- Try out everything
- Master the basics
- Try and build your process
- Never let early success or failure affect yourself
- Be disciplined and have patience
1. Try out everything
There is so much to learn in trading that it might just make it difficult for you to figure out where to start and what to learn first.
Don’t let that discourage you from testing all waters. What I mean by that is that you should try everything that’s there.
Why should you do this? It’s simple, the more stuff you know, the faster you’ll be able to figure out what works for you and what should you stick with.
For example, I tried out every indicator and strategy, in the end, I figured that price action worked best for me, so I stuck with it.
2. Master the basics
No matter how many new indicators, strategies, or trading systems you try out, if you don’t know the basics, then you’ve been doing it wrong all this time.
See it this way, how can you be a good footballer if you don’t know how to control and pass the ball? Or how can you be a good guitarist, if you don’t know the basic chords?
In trading, there are lots of basics that you need to learn and try and master as you move ahead.
You need to be thorough with the basics right from the beginning or else the foundation that you are laying down for your trading journey will be very weak.
3. Try and build your process
Now that you have mastered your basics and have tried out different strategies, indicators, and setups, you should try and develop a trading process for yourself.
Every trader has a process and it’s nothing but steps that they follow right from finding trading opportunities to journaling it after the trade is over.
I know, it might be too early for this but you know what, building the process is an experience on its own.
You will then understand what trading is all about and you’ll start connecting all that you’ve learned, with the practical stuff.
Take your time with this, you are still in your first year of trading. Don’t rush into building the process. Treat it more like an educational thing.
4. Never let early success or failure affect yourself
Even though you are a beginner and are just figuring things out, I’m sure you will have tried a strategy as you want to get started as soon as possible.
A couple of trades would have been taken and irrespective of its outcome, don’t let it affect you in any way.
If the trades were successful and you made some money, don’t become overconfident and go all in.
On the other hand, if the trade were losing ones, then don’t lose confidence.
Remember, you are still a novice and you have a long road ahead. There’s still a lot of experience to be gained.
So such early success or failure won’t really matter. All that you need to focus on, is to learn as much as possible.
5. Be disciplined and have patience
I have seen lots of people get into trading, give it a year to figure things out, and then when they see no success, they leave trading altogether. I would sincerely urge you to not do this, at all.
You need to have patience and build that discipline for yourself if you are serious about trading. There’s no overnight success here.
I myself had spent lots of time learning stuff and trying to get myself ready to take my first trade. Even though that trade was a loser, I didn’t just give up, and look where it got me.
Trading might seem simple, but let me tell you that it demands a lot from traders, and since you have just started out on your journey, you should start developing that proper mindset.
Trust me when I say this, spend a year, or even a couple of years doing this, even if you don’t see success in that time, keep going, once you find that “aha” moment and when everything clicks, trading will become very lucrative for you.
All you need to do is to hang in there. Build that discipline and be patient and your future self will thank you for it.