In my humble opinion gaining a solid educational foothold with trading is a must. It’s not smart to simply run to market with your hard earned cash and start speculating. It wont end well…The unfortunate truth is this, you’ll probably do just fine in the beginning, but with time (being uneducated with how the markets work) you’ll end up giving BACK more than you received…not always…
but that is true most of the time!
There are two things every NEW trader should do.
#1) Educate Yourself
#2) Join a Trading Community where there are like minded people
It all starts with education…While the ultimate goal is to make money and have freedom, it is important to KNOW HOW to make money in the markets the right way! It is vitally important that you protect your capital too. As the old saying goes:
"I am more concerned about the return of my money
than the return on my money." (Mark Twain)
A proper education will enable you to understand that risks of the market and how to stay protected. The beginning trader could throw a stone and hit a dozen sources that claim they’ve “cracked the code” for 100% successful trading. Not only is that statistically improbable, it’s made to appeal to lazy traders that aren’t willing to put in the work to succeed…
If you really want trading to work, you’ll need to get educated. That’s a fact!
Joining a Trading Community where there are like minded people is also very important. Being shoulder to shoulder with traders that are on the same path as you is a great place to be. Having the support of a community is very important! An online trading community provides
participants with a structured method for trading.
Its a place where members can share ideas and hold each other accountable. It’s a beautiful thing! These communities often have forums and chat rooms designed to facilitate communication between the members…
Ours is small, but growing. With that said, our group is full of educated participants that are actually surviving the day-to-day of trading.