Don’t do things half-way. Only do things that you are passionate about. If you can’t do something with all of your heart, then continue to look for your true calling. Then do it to the best of your ability.
Know where you are going. If you don’t know where you are going, your decisions & destinations will be a result of your environment. Goals take time, perseverance, & effort. Most people never accomplish anything because they quit too early, don’t work hard enough, & don’t finish.
Don’t get lost. The path to happiness and success will be treacherous and foreboding at times. Don’t go down the wrong path for too long. Remain agile enough to change direction quickly.
Don’t allow losers into your life. You must conserve your time & energy for your passions. You have a limited amount of time and energy to invest in the things you want in life. Invest your energies into the people and the projects that share and/or understand your passions.
Choose who you spend your time with carefully. You are the average of the people you spend the most time with, and you will become like them. They will influence you for good or bad. Accept the right people into your life, and both of your lives will be the richer for it.
Visualize your happiness. Every night when you go to bed, imagine how you want your life to be in the future. Experience it, believe it, lock on to that as your goal. Then focus on becoming the person that can live the life of your dreams.
Happiness is found in accomplishment. Living the life you choose is satisfying, & you will be happier while exploring your life journey, rather than working a job. Waking up each morning with the freedom to spend your time & energy the way you chose is the embodiment of success.
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Higher highs & higher lows define the market is in an uptrend. Lower highs and lower lows define the market is in a downtrend. Trading inside a defined price range a sideways market. Defining what type of market you are in helps you go in the direction of least resistance.
Where price is in relation to the moving average in its time frame can show the current trend.
Research historical chart patterns to understand what is possible in the market and how markets change from uptrends to downtrends, and from volatile to range bound. Use this insight to structure profitable trading systems using price action signals.
Backtest your trading signals to see if they had an edge in the past.
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
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.
Ten Golden Trading Rules That Can Help New Traders:
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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.