👉Top 10 Rules every Beginner Trader MUST Know
1) Fear of missing out
Do not FOMO! You will always have another opportunity with safer entry & good risk reward. Just be patient to wait for the one
2) Do an analysis & stick to it
After you analysed the market and entered the position, you may start changing the analysis, so that you will fool yourself. Stick to your initial plan.
3) Never Revenge Trade
If you having series of losses, you better off the market for some time, rather than start revenge trading in order to get instant profits.
4) Always have a Stop-loss
If you are new to the market, always have a hard stop which protects you from even more losses.
5) Risk Reward Ratio
Your risk reward ratio has to be 1:2 as minimum, otherwise you risk your money for nothing. As well do try to use "too good" risk reward ration ex. 1:10, you may face the difficulty to even close your position.
6) Buy Pullbacks
If structure is bullish, do not be fearfull to buy at supports! And opposite for the bearish structure, sell resistances.
7) Always keep learning
Read books and do courses which will help you to improve your skills. Small advice here, always check the information in order not to learn from pseudo experts.
8) Chart is your dictionary
Be familiar with candlestick patterns, formations and reversal signals.
9) Compound gains
You won't become an overnight millionaire. You will lose hard if you start to rush, increase your risks and so on. Be patient and enjoy small gains.
10) Have a plan
At final you always need to have a plan before you enter any position. Know RR, calculate your stop-loss, and now if you can accumulate more !!!