Steve Burns Profile picture
Feb 9 8 tweets 1 min read
7 Reasons to Never Give Up Trading:

A Thread 🧵👇
Trading will educate you about yourself. You will learn your strengths and weaknesses.
Learning to trade well will make you a better person. Good traders do well managing their ego, fear, and greed. Also risk management will help in other areas of your life.
Trading is a good measure of your abilities. It is competitive, but happens on an even playing field.
A great trading system can be used to compound capital over months and years.
You can grow your capital to levels that can eventually change your life.
Nothing else offers the personal control over your time and financial freedom like trading.
What else are you going to do? Work 40 hours a week in a job you don’t like, making money for someone else for 40 years?

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More from @SJosephBurns

Feb 10
7 Habits of Highly Profitable Traders:

A thread 🧵👇
Traders must have the perseverance to stick to trading until they are successful. Some of the best traders are ones that had the strength to push through the pain, learn from their mistakes, & keep at it until they made it. All profitable traders had to survive the learning curve
Great traders cut losing trades short. The ability to accept that you are wrong and put your ego aside is the key to professional success. Setting stops is one of the top skills for a trader to learn. They need to keep losses small but give room for a profitable trade to play out
Read 8 tweets
Feb 8
Ten Golden Trading Rules That Can Help New Traders:

A thread 🧵 👇
Never add too a losing trade. In adding to a losing trade you are already wrong but now become more wrong with a bigger trading size. Adding to losers makes you a counter trend trader that will eventually end badly when you find yourself on the wrong side of a strong trend.
Never lose more than 1% to 2% of your trading capital on any one trade. This means use position sizing aligned with stop loss placement so when you are wrong the loss is not big enough to damage you financially, mentally, or emotionally.
Read 11 tweets
Feb 3
Here are 10 great technical trading rules that will help you build a systematic approach to trading: 👇

(A thread)
Start with the weekly price chart to establish the long term trend, and then work down through the daily and hourly charts to trade in the direction of that trend. The odds are better if you are trading in the direction of the charts trend.
In uptrends, the best strategy is to buy the dips. In downtrends, the best strategy is to sell short into each rally. Always go with the path of least resistance.
Read 12 tweets
May 9, 2020
A good trade is taken with complete confidence, and follows your trading method. A bad trade is taken on an opinion.
A good trade is taken with a disciplined entry and position size. A bad trade is taken to win back losses the market owes you.
A good trade is taken when your entry parameters line up. A bad trade is taken out of fear of missing a move.
Read 17 tweets

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