Tag: how to avoid losses

Best Trading Practices for Beginners

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Best Trading Practices for Beginners

Of course there is simply no doubt about the fact that trading the market can be extremely profitable, and this is true whether you are trading crypto currencies, forex, the stock market or anything in between. However, with that being said, if you are a beginner who is just getting into the world of trading, then you are probably going to be making a whole lot of mistakes. Moreover, there are also some very good trading practices for beginners that you need to be aware of.

Many people just start training without any kind of training or education, and this is of course a problem because you really don’t know what mistakes that you need to avoid and what things that you need to do in order to be a profitable trader. What we’re here to do today is to take a look at the very best trading practices for beginners that will keep you safe and allow you to make consistent profits without too much risk. Let’s get to it and teach you how to be a consistent and profitable trader by talking about some of the best trading practices out there.

Best Newbie Trading Practices

Right now we want to talk about five of the very best trading practices that you, as a newbie, need to be aware of in order to be successful.

Best trading practices

Don’t Tell Everybody

OK, so this might seem like a very odd trading practice, but the fact of the matter is that as a beginner trader, you really shouldn’t be disclosing the fact that you have started trading, especially not to friends and family. This might seem a little odd, but the reason for it is because when you start trading, the first thing that everybody is going to ask you is whether or not you are making money.

Sure, if you are a super profitable trader, then disclosing that you are becoming rich by trading is not a big deal. But with that being said, as a beginner you are likely losing money and in telling people as much is just not going to make you feel good. There’s just no point in telling people that you are starting off in trading because people end up being quite skeptical and they might destroy your motivation.

Don’t Trading Personally

When it comes to the best trading practices out there, one of the things that you absolutely need to stop doing is taking it personally. It’s really easy to blame the market for targeting you or to blame your broker for hunting your stop loss. But with that being said, when it comes down to it, there is nobody at fault here but you.

The simple reality is that the market is absolutely massive and there are billions of dollars floating around with thousands of players. There is absolutely no incentive for the market to hurt you or for your broker to care about you.

The simple reality here is that the financial markets are rigged and it’s always a lot easier to lose money than it is to make it. This is nothing personally whatsoever, and if you start getting emotional about trading, then chances are that you are going to end up suffering huge losses due to making emotional decisions as opposed to using rational and logical thought.

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Don’t Hit the Ground Running

OK, so many things in life will be beneficial if you hit the ground running, but with that being said, trading is not something that you should start off big. When it comes to trading, you absolutely need to start small and this means investing only minimal amounts of money into minimal amounts of trades.

 If you start off trading with $50,000 then chances are that you are going to lose it, especially if you are a beginner. Just start with a small trading account because you don’t want to risk too much money on a single trade and you also don’t want to have to pay huge fees for large trading accounts.

Get an Education

As far as the best trading practices for beginners go, one of the most important things that you need to do is to get a trading education. Without the proper kind of trading education in training, you simply aren’t going to be profitable. The fact of the matter here is that trading, whether it is forex, crypto, currencies, or anything in between involves many different facets.

You need to know all about how to analyze the market, how to use indicators, how to read charts, and so much more. There are also many different kinds of trading, such as day trading, swing trading and more.

There are also many different markets that you can trade in, such as the cryptocurrency market, the Forex market, the commodities market, the stock market and more. The main point here is that you should join some kind of trading school or Academy in order to learn everything that there is to know before you start trading. The more you know, the better prepared you will be and the less risk you will have to deal with.

Risk Management is Key

Perhaps one of the best trading practices that you need to master as a beginner is risk management. First of all, this means knowing when to cut your losses and went to exit a trade when you are wrong. Moreover, this also means knowing how to use stop loss levels and how to set your stop loss levels at appropriate levels in relation to your trades.

Moreover, as a beginner, it is strongly recommended that you do not risk more than 1% or 2% of your total trading capital in a single trade. If you risk a whole lot of money in a single trade and the trade goes South, then you lose it all. Also remember that stop loss and position size are closely related as well.

Best Trading Practices for Beginners – Final Thoughts

The bottom line here is that if you follow the five best trading practices that we just talked about today, then your chances of becoming a profitable and successful trader who has the ability to make money on a consistent basis greatly increase.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.  

CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS! 

