The only best way one can learn about trading is by exploiting the knowledge from the professionals in the field. No school or college is going to teach you about the trading market, you have got to self-educate yourself and get as much knowledge as you can from effective sources.
For example, this article. I’m going to share some of the important things I learned in my 15 years of experience in the trading world.
Develop a Consistent Trading Plan
The first thing you need to understand is that it’s easier to over-trade than one can imagine. I didn’t even know I was over-trading in my rookie years, it’s a very, very easy mistake to make, especially for beginners, and it’s also a very costly one. You need to have a trading strategy and trading plan criteria so that you can develop some structure and routine into your trading processes, so that way you can tell whether or not you’re over-trading.
Don’t Overuse Indicators
The next thing you need to remember is that indicators are a bootless errand. Yes, indicators may seem quite attractive and fancy but all they do is add extra burden for you to deal with. There is no use of analysing them, I started reducing variables instead of adding them and that had a huge impact on my trading outcomes.
Let Trades Play Out Themselves for you
However, if someone asks me to give them an advice on trading, this ones the first that’ll come to my mind; give your trades time and space to play out themselves for you. One has to be patient with the market and give the trade some space, this means to place wider stop-loss orders. Don’t react at every fluctuation in the market, let it prove you wrong.
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