all your capital or lose money that you use to enter the trade. Investing is less riskier than trading and it's perfect for every beginner to start from less riskier ways of earning.

While he has investment then he can try out other means of earning from the market and when he does this, he won't be under too much pressure to make money from trading as he can take his time to learn how to trade properly and when he master it then he can start.

As you are saying about emotions, when it seems to be not that good anymore and most results that you're having within the day through your trades are not that good then it's okay to quit.

Not all the times that quitting is a bad thing.

Just like how we trade with some feature of stop loss, quitting is helping us to keep that to ourselves because sometimes we forget and with our emotions, makes us more pushy and eager but if it's not doing good. It means that it's not a good encouragement to keep going on.

I done this 2 years ago when i was just learning to trade and control emotions, I traded with my pocket money and blew my account many times and learned and hard earned experience which some people gain by losing their savings and huge amounts. I consistently make small profits now and I never think of quitting trading because market took my money and i will take money from market slowly.

Emotion is truely the enemy of the trading because it control the mind of trader, in everything you do you will definitely become a newcomer and you will make a lot of mistakes, that why you will be warn not to put all your savings in the trading to avoid the loss of everything rather invest what you can afford to lose even though you have enough money, invest small amount to see your perfection before putting in huge amount of money, don't put greediness in front.

I think you understood emotions in trading the way I do . Emotions plays a major role even in entering trade , emotions can push you to enter a trade you are not supposed to , emotions can make you to stay in a trade which you supposed to optout . As a beginner trader you will always fall in for this emotions there's no way, that's just the fact!

The importance of education is immense, just because you are learning something you have to do that thing is not the case at all. The main purpose of education is to learn about trading as it is to get a job, not to trade. Just because you don't have money right now is not a barrier for you to learn about trading, if you want to learn or learn about trading then you are welcome. Learning about trading will stay with you all your life and at some point in life when you have money but you can definitely get involved in trading by using your prior knowledge of trading. You have enough money but you don't have any idea about trading but you can't trade so if you have time then definitely get enough knowledge about trading first then when you have money you can trade with that money.

Emotions really are the biggest enemy in trading because you don't have patience, and mostly when there are trades that we thought were already a win situation but turned out not to be, we were not seeing the bigger picture. Also, when we are winning, we are always thinking of winning more, meaning we are now overtrading, and that is where the losing starts. That is why learning to control your emotions is a must while learning to trade.

In trading, it's best to be reactive rather than predictive. Don't rush into a trade in fear of missing profits. Instead, focus on cultivating the mindset of a trader, as it can significantly reduce the risk of making emotional trading decisions.

A strong mentality will always be born in a person when he has faced many things at the same job for some time. Because to be competent a person also needs sufficient experience and knowledge in trading and skills will not appear by themselves in any case if there is no experiment in trading.

And regarding the issue of losing or winning, I think that is just the final part that a trader will get because when a trader has a way to carry out his trading quite comfortably, I think there will be less chance of him losing. Even though he may also be very prepared when he has to lose, because that is part of the risk, the main thing he will look for is victory, not defeat.

Trading is a long time journey but many few people can travel until reaching final destination which is making profits consistently. 90% of the traders lose mostly because emotions take control of them and they start to unfollow their plan and overtrade.