8 – Be Realistic
This is most important thing for a new trader to do; he/she should be realistic. I am sorry to say, you are going to start worst and highly volatile business. This business is not few dollars’ business. If someone says you to make money online by investing few dollars, you need to escape from him because he is scammer and have no clue what he is talking about.
Can you make a boat load of money trading the markets? Sure, of course. Perhaps no other profession in the world has as much upside potential as trading. But, that comes at a steep cost; it’s not easy, at least not mentally easy.
You are going to encounter all kinds of mental ‘traps’ and self-sabotage mistakes along the way on your trading journey. Being grounded and realistic is what will keep you on the path to trading success.
If you start getting dollar signs in your eyes you’re going to over-leverage (risk too much) and over trade your account and lose money instead of make a lot of money. You don’t want that.