I would say that first you must understand your personality, objectives, work preferences and ideal lifestyle by thinking through your trading objectives.

Then you need to choose a trading strategy that works and design a trading system that fits with the four personal considerations above. Your system must also give you a reliable edge in the market.

Write a trading plan that covers all of the actions you will need to take to trade your money on a day-to-day basis so that your decisions are predetermined. This means you don’t have to make difficult decisions in the heat of the moment.

When your emotions run high, intelligence runs low, so it is far more profitable to make your decisions in advance. e.g. “If this happens then I will do that”. Most people lose money because they make silly emotional decisions rather than following a structured plan.

Risk a VERY small amount of your account on each trade. Only by doing this will you survive long enough to realize the potential of your trading system.

Finally – Learn the most important lessons early from a mentor or coach rather than by accident in your account – One is cheap compared to the other…even if it may not feel that way at the beginning!

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If I Had 1 Minute With A New Trader, What Would I Say?