I KEPT BLOWING MY TRADING ACCOUNTS UNTIL THIS HAPPENED
In this thread, I shared 4 key things that ended my years of blowing trading accounts.
In this thread, I shared 4 key things that ended my years of blowing trading accounts.
Neophyte traders are almost always accustomed to blowing their trading accounts. This is usually how alot of newbies get welcomed to the reality of the financial markets.
I've had my fair share of blowing accounts and trust me, it's not a good experience.
I've had my fair share of blowing accounts and trust me, it's not a good experience.
Coming into the financial markets, I had an expectation that I now see as absolutely ridiculous 😅
I mean I literally wanted to catch 100pips everyday and become a millionaire( in dollars) in less than 3 months. How delusional I was!
I mean I literally wanted to catch 100pips everyday and become a millionaire( in dollars) in less than 3 months. How delusional I was!
I kept on getting burned trying to achieve this until I took the "red pill"
My years of constantly losing to the market ended when my perception of this business changed.
My years of constantly losing to the market ended when my perception of this business changed.
(1)
Yes, business!
Trading is a business and you should see it as one.
Initially,I got drawn to it because of what I saw people do and the lifestyle they lived (You know the luxurious cars, meals, vacations and stuff). I wanted this for myself and I wanted it as soon as possible.
Yes, business!
Trading is a business and you should see it as one.
Initially,I got drawn to it because of what I saw people do and the lifestyle they lived (You know the luxurious cars, meals, vacations and stuff). I wanted this for myself and I wanted it as soon as possible.
I learnt the hard way and I understood that the best way to build wealth from trading is by gradually compounding profits. Since this is a business, my focus moved away from making money to trying to remain in the game for as long as possible.
An easy way to achieve this mentality shift is to focus more on building consistency than making money.
I focused on consistently making 2-5% of my trading capital every week and gradually moved my targets up.
I focused on consistently making 2-5% of my trading capital every week and gradually moved my targets up.
(2)
I traded quite a number of pairs when I started my journey.
Well, I thought I'd catch more trade opportunities and potentially make more money.
What this did however was expose me to more losses and I simply couldn't handle it.
I traded quite a number of pairs when I started my journey.
Well, I thought I'd catch more trade opportunities and potentially make more money.
What this did however was expose me to more losses and I simply couldn't handle it.
Don't get me wrong, I'm not saying that you can't make money trading a lot of pairs, assets or securities.
However, I found consistency trading just a few.
My pairs are
BTCUSDT
ATOMUSDT
EURUSD
I believe that if I focus on just these three pairs, I'd increase my rate of consistency and understanding of the markets.
So far, this has been a very great decision!
My pairs are
BTCUSDT
ATOMUSDT
EURUSD
I believe that if I focus on just these three pairs, I'd increase my rate of consistency and understanding of the markets.
So far, this has been a very great decision!
(3)
Build a trading plan.
I always heard people say this but I never saw the significance of having a trading plan.
I only believed that you'd make money if you have a profitable trading strategy. This is wrong!
Trading is way more than a profitable strategy.
Build a trading plan.
I always heard people say this but I never saw the significance of having a trading plan.
I only believed that you'd make money if you have a profitable trading strategy. This is wrong!
Trading is way more than a profitable strategy.
Let me rephrase:
It takes more than a profitable strategy to make consistent profits from trading.
You need a proper trading plan that consists of your daily pre-trading routine, risk management plan, psychology management plan, post-trading routine, profit management plan,
It takes more than a profitable strategy to make consistent profits from trading.
You need a proper trading plan that consists of your daily pre-trading routine, risk management plan, psychology management plan, post-trading routine, profit management plan,
trade management plan etc.
Without these, your trading will most likely be "directionless."
Without these, your trading will most likely be "directionless."
(4)
Get a Mentor!
I spent 2 years, 2 fricking years trying to figure this whole sh*t out!
I spent this time learning on my own, watching YouTube videos and reading countless trading ebooks but still, no real progress.
Get a Mentor!
I spent 2 years, 2 fricking years trying to figure this whole sh*t out!
I spent this time learning on my own, watching YouTube videos and reading countless trading ebooks but still, no real progress.
My journey during this time was basically going in circles.
Sometimes I'd win, other times I'd lose. No consistency, no direction.
I wouldn't have gone through all these if I had a mentor to guide me.
Sometimes I'd win, other times I'd lose. No consistency, no direction.
I wouldn't have gone through all these if I had a mentor to guide me.
It is important that you get a good trading coach/mentor.
A mentor makes your journey to financial freedom very easy to achieve.
It's always better to learn from the results of other people's trials and errors.
A mentor makes your journey to financial freedom very easy to achieve.
It's always better to learn from the results of other people's trials and errors.
I hope this was insightful?
Before you leave, kindly retweet to get this thread to more traders.
More to come. 🥂
Before you leave, kindly retweet to get this thread to more traders.
More to come. 🥂
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