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5 Never make the same mistake twice

Make your own decisions and choices. Though I did some research, I still lost two thousand dollars following the advice of an “expert” trader. Never again. If I’m not 100% confident in a trade, I won’t follow the advice of even an expert. Expert traders lose money all the time by miscalculating and misreading trades.

2. Learn From Multiple Sources.

Ever had a coach you thought was the until you got a different coach? This applies to anything, hair stylist, doctor, professor, teacher, etc.. you don’t know what you don’t know. One of the grading teachers I had was missing a lot of information another teacher offered. I will always have multiple teachers for my trades, so I can aggregate knowledge and make the best decision based on my trading strategy.

3. You’re Going To Lose Money.

You’re going to lose money even if you win. In my first trade, I made $300 in a matter of 1 minute, which equates to potential earnings of $18,000/hour.

The money is good with trading, but sometimes you will read trades incorrectly. The goal is to win more than you lose and practice to the point you lose less.

4. Never Stop Learning.

You can never stop learning. As I was trading my first trading book, I was exposed to ten other trading books. The knowledge doesn’t stop

5. Never Make The Same Mistake Twice.

I did lose two grand on one trade, but I will never lose two grand going into a trade blindly or based on hype again. If I lose that amount, it will be because of some other reason.

There are traders who have lost considerably more, but for me, this was a wake-up call to take trading more seriously.

6. Leverage A Small Percentage Of Your Account

If your trading account holds 50,000, never risk more than 1–5% of the account. If you go this route, you will never be in a position that compromises your entire trading account.

If you experience a bad trade, at least you only lose 1–5% of your account.

7. Focus On The Basics

You’ll find many traders use fancy language (or their own language) that makes little sense. When I learned from one teacher, I was constantly confused. When I learned from another teacher, stuff made sense.

The smarter you sound, the less you usually know. If you can’t communicate a concept simply, then you probably don’t understand it yourself.

8. Continue Digging

When I asked a trader why X is called Y; they responded, “That’s just the way it is.” As I did my research and learned from other traders, I quickly learned there was a reason behind it.

Dig deeper if you’re not getting answers. Never rely on only one source for information.

9. There Is So Much To Learn

I’m only at the beginning of my trading journey. Though I realized I’ve been trading indirectly for years, doing it is a whole different ball game.

When I was first exposed to all of the technicalities of it, I was overwhelmed, but as I started digging in and putting in more time, things slowly clicked.

10. Stay Humble

Just when you think you know or have mastered something, you realize you haven’t. Focus on learning, and the rest will come.

Happy trading.

This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.