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Lone Stock Trader @LoneStockTrader
, 4 tweets, 1 min read Read on Twitter
It's now become my belief that what separates the successful independent traders from the majority - is their acceptance of the DRAWBACKS of being a trader:
▪️trading is a lonely endeavor
▪️you will have to create your own rules
▪️no one will force you to stay disciplined
▪️you will have to separate yourself from the warmth and fuzziness of the crowd
▪️you will have to accept that you are not special, nor smarter than any other traders
▪️some family members & close friends will advise you to quit and say "told you so!" when things are at their worst
▪️you will have to challenge thinking habits you've built for years
▪️you will ALWAYS have losing trades
▪️you will never ever be sure whether you'll make money next month or next year
▪️you are the only one responsible for your retirement
▪️there is NO shortcut. It will take several YEARS before you become consistently profitable
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More from @LoneStockTrader see all

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What I learned from losing +$700k in the markets (Part 1/3):

▪️be grateful to be able to take a loss while still small

▪️huge losses will show u who u really are & what u need to change

▪️stop depending on others. You alone are the key to ur future. Create your own luck
What I learned from losing +$700k (Part 2/3):

▪️it's only when things get really bad that you discover who really cares ab you

▪️it ain't over as long as u're alive. Quit wasting precious time

▪most of us go through life not realizing how much untapped potential we have
What I learned from losing +$700k (Part 3/3):

▪️when u hit your own rock bottom, u realize it ain't that bad

▪️99% of the time the worst case scenario only happens in our mind. Worrying is statistically pointless

▪️money is not scarce. Learn how to generate/multiply it
Read 3 tweets

Related threads

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My dad was into stock market. He used to keep on watching news even during off market hours and even when we were around. He used to also make us fill forms of IPOs in order to impart us knowledge. By that illogical logic, i have market experience of around 15 years. (1/10)
When i was doing articleship, i used invest a portion of my stipend into mutual funds. By that logic, my experience in mutual funds is that of more than 10 years. (2/10)
The idea of trading in options has always fascinated me. I had once done it four years back and had blown up my entire capital in it. Even today, i blow up my entire profit in options. But by illogical logic, i have experience of more than 4 years in "trading options". (3/10)
Read 10 tweets
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Gorgeous crypto reversal underway, particularly so on $ETH given how undersold it was, although the setup was cleaner on $BTC. Ideal long entries in my book:
- ETH: 1840-1920 EST $264-$270
- BTC: 1500-1930 EST $6100-$6170
#trading
Setup described as a strong drop that slowly rolls over, upwards. Ideal longs come in the 61.8%-70% reversal, ideally on a 2nd push towards a prior failed attempt to break higher - looking to trade the breakout of the prior failed attempt. Don't want to be dogmatic about the %s.
This may sound like a lot of work, requiring too much chart watching. But it is not so, as these kind of reversals do not happen that often.
Read 12 tweets
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How to trade: if it's going up, you buy.

How most trade: if it's going up, you wait until it's gone up a lot, then sell. Once stopped out, buy in FOMO, and get stopped out again.

¯\_ツ_/¯

#trading
Solution: learn to trade with the trend first.

Easier said done than done one may argue!

Solution: enter trades only with stop orders until knowing how to trade with the trend - avoid limit orders temporarily (for as long as trading short time frames).
On a related note, no short term trader should be selling $BTC here, it is suicidal. Seeing bear divergences maybe? Well, obviously you are. Ignore those.
Read 4 tweets
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1/ It seems every #trader has to do the same mistakes as their predecessors. There are #wisdowms you will only understand, if you have experienced them yourself. In this thread I will give you the #wisdom, which can make the difference between being broke and driving lambos #btc
2/ Money is made in big swings

When realizing what profits can be made with trading, many start daytrading and want to #profit from every movement. You won't make more #money. Instead you will lose plenty of time. Watch big time frames and take positions for weeks #btc #trading
3/ When entering a #trade, have targets and a stop loss order

There is nothing more for you to do. There are two outcomes:

-you being stopped out
-you reaching your target

either is fine

realizing losses > being a bagholder
realized profits > unrealized profits

#btc #trading
Read 14 tweets
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Ur True Journey as a #Trader starts only after you learn to ignore & stop Trading on so called Analyst Trading Call, Views, Opinions & start trying ur own Trading Strategy, Plan, System;
test them with small size, keep Trading Journal for tracking results to modify accordingly.
Those who not try to take efforts on his/her own,
sooner or later fall prey to Analysts who runs Slack Rooms (nothing wrong if one have legal authority to run) for Live Trading Calls & post same call on Social Media afterwards mainly if not going Acc. to their SR Call (unethical)
If not prey to Unethical Analyst then New Traders tends to take blind bets on Stocks without #Riskmanagement & Plan, Strategy.
Emotional Trading is cause of sure failure of #Trading.
Read 13 tweets
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Weekly Spam Alert
#WeekendReading The Universal Principles of Successful Trading by Brent Penfold
read good reviews of it many times in past
1 If u function only in an environment of certainty & security, like being in a secure relationship or secure job, then trading is not for u
2If u r n intellectual who rarely admits 2 being wrong, then trading is not 4 u,as markets have regular tendency 2 belittle u & make u wrong
Read 22 tweets

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