I interacted with over 50 traders through the past week.
A summary 🧵
A summary 🧵
1️⃣ Majority are in huge losses.
Problem is not the loss. It is that they are not sharing it with their loved ones of what has happened.
Money they have lost, feeling of loneliness.
Problem is not the loss. It is that they are not sharing it with their loved ones of what has happened.
Money they have lost, feeling of loneliness.
Trading markets requires mental peace.
I feel one should open up with people they trust. One would feel much lighter(mentally)
I feel one should open up with people they trust. One would feel much lighter(mentally)
2️⃣ People try to make SM's as their primary source of income.
If SM's was so easy, everyone would be doing the same. Capital markets requires capital + skill.
If SM's was so easy, everyone would be doing the same. Capital markets requires capital + skill.
You need both in order to become a successful trader.
Take Inspiration from other's. But, don't try to copy what someone else is doing. Try to learn and then think about ways to earn.
Take Inspiration from other's. But, don't try to copy what someone else is doing. Try to learn and then think about ways to earn.
Don't try to make it a primary source of income unless you have a proven track record of more than 2 yrs of profitable trading and an emergency fund in place.
I believe @truth_typical sir can guide people much better on this. He recently became a FT trader.
@truth_typical 3️⃣ Trading on borrowed money(taking money from friends, bank, credit card limit)
One person reached out and told me his story.
He belongs to a poor family. Had a credit card which had a 1L limit. He blew up that money. Now, he is burdened with interest rate of 6%/month.
One person reached out and told me his story.
He belongs to a poor family. Had a credit card which had a 1L limit. He blew up that money. Now, he is burdened with interest rate of 6%/month.
@truth_typical Never trade on money you can't afford to loose.
@truth_typical 4️⃣ No idea about position sizing
They will buy 7 lots with 1L and that too naked. Will carry over positions. And then blow up half of their capital.
I believe very few put efforts on learning about hedging, reading OI data, technical analysis etc.
They will buy 7 lots with 1L and that too naked. Will carry over positions. And then blow up half of their capital.
I believe very few put efforts on learning about hedging, reading OI data, technical analysis etc.
@truth_typical What pains me is people don't give importance to money when they are trading. They want to make a quick buck(through scalping/increasing the position size etc)
It's only when they loose that they start looking at the larger picture.
It's only when they loose that they start looking at the larger picture.
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