Even after knowing these two reasons, you will not be a professional in trading. It is like saying to a student: If you want to succeed, stay up all night and read hard. It is true that they are good advice and will lead you to success, but they are general and cannot be benefited from. To help in success in trading requires the person to know the basics of analysis. Technically, then build a long-term investment strategy. With more experience and experience, you can make trading a part-time job
This if we can say trading is good for newbie which is not.
Topic: My First Advice To Beginner Traders - page 2. (Read 279 times)
You spoke about mindset towards trading, do you know that you can still have the right mindset and still not be a profitable trader, trading is just too complicated, that's why buying and hodl is mostly recommend for beginners.
Even experience traders find it difficult to be profitable base on the fact that they don't have the right knowledge of trading or they don't have the right trading system. I was telling a friend of mine last week that if you want to be profitable in trading, don't ever go for trades below 1:3 reward ratio, because in trading you mostly get losses, while you manage your risk properly, but when you trade nothing less than 1:3 reward ratio, any good trades will definitely wipes out all your losses.
To me in trading having the right knowledge is the key.
Even experience traders find it difficult to be profitable base on the fact that they don't have the right knowledge of trading or they don't have the right trading system. I was telling a friend of mine last week that if you want to be profitable in trading, don't ever go for trades below 1:3 reward ratio, because in trading you mostly get losses, while you manage your risk properly, but when you trade nothing less than 1:3 reward ratio, any good trades will definitely wipes out all your losses.
To me in trading having the right knowledge is the key.
I usually don't recommend trading for beginners because it's risky. Trading requires experience, and if you're not experienced, you could lose more money than you invest. Sometimes, beginners are drawn to trading because they think it will make them rich, but this can be based on misinformation. I often see beginners looking at market charts without understanding them.
Experienced traders became experts after making many losses and having a stable source of income. So, if you're a beginner without experience and enough money, it's risky to start trading.
It would be advisable to learn, practice with virtual accounts, and only invest money you can afford to lose. Make sure you understand the markets before diving in, as rushing in without knowledge and financial stability can lead to big losses.
Experienced traders became experts after making many losses and having a stable source of income. So, if you're a beginner without experience and enough money, it's risky to start trading.
It would be advisable to learn, practice with virtual accounts, and only invest money you can afford to lose. Make sure you understand the markets before diving in, as rushing in without knowledge and financial stability can lead to big losses.
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Before I proceed any further it's important to know that sometimes our knowledge outside this forum may not equate our ranks here so that doesn't mean quality information cannot be gotten from a low ranked person on this forum, some of us are good at what we do outside here.
Okay, these two lines make me interested in reading it in detail. Sometimes, I ignore it when I see tutorial-type posts from newbies. There is a reason behind it. Most of them come into this forum and post AI-generated content to get some quick merits to rank their profile. It's nice to see someone genuinely interested in writing these things from themselves. one of which is, you get rich quick as soon as you venture in to trading. This has to be the height of falsehood in trading. It's true you can get Rich trading no doubts, but then you will have to put in some work as the wealth doesn't come suddenly or as soon as you start trading, so one should take off such mindset, have a change of such mind set if you did have such before as you may be disappointed sooner than later.
Hehe, this is one hundred percent real, bro. Not only trading but people have this idea about most of the online activities. People think it's easy to make money online, and everyone can do it. People think it's easy to make money from gambling, from Fiverr, from upwork without skills. I am one who makes some pocket money from the internet and people ask me why I don't teach them? They think it's super easy.
Personally I define Trading as the exchange of value for value this is because at the end of the day we trade small money to get bigger money and they are both valued at a price. Before I proceed any further it's important to know that sometimes our knowledge outside this forum may not equate our ranks here so that doesn't mean quality information cannot be gotten from a low ranked person on this forum, some of us are good at what we do outside here. That been said let's quickly dalve dip into the subject matter.
Before you consider going into trading fully as a full time hustle or a hustle on the side, I advise you put the following to consideration first, I will be considering just two points and they are as follows:
1. Mindset.
2. Learning.
MINDSET:
This has a lot to do with the information you got earlier about trading that has caught your interest enough to want to go into trading. There are so many wrong perceptions about trading out there, one of which is, you get rich quick as soon as you venture in to trading. This has to be the height of falsehood in trading. It's true you can get Rich trading no doubts, but then you will have to put in some work as the wealth doesn't come suddenly or as soon as you start trading, so one should take off such mindset, have a change of such mind set if you did have such before as you may be disappointed sooner than later. Trading is not a Ponzi scheme, Rather just like every others, it's a skill and requires time to acquire after which you can then make a fortune out of it. This leads us to our next and last point.
LEARNING:
It's very important to know that your success in trading depends so much on how much information and education you have about trading before and while you are still trading. As a beginner trader, invest so much in learning before thinking of earning, this is very important. Get good quality education and information about trading, read books, take courses online or offline and make sure to get every good information possible about trading as this will greatly influence your success in your trading journey. Understand that you are acquiring a skill and that means it requires some time to gain mastery of the skill, so dedicate the necessary time required to Learning just as you do in college and soon you will be glad you did as you will be enjoying the results of learning first. Learn before you earn so you don't have to spend all your earnings learning.
Before you consider going into trading fully as a full time hustle or a hustle on the side, I advise you put the following to consideration first, I will be considering just two points and they are as follows:
1. Mindset.
2. Learning.
MINDSET:
This has a lot to do with the information you got earlier about trading that has caught your interest enough to want to go into trading. There are so many wrong perceptions about trading out there, one of which is, you get rich quick as soon as you venture in to trading. This has to be the height of falsehood in trading. It's true you can get Rich trading no doubts, but then you will have to put in some work as the wealth doesn't come suddenly or as soon as you start trading, so one should take off such mindset, have a change of such mind set if you did have such before as you may be disappointed sooner than later. Trading is not a Ponzi scheme, Rather just like every others, it's a skill and requires time to acquire after which you can then make a fortune out of it. This leads us to our next and last point.
LEARNING:
It's very important to know that your success in trading depends so much on how much information and education you have about trading before and while you are still trading. As a beginner trader, invest so much in learning before thinking of earning, this is very important. Get good quality education and information about trading, read books, take courses online or offline and make sure to get every good information possible about trading as this will greatly influence your success in your trading journey. Understand that you are acquiring a skill and that means it requires some time to gain mastery of the skill, so dedicate the necessary time required to Learning just as you do in college and soon you will be glad you did as you will be enjoying the results of learning first. Learn before you earn so you don't have to spend all your earnings learning.
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