Olympic champions usually have three coaches throughout their careers. The last coach typically takes a semi-pro athlete and fine-tunes them; this coach is often a former Olympic athlete. The second coach teaches everything in detail about the game or activity and essentially “raises” the athlete. The first coach, often just a good guy from the neighborhood, plays a critical role that can’t be overvalued—they make the athlete fall in love with the activity at a very deep level. Without this, an athlete wouldn’t sustain the motivation needed to become an Olympic champion in the future.
It’s challenging to guide a novice trader in building their trading training process because overloading a beginner with tasks may cause them to lose interest. But without a solid framework, trading can easily become gambling. Open a Thinkorswim account (or another free or low-cost platform account available) and start paper trading (not with real money, just a demo account). Test your ideas, execute trades, chat with your peers about them, and have fun. But remember, you need to build a sustainable process that allows you to grow as a trader and adapt to constantly changing market conditions. Below are essential tips from pro traders and coaches to help novice traders build their own trading training framework:
- Growth mindset
- Preparation & Hard work
- Plan & Patience
- Discipline
- Journal
- Visualization
- Best movers & Playbook trade
- Technology
- Personal development
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