Read on Twitter
Trading Lessons for total beginners.
Thanks to @ripster47, @Brady_Atlas @MullinsMomentum, @SDHILLON97, @MrZackMorris, @PJ_Matlock, @notoriousalerts, @Hugh_Henne, @bear_fuker, @Trogdaddy, @atrhodes00 and many more for teaching me all that I know about the stocks.
[THREAD]
Thanks to @ripster47, @Brady_Atlas @MullinsMomentum, @SDHILLON97, @MrZackMorris, @PJ_Matlock, @notoriousalerts, @Hugh_Henne, @bear_fuker, @Trogdaddy, @atrhodes00 and many more for teaching me all that I know about the stocks.
[THREAD]
1) Put in the hours and STUDY!
Beginner’s luck is real. Many start off their trading career with a home run and this is unhealthy because they don’t know what they’re doing.
Luck eventually runs out and you’ll be in for a nasty surprise.
Study and learn how to trade properly.
Beginner’s luck is real. Many start off their trading career with a home run and this is unhealthy because they don’t know what they’re doing.
Luck eventually runs out and you’ll be in for a nasty surprise.
Study and learn how to trade properly.
2) Buy the fear, sell the greed.
The market is one big psychological game. When one panics, all panic. When one gets greedy, all get greedy.
You become successful by being independent, not by being a sheep.
“Add when you’re sad, sell when you’re happy as hell.” - @bear_fuker
The market is one big psychological game. When one panics, all panic. When one gets greedy, all get greedy.
You become successful by being independent, not by being a sheep.
“Add when you’re sad, sell when you’re happy as hell.” - @bear_fuker
3) Understand key levels on a chart.
Trading is simple. Buy low, sell high… yet so many get it wrong and are unprofitable.
People think they can buy anywhere and sell higher. Do NOT buy in no man’s land.
Add at support, sell at resistance (or get stopped out below support).
Trading is simple. Buy low, sell high… yet so many get it wrong and are unprofitable.
People think they can buy anywhere and sell higher. Do NOT buy in no man’s land.
Add at support, sell at resistance (or get stopped out below support).
4) Learn the personality of a ticker.
Stocks have personalities so familiarise yourself with them.
Know how a stock acts and what it tends to do.
When you understand a stock’s personality you can successfully trade it forever.
Stocks have personalities so familiarise yourself with them.
Know how a stock acts and what it tends to do.
When you understand a stock’s personality you can successfully trade it forever.
5) Look left on the chart.
Charts are a beautiful thing.
Charts reveal the history of a stock.
If you want to derive a price target then look left on the chart and see where previous resistance was…
Charts are a beautiful thing.
Charts reveal the history of a stock.
If you want to derive a price target then look left on the chart and see where previous resistance was…
6) Let the play come to you.
The market isn’t always hot. There are cold spells in the market.
Don’t force trades and cause yourself to be red. Learn to sit on your hands until a good opportunity comes your way.
Forcing trades never ends well.
The market isn’t always hot. There are cold spells in the market.
Don’t force trades and cause yourself to be red. Learn to sit on your hands until a good opportunity comes your way.
Forcing trades never ends well.
7) Stay in your lane.
“You can’t compare your chapter 1 to someone else’s chapter 20.” - @notoriousalerts
Comparison is the thief of joy. Focus on you, build yourself up and compound your gains. You get rewarded for your effort.
“Focus on % amount, not $ amount.” - @ripster47
“You can’t compare your chapter 1 to someone else’s chapter 20.” - @notoriousalerts
Comparison is the thief of joy. Focus on you, build yourself up and compound your gains. You get rewarded for your effort.
“Focus on % amount, not $ amount.” - @ripster47
8) Have conviction in your plays.
Don’t take a play simply because your favourite guru called it out.
Know why you’re playing it and be confident in it. Trust the process.
If you’re not confident in your play, you’ll freak out at every pullback and you’ll make trading errors.
Don’t take a play simply because your favourite guru called it out.
Know why you’re playing it and be confident in it. Trust the process.
If you’re not confident in your play, you’ll freak out at every pullback and you’ll make trading errors.
9) Create a system.
A quality system will ensure consistency and longevity in your trading career.
Many people are too focused on the outcome (profits) and will jump from this play to that play without second thought.
You need to have a criteria and a system to be sustainable.
A quality system will ensure consistency and longevity in your trading career.
Many people are too focused on the outcome (profits) and will jump from this play to that play without second thought.
You need to have a criteria and a system to be sustainable.
10) Respect your plan.
Before you take a trade you should know your: position size, risk/reward, entry, target price and stop loss.
If you don’t know any of those things then you’re just gambling with your money.
Also, always respect your plan. Be robotic and mechanical.
Before you take a trade you should know your: position size, risk/reward, entry, target price and stop loss.
If you don’t know any of those things then you’re just gambling with your money.
Also, always respect your plan. Be robotic and mechanical.
11) There’s always another play.
This tip is the number one cure to FOMO and greed.
The stock market will exist forever.
Who cares if you missed that parabolic runner? There’s going to be another one and another one after that.
Don’t stress and wait for the next play.
This tip is the number one cure to FOMO and greed.
The stock market will exist forever.
Who cares if you missed that parabolic runner? There’s going to be another one and another one after that.
Don’t stress and wait for the next play.
12) Make sure you’re in the right state of mind.
“Don’t let your last trade mess up your next.” - @MrZackMorris
Trading is a psychology. It’s easy to feel sad when you face losses but don’t let that affect your future trades.
