Can You Make Money Every Day From Trading?

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[It sucks, but just let the price hit your stop loss]

Imagine:

You buy 1 standard lot of GBP/USD at 1.4300 and have a stop loss at 1.4250.

This means if the price drops to 1.4250, you will exit the trade for a loss of $500 (or 50 pips).

Now, this is fine if you allow your stop loss to do its job.

However, you might be thinking…

“I know the market is about to rebound.”

“I’ll look like an idiot if I were to sell right now and only to watch the market reverse higher.”

“Let me hold on to the trade for a while longer and sell at the next rally.”

And what happens next?

The market collapsed another 500 pips.

Eventually, the pain is too much to bear and you forced yourself to exit your position.

And because of your hesitation, a $500 loss amplified into $5,500.

So, the bottom line is this…

Honour your stop loss.

It’s there to protect your trading account even though it’ll make you look like a fool once in a while.

The Essential Guide To Trading Multiple Timeframes

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9 Things Professional Traders Do That Losers Don’t

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Quit trying to trade every level on your chart.

Instead, pick a spot to trade where you’ll lose small when wrong—and the market can reward you when right.

The result?

Less trading, less commissions, less mistakes, and a fatter bottom line.

[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.

The Essential Guide To Reversal Chart Patterns

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Winning rate alone is meaningless.

You can have a 90% winning rate with an average gain of $100.

But if your average loss is $1,000, you still lose in the long run.

Solution? Look at both your winning rate and risk-to-reward ratio.

You can't look at one without the other.

How To Be the Top 5% Of Traders When Almost Everyone Fails

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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.

This is a 31-page trading booklet that contains a specific trading system that has generated 1451.74% since 2000—and has 18 winning years out of the last 20.

Learn More 👉 https://pullbackstocktradingsystem.com/

Trading is the hardest easiest money to make.

ATR Indicator Explained

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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.

Trading Success = Edge + Risk Management + Discipline

Bollinger Bands Indicator Explained

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The Essential Guide To Volume Analysis

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Good trading

Your trading entry is not everything!

Don’t forget:

–Risk management
–Trade management
–Position sizing
–Mental capital
–Context
–Exits

Everyone wants to become a professional trader without really knowing what it means. So here's the truth and what it takes to become one…

Learn More 👉 https://www.tradingwithrayner.com/professional-trader/

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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.