The 3 most impactful lessons I've learned in my 3 years trading:
1. Master one setup at a time
It is natural to experiment with different setups when trying to find a profitable edge.
But once you've found one, stick with it until you are the market expert in that area.
Make sure you...
It is natural to experiment with different setups when trying to find a profitable edge.
But once you've found one, stick with it until you are the market expert in that area.
Make sure you...
· Collect 1,000's of historical examples to build confidence
· Understand that no setup works in every single environment
· Have the patience to stick with your setup even if it isn't working
Lack of confidence & jumping from setup to setup cost me a lot of money in early 2022.
· Understand that no setup works in every single environment
· Have the patience to stick with your setup even if it isn't working
Lack of confidence & jumping from setup to setup cost me a lot of money in early 2022.
2. Minimize your losses
By minimizing losses, you reduce your risk of ruin.
You are ensuring that no one single trade will bankrupt you, which is an important lesson to implement as early in your career as possible.
The 3 most impactful rules to minimize losses:
By minimizing losses, you reduce your risk of ruin.
You are ensuring that no one single trade will bankrupt you, which is an important lesson to implement as early in your career as possible.
The 3 most impactful rules to minimize losses:
· Set buy and stop loss orders at the same time
· Never risk more than 1% of your total account on a trade
· Stop trading if you've taken 5 losses in a row
Take care of your downside when times are bad and you'll see how easy it is to make money when times are good.
· Never risk more than 1% of your total account on a trade
· Stop trading if you've taken 5 losses in a row
Take care of your downside when times are bad and you'll see how easy it is to make money when times are good.
3. Analyze your losing trades
Instead of berating yourself for every mistake you make as a trader, try to analyze each one.
Ask yourself...
Instead of berating yourself for every mistake you make as a trader, try to analyze each one.
Ask yourself...
· What went wrong?
· How could you have prevented it?
· What can you do in the future to avoid making similar mistakes?
The best traders are those who have made mistakes and learned from them, and then changed their strategies accordingly.
· How could you have prevented it?
· What can you do in the future to avoid making similar mistakes?
The best traders are those who have made mistakes and learned from them, and then changed their strategies accordingly.
These are the 3 main lessons I've learned in my first 3 years trading:
· Master one setup at a time
· Minimize losses
· Analyze losing trades
Implement the lessons above and I'm sure you'll see significant progress in your trading - just as I have.
· Master one setup at a time
· Minimize losses
· Analyze losing trades
Implement the lessons above and I'm sure you'll see significant progress in your trading - just as I have.
That's a wrap!
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If you enjoyed this thread:
1. Follow me @GregDuncan_ for more
2. RT the tweet below to share this thread with your audience
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