As I see it….
Long term successful trading has 5 key components in order of importance.
1. Trading Psychology - understanding ur mental/emotional makeup. What makes u trigger and what makes u tick.
Prioritize and protect confidence at all times.
Long term successful trading has 5 key components in order of importance.
1. Trading Psychology - understanding ur mental/emotional makeup. What makes u trigger and what makes u tick.
Prioritize and protect confidence at all times.
2. Have a big picture strategy, style and risk management that flows well with #1 and make sense to you.
3. Understanding the environment, it’s nuances, and how it effects ur strategy and risk (#2). In other words, know when the deck is stacked for ur style and when it is not.
3. Understanding the environment, it’s nuances, and how it effects ur strategy and risk (#2). In other words, know when the deck is stacked for ur style and when it is not.
4. Fish in the right pond. Find the best sectors and stocks that will exploit ur strategy in a given environment.
5. Have clearly defined setups with defined risk to take advantage of 1-4.
5. Have clearly defined setups with defined risk to take advantage of 1-4.
I say all this bc so many focus on and prioritize #5 when it is the least important part of the entire process.
In review…
Headspace
Method/Risk Mgmt
Environment
Watchlist Selection
Trade Specifics
Pro Tip…Don’t trade every day. Cherish downtime to recharge.
Happy Sunday!
In review…
Headspace
Method/Risk Mgmt
Environment
Watchlist Selection
Trade Specifics
Pro Tip…Don’t trade every day. Cherish downtime to recharge.
Happy Sunday!
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