My biggest mistake at the beginning of my trading career was trading without a clear plan. I chased quick profits while ignoring risk management, which led to significant losses. This experience taught me the importance of strategy and patience. Without a plan, trading turns into a gamble.
To improve my discipline, I started keeping a trading journal. By recording each trade, I analyzed my decisions, identified mistakes, and refined my approach. I also established strict rules: never risk more than 1-2% of capital on a single trade and adhere to stop-losses. Meditation helped me control my emotions, especially during volatile market movements.
The best advice for beginners is to not rush. Trading is a marathon, not a sprint. Learn the basics, such as technical and fundamental analysis, and practice on a demo account. Develop a strategy that suits your style and stick to it rigorously. Emotional control and discipline are more important than luck.
These lessons shaped my approach to trading. Mistakes are inevitable, but they become valuable if you learn from them.