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10 Tips For Beginner Traders

monarchcb.com - Everyone who starts trading wants to be a successful trader. But many of the newcomer traders actually lose a lot of money in a short period of time, usually because of a wrong step. This post shares various suggestions so that you don't become one of these traders. Although these various suggestions do not guarantee that you will become a successful trader, they can at least help you so you don't run out of money easily when trading. The following are 10 suggestions for newcomer traders, to be free from loss and optimize your skills in trading stocks, forex, or gold.

1. Have the right insight before trading

Newcomer traders should double their insight before starting to trade. People who start trading are generally very excited, immediately trade, because they think trading is easy. Without proper insight it is a kind of advancing to war without weapons. As a result, the age of the account only lasts as old as corn or shorter. Traders who don't want to practice, want to pay dearly with the end of trading capital. What needs to be observed is not random insight that you must look for, but insight into correct trading. Many newcomers even get lost practicing about trading. Finally created the wrong mindset about trading. In his mind trading is easy, trading is a quick method so there are many, trading is just analysis and the like. If you want to practice trading, it is advisable to look for reliable sources. It is recommended to read the trading guide for beginners

2. Trade on the right instruments

You have to choose what you want to trade. Trade according to skill and risk. I have been contacted by many people who want to practice options trading. When I asked if I knew the stock, I was answered as if I didn't know. This is silly. Meanwhile, options are children of shares. Don't know stocks yet but want to trade options right away. It's like wanting to practice hitting, but wanting to fight the heavyweight winner. Make sure it's good. Many people like this, want to directly trade forex, gold, indicators, but don't know that their abilities are not yet able to trade there. For newcomers, it is recommended to trade stocks first, then if the profits do not change, you can switch to forex, then gold, then indicators. Newcomers who trade stocks also need to choose which stock to trade in. For newcomers, it is recommended to trade in blue chip stocks which are relatively not volatile. If the current stock trader is a newcomer, the joy of trading fried stocks is really getting ready for a lot of deposits, not often withdrawing.

3. Selection of the right agent

The choice of an agent is very important, because especially for forex agents, many are stubborn. Love, I'm tired of trading, the money is taken away by the agent. Check the agent's track record, legality, where it is listed. After that, look at the facilities and features provided. Is the software easy to use, complete features, and the like. Equate agent services with your trading style.

4. Start with a small budget

One of the best tips for trading is to start with a small budget amount. After the profit has not changed, then it is added. A large budget amount does not guarantee easier trading. Similar. If you can't trade well, using a million, billion, trillion dollars will always run out.

5. Act realistic

Be realistic about trading results. Don't think about trading for living first. Unless you are exceptionally Asian, don't have the ambition to change your trading capital from $100 to $100,000 in a moment. In fact, the real focus of trading is survival. If you have very grandiose ambitions, you will only be disappointed, frustrated, courageous and ultimately run aground. Early on to start trading, assume and behave realistically (but you are very, very Asian). Unfortunately there are no very, very Asian people.

6. Have a Trading System

Traders should have a trading concept or system, so that they know when to enter and leave the market. Finally, the trader does not hesitate, and is not easily swayed by the market. He has a religion of his own. The trading system that is owned must be complete, starting from the method of analysis, money and risk management.

7. Discipline

After having a trading system, traders must obey it. Unfortunately, this is often not the case. Trader losses usually occur because they do not comply with the trading system that has been authorized. The most important thing is the terms of going to the market or cut loss. The majority of traders don't want to cut losses, they end up piling up unbelievably swollen. The trader concludes that the call limit is finished or the money runs out. Do you want to be an obedient trader or an emotional trader?

8. Pay attention to the trading psychology

Many traders underestimate the view of psychology in trading. Meanwhile, anger that is not maintained can destroy trading skills. Anger, greed and worry greatly affect trading ability. Many trading problems that start off soft, eventually end up scattering because of anger.

9. Write Success and Failure

Write a trading track record, learn what can be improved. The successful trader usually creates memos, daily trading activities in which he or she carefully figures out what worked and what didn't. By using daily, you will know the weaknesses that need to be fixed.

10. If it fails, try again with a better method

So a successful trader is progress, it takes a long way and upgrading. Many traders fail before becoming successful. If you fail, you just need to try again to be better. Take advantage of daily trading and upgrades to ensure quality trading. Don't go through the same mistakes.