What advice would you give aspiring traders?
My initial advice would be to tell them to forget the idea. I would recommend against becoming a trader. Trading is hard work. I would suggest that they give their capital to a professional trader with a history of very small drawdowns.

But if they simply could not be dissuaded, then my advice would start with the following items:
1. It takes a minimum of two years to learn enough to put real skin into the game. Trade a simulated account in the meantime.
2. Don’t take specific trading advice from anyone under any circumstance.

3. Don’t take general advice on trading concepts or themes from anyone who cannot produce an actual track record of successful trading.

4. The overwhelming majority of books and seminars on trading are a deterrent to success trading.
5. No two successful traders trade the same way – and every successful trader has developed a style unique to his or her own personality, risk tolerance and skill sets.
6. The markets are a great teacher. Be prepared to confront character traits you didn’t know you had.
7. Your opponent to successful trading is not the markets nor other traders, but yourself.
8. Understand that there is no magic bullet – or holy grail. Successful trading is a result of hard work.
9. Have realistic expectations. Traders who think they can turn $10,000 into a million will likely fail. Most really successful traders average around 30% annually on proprietary funds.
10. If, after a year or two, you find that you are not enjoying the voyage, jump ship immediately.