My trading experience that has brought me to 100,000 in profits by acknowledging these simple key points.
1. For everyone looking to enter the market there is so much to learn dedicate time to studying the market to build your confidence before simply throwing money at the market. If you don’t know what you are doing you will likely be in the 90% that lose.
2. Tackle your emotions. Trading will present a reflection of who you are in your trades and you must face them or else the bad habits will blow up your account.
3. When I had losses in the beginning or even a bigger loss now. I return to paper trading or trading smaller positions to reconfirm my confidence in my trades. Trading is psychological and you need to trust your trades.
4. When you get in a trade that goes against you don’t let your ego take over and make you a bag Holder. Cut the loss.
5. Analyze your trades. The good ones and the bad ones. Your worst trading enemy is yourself and only if you reflect back on your trades will you learn from yourself.
6. Try not to follow everyone else. Study the charts and patterns to identify setups for yourself. If in a chat room and you are alerted on a stock, then analyze if the setup works for you.
7. Be true to yourself in trading. What I mean by that is learn the setups that work for your risk tolerance and personality.
8. Be present in the moment of the price action. Don’t find yourself hoping or wanting something to happen to the price react to what is going on. If you close your profit early it is still a profit and always 100 times better than a loss.
9. When the market opens take each day and each trade as a fresh opportunity. If you feel you are revenge trading or have superhero I can’t mess up feelings step away. The market will be there tomorrow when your head is clear and you will trade better.
10. Acknowledge how much your learn each trade and each day. You have to start somewhere and your knowledge will grow with each success and loss. The positivity will help keep you on your path of learning and it is an eternal road to learn how to be a better trader. We can all improve.
Even after 100,000 K in profits I find I can improve in my trades. I make mistakes I acknowledge them and hold myself responsible. You have to trade with risk tolerance in order to be comfortable to sleep at night.
I hope these points help you in your trading journey. Each person learns at a different rate and you honestly can’t rush the process. So just like a losing trade accept it will take time and it is not an overnight process. Take it one day at a time and grow your own personal Google database of trading information.
Also check out the Trade Ideas Open House July 18-22nd for $7.99. You can try their pro package the whole week and you are always welcome in the free trading room.
As always I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you have questions or comments you can contact me here or on Profitly, Twitter, Instagram, LinkedIn and Facebook.
This blog is for information purposes I am not a registered securities broker-dealer or an investment advisor. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund.
First off, congrats on the 100k milestone! I agree with everything you’ve said, especially that each trader must develop in their own way. This truly is a journey and every mistake is arguably more valuable than your victories as those are the things that can blow up your account and must be avoided at all costs. Im only at the beginning of my journey, but it makes me happy to see others that have experienced what I am going through. Thank you for your perspective Jane!
My pleasure Scott. Thank you for your feedback and persevering to get better. It will prove itself