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Everything included below is based on my own tastes; I don't offer any financial advice, and this post is not intended to be a sales pitch.
I'm offering this information because I see many traders who are or are on the verge of becoming bankrupt, and I don't want you to be one of them.
Work ethic is irrelevant. You can put forth all your effort and still not be wealthy. So being wealthy requires just a hard effort.
Knowing what to do, when to do it, and who to do it with can help you become wealthy.
Understanding is key.
When you do, the next step is to execute the path, which will undoubtedly need a lot of effort.
However, as we can see, the effort is inherent in how the path or destination is carried out. Doing the difficult task for its own sake would be a waste of time, therefore refrain from doing it.
Developing this talent requires you to be a lifelong learner. And it's okay to feel puzzled during learning sessions. Your brain is being "trained" because it is like a muscle.
For acquiring and comprehending new knowledge, it is essential to have a solid foundation of "axioms" based on the whole truth. Therefore, while creating the "axioms," be sure to only use credible sources of information.
Step 1: Stick to the "basics," such as hard science and arithmetic.
Why? These topics are universally agreed upon, making them reliable foundations.
In trading, simplicity always performs better than complexity. Price action traders have beaten out traders that have numerous indicators on their charts, in my experience.
Now that I look back, I can easily see why that is.
That's because we frequently overcomplicate things and assume that a more intricate trading plan would yield greater outcomes.
It is false that this is at anyhow close to the truth. Here I provide a non-exhaustive list of "axioms" that I discovered the hard way (not listed in a specific order)
When trading, strictly avoid social media. I essentially deny myself access to Twitter, Instagram, Facebook, and Tim Tok by surrendering my access to a person I can trust and instructing them to change my password or email address so that I can no longer use such services.
I don't absolutely need more wins than losers, but I do need at least 2X as many winners as losers in terms of pip value.
Not all trades result in a profit.
The number of trades is not a direct indicator of profit. The profit is more closely tied to my willingness to move quickly whenever a wonderful chance arises than it is to the amount of deals I do each day.
Leverage is acceptable in the 2X/3X range at most, and only for exceptional opportunities with a high risk to reward ratio . This one is really personal and depends on who I am as a trader.
I must trade what's moving, not what I want to trade.
It's OK to have GREED, FOMO, or FEAR; I can always increase or decrease the size of my position to counteract my uncertainties.
I must trade what's moving, not what I want to trade. It's OK to have GREED, FOMO, or FEAR;
I can always increase or decrease the size of my position to counteract my uncertainties.
I MUST ALWAYS BE PREPARED FOR THE UNPREDICTABLE, which will cause me to automatically bank profits when the candles enter a Supports/Resistances zone AND withdraw funds to my bank account once each week.
Step 2: Read the classics and tune in to trading podcasts where renowned traders discuss their approaches to trades, techniques, and attitude. I absolutely enjoy the podcast "Chat with traders" and the YouTube channel SMB traders.
PS: I'm not connected to any of them.
You can get a solid idea of what could work and unquestionably what won't with trading from only those two sources of knowledge.
This article is about the trading guidelines without losses and it is very useful for the freshers to develop their skills.