Being a beginner how can I guide against losses and incompetence

[oluwanifemi 0]

Adequate knowledge is needed about when to trade, tutorial is needed to sail through and however one shouldn't be know it all.

[ReAcT 148]

29.12.2018 в 14:00, oluwanifemi сказал:

Adequate knowledge is needed about when to trade, tutorial is needed to sail through and however one shouldn't be know it all.

 

There is no secret pill , or tutorial to became successful. Speculations is most difficult business what I know. Necessary to win competition between other participants to get profit. And they all time try new method to get limited part of pie. That’s why speculators need flux their systems.

At my opinion, basically for became long time profitable, necessary such traits: 

 

1.Goal for long term profit. Novice should bargain for years of loses, before they get first profitable year. If there is no such goal, then he leave attempts to learn speculations, when first inspiration disappear.

 

2.Adaptation. For reasons, I told higher, necessary flux systems, to match new reality. 

 

3. Work holism. Much professionals spend 8 hour per day, and more for speculation. Besides they mostly very clever persons Its naïve think that possible took their money, if you spend 1 hour. At the begin there is reason to spend all time that you have for learn. Forget about entertainment, friends and such.  Because, for learning speculations need spend approximately 10k hours

 

Speculator activity looks like: research chart, create idea, examination idea at Excel or mql. If its increase results than made changes at the system. After monitor results at small real account. If it work properly, than you can apply new changes at main account. For beginner, before you get first profitable year, better don’t invest much money in speculations. Because its too risky.

 

P.S. For better understanding traits which need successful speculator, I recommend look at TV series - House M.D., or film - The Lincoln Lawyer.

 

 

 

 

[AntFX 6,434]

04.01.2019 в 16:25, ReAcT сказал:

Novice should bargain for years of loses, before they get first profitable year

This is not unavoidable trait, if the novice (as well as anyone else) starts with detailed research and testing of exact trading system and then strictly follows it without allowing himself to interfere its trading signals. Of course some technical background is required in this case anyways.

 

P.S. I recommend Jesse Livermore (who's approach did not lose relevance in spite of nearly a century passed from his time), Larry Williams, Tom Demark and of course Ralf Vince for a start, despite the fact it is not the easiest reading for a beginner

Edited January 7 by AntFX