Greetings, esteemed members of the @TradingView community and all Vesties out there!
Let's explore four timeless pieces of advice that beginners tend to overlook and why we should give them closer attention.
1. Manage your expectations.
Some newcomers fall into the trap of unrealistic expectations, drawn in by "get rich quick" schemes that initially sparked their interest in trading.
Beginner traders may anticipate similar returns to those promised in trendy strategies or TikTok videos, often without fully grasping the methods to achieve those profits.
Consistently profitable traders understand that success in trading requires more than just blindly following "profitable" traders on social media.
It takes time, discipline, and dedication to develop a trading system that suits your personality and the ability to adapt it to varying market conditions.
2. Simplicity is key.
Discovering a multitude of user-friendly education websites (with none better than TradingView, of course) can be enticing, especially when they offer a variety of indicators and trading systems.
Novice traders may find comfort in using fancy indicators and systems, ones that seem to be favored by the "pros," but without proper testing or practice, these technical tools can lead to mixed signals and confusion.
A wise approach is to start with price action and gradually incorporate indicators as you become more comfortable with their functionality.
3. Prioritize risk management.
Both beginners and experienced traders might envy those who achieve substantial gains, often overlooking the complexities behind their success.
While certain trading techniques can yield significant profits, they also carry the risk of wiping out an account in an instant.
Remember, even a good trade idea can turn sour if risk and trade management are neglected.
Proper risk management is crucial for maintaining longevity in the trading game and acquiring the skills needed to become consistently profitable.
4. Stick to your plan.
Trading novices are particularly susceptible to the psychological stresses of the market. Without trading confidence, they are more likely to deviate from their trading plans, even if the odds seem favorable.
Consistency is key in this aspect. After all, what you don't measure, you can't manage or improve upon. Without consistency:
• The trader won't learn how to adapt their system to changing market conditions.
• The trader won't cultivate the right mindset to handle losses, stay focused, and prevent emotional reactions.
• Inconsistent execution can skew the system's expected outcomes, leading to potentially worse results.
Don't hesitate to seek help and learn from a community of traders to avoid repeating the mistakes made by those who have walked your path before.
We would greatly appreciate your feedback on the article! Please feel free to share your thoughts and opinions in the comments section below.
Let's explore four timeless pieces of advice that beginners tend to overlook and why we should give them closer attention.
1. Manage your expectations.
Some newcomers fall into the trap of unrealistic expectations, drawn in by "get rich quick" schemes that initially sparked their interest in trading.
Beginner traders may anticipate similar returns to those promised in trendy strategies or TikTok videos, often without fully grasping the methods to achieve those profits.
Consistently profitable traders understand that success in trading requires more than just blindly following "profitable" traders on social media.
It takes time, discipline, and dedication to develop a trading system that suits your personality and the ability to adapt it to varying market conditions.
2. Simplicity is key.
Discovering a multitude of user-friendly education websites (with none better than TradingView, of course) can be enticing, especially when they offer a variety of indicators and trading systems.
Novice traders may find comfort in using fancy indicators and systems, ones that seem to be favored by the "pros," but without proper testing or practice, these technical tools can lead to mixed signals and confusion.
A wise approach is to start with price action and gradually incorporate indicators as you become more comfortable with their functionality.
3. Prioritize risk management.
Both beginners and experienced traders might envy those who achieve substantial gains, often overlooking the complexities behind their success.
While certain trading techniques can yield significant profits, they also carry the risk of wiping out an account in an instant.
Remember, even a good trade idea can turn sour if risk and trade management are neglected.
Proper risk management is crucial for maintaining longevity in the trading game and acquiring the skills needed to become consistently profitable.
4. Stick to your plan.
Trading novices are particularly susceptible to the psychological stresses of the market. Without trading confidence, they are more likely to deviate from their trading plans, even if the odds seem favorable.
Consistency is key in this aspect. After all, what you don't measure, you can't manage or improve upon. Without consistency:
• The trader won't learn how to adapt their system to changing market conditions.
• The trader won't cultivate the right mindset to handle losses, stay focused, and prevent emotional reactions.
• Inconsistent execution can skew the system's expected outcomes, leading to potentially worse results.
Don't hesitate to seek help and learn from a community of traders to avoid repeating the mistakes made by those who have walked your path before.
We would greatly appreciate your feedback on the article! Please feel free to share your thoughts and opinions in the comments section below.
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📈 Discover insights, share strategies, and connect with fellow traders. Click to join: bit.ly/3rmVr9b 💜💜💜