Trading demands simplicity. Submit to time. Master a few concepts. Backtest and journal your collected data. Judge your performance based on a series of trades. Once proven to be profitable, Set rules for your edge. And strictly follow the rules whenever you take a trade.
The only important thing that you can control in your trading process is risk management. Keep your risk in check.
You have to be willing to pay the price of successful trading in advance and keep on paying over and over again until it pays off. Stay focused, you will make it.
Trade with the long-term vision and act accordingly with your emotional intelligence. Gamblers don't last long.
Traders: Never compete with the market, you will end up losing it all. Trading is a mindset game.
Do you want to be a successful trader? There's no miracle to it: • Work on your edge. • Follow your trading plan. • Be disciplined. • Develop an iron mindset. • Define your goals. That's all to keep you on top of the game.
If you can't stand the losses and the lonely nights of deep working to build and refine your edge. Then trading is not for you.
A big mistake most traders make is trying to hit for a home run. No guaranteed longevity in the market. You only encounter massive losses in your investment along the way. So, capitalize on the idea of compounding and that's the way to significant growth of your investment.
You will go through hell before you become great. You better be ready. It's all part of the game.
The key to getting whatever you want: Stop worrying about it at the moment and be patient while working towards your goal.
Too much time on the chart screen doesn't guarantee profitability. You end up getting convinced emotionally to take unplanned trades which is not ethical. Define the time window for your setup and be there just before the session begins. Don't stare at the chart all day long.
Taking action is all you need to bridge the gap to the kind of life you want. There's no secret ingredients.
Trading during choppy market conditions isn't worth it. Easy to get kicked out of your trade early because the price is moving back and forth within a narrow range. Each side gets taken out. Patiently, wait for the market to show a clear direction aligning with the order flow.
All successful traders in the world have one important thing in common: DISCIPLINE.
3 Tips to skyrocket your competence in trading: • Backtest and correct data for your edge. • Journal each trade you take and review your journal regularly. • Never repeat the same mistakes you made in the past. Most importantly, control your emotions and stay disciplined.
One of my biggest mistakes was taking unplanned trades. I thought I could trade anytime whenever I saw the market was trending, but I was wrong. You have to develop a model and trade your plan logically. Never under any circumstances take a trade based on your intuition.
Even the best traders I know are not focused on making money. They are process-oriented over money-oriented. Tune your mind into the process-oriented state, and good things will start to happen.
If you want to follow your trading plan, control your emotions and be profitable. Practice patience.
Trading isn't solely about placing a buy or sell button. It's all about building an edge that will guide you in taking reasonable trades. Avoid making impulsive decisions of taking unplanned trades.
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