Let me go through some of the things that helped me the most during this journey to becoming a better trader. I have learnt so much through so many resources. While some were rather useless some of them were really beneficial and they still help me till this day and that is what I am going to share with you.
Trading is something I want to be doing for the rest of my life – as I have covered in my previous articles. However, I was struggling so much in the beginning because I was the only one in my household and family to chase a dream like this and through that struggle I discovered some stuff that I want to give to you that will really help you if you stick to it. Trading is something you have to work on every single day, to me it’s a lifestyle and I am overly passionate about it.
Do not take this platform for granted. YouTube is amazing when it comes to learning new skills or even just for pure entertainment. When it comes to trading you will find all these weird characters on YouTube and they are always showing you how much money they have and telling you to buy their course to have the same level of success. You learn a lot from these people. I fell for the same trap time and time again but you actually get really educational content on the platform that can help you a lot when just learning the markets and teaching yourself how to trade. You get people explaining indicators, strategies, different markets etc. You will find your style of trading by just looking at the different styles of trading all over the world by different people. You can also learn how to use your trading platform by watching tutorial videos.
Udemy is a platform where you can buy or sell a course. I have found some of the most amazing trading courses on this platform and it has helped me so much with becoming a better trader. You get courses on how to read candle patterns, how to trade price action, courses on indicators etc. These courses also go for unbelievable prices so do yourself a favour and invest in your dreams.
I am incredibly lucky to work alongside one 2 of the best trading mentors in the world, Patrick Moore and Warren Peacock. They have taught me so much, not only about trading itself, but how your personal life can really affect your trading and how to find the sweet spot for a firm balance between trading and everything else. Find someone who’s style of trading you really envy and try to reach out to them. Reach out to people who know more about this than you do, it’s not a sign of weakness but it’s an act of intelligence. You have to ask questions, you have to get opinions, tips, and tricks so you can find yourself between all of this. Everyone has their own style of trading and that is what makes it so amazing. You really have to put in the effort to learn through other people’s mistakes.
Just Do It!:
Fear is something that haunts every trader. You have a fear of losing money and a fear of closing a negative position or a fear of not trading at all. You have to tell yourself that you are willing to learn this skill no matter what it takes. If you have good risk management you have nothing to worry about. Start by trading very small positions but please try to never trade a demo account because it gives you something that is not really there. Open a live account, deposit some money and just trade at the smallest position size possible. Start developing a strategy and your own way of trading and just run with it. Most people quit trading because they don’t get the hang of it, but the issue is that they never really put in the time to try and understand what they are doing.
Make sure you don’t lose yourself in this journey because trading can really make you realize all the other problems in your life. There is stress, there is anger and there are the big wins. But the emotions must always stay the same no matter how big the win or how big the loss. You have to make sure to always keep yourself in a neutral state.
Educate yourself, learn from other traders and make sure to not let your emotions run all over the place. Walk away when you don’t see any trades coming up and this way you will not over trade. Practise your strategy and stick with it, don’t jump between this and that – every strategy works, it all depends on how you understand it and how much time you put into understanding it.
- Mornay Marais, Trader