Do That BEFORE You Start REAL ACCOUNT Trading
Here is a list of things you should know before you start trading on a real account.
1) Open a practice (demo) account and learn to execute trades without making mistakes.
2) Research the strategies of great traders and financial minds throughout history, such as Jesse Livermore, W D Gann, Charles Dow/Dow theory, Paul Tudor Jones, and Richard Wyckoff.
Learn about their methods and put them to use. Recognize and avoid their blunders.
3) The emphasis should be on learning rather than winning. Forget about profits and money. Consider developing both a winning strategy and a winning trading mindset. Always be open to new ideas. Observe. Be adaptable.
4) I recommend reading the books listed below. These books will assist you in beginning to think like a trader and understanding what you are getting yourself into:
a) Edwin Lefevre's book "Reminiscences of a Stock Operator"
b) Sun Tzu's "Art of War" (Not a trading book but an old book on rules of war and how to protect yourself from being outsmarted and defeated by your enemies)
c) "W.D. Gann's Trading Methodologies" by Hima Reddy
d) Jason Alan Jankovsky's book "Time Compression Trading: Exploiting Multiple Time Frames in Zero Sum Markets."
e) Mark Douglas' book "Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude."
5) View YouTube videos. Take in as much information as you can because the more you know, the more the puzzle pieces will fit together later on. You can learn the basics of trading on your own and then take your trading to the next level when you are ready.
To win the game, you must improve your thinking and how you participate in it. You are trading in a market against professional traders. The market's newcomers are not your competitors; they are merely bystanders. You must conduct business with the market's professional traders.
I wish you luck on a battle field!
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