Here are some important points I want to emphasize:
1. Understand the nature of the market
• The market is a game of money transfer between individuals.
• It is important to realize that knowledge and experience are the deciding factors to outperform most participants.
2. Mental control and discipline
• Burning your account or losing money is inevitable for newbies.
• When you lose control of your emotions, you can easily fall into a deeper losing spiral.
3. Build and adhere to a method
• A clear trading method is necessary, validated over time.
• Capital and risk management are the key to survival.
4. Learn the right knowledge and know how to filter
• Learn but verify information, avoid chasing misleading knowledge.
• Prioritize focusing on effective tools such as support, resistance, liquidity, reading candles, and trading volume.
Additional suggestions to enhance effectiveness:
• Keep a trading journal
Each trade should be recorded, including the reason for entering the trade, the result, and the lessons learned. This helps improve methods and manage psychology better.
• Focus on the long term
Do not set expectations for quick profits. Persistence and continuous learning are the factors that will help you belong to the 10% successful.
• Practice on a demo account
Before trading in real life, it is advisable to experiment on a demo account to avoid unnecessary losses when knowledge is not solid.
Conclusion:
Hopefully, from the above sharing, many newcomers will have a more accurate view of the market and minimize unnecessary risks.
