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Please add your own based on your experience. What should a trader know/read/learn/master before placing his first trade or opening his first account ?
Here is mine:
(well I could not post it, my post count is less than 5, but I will post it as I am allowed.)
Thanks
Can you help answer these questions from other members on NexusFi?
Practice with demo account to learn all the mechanics of your trading platform.
Find out what type of trading suits your personality most.
Use risk management.
Can you please elaborate on what you mean by screen time ?
If I sit and watch price action all day and contemplate where I could have entered a trade, looked at the relations of price action with say RSI or Momentum, without trading in real time, is that also useful ?
Why not just pull up one 5 minute chart with nothing on it and a dom? Look at that for a few months and journal your thoughts. Many have started worse off.
excellent book. Made me realize I'm too easy on myself and make too many excuses. Some of my notes from it:
It is common to subconsciously avoid pain in trading by only focusing on the data that supports your hypothesis. This is wrong. Just accept the now and look for the new set up if the price starts going against you. The next good trade is always close by.
Each setup is different because there is always a different set of traders participating in the market at any given time and even the same traders may have different responses than they did previously.
Anything can happen at any time, so all you can do is try a strategy for a while and use good risk management. Believe that anything can happen in any trade and that it's always a random distribution of outcomes on the micro scale. However, with an edge you can still be profitable overall if your rules remain consistent (on the macro scale). The patterns you detect will make money as long as you manage losses. Every loss puts you closer to an occurrence of your edge presenting itself and should make you eager to take the next good setup and relieve your anxiety.
Although people tend to behave in patterns, each moment in the market is unique. So, there is reason to believe that you will likely see the pattern reoccur, but the distribution of occurrences cannot be known. Just because it fails several times in a row, does not mean that it's invalid or that your analysis is off. Just manage the money and try to find more reliable patterns if your success ratio is low, but always assume random trade results.
Always take unknown forces into consideration
Thoughts have emotional charges. Thoughts can be logically integrated yet have conflicting emotional charges. Feed the ones you want, starve the ones that derail your progress. A belief can exist yet have no power.
The moment you decide that you know what is going to happen next, you expect to be right. This sets you up for an emotional reward or punishment which will cloud your judgment on the next trade.
When we feel something we interpret it as truth. It is truth. The feeling is real. This can influence you to misinterpret situations based on the pull of emotions yet you know logically that these emotions don't make sense. False triggers can cause true emotions. This is why the process of integrating the correct belief so that it becomes subconscious can be a long and difficult endeavor. Persistence!
