[Make it painful to not follow your trading plan]
Here’s the thing:
Just because you have a trading plan doesn’t mean you won’t have itchy fingers.
Because you might lack the discipline to follow your trading plan even though it’s good for you.
(Kind of like how you don’t eat enough vegetables even though you know it’s good for you.)
The solution?
Be accountable to someone. It could be your spouse, a friend, or someone you trust.
Let them know whenever you deviate from your trading plan, you’ll be penalized.
The penalty could be something like:
— $50 donation to your favourite charity
— Wash the toilets for a week
— Do 100 push-ups
You want to make sure the pain of not following your trading plan is greater than following it.
This way, the mind gravitates toward the least amount of pain which is to follow your trading plan.
This means your actions become consistent and you get consistent results.
Here’s the thing:
Just because you have a trading plan doesn’t mean you won’t have itchy fingers.
Because you might lack the discipline to follow your trading plan even though it’s good for you.
(Kind of like how you don’t eat enough vegetables even though you know it’s good for you.)
The solution?
Be accountable to someone. It could be your spouse, a friend, or someone you trust.
Let them know whenever you deviate from your trading plan, you’ll be penalized.
The penalty could be something like:
— $50 donation to your favourite charity
— Wash the toilets for a week
— Do 100 push-ups
You want to make sure the pain of not following your trading plan is greater than following it.
This way, the mind gravitates toward the least amount of pain which is to follow your trading plan.
This means your actions become consistent and you get consistent results.
Stop loss and position size go hand in hand.
If you increase your stop loss, reduce your position size.
If you decrease your stop loss, you can increase your position size.
Understand their relationship and you'll never blow another account.
If you increase your stop loss, reduce your position size.
If you decrease your stop loss, you can increase your position size.
Understand their relationship and you'll never blow another account.
Doncahin Channel Strategies That Work
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Pump and Dump Strategy (The Essential Guide)
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If you blame others, then you’re not taking 100% responsibility.
If you don’t take 100% responsibility, then you give up the power to change.
If you give up the power to change, then you’ll never make it as a trader.
If you don’t take 100% responsibility, then you give up the power to change.
If you give up the power to change, then you’ll never make it as a trader.
How to Read Price Action (For Dummies)
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[Don’t trade based on other people’s opinions]
Today…
There’s a ton of information on Twitter, Facebook, trading forums, etc.
The problem is…
It doesn’t make you a better trade, far from it.
Here’s an example. Imagine…
Someone posts a chart on Tesla and explains why he is bullish on it.
Next, there are 100 thumbs up and a flood of comments agreeing with the analysis.
So you quickly buy the stock of Tesla hoping to make a quick profit out of it.
Now here comes the critical part…
What if the price of Tesla drops 30%?
Do you sell, hold, or buy even more?
You don’t know because you’re trading based on the opinion of someone else.
You might be wondering:
“Well, I’ll just ask the original poster for an update on Tesla.”
Then one of these will likely happen…
– He sold his position for a small profit and you didn’t know about it
– He sold his position for a small loss but you’re still holding the stock
– He doesn’t reply to you
Either way, you’re on the losing end.
Do you see what I mean?
So, never trade based on the opinions of others.
They won’t tell you how long they plan to hold the trade, when to cut loss, or when to take profit.
Instead, you must have your own trading system that tells you when exactly to buy or sell. This way, you’ll never be at the mercy of others again.
Today…
There’s a ton of information on Twitter, Facebook, trading forums, etc.
The problem is…
It doesn’t make you a better trade, far from it.
Here’s an example. Imagine…
Someone posts a chart on Tesla and explains why he is bullish on it.
Next, there are 100 thumbs up and a flood of comments agreeing with the analysis.
So you quickly buy the stock of Tesla hoping to make a quick profit out of it.
Now here comes the critical part…
What if the price of Tesla drops 30%?
Do you sell, hold, or buy even more?
You don’t know because you’re trading based on the opinion of someone else.
You might be wondering:
“Well, I’ll just ask the original poster for an update on Tesla.”
