Anyone can enter easily into trading but sustaining it is tough. A trader needs a lot of patience and discipline to stay in the race. Mistakes are unavoidable by any trader, both old and new but beginner traders need to be careful as they cannot face too many loses when they are setting their foot in the trading business.
We have listed a DO NOT list for beginner traders below;
- DO NOT Risk a Huge Capital on a Single Trade:
You are new and learning the technicalities of trading hence it is not advisable for you to invest a huge amount on a single trade. Instead, diversify and invest in various trades so that you are protected if one of them fail.
- DO NOT Keep Unrealistic Expectations:
The market is dynamic and does not always behave the way you thought it would. It is nearly impossible that you will be successful in all your trades. Trading is a calculated gamble and you need to be prepared to incur losses too.
- DO NOT Forget to do Your Homework:
As a beginner, you need to do a thorough market analysis before initializing a trade. Understanding trading patterns, profits and loses is very important for a new trader.
- DO NOT Deviate from Your Strategy:
You need to be disciplined and stick to a single strategy rather than trying out multiple strategies. Test your strategy beforehand to see if it is a good plan and only then apply it to a live trade.
- DO NOT to Hesitate to Take Help of Successful traders:
It is good to devise your own strategy and earn success through it as it makes you more prepared to survive in the market but as a beginner, you also should learn a good strategy planning by following experienced and successful traders. These traders are successful as they have a good sense of the market and make solid strategies. Following their strategy can bring you trading success as well. An easy way of doing this by using the best Automated trading platforms in Nigeria to mirror or copy the trades of others by copying signals or mirror complete strategies, thus enjoying the experience and knowledge of successful traders.