Tips to improve your success in 2021 and reach your goals (small thread):
1. Rely on SYSTEMS, not willpower.
Set up reasonable systems and goals. Be disciplined and follow through. A system is well thought out and often times more successful than spur of the moment judgements
Focus on current habits you can improve, don't look ahead to vague outcomes.
"If I do this, I will make XX amount of money in 6 months."
Instead focus on building better habits now and the results will follow
If you can't fix the habit, the desired outcome won't happen anyway
Always be flexible, don't be stubborn
Set dynamic goals, be willing to adjust them if they aren't working out. Don't force something that will not work for you.
We're all different and must specify our goals to our specific lifestyles.
Review your goals/progress once a month.
Be committed and accept imperfection
Losses will happen. Goals aren't always reached
If a new system is unprofitable, give yourself credit for being disciplined and sticking with it
You don't have to be perfect to be profitable but you do have to be committed and disciplined
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Your personality defines the strengths and weaknesses of your trading style
I've often compared trading to casino play
Over the years I've developed specific strategies and preferred casino game play based on my personality strengths
Read this thread to categorize yourself 👇
Roulette - High stakes, fast paced game. Intuition and game flow are your most valuable tools. High risk-high reward. Hours of play can be erased in one spin. Emotions of greed, revenge or fighting against the table trend can be catastrophic. Must stay calm and composed (scalper)
Roulette (cont.) - I tend to scout out the tables with the best vibe or hottest table trend. If red is super hot, I can come in and bet red after one or two blacks shows up or I can blindly bet red knowing that 70% of the recent spins have been red. I rarely bet against the table
Profitable traders are PATIENT.
If I'm watching a trade I'm almost always expecting it to dip a small bit further from my desired entry.
Only 1 person catches the exact bottom. It's never going to be you.
Find an entry where your R:R is satisfactory to increase your success.
Before I enter a trade am I thinking:
"I Don't want to miss out on 15% in profits."
Or are am I thinking:
"I don't want to lose 15% of my capital."
Am I comfortable losing 15% of my capital on a trade?
Can I be patient and wait for a set up to only risk 3-5% of my capital?