As a new trader, you are more likely to focus solely on making good profits from your trade. And in as much as this is a good drive, many new traders tend to dive head straight into the trade market sea, hence forgetting the necessity of proper trade education.
Unfortunately, with this mindset, most of them hit the floor, while only a few make good profits.
Trading is like a career; just like other careers, you need proper knowledge to keep you informed and help you overcome challenges.
Putting in more hours to update your knowledge does not always imply that you will earn an insane amount of money. Instead, you’ll be able to manage your risks better and minimize your losses. Also, you will improve your strategies.
Luckily, top trader Lance Ippolito shares a couple of tips that have proved helpful in setting new traders on the right course.
You might wonder, “why should I listen to this guy? ”
It’s interesting to know that he is an ex-hedge fund trader with a degree in Finance from the University of South Florida. Plus, he’s one of the top analysts at Wealthpress and makes trading fun through his easy-to-work character and honest zeal for his people to win. He has tutored over 50,000 people.
Here are some of Lance Ippolito’s trading advice for newbies:
Table of Contents
Keep a Record of Every Trade
Every trade should be tracked and reviewed. Take screenshots of your transactions, including the entry, stop loss levels, targets, and technical/fundamental annotations, so you can revisit them later and evaluate them.
A screenshot is worth a thousand words in a trading journal because it shows exactly what you did in those market conditions.
A thorough examination of your trades will reveal your common errors—which you can try to correct (practice)—and what you’re particularly good at, which you can capitalize on more.
Maximize your learning skills
Your learning skills refer to your preferred learning mode and what skills help you learn better. For example, do you learn better through videos or text? Or do you need illustrations?
Whatever your preferred mode, it helps you when making your learning choice.
Invest in courses and mentorship
According to Lance Ippolito, if you do not invest in yourself, nobody will, which is also applicable in the trading world. Taking helpful trade courses from respected tutors in the field helps you learn from their expertise and provides a medium to get indirect mentorship from them.
Also, pay for a mentorship program that would benefit you. You should have an experienced trader to guide you in the market to help you avoid inevitable unnecessary mistakes.
Continue to Do Your Research (DYOR)
Aside from purchasing courses and signing up for mentorship programs, the place of personal research must be considered.
Do your research by browsing the net, joining trade rooms where possible, sending signals and trade updates, and watching YouTube videos.
This way, you will be exposed to other schools of thought and the views of other traders in the market.
There is always room for improvement, whether you are a newbie or not. Continue to learn and use these tips shared by Top Trader Lance Ippolito in this piece, and you’ll improve impressively in your trading.