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10 ways to Consistently Lose Money as a Trader 🧵
Followed by what to do to Make Money Consistently as a Trader
🚨🚨
10 ways to Consistently Lose Money as a Trader 🧵
Followed by what to do to Make Money Consistently as a Trader
🚨🚨
1. Let one trade make or break your account
Never risk too much one one trade, you shouldn’t eat Ramen if you win and Filet Migon if you’re right
Risk small to allow the law of large numbers play out over your edge
Never risk too much one one trade, you shouldn’t eat Ramen if you win and Filet Migon if you’re right
Risk small to allow the law of large numbers play out over your edge
2. Trade all day long
You need to have a set time that you focus on the charts.
What time? Look at the range where your A+ setups form
Outside of that range, set alerts that get you back to the charts only at important levels
You need to have a set time that you focus on the charts.
What time? Look at the range where your A+ setups form
Outside of that range, set alerts that get you back to the charts only at important levels
3. Don’t follow a consistent process/routine
How do you want to be a consistent trader if you’re not a consistent person?
That’s like trying to run a marathon with no training
Building a consistent process/routine that you follow will change your life! Get to it!
How do you want to be a consistent trader if you’re not a consistent person?
That’s like trying to run a marathon with no training
Building a consistent process/routine that you follow will change your life! Get to it!
4. Don’t have a clearly defined trading plan
If you want to make money you need to be serious about your trading.
One of the true hallmarks of a serious trader is having a defined system
Without it you are probably better off playing blackjack
If you want to make money you need to be serious about your trading.
One of the true hallmarks of a serious trader is having a defined system
Without it you are probably better off playing blackjack
5. Change your system often
You need to understand that the problem isn’t your system, it is your mind
Until you realize that you lose money because of YOU and likely not because of your system, it will be impossible to make money consistently in the market
You need to understand that the problem isn’t your system, it is your mind
Until you realize that you lose money because of YOU and likely not because of your system, it will be impossible to make money consistently in the market
6. Don’t use a hard stop
I hear people brag about not using hard stops, but in trading and in life ANYTHING CAN (and often will) HAPPEN
Use a hard stop to protect yourself, nobody cares about your little account enough to tag you specifically
I hear people brag about not using hard stops, but in trading and in life ANYTHING CAN (and often will) HAPPEN
Use a hard stop to protect yourself, nobody cares about your little account enough to tag you specifically
7. Force trades that aren’t there
You need to only take the trades that scream at you “TAKE MEEEEE!!!!!!” 😭😭😭
Seriously if you have to look at a chart and think about if you should take a trade or not you shouldn’t take it
The best trades will be obvious
Wait for those
You need to only take the trades that scream at you “TAKE MEEEEE!!!!!!” 😭😭😭
Seriously if you have to look at a chart and think about if you should take a trade or not you shouldn’t take it
The best trades will be obvious
Wait for those
8. Be very greedy and aim to get out at tops and bottoms
I won’t get in too deep into this as it’s subjective, but take so@e profits.
Your exits or even entries will never be perfect
I won’t get in too deep into this as it’s subjective, but take so@e profits.
Your exits or even entries will never be perfect
9. Take every loss personal
You need to understand that the market is neutral in its relationship to you.
With that said, a loss is just a business experience, not a signal that you’re stupid, not a signal your edge doesn’t work.
Move on to the next setup
You need to understand that the market is neutral in its relationship to you.
With that said, a loss is just a business experience, not a signal that you’re stupid, not a signal your edge doesn’t work.
Move on to the next setup
10. Believe that trading is a game of certainty, not of probability
If you think that you can with certainty determine what the market will do next you’re either an insider or delusional
This will cause you to risk too much and you know how that ends
If you think that you can with certainty determine what the market will do next you’re either an insider or delusional
This will cause you to risk too much and you know how that ends
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