Tips for beginners getting started day trading
Today we are going to be discussing how the beginners should trade. It was a great question and I think there is a lot of information on the Internet our there and I will try to organize it for you so you can go in the right direction.
The question of one of our student, Shrikant, was about the approach of a beginner student towards trading, whether she or he should start with only one instrument or should there be 2-3 instruments under their watch list.
Obviously, I have to reckon that there are millions of ways to trade; there are many methods and approaches that are equally correct ones. There are also many indicators and markets where you can trade in, so I will give you my personal opinion on it. I have 18-years experience in trading and teaching trading. Now we also have a Speedup Trader where you can access the platform and trade with our money for a minimum of 120$. There was a study at Harvard University being executed for almost 15 years and the object of that study was multitasking. What they were able to find out is that when we are trying to do 2 things at a time, our productivity decreases by 40%. If we want to learn something new, we have to simplify the process otherwise it is going to be much more difficult. This is, according to my experience, one of the reasons why trading is resulting so hard to learn with so many charts and indicators. For us, retails traders, who are going to trade accounts of 25 thousand dollars, we have to cut down the process.
Therefore, the first question you have to make to yourself is with which market should I learn to trade. We have Forex, stocks, cryptocurrencies, CFDs, binary options (which is the biggest scam!) and then we have futures. If we want to trade for instance the stocks, there are some limitations to that. You have to have 25 thousand dollars at least to be able to start trading with stocks according to PDT rule (Pattern Day Trader). Now all of us have that sum when we start to trade. Also, there is a lot of additional work with stocks. You have to screen stock every day, cannot trade with the same market on a daily basis etc. Forex, on the other hand, is the biggest market in the word and you cannot trade just one market but at least 8 different ones. In my opinion, you will not be able to learn efficiently with those markets. There is too much information to process. Try with the less complicated one like Futures where you can trade just one market every day. What you should do is to specialize and get to know the particularity of one specific market. You simplify the process and learn the procedures very well and once you feel more confident you can control your emotions which is actually the most important and most challenging part of trading.
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Tips for beginners getting started day trading
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Tips for beginners getting started day trading penny stocks today | |
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| How-to & Style | Upload TimePublished on 18 Jul 2019 |
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