How To Get Started Trading

 

How To Start Trading?

I discovered trading long before i started my trading journey, i thought trading needs intensive training which is kind of complex. 

That's maybe because trading has three aspects of learning, Technical Analysis, Fundamental Analysis and Trading Psychology that you need to pay attention to. 

Because one without the other can be a disaster, anyway, I was inspired to try trading when I was looking for side hustles.

The good thing about this gig is that you don't have to stay in front of your screen, I thought it's a perfect opportunity to joggle other jobs.

So, I researched trading, read about fundamentals and technical, also to reinforce the process of learning, I took a demo account and added a few bucks for a live account.

To get a full grasp of trading, I had to undergo demo and live trading. I also need to get a full picture of the technical view through the lens of multiple trading platforms, MT5, MT4 etc.

I spent so much time watching videos about trading on youtube, and to be honest i haven't been into books since then, guess i'm auditory x visual x kinesthetic.

As of this writing I'm still honing my own strategy, I have discovered this on my own, and hopefully it'll work for a long run.

The most important lesson I've learned in my trading experience is that discipline is a cornerstone if you want to succeed in trading.

Furthermore, trading is a long term process, if your impression of trading is something like a get rich quick scheme, you're on the verge of failing.

Trading psychology is also a very important part of your journey, especially when dealing with your emotions, fear, FOMO's and more.

I have tried so many strategies and more on technical analysis, because I thought patterns in the candlestick chart have unique distinction and if you were able to follow through common patterns and have high probabilities, then it's a call.

However, there is something in fundamentals that I have never seen in technicals, and as of the moment it is fit with my lifestyle.

Also, what I found has a higher reward ratio for i am dealing with high volatility economic events. And still, I'm polishing this strategy for a long term trading journey.

I normally trade forex. I focus on the forex exchange for now, probably because of its liquidity, but I am looking forward to trade stocks.

I'm only using two indicators, Moving Average and RSI, simply because I don't rely much on technicals and indicators.

I anticipate economic events signals, and read some articles to see and identify people's sentiment, regarding an upcoming economic event like Inflation.

To add more probability I implement supply and demand when planning to take a trade.

Managing risk is the most integral part of not blowing your account instantly, depending on your risk appetite, i believe the risk percentage should be anywhere around 2% - 5% per trade, that should keep you going while establishing your strategy.

You should also journal your monthly trade, to audit your drawdown over win rate, to see if you have progress.

Common mistakes in Trading comes from not planning your trades and setting proper risk management. And people lose their interest in the long run, that's because trading needs ample time to get that edge. Some successful traders took more than 2 years before they got consistent profit.

Once you have settled proper risk management you must not get bothered with losing trades. Don't let your emotions take over your decision, just let it go and try the next trade.

You can start with a small amount, you have to remember that you only need to trade what you can only lose.

Trading plan plays a crucial role in your trading journey l. It's like a blueprint to your success, and this is where you will distinguish your area of opportunity.

There are a lot of sites where you can rely on getting updated news about economic events and market trends.

It is crucial to delve into technical aspects of trading to analyze the market in the technical view, however you have to consider fundamentals as part of decision making.

Both fundamentals can give you an entry point but you have to consider the fact that the combination of the signal is actually mutual.

You have to diversify your portfolio for you to control your emotion, and avoid FOMO and revenge trading. There should be another life waiting for you outside trading.