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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⬇️

1️⃣ Trade Plan:

The first thing before a position is initiated is a clear plan must be in place detailing specific entry areas, their associated sell stops, and potential profit-taking zones.

Below are some factors to consider when crafting your trade plan:

✅ Individual Goals
✅ Personal Progress
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2️⃣ Risk Management:

This is the golden key to consistent success in the stock market. Yes, it is even more important than stock selection.

Bernard Baruch, a close friend of Livermore said even being right 3 or 4x out of 10 should yield a person a fortune if he cuts his losses.

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What to do if you are not trading well. (Thread)

Impatience and instant success are built into our minds from the get-go. We want instant wins and instant rewards.

This has as much to do with our psychological build-up as it does with the society we live in.

In this thread, we will cover:

What to do if you are not trading well.
How to stop the drawdowns when no progress is being made.
How to have a systematic process that protects you from yourself.

So what is it that drives us?

We all want the market to reward us for our hard work, the effort, and time we put into it.

We want input to equal output.

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Trading is about consistency, persistence, and hard work without the certainty of any reward.
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What to look for when the market gets volatile. (Thread)

↓

The first thing you should be on the lookout for is tight price action in leadership names. During corrective markets, liquidity is low as market participants take a step back due to uncertainty.

This leads to larger price ranges and therefore tight action is a sign that liquidity is returning to the markets.

As certainty returns, price action becomes tighter and more rational.

This type of action is much easier to operate in as a retail trader since it allows you to define risk which is always first and foremost in any trading strategy.

Another key thing to look for is multiple RS days within specific stocks and groups.

RS ( Relative Strength) Days occur when a stock outperforms the market and other stocks during a corrective period.

If you need a refresher on Relative Strength techniques check out this blog post:
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As traders, we primarily compete with ourselves to honor our rules and execute our edges.

With money on the line, trading is an incredibly strenuous mental game where emotions can flare up leading to costly mistakes

The Importance of Mastering Trading Psychology.

(Thread) 👇

Trading Psychology or the Mental Game of Trading encompasses solving problems regarding emotions such as Greed, Fear, Anger, Confidence and Discipline.

Contrary to popular belief, having a strong mental game does not mean eradicating emotion.

Instead, it means learning to transcribe your emotions into data that you can use and analyze to connect past states to current ones.

Trading is a performance sport.

We execute at our highest ability when we can use emotions as fuel and for intuition but are not so dominating that they cloud our judgment.

Think about the best athletes in the world : Kobe, Jordan, Lebron, Messi, Ronaldo, Federer, Nadal...

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TraderLion \U0001f981
TraderLion 🦁
@TraderLion_
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--- Thread 🧵 ---

To perform in the market, position sizing needs to be the main focus.

This is what ultimately separates the good from the great.

It will make no difference on your account if you have a 100% gain in a name with only 1% of your equity.

It will make a huge difference on your account if you have a 100% gain in a name with 20%+ of your equity.

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