A: Some Advice:
Trading is not simple or easy. Its greate to hear that you still continue trading now.
The part to master :
1. Build a strategy and set your rules
It will take you a long time to put together a trading plan but it is crucial. It should answer the following questions:
Why do I want to trade and/or make money trading?
What is my signal?
Where do I enter?
Where will I cut my loss?
Where will I take profit? (it's better to have several T/P in my opinion)
What amount will I risk? (should be a fixed % or $ number)
What maximum drawdown will I allow myself to get weekly/monthly? (the point at which you'll stop trading)
What timeframe do I trade?
When do I trade?
2. Build up your confidence
There's only one way to build up your confidence about yourself and your strategy.
It is practice.
Don't take the trades that do not correspond to your strategy though.
3. Get the structure you need to trade live
Most people never do step 1 and 2. Among those who do step 1 and 2, a lot of people screw up when they get to live trading. The main problem is that they do not put what they need in place to trade live.
Here's what you need:
- A trading journal in which you put screenshots of your trades and comments
- A set of routine (written down) that you execute every single day when you trade. It should include when you trade, what you look for, etc.
- Get in the right mental/physical state to trade. Trading is hard when you spend too much time looking at the live market. Make sure you get what you need (off time) to recharge.
- Support from other traders: this is very important because talking with other traders can boost your motivation and keep you accountable. I saw a huge difference when I surrounded myself with traders. I created a Facebook for traders.
4. Understand trading psychology
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