According to statistics, 95% of rookie traders lose their first account in less than six months because they begin trading without sufficient risk management tools and effective trading tactics. The majority of them do not survive the fourth year of trade.
Here are some tips so that you do not face any major losses:
1. concentrate on a single item
The more you seek ways to learn, the more you will realize how much more there is to learn. So, rather than understanding bits and pieces of everything, attempt to become an expert in a certain topic.
2. risk administration
For trading success, risk management is essential. It should be an essential and well-thought-out component of any trading strategy.
3. Emotional control, adhering to trading plans, managing risks effectively, and becoming an expert in a certain technique are all crucial aspects in being a competent and lucrative trader.
4. To continue in the game for many years to come, you must always keep learning, testing yourself, believing in your abilities, and avoiding the pitfalls of overconfidence and overtrading.