Start with one setup
Beginners usually trade too many setups in too many names. Pick one pattern, watch it live for a few weeks, and only then trade it with minimal size.
Define your risk before your first trade
Decide your maximum risk per trade, your maximum daily loss and the number of trades you will take. Those three numbers protect your account far more than any indicator.
- Risk per trade: a small fixed percentage of the account
- Daily loss limit: the point where you stop for the day
- Trade count cap: prevents revenge trading
Journal from day one
Write down the setup, the reason for entry, the reason for exit, and what you would repeat. Patterns in your own mistakes show up faster than patterns in the market.
Educational content only. TradeCaster does not provide financial advice and past results never imply future performance.