Sometimes you need to look back and see how far we have come and how we did it. The ability to learn from their mistakes is one of the most important moments in the teaching of trade. it is also the best way to learn (it doesn’t necessarily mean big losses).
Even experienced traders do this to improve their trading strategies and adjust their psychological attitude for success.
There are no shortcuts in learning to trade. However, there are good ways to increase efficiency. Here are 5 of them:
Don’t risk mindlessly
Newbies often feel like taking advantage of every trading opportunity they see. No, this is not the worst of the existing approaches, however, such an approach exposes unnecessary risks. When you are at the very beginning of the trader’s way, it is better to concentrate on several trading operations that you can complete. Do not overload.
Place good Stop Loss / Take Profit orders
This item concerns risk management. In the end, no one wants to wake up and see their empty accounts. For this reason, the ability to correctly place Stop Loss / Take Profit orders will save you nerves and money.
Learn to follow the rest
As we said earlier, do not go against the trend, follow it. But we can understand you, we can really. Going against the trend is very tempting, especially for beginners. Keep in mind this: trade is not a school. And peeping at others is good practice (if they do everything right). In addition, markets do not generate trends unless large caps are behind them. Draw your own conclusions.
If you are unlucky for a long time, finish everything, take a day break and come back. It’s simple. Do not sit for hours trying to figure out what is wrong with the trading platform, you or a neighbor’s dog. Take a break and recharge your batteries.
Spend less time on charts and more time on learning
The graph doesn’t explain anything by itself. First you need to learn how to understand them correctly. That is why we advise you to devote more time to learning, rather than drawing up schedules with thousands of lines across the entire monitor.