Happy New Year TradingView Family - 13 dos and don'ts!Hello TradingView Family, this is Richard, and I want to wish you all a Happy New Year!
Here are the main pieces of advice I would give to myself when I first started. Let me know your thoughts...
📉 1- Stop searching for signals, fund management services.
You chose trading to be your own boss, don't insist on being a follower.
If 90% of traders lose money, then to be profitable, you should stay away from the crowd and trade differently.
The only way to make money in trading, is to learn how to trade by yourself and to be in full control of your account .
📊 2- Think quality, not quantity.
You don’t have to trade every week, you don’t have to catch every trade. 2-3 trades per week are enough for a healthy consistent account growth.
We are snipers, we wait patiently for the perfect shot, and let the machine-gunners/traders die at the front row.
💻 3- We are Risk managers, not only traders.
While trading is nothing but a game of probabilities; Your main job is to find a well-defined strategy that gives you an edge over the market.
Keep in mind that your strategy has to be objective / rule-based.
💰 4- Do not doubt your strategy or entry just because your fellow traders offline/online disagree with your position direction.
Be fully confident in yourself and your trading plan.
🗒 5- Stop searching for new methodologies.
If your strategy is working for you Then focus on developing it. You have got a money machine.
Just like when you get married. You chose to spend the rest of your life with your partner, knowing that you may find someone better, smarter, more beautiful… but you are done searching. (Unless you want to cheat on your partner lol)
🕝 6- Think long term => 6 months – 1 Year NOT Daily– Weekly.
🔒 7- Always use stop-loss
Trading without a stop loss is like driving without a seat belt. One accident might ruin your life.
✏️ 8- Enter with fixed risk per trade.
Not fixed lot, not fixed number of pips => Professional traders think risk NOT pips.
💡 9- Treat the market like a trader, not an investor.
Don’t get attached to one single trade. It is just one in a lengthy series of trades.
⚙️ 10- If you are not feeling well, don’t trade.
👑 11- Stay humble, or you will be humbled by the market.
♟ 12- We do not predict, we simply speculate and react.
Just like chess, let the market make the first move and then react accordingly.
💂 13- Find a mentor.
Learn from those who are more experienced than you and surround yourself with talent; By keeping an eye on how veteran traders invest, you’ll begin to understand how they think and make crucial trading decisions.
Again, Happy New Year Everyone! May 2023 be the best of all! 🎊
Always follow your trading plan regarding entry, risk management, and trade management.
And Remember: All Strategies Are Good; If Managed Properly!
~Rich
