You'll see this advice pop up a lot in performance coaching—and there's good reason to repeat it. Good traders have a plan and they know how to follow through on it. Having a plan is the foundation of your trading, and unfortunately many traders simply don't have one. Remember, trading is a business, and it's important that you treat it accordingly. It can be fun, but also needs to be taken seriously. Whether you are a new trader, or a seasoned professional, you need to know in advance what products you are going to trade, how many trades you are going to make ...
Hi there, thanks for the great advise. My advise to new traders are that they need to train on a demo account first with the smallest amount and a trading plan. If they do succeed in being profitable, they could switch to a live account. Stick to rules regarding percentage risk of max 2% per trade and not more than 5% in total. Do not make stop losses too small as that is the cause for many losses to traders. Do not trade when you are tired or frustrated. Be positive. Use at least three confluences before placing a trade. Trading is a business as you mentioned and you need to be disciplined. Do not watch the chart continuously as it could cause mixed emotions in you. After placing a trade, get up and do something else. What I would like you to discuss if possible is the lining up of the hour, 30, 15, 5 and 1 minute before a trade is placed for optimum profits.