BC TRADERLION
Saved by @SeekerHari

Why Patience is so Important as a Trader

🧵👇

 Have you ever felt like everyone around you is making money and you're not?
That's how I felt today after the market closed, while I was reflecting on my week.
In fact, over the past three months I've felt like this on multiple occasions!
If we look at my equity curve (EC), updated as of today's close, we can see multiple periods in which my account balance did not change.
But if analyzing the period prior to mid Feb (when my EC spiked), you see a slow drip downwards.

This is exactly what impatience looks like. Just a slow bleed out of money, trying to win on the next trade to make up for losing on the last trade.
What caused this impatience?

A couple of things 👇

❌ my greed got the best of me
❌ didn't trade my best setups
❌ influenced by others making $ short
❌ was red for yr & wanted to get green
So, what changed?

I...

✅ realized that impatience was losing me $
✅ decided that I would not care if others made $ w/o me
✅ planned to only trade my best setups for the rest of year
Of course, being able to sit and wait for your pitch means you have to have confidence in your setup.

This is only built through $STUDY.
We can take a quick look at @markminervini's 2021 performance and see patience on full display.

He had FOUR whole months of gains less than 5% and still went on to QUADRUPLE his account.
How?

He knows that when the time is right, he can make a whole lot of money.

When it isn't, he sits out!

This is why Mark is a master.
Yes, it's definitely easier said than done to have patience. You have to...

· $STUDY
· sit while other strategies make $
· control your emotions
But with a little bit of effort, you can take a quality most traders don't have and make it your biggest edge.
That's a wrap!

If you enjoyed this post:

1. Follow me @GregDuncan_ for more threads like these
2. Retweet the first tweet if you found it helpful or think it can help someone else level up their trading!
3. Check out my thoughts from yesterday https://t.co/tP86MiwUSt

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TraderLion \U0001f981
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The best traders in the world have made millions from one setup.

The setup? A breakout from a base.

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Here are the most important characteristics of a proper base, broken down one by one 🧵👇

By the end of this thread, you will:

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Let's get started! 👇

Proper bases all have the following characteristics:

▪️ Shallow Base Depths
▪️ Prior Uptrend of at least 20%
▪️ Early Stage Base
▪️ Daily & Weekly Accumulation Signatures
▪️ Relative Strength Periods

Follow along as we break down each aspect in greater detail below 👍

#1: Shallow Base Depths

Base depth is a key component of a proper base.

We measure a base's depth from the absolute peak to the absolute low.

Institutions are the major base builders in the market, & the shallower the base, the stronger the institutional hold in the name.

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📈📉 (Thread)

Weekly charts are a powerful timeframe, and regardless of your style, they can help you gain perspective on a particular setup and identify its potential

Using higher timeframes slows the action down and allows you to calmly analyze price and volume.

This will lead to better decision making.

For investors learning to analyze weekly charts and their trends can only complement your fundamental analysis.

For traders they are the "prevailing wind" and trading with this weekly trend will increase probabilities and help you remember to focus on larger patterns

1⃣ Weekly Charts show the True Trend of a Stock

Weekly charts eliminate a lot of the back and forth that occurs intraday and on daily charts. What is left is often a clear picture of the trend of a stock.

⬆️ Trending Up
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⬇️ Trending Down
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Focusing on stocks exhibiting strong Relative Strength is one of the keys to achieving superior returns. This is one of the core ideas of #CANSLIM

In one sentence showing RS means outperforming other stocks both during market uptrends and downtrends.

In this thread we will cover examples, how to spot it, and how to use it to make sure you are in the top stocks.

If you want to outperform the indexes, logic says you have to be invested in stocks doing the same.

First Some Basic Terminology:

RS Rating: @IBDinvestors Proprietary measure of RS scored 1-99. Stocks with an RS rating of 80 have outperformed 80% of stocks over the past year.

RS Line: The Line plotted by dividing each day’s stock price/ price of the SPX.


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Trading is a matter of preparation, discipline and execution.

Execution is about reacting to what we see on the charts in accordance with what you have already planned out when the market is closed.

The reason we plan our actions beforehand is because our emotions are at a lower state and we are more objective at that point in time.

Many traders often have the same watchlists going into the week but when the opening bell rings and setups emerge, the traders who can execute have the best performance.

Trading execution begins with research and preparation.
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Ray \U0001f981
Ray 🦁
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10 truths I wish I knew when I started trading:

Trading always was, is, and will always be a game against yourself. Nobody can make it happen for you, and there’s nobody to beat.

Your only chance of winning is to practice being a better version of yourself today than you were yesterday.

/1

Traders waste so much energy lamenting on "I missed this" - if all that energy was spent on fixing a problem they just identified — many of them would be better off than they are today.

Be a good problem solver, not a complainer. That negative energy is no bueno.

/2

Performance is a byproduct of position sizing.

Position Sizing stems from conviction.

Conviction is built by doing deep dives and studying specific setups in the markets, especially ones that tap into its structural tendencies consistently.

/3

Have a few setups you know really really well.

I have hundreds of examples on each, done deep dives & can trade them when I see them instinctively.

You have to know exactly what ur looking for…so u can repeatedly execute those setups & make them sources of income.

/4
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