The year 2020 has been volatile due to COVID-20,Trading in a very volatile and uncertain market, you must be very careful. A wrong trade can lead to heavy losses. The beginners entering into the market must take the first step by learning the basics and then start trading.
With the Social Media making so much information available to us these days, it’s easy to get overwhelmed by the wealth of knowledge we have and processing such information becomes a Big task.
Beginners taking their first steps towards learning the basics of stock trading should have access to multiple sources of quality education. Just like riding a bike, trial and error, coupled with the ability to keep pressing forth, will eventually lead to success.
When you seek advice on trading from Markets Experts we get slew of information.
- Some one will work based on RSI or other Technical Indicator
- Some one will work using Gann
- Some one will work using Financial Astrology
And most of them Seems to work but an new traders sometimes end up being even more confused as what to follow and what not to.
So who Should we Listen and Adhere to ?
The number one voice that you should listen to is your own. This applies to each and every trader
It is of utmost importance that whatever advice you listen to fits well with your personality. You know yourself best, and you know which strategies work for you and which don’t. You know your strength and weakness You may adopt another trader’s profitable trading strategy, but if it doesn’t work with your personality, it’s likely that you won’t get the best results or you end up being in loss
This is why you should at least have an idea of what kind of trader you are.
Read Books to get Insights
Reading Books can give can teach you a lot about the habits and strategies of top traders.
Studying and following successful traders helps speed up your trading Journey greatly as it enables you to learn from the experiences and avoid doing the mistakes they have done. It always god to learn from other experience and its fasten our learning curve.
Most importantly, studying a winning trader will give insight into his/her thinking. It will help you THINK and PROCESS information like them, which will help you develop the proper trading mindset.
Open Demat Account
A Beginner to learn stock trading is to open a demat account. Opening a demat account is the primary requirement to trade in the Indian stock market. By opening the demat account with stock broker, the beginners can take advantage of the tools and research that the broker offers. Some brokers even offer their clients with a virtual trading tool to help them learn stock trading.
A mentor could be a family member, a friend, a coworker, a past or current professor, or any individual that has a understanding of the stock trading. A good mentor is willing to answer questions, provide help, recommend useful resources, and keep spirits up when the market gets tough. All successful traders of the past and present have had mentors during their early days.
How to study successful traders
One way you can study successful traders is by reading books that have been written by or about them.
- Reminiscences of a Stock Operator
- Market Wizards
- Fooled by Randomness
- Encyclopedia of Chart Patterns
Readers can add Books in comment section.