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TIPS FOR TRADING - ONE LAST THREAD
- Learn to understand price movement. Learn how, not why. The why is irrelevant.
- Confidence is normally the biggest factor in execution. If you don't trust your system you're never gonna be confident risk hundreds or thousand $ per setup.
- Learn to understand price movement. Learn how, not why. The why is irrelevant.
- Confidence is normally the biggest factor in execution. If you don't trust your system you're never gonna be confident risk hundreds or thousand $ per setup.
- Trading isn't difficult. Learn to follow rules and teach yourself how to execute. That's the hard part.
- The most recent level of market structure is the most important.
- Market structure is everything for me. Not a fucking RTO lmao.
- The most recent level of market structure is the most important.
- Market structure is everything for me. Not a fucking RTO lmao.
- Backtest everything. Like everything. The more data you have the better.
Everything I do is based on constantly evolving statistical analysis on the markets.
You can literally design your system based on the results you've found.
Don't be fucking lazy. Put in the work.
Everything I do is based on constantly evolving statistical analysis on the markets.
You can literally design your system based on the results you've found.
Don't be fucking lazy. Put in the work.
- Historical data is the most underrated tool we have as traders.
- Risk should be based on your system. Got a 80% strike rate, then risk a little more. Strike rate 50%? Risk less. Consistency will obliterate your losers when they occur.
- Risk should be based on your system. Got a 80% strike rate, then risk a little more. Strike rate 50%? Risk less. Consistency will obliterate your losers when they occur.
- Fractals are so misunderstood in this space it's scary. Learn what fractals are and how they relate to the markets.
These patterns occur everywhere. Tick charts right up to monthly level.
These patterns occur everywhere. Tick charts right up to monthly level.
- Low time frames are not scary. They can be used alone or in conjunction with other charts, but I personally use structure around the time frame I'm using, and I've backed that up consistently.
1m charts in fx are free money if you know what you are doing.
1m charts in fx are free money if you know what you are doing.
- Block out the noise. You wanna be a world class trader then you can't be fucking around sending memes to farm animals on twitter.
This shit could change your life if you do it correctly. It changed mine. DO it.
This shit could change your life if you do it correctly. It changed mine. DO it.
- Demo is underrated. Practice execution, practice spotting your setup and pulling the trigger. Then once you've got a good set of stats from live markets and your risk of ruin is 0 you go balls deep.
The psychology of using real money is tough, but you gotta learn.
The psychology of using real money is tough, but you gotta learn.
- If you're starting out, make sure you have at least 1 years living expenses before quitting your job and going full time.
I struggled at the start as I didn't have enough $ to keep me going and was taking profits out of my account which slowed account growth.
I struggled at the start as I didn't have enough $ to keep me going and was taking profits out of my account which slowed account growth.
- Don't give up. If you want this you will get there. It takes a lot of courage to risk it all so be proud of yourself when you get there.
- NEVER look at your PnL during a trade. This fucks you up. Trust me. If you have targets, then set and forget.
- NEVER look at your PnL during a trade. This fucks you up. Trust me. If you have targets, then set and forget.
- DO NOT add any subjectivity into your trading. It'll do nothing but abscond your profits. If you have a system, fucking stick to it. It shouldn't be that hard but it is.
Trust your stats, the results don't lie. Let them speak for you in the market.
Trust your stats, the results don't lie. Let them speak for you in the market.
- Drawdown will come. When it does, be prepared for it. Lower risk after a few losers to preserve capital. You can always up risk back once you're over the slump.
A few good trades can wipe out an abundance of losers.
- Don't emotionally invest in an asset.
A few good trades can wipe out an abundance of losers.
- Don't emotionally invest in an asset.
That's all that comes to mind right now. I'll continue to add to this over the weekend so I can leave on a high note doing what I initially set out to do, teaching.
Cheers.
Cheers.
