I’ve been in this space for a long time; trading Forex, Commodities and Cryptos for almost 7 years!

Since The Social Trading community was created I have had the privilege to talk to new, up and coming traders. 

One of these new members came to me recently and asked….

‘What would I do differently if I were to start my trading career again?’

This question got me thinking.  In short, there’s no easy answer to this, it’s something that could be approached in multiple different ways.  I’m going to break it down into 3 sub-sections:

1) What would I do that could save me countless hours of work?
2) What would I do to save unnecessary monetary loss?

3) What would I do to speed up the process of learning to trade consistently?

1) What would I do that could save me countless hours of work?

Understand an edge, refine your edge and let it play out. 

Become a master in one set of skills and technicals within the market, not multiple.

What we often see is people swapping strategies time and time again in order to ‘learn everything the market has to offer’.  The problem with these ‘strategy hoppers’ is that if they don’t master a set skill or trading edge, they will begin to see the market in too many ways and lose focus on the technicals in front of them. It clouds their judgment and results in wasted time for trading development. 

I’m sure you have seen charts posted on IG or Facebook where traders compile multiple indicators and forms of technical analysis to look for entries?  It’s quite common for these people to be the product of multiple strategies or techniques learnt across the web.

Once you have learnt your set of skills, your edge, it is all about refinement, not accumulating more knowledge. 

2) What would I do to save unnecessary monetary loss?

If you are brand new to trading there is a high chance that you will at some point lose money.  It’s inevitable and, to be honest, a good thing.  

Losing money and experiencing the emotional pain of doing so will build you to become a better trader in the long run.  You will be more rounded technically and emotionally.  

Having said that,  there are ways you can reduce unnecessary monetary loss.

For an absolute beginner, forget about making money in the interim, learn the processes and learn the skill.  When you get your head around this, losses are just lessons within the markets.  They are inevitable and each loss that goes by will make you a stronger, more developed trader.  Before long, you will be entering and exiting the market seamlessly with a strict plan and a particular set of skills, meaning the money will come, and it will come with ease.

This leads me onto my second point within this subsection, have a plan.  Without a strict set of mechanical rules within this market, you will not be disciplined. A disciplined trader equals a profitable trader, which can save heartache and monetary loss. 

And finally, guidance can save you money. 

Guidance is key.  If you do not have mentorship or someone with first hand experience of the pain you will fall into every trap the market has to throw at you.  Guidance within the markets will separate high quality setups from lower quality setups, and place the correct risk management parameters in your trading, saving you countless losing trades and overexposed positions. 

3) What would I do to speed up the process of learning to trade consistently?

Never be afraid to ask questions, and document your analysis.

This is where a solid community steps in.  Creating and posting content was the most prominent approach I took to notice drastic improvements in my trading.  If you’re consistently posting and writing/logging your analysis or making video recaps, you will be holding yourself accountable at every stage of your journey.

Having a log of previous trade ideas or executed positions will allow you to reflect on the speed in which you have developed in the market. It will keep you on the right path whilst remaining laser focused and amenable.  

The Social Traders will help you through every step of your trading journey and counteract the negative points stated in this article. 

There has never been a better time to understand the financial markets to a professional standard.