“To eliminate the emotional risk of #trading, you will have to neutralize your expectations about what the market will or will not do at any given moment or in any given situation.” Mark Douglas
You can work a 9-5 job and still become an expert in DeFi, trading, or NFT’s
There are 24 hours in a day, don’t limit yourself, make 2022 the year you make generational wealth
“trade what you see, not what you think”
Just focus 30 days on 1 trading system.
1. Follow your rules
2. Focus on execution
3. Build discipline, patience and confidence
Stop changing systems, start changing mindset.
Trading is total.
– Human emotions, patience, discipline
– Strategy, plan your actions, risk, money management
– How the world works, supply, demand, fear, greed
If you can overcome the trading learning curve, you can do anything.
They call you gambler if you lose money for 3-4 years.
They ask you how you did it if you earn more than their annual salary in 1 month.
Trading is powerful.
After some wins you feel invincible
After a loss you doubt yourself
After more losses you want to give up
Your mindset is your weapon to succeed, not your reason to fail.
“An edge is nothing more than an indication of a higher probability of one thing happening over another.” Mark Douglas
Risk management alone puts you in the top 30% / 40%.
Most traders blow up accounts over and over until they give up.
Trading is a game of probability.
You win. You lose. Over and over.
Only the long term will define your trading success.
Trading is full of opportunities.
Traders just miss them because they are afraid to act.
Just execute your system.
Trading is offense and defense.
Offense is making money.
Defense is keeping money.
Unfortunately, 90% of traders don’t know how to play defense.
“Trading without fear is learning to trade within the realm of probabilities.” Mark Douglas
Collecting data by back testing, will allow you to filter low probability vs high probability set ups.
Never enter a trade without a predetermined risk.
Stop trading blindly, start planning your trades.
Stop focusing on money, start focusing on risk.
Stop trying to be perfect, start being consistent.
Every trading loss is an opportunity to become a better trader.
Journal it
Basics rules of trading.
Buy when everyone is forced to Sell
Sell when when everyone is force to Buy
“Are you willing to lose money on a trade? If not, then don’t take it. You can only win if you’re not afraid to lose. And you can only do that if you truly accept the risks in front of you.”
Sami Abusad
Things that improved my Trading
1. Stick to higher TF
2. Identify & trade the trend
3. Know when to enter, wait for confirmation
4. Be sensible enough to know when to stay out
5. Journal & review your progress
There’s nothing wrong with a 9-5
There’s everything wrong with letting that be your only source of income
A reminder:
79% of millionaires inherited $0
Trading has a way of distorting your thinking, you have to:
– Trust yourself
– Trust your plan
– Trust the numbers
When you can do that trading becomes a whole lot easier.
Almost every trader start with intraday trading thinking to make big in short time. Over a period of time, he/she realizes that its a stressful method to make money & slowly switches over to slow, steady & compounding method to generate wealth & above all, earn back time!
You will never regret developing patience in trading.
Many traders have an edge, but they can’t execute.
Many traders win trades, but they change system.
Many traders earn money, but they lose everything.
That’s why trading is 90% psychology.
— The secret of happiness is not to get what you want.
But to want what you get.
The best stop loss is taken when first triggered not holding and hoping, if you don’t follow your plan then you aren’t really managing risk or staying disciplined.
It’s impossible to become a top 1% if you keep listening to the 99%.
In 10 years you will thank yourself for not giving up on trading in 2021.
Trading is the art of keeping the promises you make with yourself!
Trading is total.
– Human emotions, patience, discipline
– Strategy, plan your actions, risk, money management
– How the world works, supply, demand, fear, greed
If you can overcome the trading learning curve, you can do anything.
Confidence in trading Is knowing you can lose a trade and be totally fine with it.
A successful trader is just a loser who tried one more time.
Small losses are key
They keep you in the game long enough for your edge to play out
Be Smart. Manage risk. Win
All I really have to say is, OHLC for the win
If you know what to look for, all you need is the Daily OHLC
Best way to accept losses? Go into a trade with zero expectation.
Trading is not rocket science.
1) Edge
2) Risk management
3) Emotion control
Don’t overcomplicate things.
Remember trading is a marathon, not a sprint.
The early years are for learning.
The later years are for the profits!
1) Trade
2) Win/Lose
3) Repeat
Stop listening to your emotions.
Earning money is useless if you blow your account afterwards.
Most people think intelligence is the most important trading skill.
Instead, the real magic pill is knowing how to handle your emotions.
Fear comes from a lack of preparation.
Confidence comes from having a plan.
A calm and disciplined mind will take you further than any college degrees.
