Becoming a great trader is a process of self-discovery. It is very important to understand this from the get-go and start by finding a proven style, or methodology that jives with who you are.
10 Trading Tips for any strategy. (Thread)
Becoming a great trader is a process of self-discovery. It is very important to understand this from the get-go and start by finding a proven style, or methodology that jives with who you are.
Did you know 3 out of every 4 stocks follow the direction of the general market? Anytime you are trading against the trend you are putting the odds heavily against yourself.
Next time you take a loss, try not to take it too personally. Sometimes you can do everything perfectly and you are still going to take a loss. That’s part of being a consistently successful trader.
By maintaining a trading journal and doing post-analysis, you can answer extremely important questions like…
What is working? What am I doing right?
What is not working? What am I doing wrong and how can I fix it?
The fact is, the only thing you need is price and volume. Remember, it’s not the actual news that is important. It’s the reaction to the news that matters. Hence the phrase, “price is news.”
The key is to focus on a small area of market knowledge and make it a never-ending journey to learn everything you possibly can related to that one specific area of the market. Everything else is irrelevant!
When you keep your focus small, on what matters, and you do it very well – that is when you will find success in your trading and be able to make those decisions much more quickly because you are able to instantly decipher what the charts are telling you.
You need to have a list of rules that you agree are non-negotiable – especially as a new trader. However, too many rules will cause you to hesitate when it is time to act. Don't be too rigid in your approach or you will miss amazing opportunities!
More from TraderLion
More from Traderlion
The Importance of Trading Rules (Quick thread)
Last week I sent out this poll asking if people have a written
Over 60% of people said they did not have one.
It's now one of my main goals to get as many people as possible to commit to writing their own rules which codify their goals and methods.
I strongly believe that writing down your strategy especially if you are a new trader/investor will lead to improved and more consistent performance in the stock market.
Trading the markets is a tough business, money is on the line and emotions can run high.
Preparing ahead of time is essential so that in the moment you are just executing your plan.
This is the best way to stay in the game for the long haul
Last week I sent out this poll asking if people have a written
Do you have a written Trading/Investing Plan?
— Richard Moglen \U0001f4fd\ufe0f\U0001f981\U0001f6a2 (@RichardMoglen) March 7, 2021
Over 60% of people said they did not have one.
It's now one of my main goals to get as many people as possible to commit to writing their own rules which codify their goals and methods.
I strongly believe that writing down your strategy especially if you are a new trader/investor will lead to improved and more consistent performance in the stock market.
Trading the markets is a tough business, money is on the line and emotions can run high.
Preparing ahead of time is essential so that in the moment you are just executing your plan.
This is the best way to stay in the game for the long haul