Traits You Need For Trading Success

Fabian FabianLatest News / Latest News / NewsLeave a comment

Traits You Need For Trading Success

OFFICIAL WEBSITE: IncomeMentorBox.com

Here at the Income Mentor Box Day Trading Academy, we know how important it is for you to win trades and to make money. However, trading success is not as easy to achieve as some might think. Beginners seem to be under the impression that they can just pick up an autotrader, place some trades, and go buy a Lamborghini with the winnings. However, of course, there is a lot more to achieving trading success than just placing a few trades.

Our mission here at the Income Mentor Box Day Trading Academy is to help you quit your 9 to 5 job. It’s all about teaching you how to achieve trading success so you can become a profitable and full time day trader from home. Yes, we have tons of videos, lessons, tutorials, free signals to copy, and so much more. However, another big part of the learning curve has to do with developing traits you need for trading success. You have to have the right mindset, the right traits, and the right personal characteristics to be a winning trader. Let’s get right to it and talk about the most important traits you need to achieve trading success.

Income Mentor Box - Trading Success

A Reasonable Thought Process – NOT EMOTIONALLY DRIVEN

One of the biggest traits you need as a trader is the ability to think rationally, reasonably, and to leave your emotions at the door once you start trading. Being overly emotional, or emotional at all, is a big trading mistake which many beginners seem to make. You might get angry due to losing a trade. However, trading in anger is not going to get you far and will probably just lead to failure.

You need to learn to check your ego and keep your emotions on the back burner here. Day trading is all about being reasonable, rational, and looking at the cold hard facts. There is just no point in letting your emotions get the best of you. Achieving trading success is about using your mind, your clear headed and emotion free mind to make the right trades!

Patience, Speed, & Timing

Another really important trait that you need to develop in order to achieve trading success is patience, and on that same note, speed and proper timing. Way too many newbie traders out there will trade at any given time, probably just because they have a few minutes to spare. There are way too many people out there who are impatient and place trades ASAP due to a lack of patience. This will bring you nothing but losses. You need to be able to read the market and wait for the opportune moment to strike and place a trading position.

On that same note, you do also need to be very timely and quick in order to achieve big time trading success. Yes, you do need to be patient and wait for the right trades, but once the opportunities present themselves, you have to act immediately. The market is not patient, it is not forgiving, and it is certainly not going to wait for you to make up your mind. When the opportunity presents itself, you need to act fast, you need to be timely, and you need to take advantage of any opportunity that presents itself.

Being Cautious Of Risk – BUT NOT FEARFUL OF IT!

In order to achieve trading success, you also need to know all about risk. A big mistake which newbies make is being overly cautious and fearful, both of loss of capital and risk. However, if you want to win trades, you have to take some risks on occasion. The fact of the matter is that trading stocks, Forex, or whatever else is always going to involve a certain degree of risk. Holding back all of the time and only placing trades that are sure to win, which is a misconception anyway, won’t get you very far.

On that same note, or on the opposite side of the coin, you also cannot be way too risky of a trader. Achieving trading success is about striking a balance between some healthy caution and being able to handle a bit of risk. Sure, big time risk can lead to big time wins, but it more often than not just leads to big time losses. You need to be cautious, but not overly so. Risk is just something you will have to get used to in day trading, but you don’t want to be its best friend either.

Achieving Trading Success – Some Other Useful Traits

  • In order to achieve trading success, you need the persistent and mentally tough. You will never achieve long term success if you throw in the towel at the first sign of trouble.
  • You also need to be highly adaptable in order to achieve consistent trading success. The market is always in a state of flux and things can change at a moment’s notice. You need to be able to adapt with the changing conditions of the market.
  • You do also want to be an independent trader. Yes, here are the Income Mentor Box Day Trading Academy, we can indeed teach your to be a self-reliant and independent trader.

The Traits To Achieve Trading Success – Final Thoughts

As you can see, to achieve big time trading success, whether stocks, Forex, or otherwise, you need to have these traits in your arsenal. Some people might have some of them and some might have none. However, you certainly won’t develop these traits by sitting on your couch and binge watching whatever it is you like to watch.

The point here is that a trading school such as our Income Mentor Box Day Trading Academy can provide you with all of the tools, skills, knowledge, and traits you need to achieve trading success. We charge only $299, which is a onetime payment with no hidden fees, and you will gain full and unlimited lifetime access to all of our course materials. We even have a free signals provision service so you can copy winning Forex trades right into your trading platform! There’s also the fact that we are doing monthly giveaways with 3 lucky winners per month.

Income Mentor Box Trading Success