7 Japanese Philosophies that will improve your life and TRADING:
It did for me tremendously.
1) Ikigai - This framework inspired me to pass up on Columbia Dental School for money management and finance
2) Shikita ga nai
3) Wabi-Sabi
4) Gaman
5) Oubaitori
6) Kaizen
7) Shu-Ha-Ri
My masters include the individuals in the following tweet. I would also include new ones: @dvandenbord@the_optionator@1charts6. Like the concept above “when the student is ready, the teacher will appear”
"Fear keeps you from making as much money as you ought to"- JL
"instead of hoping he must fear; instead of fearing, he must hope"- JL
"I have come to feel that it is as necessary to know how to read myself as to know how to read the tape. I have studied and reckoned on my own reactions to given impulses or to the inevitable temptations of an active market"- JL
$NVDA $SMCI $AMD $IBIT $ARM $LABU were my top 6 biggest trades so far YTD.
Here are 3 principles I extracted after conducting a post-trade analysis:
1. Showed a profit on day one and didn't give me much pressure the subsequent days post-breakout because of follow-through buying.
2. PROPER weekly bases and setups. When you have a weekly base, the stock has gone through the proper supply and demand properties and changed in hands from weak hands to strong hands and giving the stock a greater foundation to move higher without failure and for longer.
3. They were ALL pre-meditated at least the day before, but often even weeks before - some even months. Imagination and visualization are key here because when what you imagine comes to reality, it is like you've seen it already and are ready to receive it with open arms.
On the other hand, my biggest losers (still limited to <1% ROTE) saw:
1. impulsive trades called intraday; not premeditated
2. no proper weekly setup, theme and/or fundamentals
@dryan310 is regarded as one of the best stock trader’s of all time, but he does not have a book nor has he taught a course. I have watched all of his @IBDinvestors highlights and videos and created a David Ryan mini course.
5000 followers! Thank you everyone for the support.
I started trading stocks when I was 19 years old.
If I were to start all over again, here are 19 pieces of wisdom I would tell my 19 year old self:
1. ALWAYS think risk-first
If you lose all your chips you can’t bet.
If you can’t bet, you can’t make money.
2. It is a probabilities game
Losses are inevitable.
It is about cutting your losers and holding onto your winners. If you expect to gain more than you lose, the law of large numbers will be in your favor.