With the Social Media making so much information available to us these days, it’s easy to get overwhelmed by the wealth of knowledge we have and processing such information becomes a Big task.
Beginners taking their first steps towards learning the basics of stock trading should have access to multiple sources of quality education. Just like riding a bike, trial and error, coupled with the ability to keep pressing forth, will eventually lead to success.
When you seek advice on trading from Markets Experts we get slew of information.
- Some one will work based on RSI or other Technical Indicator
- Some one will work using Gann
- Some one will work using Market Profile
And most of them Seems to work but an new traders sometimes end up being even more confused as what to follow and what not to.
So who Should we Listen and Adhere to ?
The number one voice that you should listen to is your own. This applies to each and every trader
It is of utmost importance that whatever advice you listen to fits well with your personality. You know yourself best, and you know which strategies work for you and which don’t. You know your strength and weakness You may adopt another trader’s profitable trading strategy, but if it doesn’t work with your personality, it’s likely that you won’t get the best results or you end up being in loss
This is why you should at least have an idea of what kind of trader you are.
Read Books to get Insights
Reading Books can give can teach you a lot about the habits and strategies of top traders.
Studying and following successful traders helps speed up your trading Journey greatly as it enables you to learn from the experiences and avoid doing the mistakes they have done. It always god to learn from other experience and its fasten our learning curve.
Most importantly, studying a winning trader will give insight into his/her thinking. It will help you THINK and PROCESS information like them, which will help you develop the proper trading mindset.
Find a mentor
A mentor could be a family member, a friend, a coworker, a past or current professor, or any individual that has a understanding of the stock trading. A good mentor is willing to answer questions, provide help, recommend useful resources, and keep spirits up when the market gets tough. All successful traders of the past and present have had mentors during their early days.
How to study successful traders
One way you can study successful traders is by reading books that have been written by or about them.
- Reminiscences of a Stock Operator
The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
- Market Wizards
- Fooled by Randomness
- Encyclopedia of Chart Patterns
Readers can add Books in comment section.
Discipline, patience and upgradation of knowledge.
I am associated with you since 2013. But very proud to say that to my memory you have never forgotten to write blogs to benefit us. That’s DISCIPLINE. You have rightly mentioned A good mentor should always be there. Grateful to almighty that we the followers found it in you.
Today I was much confused that in intraday , l couldn’t follow levels and at last sold all my position s , I felt sad , I was following three persons . My own confidence , my God dont know where I lost it. Also I haven’t any mentor.