Here’s a simple, practical beginner-friendly guide for trading:
1. Start Small: Only use money you can afford to lose. Avoid big risks early.
2. Learn the Basics: Understand the market, charts, and terms like “buy,” “sell,” and “stop-loss.”
3. Make a Plan: Decide before trading: when to enter, when to exit, and how much to risk.
4. Use Stop-Loss: Always set a limit to prevent big losses.
5. Don’t Follow Tips Blindly: Trade based on research, not rumors or friends’ advice.
6. Keep Emotions Out: Avoid fear or greed. Stick to your plan.
7. Diversify: Don’t put all money in one trade; spread risk across different trades.
8. Practice First: Use demo accounts to try strategies without losing real money.
9. Track Your Trades: Write down what worked and what didn’t. Learn from mistakes.
10. Be Patient: Focus on small, steady gains rather than quick wins.
