Avoid big losses at all costs. The higher your % loss, the higher the % gain you need to get your money back. On a 50% loss, you need a 100% gain to break even
Control Risk
Know your exit criteria before you enter a trade.
Exit as soon as the reason for your entry is not valid anymore
Liquid Assets
Liquid assets are easier to exit. As a matter of fact, technical analysis is more reliable w/ highly liquid assets.
Large volume makes it much more difficult to manipulate an asset
Buy Strong Assets Short Weak Assets
A strong asset has less overhead resistance & better "flow"
Just The Charts
Trading for a living requires different skills. Everything you need to know is right there in front of you. If you can’t see it, it probably isn’t there.
Pattern Pressure
The asset needs to display some kind of basing pattern or consolidation pattern. Don’t chase or knife catch
Market Analysis
You need to know what kind of stage your asset is in with most of your Trades being in the direction of the primary trend.
On this first schematic from May 1st, you will see the "weak accumulation schematic" that has a LOCAL distribution built-in which was ALWAYS my primary read
Wyckoff is a word that most shouldn't whisper until they take a year-long deep dive into the subject
Due to the fact that short dives into Wyckoff get the amateurs hung up on schematics when Wyckoff is about an open-minded look at the trading range w/ the goal of identifying the phases
Here is my chart from May 6th that showed the Distributive side of this bigger picture view
However, immediately upon dumping, I wanted to point out that my Higher TF view was still a LOCAL DISTRIBUTION inside a HTF reaccumulation (where weak hands transfer supply to Strong hands) & wanted to point out that a reaccumulation story was still alive