Topic: Things that you're supposed to know as new trader (Read 52 times)

I think it is quite simple that the first thing that must be known and must always be remembered by novice traders is that trading is an activity that has risks, sometimes the risks can be quite significant when you take some dangerous actions that are usually done unconsciously by some traders such as when they experience emotions due to losses. Second is to become a trader you really need to have seriousness in terms of learning, or that means you really have to be someone who has strong discipline and consistency in terms of learning and never giving up.

The last thing in my opinion is that a beginner must really understand that trading is not an intermediary to get rich instantly, however and wherever still everything must be done by first undergoing the process no matter how difficult it is, because I see most novice traders who ultimately fail are those who have the wrong mindset and perspective on this trading, they think that trading is a quick way to get rich, and I am sure that this mindset is formed because they see some people who have managed to succeed by successfully changing their lives for the better such as having freedom in finance after becoming a trader, and the biggest mistake of beginners is that they only see things from the results but do not think about what difficulties and what has been experienced and sacrificed by the successful person to finally become a successful trader, meaning try to see things rationally and also by using common sense before you finally jump in, the goal is to measure yourself whether you are ready or not with all the difficulties and do not let you get involved just to waste money.

Any new trader who feels too confident due to the little success they have had in the live market or in the demo accounts will learn the hard way that little knowledge in trading is never enough to transform an individual into an expert. The experts who are making consistent profit from the market have dedicated years to learning and mastery, and they are experts today because they did not quit.

It may even be discouraging to some new traders when they hear how long it took for some older traders to become more expert traders in the market.

Trading demands consistency and dedication to master the skill.

Its only one thing you suggested to newbies that they are supposed to know, while you use the plural term "Things". Well, that might be a grammar mistake. The advice you have given is so obvious and sometimes people really face this issue. As after making a profit one or two times, they started to think of themselves as good traders or this is there thing.

While we should not judge a book by its cover too soon. We should not take decisions, on the basis of a few trades that went well. Like, leaving a job, changing mindset, etc., etc. We should really give trading proper time, to see if we can adopt it as our professional job like a professional trader or not. As new traders, are only after reward, besides the idea of thinking of themselves as expert, sometimes, its good to have an idea of becoming one, one day.

In cryptocurrency we trade so it will enable us to make profit and more incomes, we should have that at the back of our mind, I know there are expert in trading, but for those that just started crypto trading should know that the expert trader have been for long time and you think you can just start and become an expert it's a lie, you have to start from one point to another, and you will get to understand how it is, more knowledge will be coming to you as well, so you don't just start and become an expert.