“If you could start over as a trader, right now, what would you do differently? What would your tips for beginner traders be?”
When someone asked these questions, Future of Wealth founder Lance Ippolito had to really sit down to think about what he would do differently as a new trader with the knowledge he has now.
There are so many things he wishes he had done differently and so many trading mistakes he wishes he could undo. After reviewing a decade’s worth of trading mishaps, Lance eventually came up with three tips for beginner traders that we think EVERYONE should follow.
3 Tips for Beginner Traders
When Lance first started trading, it was almost too easy for him to blow through his account — luckily he had the foresight to keep his first accounts relatively small so he could somewhat manage his risk.
But one of the things that would have helped him avoid all that is using the vast amount of investing education that’s available now.
The beauty of today’s technological advances is that beginner traders can access trading videos on YouTube (check out Lance’s channel here), as well as thousands of investment articles and guides on the internet. We didn’t have that back then.
A lot of these different educational trading platforms also allow people to open simulated “paper trading” accounts where they can practice and get a feel of what trading is like. This is a good way for beginner traders to perfect their craft without risking tons of real money in the process.
Another tip we have for all the beginner traders out there is to keep your emotions in check. What Lance mean by that is if you have outside interferences going on in life, or if you’re focused on 10 different things at once, trading isn’t going to work for you.
Trading is going to need 100% of your focus if you want to be successful at it — this is your money you’re messing around with.
But our last tip, we think, is the one that could be the deciding factor between success and failure…
Make sure to watch Lance’s video below to learn our last tip for beginner traders. As always, leave your thoughts in the comments section below and don’t forget to subscribe to Lance’s YouTube channel to stay up to date with all things options trading.