Experiencing your first is a roller coaster of experience. It makes you anxious, scared and excited simultaneously that most of the time can be overwhelming. I mean it’s just natural and it’s a vital moment that you have to experience in every aspect of life. In this blog, let us help alleviate that tension a bit with these tips to help you prepare on your dreadful start on your first day of trading!
Understand the Assignment
By now, you must be aware that Education is a critical foundation before you start trading. In fact, learning is a continuous process because of the immense leverage it can bring on your trading career. Both newbie and pro trader alike, are in that thirsty state of analysing more about the market. You can’t blame them since being proficient with this skill will surely yield you profitable trade. So just when you thought that you can skip this tedious research process, we’ll think not coz trust me, it will not turn out well.
Simulate first before executing
Learning theoretically and embracing the trading concept can also do so much and at the end of the day, practice is inevitable. Learn things as you go is a solid phrase because often than not, you can only grasp the basic concept as you go through it. However, when real capital is at stake, you have to pull the brakes on jumping to trading right away and consider utilizing a trading simulator. Polish that trading plan and strategies in a simulator first. Though these will not reflect the real market, at least until you are consistently profitable in a simulator, then you are good to go.
Pay attention to Liquidity
Sometimes the market blatantly tells you on where and when to play? As a beginner, tendency is that you might want to blow that extra ordinary play of sticking to a stock that you feel will have movement soon and escalate to something big. Potential might lure you in but focus on what is moving. It has actual reasons why is it so.
Prepare the intangible, emotionally and mentally!
Now that you have the essentials covered, set up your platforms properly and made that watch list, all that is left is you, well specifically, what’s IN you! Your alertness, your eagerness, your control and your motivation. Everything in involving what you think and what you feel? Solidifying that mind-set and keeping your emotions in check are both ground breaking for that ultimate preparedness that you need in your first day of trading.
Now get moving, you have a big day tomorrow! Good luck
