What should newbies do in trading?
What should newbies do in trading?
I’m also beginner in trading. I trade since this summer and I lost about $90 on $120 account. Recently I make $20 on last $34.
Throughout my journey in trading, I read Jack Schwager’s book, watched many educational videos on YouTube, read many articles on the educational sections of CEX exchanges, and also talked with many traders. It seems to me that I understand enough about technical analysis, trading systems and trader psychology. But I’m at a dead end and don’t know what to do next. Other traders advised me to just trade, but I think that over time I will lose my remaining $45, and demo trading does not bring such emotions and I don’t want to try hard when trading it
Trade with the amount of money you are capable of losing. The kind of money that will not give you emotion.
If I earn $250 weekly. I can decide to trade with 5% which I can afford to lose. That means I will accumulate 5% of it weekly and try to make profit.
That is $12.5 weekly.
Try not to lose but continue to accumulate. I mean no to much risk trading. But if you lose more, stop trading after many months of losing. If you gain, continue to gain and accumulate.