Here is the most important piece of advice I would give myself when starting out. Let me know your thoughts…
📉 1- Stop looking for signals and money management services.
You have chosen trading to be your own boss, do not insist on being a follower.
If 90% of traders lose money, you must stay out of the crowd and trade differently in order to be profitable.
The only way to make money trading is to learn how to trade on your own and have full control over your account.
📊 2-Think about quality, not quantity.
You don’t have to shop every week, and you don’t have to keep track of every deal. 2-3 trades per week is sufficient for healthy and consistent account growth.
We are snipers, patiently waiting for the perfect shot and letting the machine gunners/merchants die on the front line.
💻 3- We are risk managers, not just dealers.
Although trading is only a game of odds; Your main task is to find a well-defined strategy that will give you an edge in the market.
Keep in mind that your strategy should be objective/rules-based.
💰 4-Don’t doubt your strategy Or getting in just because your fellow online/online traders don’t agree with the direction of your position.
Be completely confident in yourself and your trading plan.
🗒 5-Stop looking for new ways.
If your strategy is working for you, focus on developing it. You have a money machine.
Just like when you get married. You chose to spend the rest of your life with your partner, knowing that you might find someone better, smarter, and more beautiful…but you did the search. (unless you want to cheat on your partner lol)
🕝 6- Think long term => 6 months – 1 year Not daily – every week.
🔒 7- Always use stop loss
Trading without a stop loss is like driving without a seatbelt. An accident can ruin your life.
✏️ 8- Entering with fixed risks for each deal.
Not a fixed contract, not a fixed number of pips => Professional traders believe that the risk is not in pips.
💡 9- Dealing with the market as a trader and not as an investor.
Don’t stick to one deal. It’s just one in a long line of deals.
⚙️10- If you are not feeling well, do not shop.
👑 11- Stay humble, or the market will humiliate you.
♟ 12- We don’t predict, we just speculate and react.
Just like chess, let the market make the first move and react accordingly.
💂 13- Find a mentor.
learn from those who are more experienced than you and surround yourself with talent; By observing how seasoned traders invest, you begin to understand how they think and make critical trading decisions.
Once again, Happy New Year everyone! May 2023 be the best ever! 🎊
Always follow your trading plan regarding entry, risk management and trade management.
And remember: all strategies are good; If managed properly!