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Nov 12 • 15 tweets • 1 min read
My Edge

A Thread
I don't think my edge lies in the fact I can spot a good level to trade at.

This is important. But it is not my edge.
My edge lies in the fact I can sit on my hands when you can't.
It lies in the fact I follow my plan, when you plan trades you never execute and execute trades you never planned.
It lies in the fact I don't take emotions from the last trade into my next one.
It lies in the fact I understand the markets can remain illogical longer than I can remain solvent.
It lies in the fact I don't focus on all the prices I could have traded at and only care about what I should do right now.
It lies in the fact my trading day doesn't end with my last trade. It ends when I've journalled them all and learnt lessons.
It lies in the fact I study my mistakes when you bury your head in the sand.
It lies in the fact I want to remember the things you want to forget.
It lies in the fact when I want to add, you want to take some profit.
It lies in the fact that I'm fearful when you're confident and confident when you're fearful.
It lies in the fact I know I'm always one step away from acting like a cunt and you think you're one step away from being someone special.
It lies in the fact it's my job and your entertainment.
It lies in all these things and more.

This is my edge.

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More from @Trader_Dante

Tom Dante Profile picture
Nov 14
Based on these drawings?

1. Don't blindly buy a level that has been hit as support multiple times

2. Don't blindly sell a level that has been hit as resistance multiple times

Cont...
3. Recognise you will miss trades (but investigate this phenomenon carefully and see if changes are needed)

4. Consider cancelling a bid if you miss the first retest and it moves away before coming back

Cont...
5. Don't panic and cancel a bid just because the market moves with momentum into it

6. Don't move to breakeven for the sake of moving to breakeven

Cont...
Read 4 tweets
Tom Dante Profile picture
Oct 23
22 years trading.

Here are some of the most important things I've learnt (Part 1/2):
1. There is often a huge difference between what you want to do and what you're good at doing.

Some traders may want the excitement of scalping but don't have the time or the mental agility. They may be better suited to another style.

Play to your strengths to find your niche.
2. To make it this business you're in for the fight of your life.

And the biggest enemy is you.
Read 19 tweets
Tom Dante Profile picture
Sep 3
For the record, here are some things I’ve been told by traders who I know are making money and who I’ve really looked up to and yet I simply do not agree with:
1. Move to break even as quickly as possible so you have a free trade.
2. Use a time stop. If the market doesn’t move in your favour quickly, get out (the trader saying this was a scalper and was talking in minutes)
Read 6 tweets
Tom Dante Profile picture
Sep 3
The problem with many trading mentors is whilst some can teach you good ways to read/trade the market, they can also transfer cognitive biases that are not relevant to you.
For example, a mentor might teach you a great pattern that repeats regularly and then say: “but don’t trade Fridays. I find it a really bad day for trading”.
If they neglect to tell you that Thursday nights they’re always out drinking with their mates, are hungover on Friday’s and can’t trade for shit, that’s totally irrelevant advice and it’s detrimental to your progress.
Read 5 tweets
Tom Dante Profile picture
Sep 3
A thread on BE

--------

I'm known for always bashing the concept of moving to breakeven on a trade.

I wanted to quickly clarify my thoughts on this because contrary to what people might think, they're not black and white.
My mentor said, back in the day, that one of your priorities when trading should be to get to BE as quickly as possible so you had a "free trade".

He meant as soon as the market has started to move away from your entry point, move your stop to entry so you cannot lose.
However, I found one thing happened time and time again. As soon as I moved to BE, the psychological pressure was off - the "free trade" felt comforting. But the market would often come back to my entry, hit my BE stop and then move in the direction I had been placed.
Read 10 tweets
Tom Dante Profile picture
Aug 31
$1711.5 in Gold is the last key HTF level before the big lows at $1676. At a level like this, probabilities shift in favour of stabilisation/reversion before any continuation lower.
If you’re short, you might wonder what to do. Whether to take a partial. Whether to close completely and try and sell again on a rally. Whether to get really clever and try and close shorts and take it long only to short again later. There are naturally lots of options.
I have always found over time, it pays me to try and fully hold my position (and add - more on that shortly), so in a situation like this I am prepared for it to move against me and potentially give back profit to the market if it hits my stop.
Read 5 tweets

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