“If you could start over as a trader, right now, what would you do differently? What would your tips for beginner traders be?”
When someone asked me these questions, I had to really sit down to think about what I would do differently as a new trader with the knowledge I have now.
There are so many things I wish I had done differently and so many trading mistakes I wish I could undo. After reviewing a decade’s worth of trading mishaps, I eventually came up with three tips for beginner traders that I think ALL beginner traders should follow.
When I first started trading, it was almost too easy for me to blow through my account — luckily I had the foresight to keep my first accounts relatively small so I could somewhat manage my risk.
But one of the things that would have helped me avoid all that is using the vast amount of investing education that’s available now.
The beauty of today’s technological advances is that beginner traders can access trading videos on YouTube (check out my channel here), as well as thousands of investment articles and guides on the internet. I didn’t have that back then.
A lot of these different educational trading platforms also allow people to open simulated “paper trading” accounts where they can practice and get a feel of what trading is like. This is a good way for beginner traders to perfect their craft without risking tons of real money in the process.
Another tip I have for all the beginner traders out there is to keep your emotions in check. What I mean by that is if you have outside interferences going on in life, or if you’re focused on 10 different things at once, trading isn’t going to work for you.
Trading is going to need 100% of your focus if you want to be successful at it — this is your money you’re messing around with.
But my last tip, I think, is the one that could be the deciding factor between success and failure…
Make sure to watch my video below to learn my last tip for beginner traders. As always, leave your thoughts in the comments section below and don’t forget to subscribe to my YouTube channel to stay up to date with all things options trading.
P.S. The world’s No. 1 premarket experts, Tom Busby and Roger Scott, just cracked an all-new style of trading…
They’ve developed a way to spot which stocks are likely to deliver the largest gains every single day before the 9:30 a.m. opening bell…
That’s a huge advantage. And if you haven’t seen their presentation yet…