new trader--would like to hear ideas

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I'm a new trader and have had some success in the last six months working mainly with basic technical indicators. My risk tolerance is fairly high and I would like to hear some first hand information from someone whose had continued success in the market. Thanks.

I think the best strategy is to watch some cources and learn all these process by yourself. I believe you should make your own mistakes to understand which way of trading is the most effective for you. As an advice, I may give you some souces like <redacted> where you will find all the necessary information for your first experience.

if you have already had a few successes, I recommend that you don't stop learning.

As for me, the best option for a newcomer in this industry is a demo mode. This mode really allows you to gain the necessary experience and work out all the strategies.

It takes a lot of time to use a demo account in order to be sure that on a real account you know how to quickly navigate in a critical situation

During the first steps, your tolerance is fully justified. When you have more experience in this industry, you can try to risk a little more.

Learn early on that high risk trading rarely works long term in trading. Variance will bite you hard at some point even if your strategy is spot on. Risk management is what saves accounts in these conditions.

What I would recommend, even if your risk tolerance is high, is to always use good risk management. You can do this by calculating risk percentage or risk-to-reward ratio and using stop loss and take profit orders.

In a nutshell you need to keep certain things in line to be successful.

1. Follow your rules-entry/exit and management
2. Good RR
3. Discipline in bank and not over leveraging.

If you follow these you are most of the way there

Originally posted by Luckymac

In a nutshell you need to keep certain things in line to be successful.

1. Follow your rules-entry/exit and management
2. Good RR
3. Discipline in bank and not over leveraging.

If you follow these you are most of the way there

I love the first point in particular. Having a good trading plan is important but it's only as good as your ability to stick to it. It's essential to follow your own rules and not let emotions deter you from it - that way you can achieve consistency and make it easier for you to evaluate how well your plan is working.

Originally posted by cashisking86

Learn early on that high risk trading rarely works long term in trading. Variance will bite you hard at some point even if your strategy is spot on. Risk management is what saves accounts in these conditions.

Completely agree, you have to have enough trading capital and risk management to avoid risk of ruin. Trading is a probabilistic game on a large level and high risk does not fit into that for sure

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My point is it isn't anything to do with risk tolerance is high. The market doesn't care what your risk tolerance is and neither does variance. Risk of ruin allows you to see how many consecutive losers you can incur and not blow an account. As we are dealing with probabilities and variance this is something that will ruin traders with a "high risk tolerance". In my opinion it has nothing to do with risk tolerance and everything to do with maths.

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