There are four different types of point of view: first person, second person, third person, and omniscient. Many people make the mistake of believing that which one you choose is not important and that it will not affect your story.
Although all can be done skillfully (with many exceptions for second person) you should keep in mind what you excel at and which one best suits your story.
Part One: First Person
1. What is First Person?
First person is the point of view using "I", "my", "we", "our", etc. In first person, the story is narrated directly through your character's heads. Nothing is filtered. Their brain is visible for all readers to see.
2. Pros
Some good things about first person is that it is very revealing of your character. Readers have a greater connection to your main character and tend to root for them more than in, say, omniscient point of view. All thoughts can be shown through first person and readers find it easier to sympathize with the characters. They understand them and their actions.
3. Cons
A thing that many beginning writers tend to struggle with is creating transitions. It is very easy to say "I" repeatedly and it gets tedious to the readers. If you are writing in first person, be conscious of this. Your fans will thank you. Also, if your readers dislike your character, sometimes they lose the desire to read on in the thoughts of your character all day, especially if their thoughts are not justified.
4. When Would You Use First Person?
You would use first person if that is what you are comfortable writing, or when you desire a greater connection between readers and your main character.
Part Two: Second Person
1. What is Second Person?
Second person is the use of "you", "your", etc. You are not talking about yourself, or even a specific person. This is pretty much never seen in novels. And if it was, you can bet that book would be thrown into a fire.
2. Pros
You can use this in pieces of literature (not novels) where you do not need a specific character and you don't need to bother thinking up back story and different angles. This is most commonly seen when the whole idea or message behind a poem (or other) has nothing to do with personality or character. It diverts attention away from a person and outlines the bigger idea.
3. Cons
Like I said, you can't write this in your novel if you ever want anyone to actually enjoy your work. It is strange to read and gives no connection between readers and protagonist. It is impersonal and bland.
4. When Would You Use Second Person?
I may have fooled you into thinking that second person is simply there to show what not to do, but that's not exactly true. The "Choose Your Own Adventure" books use second person and sometimes Mad Libs as well. You may have read or even written a poem that uses second person. Like I already mentioned, this helps embolden the big idea of a poem and the message behind it without distracting the readers with characters that are unnecessary and get in the way. Poetry, and I'm sure I said this in a previous chapter, breaks all the laws of literature, in many cases. Second person can be seen and it can be done well, but you have to know what you are doing or what you thought was deep and beautiful might really be trash.

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Your Guide to Writing the Perfect Story
Non-FictionAs the title states, this is your tutorial, created by me, to writing a story to the very best of your abilities. By carefully reading through the following pages, you can enhance your skills and clear your path to becoming the great author that yo...