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RE: Where Most Newbies Go Wrong

in The Pub6 months ago

Stop loss is a must, I do that myself, it's easy to recover a few tick if the trade goes bad, it's not easy to recover a whole capital lost

I'm also well used to those "pros" selling signals or premium groups, which is fun, if they are so good why don't they put 100k on all their signals and become rich? No one is gonna give you the golden magic, it's obviously a scam... Same goes for courses

I would also add for a newbie to do some trades on paper to test first

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I'm not necessarily against paper trading, but many don't understand it and treat it as they should.

Yes, it's not real money and doesn't have real financial implications, but one should take it as seriously as a real account. They think it's just paper, if I blow it, I can get another, which is true, but this way they will never get better at trading.

What I always say to newbies is, create an $1k paper account and treat it like your last money. If you blow it, you can't trade anymore your whole life. That's when you learn to value your money and take trading seriously.