Here are a few tips every one should know
Here's a couple of tips from me that might help in your trading. Those are just my opinions and all are belong to me.
Practice think practice think review old ones repeat repeat repeat. It takes a whole lot of thinking and a whole lot of practicing to be good.
Give your brain practice all the time like a muscle, and just repeat over and over. Look at examples, past trades, re-read what to do and what not to, re-read all your rules over and over, not until you know them, until forever or they'll just fade away. The more you hammer it in the better you get.
Be logical DO NOT FOMO AND INSIST (or enjoy lose lose lose and then miss the final move that is a winner).
Mistakes are really expensive. Best to miss out and not force and go look at something else, possibly analyse that one you missed and understand why you missed it, and how to fix, maybe by simplifying the way you detect those.
Spend a whole lot of time analysing markets... Try really hard to really think every trade through... do not waste time on "meh" setups.
Missing out is not that big of a deal imagine you get 10 of those a month, that's 120/year, now imagine you miss out 2/month you still get to 96/year and you had more time to spend on the 96. And you can still learn something from what you missed out on. Better than losing sanity from looking at charts hunting for setups all the time (and ending up forcing trades and bleeding capital).
Price action is not physics.
A "weak uptrend" is really what they call a long bull market that ran over countless bears that are all underwater in much pain, and often it ends up with bears giving up and a massive green candle up.
And same, a "strong uptrend" is what they call price action with no bears. They did not vanish into another dimension, they just are not present in the market right now. But they are around. Which means they could be just around the corner and all jump in at the same time and reverse the price.
In general I think the best is to not go against a "weak" trend ever. What is weak and what is strong enough? That's for you to find out.
If you want to go against a pullback it is generally better to enter on vertical price action.
People when they see violent price action get scared and remove their orders. The opposite is the right thing to do.
Slow price => remove order. Violent price => GOOD, bring it on. Of course you will get run over from time to time.
This is your job as a speculator.
Speaking of weak trends, do not just use a price stop, but also a time stop:
Price just goes nowhere for a long while => Get out.
There is no reason for risk ever to be over 2%, and those are reserved for top stuff. Usually around half a percent is good especially when starting, then it can be scaled as the acc grows and even increased progressively to 1% to get a decent sized account.
If you really are very certain of your strategy and want to go fast and cannot contain yourself then it is perfectly fine ok I understand you can risk more than a small 2% that barely will make you any money who wants to be spending hundreds of hours to make $50 :)
Go for it. Make sure you can not lose more than all of your money, such as with using options or stocks that can only go to zero.
At that point the strategy does not even matter. Also make sure you use alot of money, that you spent years to save up.
And then keep taking trades until you lose everything. You really have to make sure it is very painful and you go into despair and lose all hope.
Trust me when I say with 99% certainty you will really learn your lesson and won't require to learn it again.
You will then not ever want to "go quick" again. 99% efficiency guarenteed. You won't have these stupid urges to risk big.
If your spouse leaves you it is even better. Leaves a scar that won't heal as a permanent reminder.
And consider yourself lucky that you only lost everything.
Practice think practice think review old ones repeat repeat repeat. It takes a whole lot of thinking and a whole lot of practicing to be good.
Give your brain practice all the time like a muscle, and just repeat over and over. Look at examples, past trades, re-read what to do and what not to, re-read all your rules over and over, not until you know them, until forever or they'll just fade away. The more you hammer it in the better you get.
Be logical DO NOT FOMO AND INSIST (or enjoy lose lose lose and then miss the final move that is a winner).
Mistakes are really expensive. Best to miss out and not force and go look at something else, possibly analyse that one you missed and understand why you missed it, and how to fix, maybe by simplifying the way you detect those.
Spend a whole lot of time analysing markets... Try really hard to really think every trade through... do not waste time on "meh" setups.
Missing out is not that big of a deal imagine you get 10 of those a month, that's 120/year, now imagine you miss out 2/month you still get to 96/year and you had more time to spend on the 96. And you can still learn something from what you missed out on. Better than losing sanity from looking at charts hunting for setups all the time (and ending up forcing trades and bleeding capital).
Price action is not physics.
A "weak uptrend" is really what they call a long bull market that ran over countless bears that are all underwater in much pain, and often it ends up with bears giving up and a massive green candle up.
And same, a "strong uptrend" is what they call price action with no bears. They did not vanish into another dimension, they just are not present in the market right now. But they are around. Which means they could be just around the corner and all jump in at the same time and reverse the price.
In general I think the best is to not go against a "weak" trend ever. What is weak and what is strong enough? That's for you to find out.
If you want to go against a pullback it is generally better to enter on vertical price action.
People when they see violent price action get scared and remove their orders. The opposite is the right thing to do.
Slow price => remove order. Violent price => GOOD, bring it on. Of course you will get run over from time to time.
This is your job as a speculator.
Speaking of weak trends, do not just use a price stop, but also a time stop:
Price just goes nowhere for a long while => Get out.
There is no reason for risk ever to be over 2%, and those are reserved for top stuff. Usually around half a percent is good especially when starting, then it can be scaled as the acc grows and even increased progressively to 1% to get a decent sized account.
If you really are very certain of your strategy and want to go fast and cannot contain yourself then it is perfectly fine ok I understand you can risk more than a small 2% that barely will make you any money who wants to be spending hundreds of hours to make $50 :)
Go for it. Make sure you can not lose more than all of your money, such as with using options or stocks that can only go to zero.
At that point the strategy does not even matter. Also make sure you use alot of money, that you spent years to save up.
And then keep taking trades until you lose everything. You really have to make sure it is very painful and you go into despair and lose all hope.
Trust me when I say with 99% certainty you will really learn your lesson and won't require to learn it again.
You will then not ever want to "go quick" again. 99% efficiency guarenteed. You won't have these stupid urges to risk big.
If your spouse leaves you it is even better. Leaves a scar that won't heal as a permanent reminder.
And consider yourself lucky that you only lost everything.