Everyone thinks of changing the trading strategy, but no one thinks of changing himself/herself.
Amateur traders jump from system to system. Pro traders jump from trade to trade.
Most people don’t actually lose, they just quit too early.
If you’re scared in the middle of a trade, Your risk is too high or your confidence is too low. Act accordingly.
You become very dangerous, when you learn how to follow your trading plan.
Your trading profits will come quickly, when you learn to go slower.
You can drastically change your mood, productivity, and life direction by changing your environment.
With every trade, ask yourself:
1. Is the reward worth the risk?
2. Am I sticking to my plan?
3. Do I accept to lose?
90% fail because they give up at the first loss, mistake, failure.
10% win because they stay in the game long enough to succeed.
Every successful trader had losses.
Every successful trader made mistakes.
Every successful trader had failures.
They just didn’t give up.
Stop being addicted to double your account in 1 month.
Start being addicted to follow your system, rules and risk plan.
Never trade if you’re out of your ‘mental capital’.
Take regularly a rest; markets won’t disappear…
Few understand this.
Trading is better than school:
– It teaches you how your mind works
– It teaches you how people are driven by fear and greed
– It teaches you how to manage your money
Non-traders just don’t know how much trading shapes your mind.
Trading rules from Paul Tudor Jones:
1. Don’t ever average losers
2. Play great defense, not offense
3. Markets move sharply when they move
4. Don’t focus on making money; focus on protecting what you have
5. Look for opportunities with tremendously skewed reward-risk opportunities
Swing trading is patience at the highest level.
Scalping is high focus and fast execution.
Day trading is in the middle.
Develop your skills, maximize your success.
Did you know GBPUSD fills Monday’s London Fix 90% of the time?
No? Well you do now.
A losing trade does not mean you are a loser.
It’s just the cost of doing business.
Switch your perspective
A disciplined trader will always beat an intelligent trader.
Sometimes you swing and miss. It’s ok. Your not supposed to be perfect.
Interpret trades with a degree of detachment. No single trade means anything.
“I fear not the man who has practiced 10,000 kicks once, but the man who has practiced one kick 10,000 times.” Bruce Lee
Going all-in is never a good move.
Too many traders blow accounts because they risk everything in 1-2-3 trades.
Trading is a game of consistency.
90% of new traders give up after blowing up 3-5 accounts.
#1 trading rule is to survive.
As long as you survive you get skills and experience.
The simpler the trading system, The less room to make mistakes.
The most dangerous trading mistake is thinking you will not make mistakes.
Traders worry so much looking for a 100% win system.
But forget they need just a 35% win with a 1:3 RRR to be golden in 3-5 years.
You’ll never know the outcome of 1 trade.
You’ll know the outcome of 1000 trades.
That’s your trading edge.
You start trading by studying every fancy indicator.
You end up realizing price action is king.
For just 1 month try this:
– One strategy
– Correct risk
– Focus on process
– Think probabilities
And watch your whole trading change…
You get discipline through repetition.
You get confidence through repetition.
You get experience through repetition.
The real trading hack is to keep showing up.
Learn to FOCUS for long periods of time.
Focus is the new currency.
Rock bottoms has more lessons than mountain tops.
Don’t try to predict what’s unpredictable. Just execute your plan.
Every trader serious about improving will have these:
1. Play Book
2. Rule Book
3. Win Book
The Open High Low & Close of the previous higher time frame candle will give you all the context you need for a bias.
You’re supposed to think your past decisions were stupid.
That’s called learning.
The 5 Fundamental Truths of Trading:
1. Anything can happen.
2. You don’t need to know what is going to happen next to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
False. Evidence. Appearing. Real.
Just staring at a chart won’t help you become a better trader.
Becoming better at anything is not achieved by performing the act itself, but throughout practice, preparation and analysis.
Trading hack: Hide you PnL
Focus purely on your process
If you can turn $5 into $10
You can turn $500 into $1000
You just need one great setup.
Remove the random indicators from your chart and study the price action.
Less is more.
It doesn’t take money to make money, it takes leverage to make money.
Your job is to wait. Not to trade.
You only have to double $5000 8 times in order to become a millionaire.
If liquidity isn’t taken out I’m NOT taking it.
Practicing 1 hour per day consistently is way better than practicing intensively 7 hours once a week.
Whenever I see equal highs/lows I either trade with the aim to take profit at that area or I simply do nothing and just anticipate a stop-hunt.
Just realized that I am subconsciously afraid of my true potential.
The root of my self-sabotage.
1. Learn
2. Absorb
3. Apply
4. Rinse
5. Repeat