As a new trader, there are many things we might not understand, such as how to begin, what to prepare, and how is the trading process. These are some basic things you should know before you start to trade!
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One of the basic requirements to trade is to have funds or money. You will need it for capital. Make sure to use your savings, not emergency funds.
2. Takes time to succeed
It is not possible to become successful traders overnight. It requires continuous training, such as performing back tests and analyses, reading articles, comprehending money management (MM), and engaging in demo trades. Having a deep understanding of trading will allow you to make a better profit.
3. Trading is not a get-rich-quick scheme
You have to trade yourself. It takes consistent effort and discipline.
4. Trading requires a very strong mental resilience
Looking at a moving position every second makes it quite tough to control the throbbing! ! A little carelessness pays off!
Losses are very common in trading. Just make sure that your profit exceeds your loss.
6. Only 5% of traders are consistent
These statistics apply to all professions and business types, not only trading. The 5% who succeed are willing to do what the 95% who fail are not willing to do
7. Trading is not for everyone
Trading has a high risk. Trading is not suitable for those who are impatient, want to get rich quickly, and are not willing to lose. If you consistently exhibit realism, wisdom, and practicality, you can change the character of such negative behaviours.