I’ve been #daytrading for almost a decade now. Between trading for a hedge fund and managing my own money It has been the only way I have made a living since I graduated from Law School.
Here are 10 things I wish I knew when I started out my #trading career.
Here are 10 things I wish I knew when I started out my #trading career.
1. Mindset Matters 🧠
All the top 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 immediately.
All the top 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 immediately.
2. Every trader loses
No #daytrader has a 90% + win rate with zero drawdown. 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 #daytrader has a 90% + win rate with zero drawdown. 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. Coaching Helps
When I was getting trained at the hedge fund I worked at I was sat down next a senior trader.
I learned, copied, studied, and figured out how markets work by working with a mentor📓
Without their help I would have never become the trader I am today
When I was getting trained at the hedge fund I worked at I was sat down next a senior trader.
I learned, copied, studied, and figured out how markets work by working with a mentor📓
Without their help I would have never become the trader I am today
4. Don’t fall for the lifestyle
I haven’t met a single legit trader who brags about their lambo or flexes their lifestyle. That’s a marketing gimmick designed to create FOMO
No good trader trades so they can buy things. They trade because they love trading. Money comes second
I haven’t met a single legit trader who brags about their lambo or flexes their lifestyle. That’s a marketing gimmick designed to create FOMO
No good trader trades so they can buy things. They trade because they love trading. Money comes second
5. 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.
🔑Think in probabilities and make as many variables as consistent as possible
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.
🔑Think in probabilities and make as many variables as consistent as possible
6. 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. Not all conditions will suit your trading style. Wait until they do
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. Not all conditions will suit your trading style. Wait until they do
7. 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.
You need to master risk management before you can make serious money
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.
You need to master risk management before you can make serious money
8. Delay gratification 🐢 vs 🐰
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 feel is best for it today.
The good #trader can always trade again tomorrow.
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 feel is best for it today.
The good #trader can always trade again tomorrow.
9. Trade with a Plan
I never trade anything unless I have a plan for how to trade that setup
I make a plan both ways and then wait for the perfect setup to appear✔️
I always know what I'm looking for in a trade before I see it✔️
Then I wait for my plan to come to me✔️
I never trade anything unless I have a plan for how to trade that setup
I make a plan both ways and then wait for the perfect setup to appear✔️
I always know what I'm looking for in a trade before I see it✔️
Then I wait for my plan to come to me✔️
10. Never Average Down 💥
Averaging down is the fastest way to blow up your account. 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. 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.
What did I miss?
What are some things you wish you knew before you started day trading?
What are some things you wish you knew before you started day trading?
• • •
Missing some Tweet in this thread? You can try to
force a refresh
