How do I start trading?
- Learn how to read charts!
When learning about technical analysis, understanding price action is KEY! When you are reading a chart, there should always be at least three things that you need to look at - Price (what's happening today), Time Frame (how long am I looking at this?) AND Support/Resistance (where did prices go before?). Once you understand these simple concepts, then you can begin to learn how to use them efficiently to find trading opportunities and make money.
- Set your own stop loss and take profit levels
This is where a lot of people get confused. Stop losses are not magical numbers, they are used as a tool to help you control risk. You have to set yourself what you're willing to lose, and you also need to know what a profitable trade looks like. If you don't know, practice using different settings until you feel comfortable doing it in real time. Then once you've mastered that, you'll want to fine tune it and adjust your risk profile based on the market conditions. This is especially true if you're day trading.
- Don't be afraid to add leverage
Let me repeat that again...DON'T BE AFRAID TO ADD LEVERAGE! In my experience, if you're starting out making trades in options, futures contracts, forex markets, etc., leveraging lets you gain from even small moves in price. If you're not familiar with leverage, please read up on margin trading and don't hesitate to reach out if you have any questions. There are many platforms that offer leverage (which means the number of units you have available to trade) so just search around.
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I agree with you SL should be ours as we know the risk management for our capital and investments