Lessons that can cost you #money #trading #markets

Will add to this as I think of new ones. Hopefully some new traders out there get to a bullet point and the light turns on.

• There is nothing wrong with holding positions while trending (Mind the timeframe)
• Using stop losses as some sort of inverse PT will hurt you in the long run. Stops when used properly exit you from an incorrect trade.

• The only time dragging stop losses from the initial trade invalidation is proper is if a new trade presents itself (Entry, Stop, PT). If you fear giving back UPL on retracements you most likely missed a PT and should reexamine your #trade You have more emotion than logic

• Paper trading (New traders) when taken serious can be a great tool in learning proper strategy. If you lack the patience and discipline to treat it like real money you will most likely find that you lack the patience and discipline needed to be profitable.

• Be careful seeking someone's opinion on a trade. Ask yourself "Am I looking for this person to confirm or disprove my idea" Either way if you seek someone's opinion on your trade you most likely aren't ready for the game yet. Every trade should be your own idea.

• Trading can be a lonely road. There is nothing wrong with surrounding yourself with the right people on this journey. Just know when to cut the losses (yes this applies to who is in your circle of trading too)

• If you missed your entry let it go there will be another trade
• Stay away from anyone who brags about winning and who then won't post trade proof. If they will say it they can show it.
• Time spent learning is always better than money lost ignorantly.

• Find out what works for you and do it.
• Once you find out what works for you start removing anything that doesn't yield the highest returns. I will never take a set up that works 50% of the time when I can wait for one that works 60% of the time.

• Trading turns from learning strategy into learning what not to do and how you respond in certain situations. Removing errors in your game can be more profitable than "sizing up positions".
• Be careful of seeking confluence to a bias. What you seek you will find.

• When learning to trade sometimes the better question is "What might I be wrong" than trying to convince yourself you are right. Examine ideas from a non bias perspective.

• Over complicating anything does you no good. Always move toward simplifying for the best execution.
• Patience is the characteristic that most losing traders lack.
• If you truly plan to win in this game, learn to be ok with small wins and growing capital.