Trading is a highly competitive environment that requires constant improving of your skills. For this reason, we are starting a series of publications to shed some light on the key aspects of trading in the financial markets.
Wise people say that there are some steps every beginner trader should pass: First, you learn the rules, then you follow the rules and only after that you can learn how to break them — apparently, to make your own.
Does it feel like a cliché? Well, in reality this is a very practical approach. Based on the experience this phrase embodies all the steps a beginner goes through to become a professional trader. You shouldn’t change the order of these steps or skip any of them. You’d better go through all of them obediently. Only then you can become a professional trader.
1. Learn the rules — buying spread — learn the principles of risk management, what DOM and terminals are and most importantly — what you psychological profile when trading is
2. Follow the rules — trading stocks — holding a position and forming positive habits — that’s where the first profits come
3. Break the rules — trading futures — that’s the sphere where you sometimes have to reasonably bend the rules
4. Establish your own rules — trading currency — that’s the kind of the market where it’s your business to find the best deals, spot the players and adapt to a highly volatile and risky yet very profitable environment
Therefore, beginner traders should take their time and follow all these steps maintaining their discipline and building up their character. Financial market can provide you with an unlimited number of opportunities to make money. Yet what will your place in the market be if you decide not to follow the path of development? And will there be a place for you? That’s the question.
