We go over 5 of the most important trading tips for a new aspiring trader in this trading tip video.
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You may be an aspiring trader or a seasoned trader, but we all have to think back to those pieces of advice that helped us save money, make money, or just now blow up our accounts when we first started trading. In this trading tips video, we go over 5 of the most common things that an aspiring trader can look out for whether he be day trading in stocks, futures or Forex.
Trading Tip 1: Never add to a losing position or average your trades down. When you do this, you average all of your positions down, and cause a snowball effect with losing trades. You take what would have been an isolated, small trading loss, and blow it out of proportion.
Trading Tip 2: Use hard stop loss levels when you are a beginner trader and still learning how to trade. When you are still learning to trade, you need these hard stop loss levels as "set in stone" marks for if your trade was successful, or not successful. Don't attempt to wait the market out. Your trading strategy must have hard stop loss levels in place, so that you can be done with any losing trades and ready to move on to the next profitable trade.
Trading Tip 3: Understand that trading is a long plan game. You will have losing trades, and that these losing trades are best to be limited. We all will have losing trades, and we all will have winning trades. You need to understand that losses will happen, and that it's just important to keep them separate from your winning trades.
Tip 4. Trade with 1 to 2% of your trading account's capital. That will prevent you from blowing your account up with one single faulty trade. You can see my video on this here:
Tip 5: Back test every strategy that you want to implement in the market. back testing is such a key factor when you want to test a new strategy as it allows you to take zero risk, outside of your time, to see if a strategy that you are working on will be possibly profitable. The more time you back test a strategy, the more value you will get out of that trading strategy. For every minute you spend back testing, you will get that value back out in money saved or money spent.
These are keys to both technical analysis trading (the method that I prefer) and fundamental analysis. As a trader, it is your job to be as diligent as you possibly can with your methods and your strategies as the money on the line is your own. You must treat the market with respect.
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The indicators and methods that I use?
Methods: Technical analysis combined with a cursory overview of the market and it’s behavior as a whole. This includes high low mapping, prior resistance/support, multi time frame analysis, technical, and market conditions from outside sources.
More information on how I trade here: