Thread by @EmperorBTC

No Nonsense Trading Psychology explained in 13 Tweets.

How to use common sense to prevent getting Rekt.

A Thread.

1. 99% of the Trading Psychology online is garbage.

This thread too should be treated the same way.

There's too much money being grabbed in the name of trading Psychology and Mindset.

You have books sold, courses offered for Trading Psychology.
99% of it is snake oil.

2. If you're a Rational human with enough common sense and a deep academic/ real life understanding of Risk Management, trading strategy is what you should be focusing on.

Authors who keep on talking about trading Psychology and Mindset are just salesmen. Believe me.

3. Your constant urge to be right will bankrupt you.

Your ego will prevent you from seeing value in New tools.

Your extreme views will prevent you from learning.

You want to be rich and not right. You know nothing. There's no space of ego or superiority here.

4. Have no trading goals other than to sticking to your plan, following your strict back tested strategy every time and looking for setups, not profits.

You're here to trade good setups, not trade for Profits.

Profit is a by product.

5. Continue to work on your system everyday and don't get comfortable.

Keep a separate time every week to tweak your system and test it.

Keep an open mind to new views and work hard to not get comfortable in your mind.

6. You can't be a good trader with an unhealthy body.

There's very little your can establish with a toxic attitude and a fast ageing body.

Have a routine, respect your body and nourish, exercise it like the most important thing ever.

You fail at this, you fail at Trading.

7. Trading needs a lot of attention, planning, setup.

No you can't trade while at the beach on your phone with 8 figures. Youtube lifestyle traders are scammers.

It's the most rewarding job, not the easiest one.

8. Write down the reason for entry and the result of everything with notes.

This will make you prevent you from repeating stupid trades.

You will be ashamed of you have to write about bad entries that break the rule.

This is like talking to youself after you've bet your money.

9. Trading is more lonely than you can think. As you devote more time, you'll need a trading buddy.

You can make one. Find a way. Don't make excuses. Everyone starts alone. But you can't finish alone.

10. The charts will tell you what to do, they'll scream it at you if you know what you're doing.

Don't look for a direction or look too hard.

If you've a good system, you'll be guided.

11. Adapt or stay behind. Improve or die. Change and survive. Get comfortable and be left to rot.

Change every week. Learn new data. Too many too test before getting comfortable.

12. Learn slowly but learn in depth. Strong basics is better than a fragile Phd.

Don't rush the learning. Study everything in depth and choose what you can implement easily.

13. Take a loss with grace. Take it as fast as possible.

Patience with entries, impatience with cutting losses.

I hope this makes you a more balanced trader.

Thank you.