There is always an advice and they have always been an advice, the problem is that will the people involve embrace the advice? Even if they decide to embrace the advice on their own, will greed allow them? Most people that joins the trading bandwagon just because Peter my friend did it and was successful, I will also do it and be successful. Afterall, I am smarter than him. This is not all about smart, do you know how far Peter is ahead of you in knowledge of trading?
Good advise, but will greedy allow them to learn? Most newbies want to go into trading and make quick money without proper knowledge of it and that's a bad habit in trading. My very first trading experience I was told how to make money without realizing that it involves many risks because I didn't know anything about trading at the time.
This man claimed to be an expert in trading and was actually making money from trading at the time, so he asked me to bring some cash so he could teach me how to do it. What saved me, I couldn't afford the money he asked for, because he said that was the fix price I would pay, and he was encouraging me by telling me that I would get everything back and make more profits.
Shortly after, I stopped seeing him, and when I asked about him, I was told that he had left town because he had lost an amount of money that had negatively impacted his health. That's when I realized he wasn't giving me full details about trading, and I noticed that there is more to learn about it than just making money.
The chances of making profits in trading is good knowledge and experience, and knowing risk management is crucial. We need also learn how to control our emotions. No matter your degree of expertise in trading, always invest wisely.