Each trade is a new trade. The past doesn’t matter.
“Don’t let your last trade mess up your next.” - @MrZackMorris
Trading is a psychology. It’s easy to feel sad when you face losses but don’t let that affect your future trades.
Each trade is a new trade. The past doesn’t matter.
13) Buy the dips, not the rips.
If you’re buying the rips then it’s likely you’re chasing.
“Eat dips, not dicks.” - @MrZackMorris
Also, it messed with your head if you have a high entry. Always wait for a pullback.
Buy the dips and make your trades as stress-free as possible.
If you’re buying the rips then it’s likely you’re chasing.
“Eat dips, not dicks.” - @MrZackMorris
Also, it messed with your head if you have a high entry. Always wait for a pullback.
Buy the dips and make your trades as stress-free as possible.
14) Think for yourself.
Don’t be the idiot asking your favourite guru if they’re still in a stock.
Why does it matter if they’re in it or not. You should have your own plan to tell you what to do when.
If nothing changes fundamentally, you’re safe to assume they’re holding.
Don’t be the idiot asking your favourite guru if they’re still in a stock.
Why does it matter if they’re in it or not. You should have your own plan to tell you what to do when.
If nothing changes fundamentally, you’re safe to assume they’re holding.
15) Treat gurus as stock scanners.
Gurus are humans. They hit and miss like everyone else.
Don’t take their posts as alerts to buy or sell. That responsibility falls on you.
Treat them as providers of trade ideas with the execution left up to you.
Gurus are humans. They hit and miss like everyone else.
Don’t take their posts as alerts to buy or sell. That responsibility falls on you.
Treat them as providers of trade ideas with the execution left up to you.
16) Become multi-skilled.
There’s so many different types of traders.
Learn the basics of every style of trading since you may be forced to adapt during the harder and slower periods of the market.
Of course, have your speciality but also have other tools just in case.
There’s so many different types of traders.
Learn the basics of every style of trading since you may be forced to adapt during the harder and slower periods of the market.
Of course, have your speciality but also have other tools just in case.
17) NEVER YOLO!
Don’t go all-in on a stock unless you’re gambling.
You’re just asking for your account to blow up. Learn to keep your losses small.
Have good risk management and consider your position size.
“Take paper cut losses over losing a limb.” - @incrediblebob12
Don’t go all-in on a stock unless you’re gambling.
You’re just asking for your account to blow up. Learn to keep your losses small.
Have good risk management and consider your position size.
“Take paper cut losses over losing a limb.” - @incrediblebob12
18) Base hits > Home runs
@incrediblebob12 preaches this.
Base hits are what builds your account up. Base hits are the trades that help you compound gains consistently.
Home runs are nice but they’re also hit and miss and not the norm.
@incrediblebob12 preaches this.
Base hits are what builds your account up. Base hits are the trades that help you compound gains consistently.
Home runs are nice but they’re also hit and miss and not the norm.
19) Learn to scale and lock in profits.
“Never let a winner turn into a loser.” - @ripster47
Nobody has ever gone broke from booking in some profits.
You don’t need to capture the entire move from rock bottom to the peak. You just need the meat of the trade.
“Never let a winner turn into a loser.” - @ripster47
Nobody has ever gone broke from booking in some profits.
You don’t need to capture the entire move from rock bottom to the peak. You just need the meat of the trade.
20) Take a break if you’re on a losing streak.
If you’re tilted then take a goddamn break. The market is here forever.
Stop trying to claw back your losses whilst your head isn’t in the right space for it all.
Go for a walk and come back to your trading desk with fresh eyes.
If you’re tilted then take a goddamn break. The market is here forever.
Stop trying to claw back your losses whilst your head isn’t in the right space for it all.
Go for a walk and come back to your trading desk with fresh eyes.
21) Let your trades work.
We are hesitant to cut our losers yet quick to book profits on our winners.
Let your trades mature. Let your trades follow their plan.
“Let your winners run and cut your losses quickly.” - @ripster47
We are hesitant to cut our losers yet quick to book profits on our winners.
Let your trades mature. Let your trades follow their plan.
“Let your winners run and cut your losses quickly.” - @ripster47
22) Avoid “hopium” like the plague.
Move with strategy, not emotion.
New traders are often subject to hopium. The market doesn’t give a shit about your feelings.
Respect your plan and stop hoping that a stock will bounce back or a stock will continuing ripping.
Hope is bad.
Move with strategy, not emotion.
New traders are often subject to hopium. The market doesn’t give a shit about your feelings.
Respect your plan and stop hoping that a stock will bounce back or a stock will continuing ripping.
Hope is bad.
23) Cash is a great position.
You don’t have to have all your money in the street at all times.
When the market is tough then it’s nice to have liquid cash to buy the big dips.
It’s better to make no money than to lose money. Flat is the better than red.
You don’t have to have all your money in the street at all times.
When the market is tough then it’s nice to have liquid cash to buy the big dips.
It’s better to make no money than to lose money. Flat is the better than red.
24) Never go against the trend.
Trends are so important on a macro scale (with sector trends) and on a micro scale (with individual charts).
Always follow and respect the trend until the trend breaks or changes.
Going against the trend is stupid. Don’t try and be a superhero.
Trends are so important on a macro scale (with sector trends) and on a micro scale (with individual charts).
Always follow and respect the trend until the trend breaks or changes.
Going against the trend is stupid. Don’t try and be a superhero.