Then one of these will likely happen…
– He sold his position for a small profit and you didn’t know about it
– He sold his position for a small loss but you’re still holding the stock
– He doesn’t reply to you
Either way, you’re on the losing end.
Do you see what I mean?
So, never trade based on the opinions of others.
They won’t tell you how long they plan to hold the trade, when to cut loss, or when to take profit.
Instead, you must have your own trading system that tells you when exactly to buy or sell. This way, you’ll never be at the mercy of others again.
Best Trading Books (for Beginners to Advanced Traders)
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In today's age of social media and distraction, focus is a superpower.
Focus on becoming a profitable trader.
Focus on writing the book you've always wanted.
Focus on losing your extra weight.
You don't need the holy grail, secret sauce, or luck. You just need to FOCUS.
Focus on becoming a profitable trader.
Focus on writing the book you've always wanted.
Focus on losing your extra weight.
You don't need the holy grail, secret sauce, or luck. You just need to FOCUS.
The Best Indicators for Swing Trading (Profit From Different Market & Timeframe)
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[The financial markets are rigged, but…]
Yes, the financial markets are rigged against you.
Those with deep pockets can “temporarily” move the market to trigger stop losses and options expiry levels.
So the way I see it, you have 2 choices.
You can blame the system but it won’t get you anywhere besides more losses and frustrations.
Or, you can learn how the game is played and profit from it.
The choice is yours.
Yes, the financial markets are rigged against you.
Those with deep pockets can “temporarily” move the market to trigger stop losses and options expiry levels.
So the way I see it, you have 2 choices.
You can blame the system but it won’t get you anywhere besides more losses and frustrations.
Or, you can learn how the game is played and profit from it.
The choice is yours.
Discover Professional Price Action Trading Strategies To Profit In Bull And Bear Markets
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Learn More 👉 https://priceactiontradingsecrets.com/
If you're broke, invest in yourself.
If you want a better life, invest in yourself.
If you need more money, invest in yourself.
No trading strategy, magic pill, or cryptocurrencies can beat that.
If you want a better life, invest in yourself.
If you need more money, invest in yourself.
No trading strategy, magic pill, or cryptocurrencies can beat that.
The Definitive Guide on How to Set a Stop Loss
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[Don’t tell anyone that you’re a trader yet]
You’re wondering:
“Why can’t I tell others that I’m a trader?”
Well, if you’re a consistently profitable trader, then go ahead.
There’s no issue with it.
If you’re not, then it’s best to keep quiet about it.
That’s because when you tell your friend that you’re a trader, the first question you’ll get is…
“Have you made money from trading?”
Your answer is probably no.
And you won’t feel good about it as you’re reminded of your losses and how incompetent you are.
The next time you meet up with your friend again, guess what’s the first question he’ll ask you?
“Have you made money from trading?”
Again, your answer is no and you’ll feel horrible about it.
Now when you meet your friend the next time, guess what’s one question he’ll ask you?
You get my point.
So to avoid this “trauma”, don’t tell anyone about your trading endeavor—not even your family.
You’re wondering:
“Why can’t I tell others that I’m a trader?”
Well, if you’re a consistently profitable trader, then go ahead.
There’s no issue with it.
If you’re not, then it’s best to keep quiet about it.
That’s because when you tell your friend that you’re a trader, the first question you’ll get is…
“Have you made money from trading?”
Your answer is probably no.
And you won’t feel good about it as you’re reminded of your losses and how incompetent you are.
The next time you meet up with your friend again, guess what’s the first question he’ll ask you?
“Have you made money from trading?”
Again, your answer is no and you’ll feel horrible about it.
Now when you meet your friend the next time, guess what’s one question he’ll ask you?
You get my point.
So to avoid this “trauma”, don’t tell anyone about your trading endeavor—not even your family.
The Essential Guide To RSI Indicator
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The Complete Guide To Divergence Trading
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The outcome of a trade doesn't reflect your trading ability.
Your process, mindset, and attitude will.
Your process, mindset, and attitude will.
How To Read and Interpret The Moving Average
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