10 BEST TRADING ADVICE
after a decade of trading.

I have been a full time trader for about 10 years now. First 3 years were spent in blowing up my account several times.

Here are the 10 best lessons I can share with you.

Please share/RT if you find this useful.

1. You should't be trading if you don't have a system which has been back tested for at least a few years worth of data or as long as the asset has existed
Back testing is easy and anyone can do it manually.

Back-test it on the asset of your interest as every asset is different.

2. A lessons from Jack Schwager that stuck with me.

Your system should have an edge. Period.

Relying only on money management won't work. You need an asymmetric bet. A low probability system won't work in the long run, even with godly money management.

Eg. Can you consistently win at Russian roulette with good money management?
The answer is obviously no. Gambling is a low portability bet. Money management can't earn you consistently with a low probability system.
Your system needs an edge, a probability of lot more than 50%.

3. There is no room for hard-work in trading.

Explanation- Trading should be calm, simple and a waiting game. Your system should tell you the entry and exit. You should not be breaking a sweat. If your system isn't there yet, don't trade.

You need hard-work to learn, discover, improve your system and read new things.
Use hard-work to practice, train and improvise. The actual act of performance should be easy.

All of the above is easy. Patience to execute and wait for an entry is difficult.

4. Your system won't work all the time and one failure will make your distrust it.
Stick to your system. If your system had been back-tested, paper-traded, stick to it.
There is no single system that works.
BUILD a one that works for you, and works good enough.

5. Check list for entering a trade
-Your system should clearly give an entry
-You have a predetermined reason for exit
-All possible support resistances should be clearly known.

If the above things aren't in place, Don't enter a trade. Ever.
Any other entry is probably a gamble.

6. Before you start trading, paper trade the live market for a few months. There is no rush. You are not losing out on anything.

Before you start day trading, trade spot for at least a month. It gets you used to the system and the volatility without the evils of leverage.

7. If you're leverage trading, a stop loss is a must. Have a look at this chary from 29th November 2017. No one expected this kind of range.

Several of my friends who got in the crypto bull run bus were liquidated.
No stop loss is a quick passage to liquidation.

8. Most difficult but important lesson.
Try learning the art, not the recipe.

Most new traders want to learn a method, a trick or a strategy. This won't ever work in the long run as the market changes. I can't tell you how many times I've to tweak my system..

because of fluctuations in market cycle and volatility.
Eg. At the cost of being trolled, I remember a scene from Breaking bad.
Gus fring is going to kill Pinkman and WW. Victor has been watching them cook and can take over.
WW reminds Victor that he won't be able to cook if..

the outside temperature changes, when the moisture is higher, when the chemical proprieties change due to temperature.
This saved them Pinkman and WW.

Conclusion- Learn to study the price movement, thoroughly.

From the Basics. Give it time to build a solid foundation.
All indicators (except volume related) are derived from price. A study of price movement is superior to anything else.

9. Be fluid with your bias.
Legends like Peter Brandt are trolled for changing their opinions and bias very often.
Strong price opinions have no place in trading.
You need to learn that trends changes very often. There is no shame in changing from a bullish bias to a bearish one

..if the charts say so.
Have strong principles, loose opinions.

Eg. Today itself I felt like BTC could breakdown to 8400. But as time progressed, I made a long Entry at 8670. Fluidity in bias brings you frequent opportunities.

..Don't ever hold onto a losing trade if there are no signs of reversal. Hopes and prayers don't work in trading. Get out of a losing trade ASAP. Market will give you enough opportunities. Change with the trend.

10. I have never been able to catch the top and the bottom and have no interest (nor the ability) to do so.
Most amount of money is made during the movement between the top and the bottom.
Waiting for confirmations and taking lower profits will yield better result.

Always wait for multi-level confirmations to enter a trade and an entry on multi time frames.
This lowers the number of entries that you will find but increases the profit probability of your trade.

There were some tips I had off of my head. Many traders better than me could teach you something a lot better, but this is what comes to my mind right now.

I hope this was worth your time.

All the best trading.