Controlling your mentality as a newbie

[Oscar Shumack]

As a newbie, you should focus on making plan and choosing the ebst strategy for you. For that you can practice on a demo account to justify yourself.

 

[Kazumu Fukunaga]

For every trader it's important to control the emotions. Most of the traders take trades out of emotions. Fear and greed take control of their mind. As a result they take impulsive decision.

 

[Eduardo Lucchese]

Every new trader should control their emotions when they are going to trade. If you can not control your mentality you can face a great loss.

 

[Alexander Hudson]

As a newbie, you need to control your mentality at the time of trading. Showing emotion can put you in great danger.

 

[Gito Dinev]

Newbie often make mistake and they struggle to make a proper mindset.

 

[Kazumu Fukunaga]

I prefer long term trading for newbie because of the psychological aspect of trading. It means that newbie can't do short term trading. Psychologically every person is different. If anyone can develop his psychology, he can do short term trading.

 

[Kevin Vogt]

Some tips for those who are newbies. Test your strategy on demo. Then just follow your strategy that you have tested on demo. Stick to the plan. Do not watch the charts too often if you are not a scalper. Have faith on yourself. There will be bad day but that doesn't matter.

 

[stefaniawendt]

Always diversify your stocks and do not put all your money in just one industry or stock. Manage your money in various stocks and in the beginning make sure that you keep an eye on them at all times.

 

[lisetteferrell]

@gretARjan I don't understand what you mean by the mentality of a new trader. I think the psychology needed for trading comes with experience only. Only with the experience, comes this knowledge that greediness will only increase risk and maximise losses.