I’ve been #daytrading for almost 9 years now. It has been the only way I have made a living since I graduated from Law School.
Here are 9 things I wish I knew when I started out my career.
Here are 9 things I wish I knew when I started out my career.
1. Mindset Matters
All the good traders I’ve met have been super optimistic and filled with self belief.
Their work ethic makes their success inevitable but they never behave like the market owes them that success today.
All the good traders I’ve met have been super optimistic and filled with self belief.
Their work ethic makes their success inevitable but they never behave like the market owes them that success today.
2. Every trader loses
No day trader has a 90% + win rate. If they tell you that then they are bull shitting you. Run
Elite traders have a win rate in the 70s.
It’s not about how often you win, it’s about how you protect yourself when you don’t
No day trader has a 90% + win rate. If they tell you that then they are bull shitting you. Run
Elite traders have a win rate in the 70s.
It’s not about how often you win, it’s about how you protect yourself when you don’t
3. Don’t fall for the lifestyle
I haven’t met a single legit trader who brags about their lambo or flexes their gains on Instagram. That’s a marketing gimmick.
No profitable trader trades so they can buy things. They trade because they love trading. Money is a by product
I haven’t met a single legit trader who brags about their lambo or flexes their gains on Instagram. That’s a marketing gimmick.
No profitable trader trades so they can buy things. They trade because they love trading. Money is a by product
4. Your Strategy is overrated
Nothing works all the time. Everything works some of the time.
If you target 10-1 risk reward you have to be correct 15% of the time to make serious coin. You can basically be a total freaking idiot and still be profitable.
Nothing works all the time. Everything works some of the time.
If you target 10-1 risk reward you have to be correct 15% of the time to make serious coin. You can basically be a total freaking idiot and still be profitable.
5. Good trading is patient trading
Sit and wait for your perfect setup. Don’t chase after it. Traders get paid for their decisions not their time.
There will be times to trade and times to sit. You should spend more time sitting than trading
Sit and wait for your perfect setup. Don’t chase after it. Traders get paid for their decisions not their time.
There will be times to trade and times to sit. You should spend more time sitting than trading
6. Risk Management is King
Your first job as a trader is to come back and trade again tomorrow.
Bullet proof your risk management and you will make your success inevitable.
The less you can risk per trade the higher likelihood you have of becoming a millionaire
Your first job as a trader is to come back and trade again tomorrow.
Bullet proof your risk management and you will make your success inevitable.
The less you can risk per trade the higher likelihood you have of becoming a millionaire
7. Delay gratification
I want to trade for a lifetime not for a week. I won’t get rich trading in a week but I can in a year.
Do what’s best for your account tomorrow. Not what you think is best for it today.
I want to trade for a lifetime not for a week. I won’t get rich trading in a week but I can in a year.
Do what’s best for your account tomorrow. Not what you think is best for it today.
8. Be Selfish
Trading is you vs you. It’s not you vs the market or you vs your friend.
Do what is best for you at all times.
Trading is you vs you. It’s not you vs the market or you vs your friend.
Do what is best for you at all times.
9. Never Average Down
Averaging down is the fastest way to blow up your account. Because it’s a way of refusing to admit you are wrong. Stop expecting perfection and design around failure first.
If someone is telling you to avg down - Run. They aren’t trading real money.
Averaging down is the fastest way to blow up your account. Because it’s a way of refusing to admit you are wrong. Stop expecting perfection and design around failure first.
If someone is telling you to avg down - Run. They aren’t trading real money.
Have a missed anything? What do you wish you knew before you started trading?
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