We've all been there, just getting into trading and have no idea where to start or who to listen to. Trading is going to be one if not thee hardest things you ever set out to do. New traders are entering into a market where they will be competing with some of the smartest and weathlest people on the planet. Don't let that discourage you, here are 5 tips that can aid you in the journey!
#1: Finding the Proper Education/Mentor
When looking for a place to learn and grow from don't only look at the results, you need to look and see if the program being offered is something that really makes sense to you. If you are more of a slower paced trader then make sure what you are learning applies to your type of trading. On the other hand if you are more of a fast paced trading and looking to get in and out within a few seconds or minutes then make sure what you are learning applies to that type of trading.If you do need help with your education think about becoming a Gorilla Futures member.
#2: Screen Time
This subject can be debated until you are blue in the eyes, there is no correct number on how many hours you will need to become a trader. One thing everyone can agree on is you MUST spend time in front on the screen practicing and learning. Some people will only need a few hundred hours and others may need years of screen time before trading really "clicks" for them.
When you are spending time in front of the screen make sure you are actually being productive and not just staring at the charts hoping the information crawls into your brain. Set goals and work towards them. Such as: back testing your strategy, learning to identify trends, marking up charts the right way, the list could go on and on. A lot of these topics are covered in the gorilla futures course. Once you know what you are trying to learn/teach your self now its time to do it! Set aside a few hours a day if possible and do nothing but work on your trading goals. Remember trading is a marathon not a sprint, spend as much time as you can practicing before entering into the race.
#3: Back Test Back Test Back Test
Very similar to screen time you will need to develop a strategy and test that strategy against a long period of time. You may have to do this a couple hundred times before you come across the perfect system for you. We suggest all of our traders to go back and look at a minimum of 6 months of data and test there system. You will need to test your system on bullish,bearish and ranging markets. Doing so will give you a well rounded system that you will be able to use regardless of what the market is doing.
#4: Realistic goals
You most likely got into trading because you want/need some extra money in your pocket, trading is not a way to get rich quick. If anything trading is a way to quickly lose money. Thinking that you will learn a few trading rules and you'll be rolling in the cash is nothing but toxic for your mental state, due to that fact that when this does not happen you will become extremely upset and possibly even depressed. Go into trading with the proper mindset, such as : " I will take my time, I'm not here to get rich quick, trading is hard but I am willing to work on it". The list could go on and on but the idea is you enter trading with the proper mindset and the proper goals so you wont be upset when you hit a few bumps in the road.
#5: Books
Similar to finding the proper education, the correct book can be life changing. Personally we recommend The Chimp Paradox by Dr Steven Peters . If you suffer from any mental issue while trading, this could be FOMO, anger,anxiety & failure to place trades then this book could be life changing. It will walk you through how to identify the problem areas and then how you can work to improve your situation. By far the BEST book if you suffer from any issue when trading.
(not affiliated with Dr Steven Peters or The Chimp Paradox)
These are 5 tips that you can use to either begin your trading career or possible improve on your current situation. With anything trading takes time and lots of patience, for those who are willing to put in the work will reap the rewards.