Advice to a new trader

In my view, it's equally important to have a balance between study and action when beginning trading.

Spend a significant amount of time learning about price action concepts and risk management. Read something like 'Technical Analysis of the Financial Markets,' alongside 'Psychology of the Stock Market.' Read this site, read Cred's site, and watch his Youtube videos.

You will make mistakes when you start trading, regardless of how much you study, but it's important to have the raw material to chisel away at when you get feedback from your own trades.

After that, deposit $1000 on an exchange. You should know from reading material on risk management here or elsewhere that somewhere between 1-3% is a good amount to risk on each trade idea. This is the amount a seasoned trader would risk. You are, at this point, as bad a trader as you will ever be. There is no shame in risking 0.5% on a trade; $5. I certainly did. You'll be tempted to enter at undefined areas, you'll want to pre-empt a reversal and enter early - without confirmation. You will want to risk 10% of your account on an altcoin, 5 minutes before FOMC, with a stop 2% away from your entry.

All of these things are vital experiences that will give you an insight into your own psychology. You should be taking a mental note of your tendencies, so that you can take steps to mitigate them later. No doubt you blow up at least 20% of that account. BUT, Now - you have real world results. With these real world results, you now have problems to overcome... Questions to ask...

You have a game to beat.

At this point I'd advise reading 'Market Wizards.' This book will speak to you more now than if you had read it earlier. If you've already read it before placing a trade, read it again now that you're physically involved in the markets.

This book should drill into you the concept of only taking trades when everything lines up. There's a fantastic analogy of a cheetah; despite being the fastest land animal, displaying enviable patience, only pouncing in the ideal situation - and preferably on the lamest of animals. We wait until there's money lying in the corner, and then we go over there and pick it up. If you're addicted to the game and just have to make a trade, you place smaller bets on those trades, aware that they are likely losers or breakeven over time.

From here, you have a strong foothold. You may have imposter syndrome and still be a losing trader, but you are becoming less unintelligent every day. Talk to other traders on Twitter, about what are now specific problems. Look at more trading pairs. Get a feel for how the macroeconomy affects prices.

You are on your way,

You have a game to beat.