21 hard pills you need to swallow (if you want a successful trading career):
1. You won’t get rich overnight.
Drop the get-rich-quick mentality and get ready to put in the work.
Trading is a non-stop grind.
Drop the get-rich-quick mentality and get ready to put in the work.
Trading is a non-stop grind.
2. Trading is not a side gig.
The best traders are the ones who treat trading as a business.
They study, put in the work, and come prepared every single session as if they were their own CEO.
The best traders are the ones who treat trading as a business.
They study, put in the work, and come prepared every single session as if they were their own CEO.
3. The perfect strategy doesn’t exist.
No strategy works all the time, nor does it win on every single trade.
Don’t waste your time trying to make it perfect.
Focusing on getting just a little bit better every day will have major impacts long-term.
No strategy works all the time, nor does it win on every single trade.
Don’t waste your time trying to make it perfect.
Focusing on getting just a little bit better every day will have major impacts long-term.
4. You have to be self-sufficient.
The best traders don’t follow others - they pave their own path.
Be a trailblazer.
The best traders don’t follow others - they pave their own path.
Be a trailblazer.
5. Trading successfully is an ongoing process.
You will experience many ups and downs, progress is never linear.
You will experience many ups and downs, progress is never linear.
6. Losses are part of the game. Get used to taking them.
The best traders know how to lose.
Make this one of your strengths.
The best traders know how to lose.
Make this one of your strengths.
7. Ego has no place in the market.
The market has an incredible ability to humble you.
Appreciate your progress and never trick yourself into believing you are better than the market.
The market has an incredible ability to humble you.
Appreciate your progress and never trick yourself into believing you are better than the market.
8. Your opinion doesn’t matter.
Just because you believe $TSLA is oversold doesn’t mean it won’t stop going down.
The market doesn’t know who you are—or care.
Just because you believe $TSLA is oversold doesn’t mean it won’t stop going down.
The market doesn’t know who you are—or care.
9. Flexibility is one of the best traits you can have as a trader.
Learn how to change your opinion when new facts are presented.
“It's okay to be wrong; it's unforgivable to stay wrong” - Marty Zweig
Learn how to change your opinion when new facts are presented.
“It's okay to be wrong; it's unforgivable to stay wrong” - Marty Zweig
10. Sometimes the best trading position is cash.
You don’t have to be long or short all the time.
Cash is a position and sometimes, it’s king.
You don’t have to be long or short all the time.
Cash is a position and sometimes, it’s king.
11. The simpler your trading system, the better.
Beginners have 10 indicators on their charts and get confused with conflicting signals.
The pros have only a couple of indicators and keep their decision-making simple.
Beginners have 10 indicators on their charts and get confused with conflicting signals.
The pros have only a couple of indicators and keep their decision-making simple.
12. The market doesn’t have to make sense.
“Markets can stay irrational longer than you can stay solvent.” - John Maynard Keynes
“Markets can stay irrational longer than you can stay solvent.” - John Maynard Keynes
13. Trading without a risk management plan is nothing short of gambling.
The longer you trade on a whim the quicker you’ll find yourself broke.
The longer you trade on a whim the quicker you’ll find yourself broke.
14. The traders with the best discipline outperform in the long run.
The trait that separates good traders from great traders is discipline.
Make discipline a foundational piece of your trading system.
The trait that separates good traders from great traders is discipline.
Make discipline a foundational piece of your trading system.
15. Knowing a lot about one strategy will benefit you more than knowing a little about a lot of strategies.
My trading journey changed when I started to focus on becoming a master in one specific setup.
Yours will too.
My trading journey changed when I started to focus on becoming a master in one specific setup.
Yours will too.
16. Don’t expect a consistent return in the market.
Most of the money you make in the market comes in spurts.
Most of the money you make in the market comes in spurts.
17. You will lose more than you win (and you can still make a killing).
The best traders have a win rate of ~40%.
Learn how to lose small and you’ll win big.
The best traders have a win rate of ~40%.
Learn how to lose small and you’ll win big.
18. Your first 5 years will be hard.
Be prepared for many account and emotional swings.
Be prepared for many account and emotional swings.
19. The dumber you are, the better.
Knowing the whys behind every move is unnecessary.
All you need to know how to do is respond to price.
Knowing the whys behind every move is unnecessary.
All you need to know how to do is respond to price.
20. You don’t have to reinvent the wheel.
Study the market’s best traders and develop a system around the successful pieces they created.
Study the market’s best traders and develop a system around the successful pieces they created.
21. The market is an art, not a science.
The best traders are like artists—always creating and combining their intuition and feel to make the best trading decisions.
You won’t go anywhere long-term if you are rigid in your actions & beliefs.
The best traders are like artists—always creating and combining their intuition and feel to make the best trading decisions.
You won’t go anywhere long-term if you are rigid in your actions & beliefs.
That’s it.
Shoot me a follow @gregduncan_ if you enjoyed.
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· Learn to spot the common characteristics market's best stocks
Join 500+ others here:
gregduncan.gumroad.com
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