Steve Burns Profile picture
Feb 12 β€’ 11 tweets β€’ 1 min read
Top 10 Tips To Give Yourself An Edge Trading:

A Thread 🧡 πŸ‘‡
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.
Avoid random trading, opinions, and predictions and only trade a quantified trading system that has an edge over other traders.
Keep your losses small by cutting your losses short with a stop loss set at a technical level where price should not go for your trade to stay valid.
Let your winning trades run to your profit target when there is no reason to exit to make your wins as big as possible.
Use a trailing stop to lock in profits while they are there in a winning trade to avoid giving back open profits.
Ensure that your risk to reward ratio is at least 1:2 on entry so you have the potential to make at least twice as much on a winning trade than you lose on a losing trade. With a 1/2 risk/reward ratio you can be profitable with a 50% win rate.
Go with the flow of least resistance. Follow the direction of momentum and the trend on the chart, don’t fight it.
Become an expert on your own trading strategy and watchlist.
Trade a position size that enables you to survive a losing streak and also avoid the risk of ruin.

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More from @SJosephBurns

Feb 14
10 Price Action Strategy Trading Tips:

A thread πŸ§΅πŸ‘‡
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.
Read 11 tweets
Feb 10
7 Habits of Highly Profitable Traders:

A thread πŸ§΅πŸ‘‡
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 9
7 Reasons to Never Give Up Trading:

A Thread πŸ§΅πŸ‘‡
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.
Read 8 tweets
Feb 8
Ten Golden Trading Rules That Can Help New Traders:

A thread 🧡 πŸ‘‡
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 placementΒ 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: πŸ‘‡

(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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