Here are 10 trading rules that I've been following for the past 13 years that have helped me become a consistent trader 👇🧵
1) Treat trading like a business
- Set realistic goals & expectations
- Respect your cash and account size
- Pay yourself at the end of each week
- The more time you invest in understanding yourself and the market, the higher your chance of achieving consistency in trading
2) Never average down on a losing position
- If a trade is going to work, there’s no need to buy more
- Averaging down may work 50% of the time, but one day you may avg down too much and blow your account
- Focus on high-quality trades and following your rules
There's many different ways to make money trading options. I'm going to explain my journey on how I grew my account big enough to generate at least $100,000 each month 💡
When I first started trading, I had to wait weeks at a time for high probability trade setups that had the potential to move at least 5-10x. This helped grow a 4 figure account to 5 figures and eventually 6 figures within the first 2 years.
After trial and error and backtesting many different strategies I learned that less is more. There's no need for ten different indicators to see the direction of the market. In simple terms, the market moves either up, down, or sideways. It's your job to identify the trend.
I’ve been in thousands of losing trades and had sleepless nights, but I never gave up.
Here’s what I learned to help me continue trading and become the successful trader I am today… 🧵👇
Trading is a lifelong journey. You must accept you will not get rich overnight. You have to learn to survive.
In order to survive, you have to be willing to learn. Learn price action, learn risk management, learn about your mindset, and most importantly learn from your mistakes