Tweet

Steve Burns

Mar 24 • 12 tweets • 2 min read

10 Rich Trader Mental Habits

Many new traders are taken out of the trading game through bad mental practices. Here are some things that top money managers & rich traders have shared through interviews & books that may help new traders break bad mental habits.

A thread🧵👇

They have the ability to admit they were wrong and get out of a trade. They know the place where price proves them wrong.

They have the ability to not only close a losing trade but reverse and go in the other direction with the right signal.

The rich trader is not trying to prove anything about themselves they are focused on making money.

They do not fall in love with an idea, currency, commodity, cryptocurrency or stock they will make trades based on price action.

Rich traders know that the market action is their ultimate boss regardless of their opinions.

No matter how sure they are about a trade they still ALWAYS manage the risk.

Rich traders get more aggressive when winning and trade smaller or take a break during a losing streak.

A great trader is one that can admit to anyone that they were wrong.

Rich traders do not believe their own hype, they know they can not really predict the future they can only react to current reality and the probabilities.

Rich traders love what they do, win or lose.

More principles here: amzn.to/3IGvzrY

• • •

Missing some Tweet in this thread? You can try to force a refresh

This Thread may be Removed Anytime!

Twitter may remove this content at anytime! Save it as PDF for later use!

More from @SJosephBurns

Steve Burns

@SJosephBurns

Mar 26

10 lessons from the book:

“Rich Dad, Poor Dad: What the Rich Teach Their Children About Money That the Poor and Middle Class Don't” by Robert Kiyosaki

A thread 🧵👇

Schools train students to be employees not entrepreneurs or investors.

Working to learn new skills is more important than working to earn a paycheck.

Read 12 tweets

Steve Burns

@SJosephBurns

Mar 25

7 Habits of Highly Successful Traders:

There are things that I’ve seen that are common in the successful traders I have known, read about, & seen in action. These principles have made me money in the markets. The closer I follow them the better I trade.

A thread🧵👇

Traders must have the perseverance to stick to trading until they are successful. Many of the best traders are the ones that had the strength to push through the pain, learn from their mistakes, and keep at it until they made it.

Great traders cut losing trades short. The ability to accept that you are wrong and put your ego aside is the key to personal and professional success.

Read 8 tweets

Steve Burns

@SJosephBurns

Mar 23

10 Metrics that Lead to Trading Profitability

Here are ten important metrics that I look for when I trade that give me a profitable edge. These are based on math, not belief, predictions, or ego.

A thread 🧵👇

Expected win versus loss percentage. Your winning percentage performance is the first step to profitability.

Average win size. The higher your winning percentage, the smaller your wins must be. The smaller your winning percentage, the bigger you wins must be to make you profitable.

Read 12 tweets

Steve Burns

@SJosephBurns

Mar 22

Trading as a Business:

A thread 🧵👇

To make money in the markets you need to be trading like a business. Hobbies cost money, businesses make money. A business has a plan, a process, and a system. A business has customers that it sells products to for more than their cost.

You can’t open up your trading business to having capital at risk until you have a full system with an operating trading plan that has an edge. A positive expectancy model is needed for profitability.

Your business inventory is your current positions; you have to buy them for less than you intend to sell them for. Whether it is buy lower and sell higher or buy high to sell higher there must be a gross profit expectation.

Read 14 tweets

Steve Burns

@SJosephBurns

Mar 21

10 key principles from the book:

The 48 Laws of Power by Robert Greene

A thread 🧵 👇

“When you show yourself to the world and display your talents, you naturally stir all kinds of resentment, envy, and other manifestations of insecurity... you cannot spend your life worrying about the petty feelings of others.”

“The more you say, the more common you appear, & the less in control. Even if you are saying something banal, it will seem original if you make it vague, open-ended, & sphinxlike. Powerful people impress & intimidate by saying less.“

Read 12 tweets

Steve Burns

@SJosephBurns

Mar 18

5 Steps To Creating A Price Action Trading System:

A price action trading system attempts to use entry and exit signals that have an edge by creating good risk/reward ratios that lead to profitable trading. There are five primary components in a trading system.

A thread🧵👇

Your watch list can be filtered using fundamentals but should only be traded using price action. It is a good practice to trade markets that historically has had good trends & swings in the past and consistent repeatable price patterns over the long term.

You need to backtest your watch list and study the historical price action patterns to find signals that have created good risk/reward ratios in the past. The trades should be managed through stop losses, trailing stops, & profit targets.

Read 6 tweets

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Share this page!

Steve Burns

People who liked this thread also liked...

Try unrolling a thread yourself!

More from @SJosephBurns

Steve Burns

Steve Burns

Steve Burns

Steve Burns

Steve Burns

Steve Burns

Did Thread Reader help you today?

Don't want to be a Premium member but still want to support us?

Like this author's thread?