Hey, what's up my friends, so in today's episode i want to share with you seven seven best practices to adopt right in your first year of trading. Number one don't take it personally, so this is especially critical right for people who have. You know found success in life right consistently. Maybe those who are you know really good in their studies.

You know always stop the class, then they enter a university graduated with first class owners find success in their professional career and then they encounter trading and then they they follow up. They lose a lot of money and they start taking it. Personally. You know like, why is the market against me? Why why why, but i'm here, to tell you this right? Is that don't take it personally right? The market has nothing against you.

He doesn't know who you are. He doesn't care what you've achieved right and the market is just the market right, so don't take it personally, it doesn't matter whether you know you have excellent academic credentials or whether you're a flop, you're a beggar in the street. It doesn't matter the market, doesn't care right, so there's nothing personal right to you right, so don't take it personally. Don't think that you know someone is out there right.

The system is rigged right. The institutions, the the smart money right is up to you know. Destroy me to you know blow up my account. No none of it right so first thing first, is don't take it personally personally, because if you take it personally, then it's very difficult to look at the markets from an objective perspective, and if you can't look at the markets at an objective perspective, then it's near Impossible right to become a consistently profitable trader, because there's always this bias.

There's always this thing in your head. Thinking that someone is out to get you in there's no way right. You can, you know, survive in the long run, so number one don't take it personally. Number two: don't tell your wife, don't tell your family, don't tell your friends, don't tell your kids, i'm not joking in your first year of trading.

You know just keep it to yourself, don't tell anyone, not even your wife, and why do i say that? Because, let's be honest right most traders, they lose money in the long run right in your first year of trading. You know, nuts, you are more likely than not to lose money, and the last thing that you want to do is to tell your wife, hey darling. You know: do you have something called the forex market man i just put in the five thousand dollars into that trading? Account right. I expect to make it to six thousand dollars by the end of the day and trust me right.

Every single week, your wife will be asking you how's that account how's the account how's, the account darling, and the last thing that you want to do is to tell her the truth, because trust me that account from 5k probably is left with five dollars right. So you don't want to be in that situation, so my advice to you is to not even tell anyone to start with right. If you want to trade the markets, if it's your first year of trading great keep it to yourself right or maybe just you know, uh join a forum, be anonymous and tell people your trading journey, but don't tell your loved ones because they are questions their pleasure. I mean they will unnecessarily put pressure on you, even though you know it's not their intention.

They'll always ask you know how is trading, you know how much do you make? How much do you lose and you won't feel good about it? Okay, so number two right. Don't tell your wife, don't tell your family, don't tell your kids, don't tell anyone right. You can tell me right, you know we'll keep sh number three fun a fraction of your savings. So when you are ready to go live, maybe in your first year of trading right, you don't want to put let's say, for example, you have hundred thousand dollars in savings, so you don't want to put all those money into your live trading account, even though yes, 100K, you can afford to lose those 100ks right.

You won't affect your lifestyle, but doesn't make sense right, because when you first get started with trading, you are going to suck so bad. I just mentioned right in your first year of trading: you will likely lose money, so why do you want to put in so much money into your live trading account? So if you have 100k great, my suggestion is put to put 99k in the bank and just find with that one thousand dollars into your trading account right. So if you, if you do really lose that 1 000 account that's kind of like you know, tuition fee, that you can still afford to kind of lose right rather than the full 100k so fund it with only a small fraction of your saving accounts. I mean with your savings right: don't don't go all in number.

Four master risk management, so as a beginner right as someone you know, trading for the first time in your first year, one of the easiest and the lowest hanging fruit that you can do is to master risk management. There is nothing subjective about it right. It's all about math, very simple, math right, something so simple that even a premier, four premier, five premier league six, kid can do so. If you translate that to high school, i think that's, maybe i don't know a year.

I don't know what year that is right, but it's something that even a 10 year old, a 12 year old, can figure out so master risk management. That is one of the lowest lowest hanging fruit that you can. You know grab right because once you master risk management, you can be pretty certain that you will never blow up. Another trading account no matter how much money you're trading, whether it's a thousand dollars five thousand ten thousand.

You know that you can protect that sum of money and that's kind of like one of the easiest thing to learn. No subjectivity involved just some basic math, so go and master risk management as soon as possible. Number five right learn everything from a to z. So so here's the deal right in your first year of trading.

You will be overwhelmed right because there are stuff, like you know, swing trading, day trading position, trading, chart patterns, candlestick patterns, rsi, macd, stochastic, and i'm just touching the surface over here you will get overwhelmed and my suggestion to you is to learn everything to be like A sponge and absorb everything right, you don't have to dive in very deep, but rather just learn it at a superficial level, first to get exposed and to know what's out there and the reason why i say this right is because it might even contradict some of The things i said earlier, but because it's again a matter of context because when you're new to trading when you're like a newbie, you do not know what you do not know right. So it matters right that you try and expose yourself to all the different departments. All the different fields in trading right, you know, have a taste of what it's like, and hopefully, right within that one year. You have something right that you can resonate with something that you tell yourself.

This really suits me. I want to you know, master this particular trading strategy or methodology and then only and then right in the future. You can go in and dive deep, but within the first year it's quite difficult to dive deep into something. When you do not know what you do.

Not know make sense, okay number six right decide if trading is for you within the first year. Really. This is one of the most important advice that you should really consider so many traders they get into trading. They think that you know uh it's kind of like the only way of the only ticket to to financial freedom, but trust me it's not.

There are other ways to make money. You know you can do e-commerce, you can do you know coaching. You can do set up an online business, i don't spotify spotify. I mean shopify and stuff like that.

So there are a lot of ways to make money. So if you have tried trading - and you know hopefully within the first year, you realize that if trading is not for you, you know, you want to call it quits earlier and you don't want to sing in deeper, because the last thing that you want the last Thing that you don't want to happen to is to spend five years seven years ten years in trading, not to see any results and then to realize man. This is not for me right because by then you would have you know, sinking too deep. The opportunity cost is so high, you you just you know, i mean the sun, the sun cost is so high and, and it makes it very difficult for you to get out of the the hole right.

So i admit right that you know many of you watching this video right now i would say more than half of you after a year might not be trading, so it pays right to know within a year right when your so-called uh cost time and investment right Is it it's at quite it's quite a minimal level right to know ahead of time whether you know after one year. Do you still want to be doing this or not right? So if you know that it's not for you quickly cut your loss and move on to something else and then uh finally number seven right, don't quit your day job yet because, again right the failure rate here is so high. The last thing you want to do is you know, you know, tell your boss, you know you know, but you right, you know and i'm out of here right then you you, you throw some. You know stack of notes or paper clips at his face right and then next one, hey boss, you guys still hiring that's the last thing.

You want to happen to you right. So don't quit your day job yet right. So you can always trade part-time right and see how your results fair. You know over a six six month, 12 months, 24 months period and once you're consistent once you're confident, then you can throw those paper clips right, don't throw the paper clips right.

You know even before you have proven to yourself that you can do it. Okay, so quick recap: number one right, don't take it personal number! Two, don't tell your family friends, wife, kids or whatsoever number three. You want to fund it with a fraction of your savings. Not the whole thing number four master risk management is one of the lowest hanging fruit that you can.

You know you can grab number five learn everything from a to c number, six decide if it's for you right, uh, ideally within the first year of trading and finally, number seven, don't quit your day job just yet. So with that said, i wish you good luck. Good trading, i will talk to you soon. You.