Define Your Strategy: Will you be a day trader, swing trader, or scalper? What indicators will you use (e.g., moving averages, RSI, support/resistance)? What are your entry and exit criteria?
Set Clear Goals & Limits: What's your target profit for a trade? What's your maximum acceptable loss per trade, per day, or per week?
Risk-Reward Ratio: Always aim for trades where the potential profit (reward) is significantly higher than the potential loss (risk). A 1:2 or 1:3 risk-reward ratio (meaning you risk $1 to make $2 or $3) is a good starting point.
Journal Your Trades: Keep a detailed record of every trade – why you entered, your entry/exit prices, leverage, profit/loss, and your emotional state. This helps you learn from mistakes and refine your strategy.
Avoid Emotional Trading: Fear of missing out (FOMO) and greed are the enemies of futures traders. Stick to your plan, even when emotions tell you otherwise. Don't chase losses.