What are the top mistakes new traders make during their first month?

How do I know when I am ready to start trading with real money?

We suggest that you wait until you can accurately read price action and draw two or three different trend lines. Then, when all your trades are open for the same time period, this would allow you to take advantage of these trends in order to ride them to their logical end. This is one of the critical points in trading. Remember, the trend is your friend.

What are the top mistakes new traders make during their first month?

The most common mistakes committed by new traders include:

- not having a defined trading strategy;

- trading on too small timeframes (e.g., 5 minutes);

- trading with real money before mastering the trading platform.

 What is the best way to learn during my first month of trading?

Most newbies don't know that trading is a skill we have to achieve by learning and practicing. There are no shortcuts or courses available online that will give you all the answers in one session, so it is better to start slow and put in some practice. Use your demo account, try to understand the price action, and draw some trend lines. Once you become proficient at this, you can start using a smaller timeframe (e.g., 5m) and work from there up until current market conditions allow it.

 What is more important: making money or learning how to trade?

This question is in the top position among the new trader's questions. For many, money comes first, while others want to learn how to trade properly to win in the long term. While you need to make money during your first trading month, we recommend focusing on learning about the market before making actual profits. You will not learn much about the market or yourself trying to make a million dollars during your first month – but you will learn a lot from losing ten thousand.

 If I lose money, do I need to start all over?

It is normal for new traders to lose money when they first start trading because there are many things they need to learn. However, this does not mean that you should start all over again if you lose money on your first trade. There are always better opportunities out there, so it is better to save your energy for new trades rather than trying to recoup losses from a previous trade.