Massachusetts, United States, November 10, 2023 – It’s easy to get excited about a new hobby or professional pursuit — especially if it also seems to come with the promise of more money. But as novice day traders contemplate dipping their toes in the markets, Warrior Trading’s Ross Cameron has one simple piece of advice: Temper your expectations.
“Unfortunately, there will be beginner traders who come into the market trying to solve for something. Maybe they lost their job. And then there’s people who want to learn a little bit more about the markets, already have a job but occasionally dabble on the side,” says Ross Cameron. “I think that the first thing that traders need to do is expel the notion that they will find any sort of quick success. Because that is just not how it works.”
While there are certainly exceptions to that, Ross Cameron agrees, it’s not the typical experience.
“In fact, the typical experience is that people come in, they go way too big too soon, they blow up their accounts, and then they’re gone,” says Ross Cameron, adding that knowing that success eludes most, a beginner trader may want to ask themselves what is it that most people are doing that’s causing them to lose.
“And what a lot of them are doing is they’re in the excitement of trying this new thing. They’re jumping in with real money right away. And very quickly they can get in over their head,” explains Ross Cameron.
There’s a Common Pattern to Failure, Says Warrior Trading Creator
Maybe they have a little beginner’s luck, which then is followed by a period of overconfidence, which then in turn creates a very quick and very real loss of capital.
This sunk-cost fallacy then leads them to feel like they can’t just walk away without trying to recoup their losses.
“But during none of that did they ever get any real training or any real education,” says Ross Cameron. “You can’t just jump into this with almost no experience, because you will almost certainly lose.”
Instead, Ross Cameron encourages beginner traders to look into trading as an opportunity to learn about the financial markets.
It’s a lesson he learned the hard way.
Ross Cameron first started trading as a summer job, of sorts, when he was still in high school.
“I thought it might be a summer job — and I made no money,” he says.
Ross Cameron Started With $1,000 — and a Schedule
Ross Cameron had a $1,000 account and invested in well-known stocks like ExxonMobil and US Steel.
“By the end of the three-month summer break, my account was more or less unchanged,” Ross Cameron states. “I had made more money mowing lawns.”
But when he came back into trading, he decided he would commit to a schedule.
“Because at that time, I wasn’t on a schedule of waking up at 8 in the morning. I was a freelance worker. I didn’t have a schedule to be in a nine-to-five. So, I was sleeping until 9 or 10 a.m. and staying up till 2 or 3 in the morning.”
He committed to getting up at 8 a.m. so he could participate in the market.
“I remember the first day, I was like, ‘why am I even doing this?’ But I knew I wanted to be involved in the market,” he says.
Ross Cameron had seen other people he knew trading — and doing it from the comfort of their own home.
“So, I saw opportunity and I wanted to try to get a piece of it. And that meant first committing to a schedule, being able to sit from the markets every single day, just to observe and to learn,” Cameron explains.
Warrior Trading Founder Says Build Your Experience Safely
He admits that in those early days he got in over his head frequently and lost real money. And he now encourages beginners to trade in a virtual trading simulator first — at least until they have proven consistency.
“If they prove consistency in a month, that’s awesome. If it takes them six months or a year or two years, well it’s better to do it as simulated than with real money,” he states.
The key is for beginner traders to think about why most people fail, says Ross Cameron.
“It’s because they get in over their head. So, what you need to do instead is go slow. Practice in a simulator, and just try to really immerse yourself in trading communities. There’s forums and chat rooms like what we have at Warrior Trading, where people are typing all day long,” Ross Cameron says of the trading education company, Warrior Trading, that he founded. “Watch videos — whether it’s participating in a live training video or going to seminars and classes — soak it up.”
Trading is a skill that Ross Cameron believes is learned incrementally.
“It does take time to gain experience,” he says. “You won’t really gain confidence without experience, and that can only be done so fast. You can’t just blow through it in two weeks and become a successful trader.”
Contact Info:
Name: Henry
Email: team@warriortrading.com
Websites: warriortrading.com
Company: Warrior Trading
Address: PO Box 330, Great Barrington, MA 01230
