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My Top 10 Tips To Become a Better Trader 
A Trading Thread Which Might Help a Few Out There.
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Tip 1 - Have a Plan
This one might seem so obvious & everyone is preaching about it, yet only a few really practice it.
Never trade without a plan. Why? Because without a plan you are going to be very emotional about each trade you are taking.
This one might seem so obvious & everyone is preaching about it, yet only a few really practice it.
Never trade without a plan. Why? Because without a plan you are going to be very emotional about each trade you are taking.
Have an entry, a target, a stop-loss (always have that stop loss...I beg you) and then let the trade ride.
Did your target get hit?
Awesome! You made profits!
Did you get stopped out?
Awesome! You protected your capital!
Did your target get hit?
Awesome! You made profits!
Did you get stopped out?
Awesome! You protected your capital!
Tip 2 - Don't Trade When Your Mood Is Down
This is something I have experience myself just recently and learnt a lot from it.
If you are in a bad place with your head, don't force trades. Your frustrated mood is going to reflect in your trades and will most likely lead to...
This is something I have experience myself just recently and learnt a lot from it.
If you are in a bad place with your head, don't force trades. Your frustrated mood is going to reflect in your trades and will most likely lead to...
...losses.
Do something else and don't get into the markets. Try to get your mind back on track with whatever helps you to get there.
For me personally, meditating has helped me a lot and I am trying to practice it daily in order to enter the markets with a much calmer mind.
Do something else and don't get into the markets. Try to get your mind back on track with whatever helps you to get there.
For me personally, meditating has helped me a lot and I am trying to practice it daily in order to enter the markets with a much calmer mind.
Tip 3 - Learn From Your Mistakes
We always think that we need to achieve things faster and faster due to our very fast moving world we are living in.
Everything needs time and practice.
If you think you can become a good trader by doing the same mistakes...
We always think that we need to achieve things faster and faster due to our very fast moving world we are living in.
Everything needs time and practice.
If you think you can become a good trader by doing the same mistakes...
... over and over again, well, you are wrong. This is called gambling and is going to empty your wallets pretty quickly.
Make the journey your goal and enjoy it.
If you fuck up, write it down and analyse it.
Next time, do it differently.
Optimise your system constantly.
Make the journey your goal and enjoy it.
If you fuck up, write it down and analyse it.
Next time, do it differently.
Optimise your system constantly.
Tip 4 - Be Patient
Another classic but it's true.
There is no rush even when the markets are moving up like a rocket or tank like a rock.
There will be another setup. Another trade.
Let the trade come to you and that is why you need to have a plan (Tip 1).
Another classic but it's true.
There is no rush even when the markets are moving up like a rocket or tank like a rock.
There will be another setup. Another trade.
Let the trade come to you and that is why you need to have a plan (Tip 1).
No emotions but straight cold execution.
Once you get emotions into play, you are going to act on them and will mostly ignore your plan.
Result? Loss of capital and revenge trade which leads to more losses.
Don't.
Once you get emotions into play, you are going to act on them and will mostly ignore your plan.
Result? Loss of capital and revenge trade which leads to more losses.
Don't.
Tip 5 - Take a Break
Step away from those screens and go have a life.
I am guilty myself here and I know how hard it is to do this but let's just work on this together.
Let's enjoy the profits in the real world out there.
(Also a good way to stay sane
)
Step away from those screens and go have a life.
I am guilty myself here and I know how hard it is to do this but let's just work on this together.
Let's enjoy the profits in the real world out there.
(Also a good way to stay sane
)
Tip 6 - Have a Mentor
This one is so FUCKING important.
It doesn't matter who it is as long as that person understands what he or she is talking about.
I do not wanna promote paid group leaders too much but to be fair, it can be a good thing to be part of since...
This one is so FUCKING important.
It doesn't matter who it is as long as that person understands what he or she is talking about.
I do not wanna promote paid group leaders too much but to be fair, it can be a good thing to be part of since...
...you are a community in there who is constantly exchanging value while having a person who has more time for you than just a few lines here on Twitter.
If it is an offline mentor, even better since you have a real world connection you won't have on the internet and this...
If it is an offline mentor, even better since you have a real world connection you won't have on the internet and this...
...teaches even more IMO since a person usually tends to learn more when there is a connection and empathy on a physical REAL human based level.
Whatever the mentorship, find a guide you trust.
Whatever the mentorship, find a guide you trust.
Tip 7 - Refresh The 101
Yep.
Dive back into the basic trading rules and refresh them.
We tend to lose them over time with all the new additional input we receive.
Go over those simple things again, like support & resistance. Or some candle stick patterns. Or Flags?
Refresh.
Yep.
Dive back into the basic trading rules and refresh them.
We tend to lose them over time with all the new additional input we receive.
Go over those simple things again, like support & resistance. Or some candle stick patterns. Or Flags?
Refresh.
Tip 8 - Journal Your Trades
This is REALLY important.
This took me so long as well to actually get into the habit and track my trades, make notes, analyse what went right or wrong etc.
Be your own mentor as well and reflect while writing things down.
This is REALLY important.
This took me so long as well to actually get into the habit and track my trades, make notes, analyse what went right or wrong etc.
Be your own mentor as well and reflect while writing things down.
Like this you are able to see things you would maybe not see.
Some behaviours and patterns which cause the same things over and over again.
Journal. It's truly worth it and will change your trading over time tremendously.
Some behaviours and patterns which cause the same things over and over again.
Journal. It's truly worth it and will change your trading over time tremendously.
Tip 9 - Focus On The Long-Term
Run a marathon and not a sprint.
You won't become rich over night and with planting that wrong seed into your mind, things will even take longer or you won't make it at all as a trader due to impatience and lack of a plan.
Compound baby!
Run a marathon and not a sprint.
You won't become rich over night and with planting that wrong seed into your mind, things will even take longer or you won't make it at all as a trader due to impatience and lack of a plan.
Compound baby!
Tip 10 - Don't Go Against Your Plan
Again with the plan! See how important this one is?!
Concluding; Once you made a plan, stick to the plan.
The plan is the plan and if it hits your stop-loss, then that's okay. You know why? Because that was the plan.
Losing money...
Again with the plan! See how important this one is?!
Concluding; Once you made a plan, stick to the plan.
The plan is the plan and if it hits your stop-loss, then that's okay. You know why? Because that was the plan.
Losing money...
...on a trade is not a bad thing.
You will be profitable over time if you stick to your guns.
And now, LFG
Steve
You will be profitable over time if you stick to your guns.
And now, LFG
Steve
