Focus on Growing Vs Staying Motionless
Sounds like an easy Question, but would you rather see your account Grow? Or be at the same spot you were 3 years from now? Seems like this should be a simple answer, yet majority of traders tend to follow concepts that push them into realizing years from now they are at the same exact spot.
One of the oddest habits of most Traders is they will scoff at taking $300 profit, but then go and work a 9-5 job, for the same amount of money or less. They’ll go into a stressful environment, work outside in the heat all day, all while working for someone else, but when they can do the same thing for themselves they tend to push the limits.
Only reason I can see traders doing this is because they have no set rules, no trading plan, and haven’t formed good Habits. When it comes to trading they are lazy, hoping a magic lottery ticket will fall into their lap, instead of learnings easy concepts, and forming rules.
My style of trading is to be out when the chart tells me to, and form a trading plan based off of the chart. For instance if im looking at a Daily/Weekly setup, I will ride longer, if im looking at 15min/1hr setup I treat it as a scalp. I have set Daily Goal, that I try to reach in the least amount of trades possible. As I showed with the $500 and $750 account challenges, I pride myself on reaching the Goals with the least amount of trades.
I watch as many traders ride the same stock for years Up, and back Down. Instead of hopping out when chart shows, and then reentering. I watch as many traders enter stocks when Risk/Reward isn’t in their favor. If you have been in a stock, and its at the same place it was 2 years ago or more, chances are at some point it will slowly drift downwards again. Take Profits, readjust, and can always move back in.
Last Sunday I did a screenshare going over Momentum Trading, and as you can see $NVDA, $META, $COST, $LMT etc all stocks covered did exactly what we went over throughout the entire week. $META for example we said trade that range first couple days consolidating the 4hr, before pushing up, same on $NVDA, both did exactly that before end of week push. Allowing you to slowly work into a further out position, and then capitalize on that position. Lower Risk, fewer trades, and Profit.
Few Rules I Use:
Make Daily Goals - Even if you don’t take a trade each day, aim for that on the Week. (Example": $300 a day/ $1500 a week).
Stay Patient and Wait for Backtest Before Entering
Never go Against Whichever direction Momentum is Pointing
“Investments” a lot of times will go against you at some point, so actively trade around them
Don’t Catch Falling Knives or ODTE Options
Ignore News/Social Media - Let your Charts Show you (Social Media/News will make you form a Bias, or Pump you into making Poor Decisions)
Take Profit when the Chart Tells you too ($250 a day is $63,000 a year)
Always have a Plan Before Entering (Buying XXXX at 1.30 with SL directly under the 21 at 1.22 etc)
Let your Winners Win, and Cut Losers Quickly (With Momentum tight SL directly under 21, entry should be directly above the 8 when they are tight. In this way you can keep Losses small, while riding your winners.)
Social Medias, Free Discords, it’s all about reaching a broad audience. Whether that is to Pump random Stocks to you, helping their stocks move, or just to get you to form market bias they can all be far detrimental to You than you may realize. So many traders currently in the OTC see this, as they are stuck in many stocks, or believing CEOs, “waiting on news”, etc. That money meanwhile would be better used slowly growing their accounts vs wishing for a lottery ticket. Focus on learning all Markets, its much simpler than most believe. Focus on learnings Charting, Momentum, and seeing through the BS. Focus on Growing vs Staying Stagnant. If your NOT constantly Growing You WIll be Left Behind. Most people pay a hefty price to learn in the market, going through years of not forming rules, listening to others, and having no Trade Plan.
