I started trading in equity markets earlier this past week, been learning a lot every single day. Everyday is pretty much a new lesson. Although I’ve been reading books, listening to podcasts and everything for a while now, just wanted some advice from the experienced traders about the things they wished they knew when they started cause I always believe that I can learn better from others’ mistakes. So any advice in general, any books/videos/podcast suggestions?
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Many people on internet will tell you it will take 1 to 2 years to become proper profitable professional trader. This is true, it took 2 years for me.
You can put 10k and try to see how market works get a feel of it. A very high chance how much ever good your trading is you will empty your account in beginning.
I have a list of youtubers, if you want I can share with you.
May not be the exact answer you are looking for . But this is what I ll have told myself when it started.
Trade the support resistance, trade the trend, trade the order flow, trade the smart money. If trading is so simple, why is everyone not a multimillionaire like me?
1-2 months of profit, and you think of scaling up. Measure in terms of a quarter, 6 months, or yearly progress. And scale up accordingly to the money you made, and not the money you want to bring into. The maths do not always check out . Many times, you’ll never be ready to trade with a sudden jump with bigger money.
Trading is a wager/gamble no matter the insane amount of backtesting, the next trade is always an uncertain outcome. Hence, a stop loss and your job is to make more money when you win .
If everything goes your way, how I will I make money? A win rate of 80% etc, might exists, well , for a short period of time.
You need more live trades not backtests to build consistency and skill. Live trades = TIME.
And YOU matter a lot.
You= the mind = the habits–the gym, the family, the dog.
Make trading an obession but don’t let it consume you.
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One question. If you may in one word.
What really prevents us from being profitable?