Post
Topic
Board Trading Discussion
Re: How to become a successful trader
by
Lakai01
on 21/05/2024, 11:19:59 UTC
Many traders have minimal experience and immediately jump into real trading in the hope of making easy money, and in the end they regret it
That's okay, as long as they can take the risk and won't give up too quickly. They should have long term plans being a trader because profit from doing it, won't just come out overnight and the learning you'll get from your actual experience will be paid off.
Basically, I completely agree with you. Unfortunately, it is usually the case that newcomers to the market immediately burn through all their capital and classic short-circuit reactions, such as pouring capital into poorly performing trades, then catapult them out of the market.

Very few newcomers actually have the incentive and the necessary assertiveness to stay on the ball until their experience level is high enough. My tip for newcomers is therefore always to start with paper trades first and to continue doing so for at least 3 months. This way you avoid the classic beginner's mistakes, learn a lot about yourself and your reactions in stressful situations and can then use this knowledge to actually trade successfully.