Here are my Tips that can help you in your Trading journey.

 

1. Before starting to Trade, study study study.

As Tim always mentions, grow your knowledge account first. Without knowledge do not jump into conclusions and definitely do not throw away your hard earned money.

 

2. Paper Trade to get insights on the platform, the feel of the market and for back testing your edge case.

Paper trading is very important to understand how the buying and selling happens, the behaviour of the stock when there is a volume surge, and Level 2 price action turns that happen.

It is important to spend as much screen time as possible in your early stages of trading career.

 

3. Find an edge. Just 1 pattern should be enough to begin with.

You do not need to be all over the place with Trading, remember the quote "Jack of all Trades, Master of None". Try to master just 1 pattern and stick with it for a while. Back test it until you are comfortable and see if you can make profits.

 

4. Make notes of the mistakes you make.

Keep. Note of all the mistakes you make, and practise not to repeat it. Go through the list before you begin to trade each day.

 

5. When you feel you are ready, always start with a small account.

Remember, in your early stage of trading you are bound to make a lot of mistakes, hence you must trade such a way that you are ok to loose the money you can afford.  

 

6. Never use leverage i.e. margin account when you have a small account.

With leverage you tend to take more size, also you run the risk of loosing big early as well.

 

7. Be clever, and choose stocks according to your account size.

The higher the stock price, the bigger the change in price will be and also the riskier it is to trade with small accounts. So try and stick with penny stocks or stock price less than 10$.

 

8. Make watchlists and follow high % gain stocks for multiple days.

You should be in a position to be self sufficient.

 

9. Do not follow alerts from anyone and stick with your trade plan.

 

10. Learn from the Trades the gurus make and analyse their trades.

 

11. Try to get the emotions and FOMO out, this comes by practise. So practise a lot on these, watch Trading Psychology videos on how to get better at this.

 

12. Have a decent risk setting and try not to panic for fake out moves.

(risk setting should start to kick in only when the pattern you think doesn't unfold, also give room for the stock to wiggle a bit.)

 

13. Respect your trade size and the risk setting. Never add to a loosing trade and convince yourself that the stock price come back in your favourable direction, as it may not.

 

14. Take small gains along the way and do not wait for home runs to happen. Always remember this is a marathon not a sprint, hence take small gains as much as possible. You will end up leaving a lot on the table but that's part of trading. Also respect how compounding works and small gains add up over time.and it does quickly than you expect.

 

15. Do not complicate yourself with lots of indicators and keep the trading plan simple. 

(Your brain will not be able to process lots of information to dictate trading decisions)

 

16. Do not believe in News / Hype on any stock. Follow price action and in my opinion Technical analysis comes first if you are a day Trader who is buying and selling within minutes or hours.

 

You follow these, am sure your trading will get a lot better.

 

Thanks,

SS