How the fuck do I develop an edge?
You've no doubt asked yourself this so many times, but how can you personally define this in recognising where you have an edge?
There's a few ways that aren't reliant on immediate data that this mini- thread can hopefully help with:
You've no doubt asked yourself this so many times, but how can you personally define this in recognising where you have an edge?
There's a few ways that aren't reliant on immediate data that this mini- thread can hopefully help with:
Risk Management:
If you're following the practice that I shared and learnt from ICT, then you're already ahead. See below:
- Risk 1% max at a time;
- If you lose 4 trades in a row, cut to 0.5% risk
- Don't graduate back to 1% until you recover half of the losses at 1%
If you're following the practice that I shared and learnt from ICT, then you're already ahead. See below:
- Risk 1% max at a time;
- If you lose 4 trades in a row, cut to 0.5% risk
- Don't graduate back to 1% until you recover half of the losses at 1%
Risk Management Cont'd
- If you lose another four trades, then cut risk to 0.25%
- Graduate back up to 0.5% when you recover half your losses experienced at 0.5%
- Then graduate back to 1%, again, when you recover half the losses at 1%
- If you lose another four trades, then cut risk to 0.25%
- Graduate back up to 0.5% when you recover half your losses experienced at 0.5%
- Then graduate back to 1%, again, when you recover half the losses at 1%
By managing risk like this, you can stay in the game far, far longer than someone who risks 2%-5% each trade.
They're blown out of the water after 50 and 20 trades respectively, but you've secured your trading longevity and can literally stay in the game for 1000's of trades
They're blown out of the water after 50 and 20 trades respectively, but you've secured your trading longevity and can literally stay in the game for 1000's of trades
Education:
- This is mostly free, so many people give away so much knowledge
- I learnt to trade this way, and asked many, many questions of myself, working out what I needed to understand based on the trading style I sought to (hopefully) do well at
- This is mostly free, so many people give away so much knowledge
- I learnt to trade this way, and asked many, many questions of myself, working out what I needed to understand based on the trading style I sought to (hopefully) do well at
Education (Cont'd)
- So many resources are there to pick up from. Twitter is a gold mine, and also YT
- If you aren't sure, ask, but just don't expect anything by DM'ing without showing that you're having a crack
- Ie, look at how I've used what you've taught kind of thing
- So many resources are there to pick up from. Twitter is a gold mine, and also YT
- If you aren't sure, ask, but just don't expect anything by DM'ing without showing that you're having a crack
- Ie, look at how I've used what you've taught kind of thing
Time
- I don't care how old you are. You can spare at least a few hours a week learning to trade if you're dedicated
- Even 2 hours a day = 14 hrs a week
- This is nearly a part time job, and I can guarantee most people spend 2 hrs a day effing around on social media
- I don't care how old you are. You can spare at least a few hours a week learning to trade if you're dedicated
- Even 2 hours a day = 14 hrs a week
- This is nearly a part time job, and I can guarantee most people spend 2 hrs a day effing around on social media
Time (Cont'd)
- If you spend 4 hours a day charting and learning, that's 28hrs a week
- That's ~1,500 hrs a year, which is..... as much as a pilot needs to bank hours wise to fly a commercial airliner
- Imagine what you could do with 1,500 hrs of trading under your belt
- If you spend 4 hours a day charting and learning, that's 28hrs a week
- That's ~1,500 hrs a year, which is..... as much as a pilot needs to bank hours wise to fly a commercial airliner
- Imagine what you could do with 1,500 hrs of trading under your belt
Network
- Find and build a group of traders who will continue to push you as you share ideas etc
- The first group you find won't be your last, but that's the point; build a network, don't burn bridges, help each other out
- If you don't have a group, then start one!
- Find and build a group of traders who will continue to push you as you share ideas etc
- The first group you find won't be your last, but that's the point; build a network, don't burn bridges, help each other out
- If you don't have a group, then start one!
Network (Cont'd)
- By starting one, start a discord, a telegram, invite people who you see commenting on the same posts as you
- It's literally yours for the making, as you've already found some likeminded people - it's literally staring you in the face!
- By starting one, start a discord, a telegram, invite people who you see commenting on the same posts as you
- It's literally yours for the making, as you've already found some likeminded people - it's literally staring you in the face!
Conclusion
- Risk Management
- Education
- Time
- Network
Four simple things that if you persevere with, you'll do really well, & that's before you've even made a live trade.
They're all edges in their own right too.
An edge doesn't have to be on screen.
Cheers guys
🤝🍻
- Risk Management
- Education
- Time
- Network
Four simple things that if you persevere with, you'll do really well, & that's before you've even made a live trade.
They're all edges in their own right too.
An edge doesn't have to be on screen.
Cheers guys
🤝🍻
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