Thread by @SuperLuckeee

I've spent 1000s of hours teaching traders on how to grow their small account.

Here's 10 things I always end up telling them 🧵:

1. Trade with only $500-$2000 to start and when you are consistent then add more money.

- The focus should be on consistency.
- Trade with 1-2 contracts until you understand you entry, stop loss and sell targets.
- Trade $SPY $TSLA $NVDA $AAPL options

2. Your #1 goal should be consistency.

- If you're goal is to make money then you're not going to!
- Focus on building a trading system minimize your mistakes
- Most traders don't work on foundational skills like risk management so they keep losing money.

3. Before you enter a trade make sure you know where you stop loss is if the trade isn't working out.

- Make sure you have a trading plan.
- If you don't have a trade plan then you are gambling.
- You only know where to stop out if its a set-up you are familiar with.

4. Learn 1-2 trading set-ups and master it.

- Pick a set-up matching your personality, lifestyle and experience.

https://twitter.com/SuperLuckeee/status/1653499324347879425?s=20

5. If you are not comfortable taking a loss on any given trade then you can never be a successful trader.

- This is loss aversion.
- The hardest part to trading is selling at the right areas so you can be neutral at the end of the day.
- You need to be confident when you sell.

6. Realize you are to increase your confidence while decreasing your fear of losing money.

- The only way to increase your confidence is to review your trades.
- Learn from your mistakes
- You have to protect both your financial and mental capital.

7. The more you practice the luckier you will get.

- Don't focus on selling at the top or buying at the absolute bottom.
- The more you trade the better your accuracy will be.
- Its perfectly to make mistakes as long as you don't make them all the time.

8. Making money is 50% of the trade then keeping the money is the other 50%

- Most traders think they are close to being successful when in fact they are far from it.
- Mainly because they don't have the skills to keep their money.
- They make their money by luck only not skill.

9. Usually it takes 6months to 1 year to become consistent.

- Be comfortable with some uncertainty.
- Be comfortable with some level of stress.
- Trading is a big process and takes a lot of time to learn.
- You can't cut any corners.

10. Watch the Mark Douglas Videos!

Watch Part 1-4 as the foundation to trading psychology.

Every new trader must realize trading is all about emotional control and mindset.

https://t.co/dqpYqhR1Lo

Follow me @SuperLuckeee for more poweful trading education and analysis.

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https://twitter.com/superluckeee/status/1672329769395052545