So you want to trade on your own?
This goal is not impossible but can be very challenging at the outset if the foundation isn’t laid correctly. New traders who learn from the wrong sources develop bad habits and a routine of being on the wrong side of the market. Taking the responsibility of learning the market on your own can be challenging because information comes in all forms including news, books, or friends and family. Learning about the financial market can seem like a flood of information without a defined starting point.
The hardest part of learning on your own is knowing what to learn! When learning something new, having a starting point gives the new trader a way of backtracking to check and see where things went wrong. It also offers clear steps to the next level of achievement. Trading involves many aspects that should be understood clearly including trading psychology, candlestick charts, and proper money management. These concepts, if understood correctly, can propel the new trader into a vibrant career.
The other part of launching a trading career is knowing how much capital is required to start trading. For individuals interested in trading the forex and futures markets, we suggest opening an account with a balance between $5,000 and $10,000. At these amounts new traders should trade selectively and carefully, making sure not to use more than three contracts or lots per trade.
Once you’ve learned the fundamentals and are properly capitalized, the next step is to execute. At Pleasant Trading we believe that all traders should first learn how to be consistently profitable with one contract or lot before adding leverage. This helps the trader to develop his or her skill in timing the entry and exit of trades based on technical patterns and not the everyday pop and drops that take place. The trader’s job is to anticipating the market moves and never predicting. Trade what you see not what you think! To understand what you see will take time but just because you doing it by yourself doesn’t mean you cannot do it! Pleasant Trading offers various helpful products to new traders desiring to learn more about the markets. We hope to interact with you and to hear of your success and challenges as you pave your own way!