#1 Focus → EDUCATION:
It’s in everyone’s nature to chase a quick buck and find the fastest path to gains, but jumping into the stock market uneducated and unprepared will most likely result in the opposite – losses. Just like any other undertaking worth your time and effort, it takes a dedicated period of studying and practice in order to get up-to-speed. When traders look back on their past mistakes and break down their biggest blunders, failing to paper trade when they first started always seems to be the greatest regret. So many success stories begin with failure (ex. blowing up an account) before taking the practice phase seriously, but that can be avoided with Paper Trading.
So where can beginners turn for the best education? I’m a big believer in having a mentor – someone who can provide you with 1-on-1 support in times of need. You simply can’t be a Jack-of-all-trades when it comes to trading. There’s too many potential strategies and approaches to consider, so finding someone with a focused niche to learn from is paramount.