Stop hesitating about whether to take courses or find a mentor! Whether you can succeed in trading through self-study doesn't depend on having someone guide you, but on whether you can practice the fundamentals! As someone who has struggled from newbie to where I am now, I've summarized these painful experiences; newbies must read👇
🔥 First, engrave these 4 things into your DNA.
✅ The entry logic must be clear: Don't buy blindly! Understand why you are entering this trade, whether it's based on trends, indicators, or capital flow, is more important than anything else. Entering the market blindly is like crossing the street with your eyes closed; getting into trouble is only a matter of time.
✅ Never be lazy about stop-loss: Set your baseline in advance, and if it’s broken, run without hesitation. A stop-loss is like a seatbelt; it seems annoying at times, but it saves lives when something goes wrong.
✅ Position management is crucial: Newbies entering with heavy positions? That's like handing over your head. Don't open a position exceeding 5% of your capital; even if you're wrong, you'll still have the chance to recover.
✅ Emotional stability is key: Don't get carried away when you make a profit, and don't go crazy and increase your position when you incur a loss. Maintain a stable mindset to go far in the market.
💣 I've fallen into these traps; don't jump in again.
❌ Revenge trading: If you lose, do you want to quickly make it back? The more eager you are to recover, the more likely you are to make random trades, resulting in even greater losses and falling into a vicious cycle.
❌ Frequently changing strategies: Trying this strategy for 3 days, that method for 5 days, always restarting without fully grasping a logic. It's like digging a well; if you change places after digging only half a meter without finding water, you'll never be able to drink.
❌ Don't gamble with living expenses: Money is the confidence of your mindset. If you trade with money meant for food or rent, you'll panic at the slightest fluctuation, either taking premature profits and missing out on opportunities or holding on until liquidation, leading to a mental breakdown.
✨ My clumsy method but super useful: Start practicing with a small position of 1 lot, stick to one model until it forms muscle memory! Focus on one market, one cycle, one set of indicators, and repeat the simple logic hundreds or thousands of times. This is 100 times more reliable than chasing new methods every day. In trading, no one can walk the process for you. Endure the tedious fundamental training, refine every detail to perfection, and you'll wait for the day of stable profits. Newbies, don't look for shortcuts; establishing a solid foundation is more important than anything else!
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