1. Don’t tell to anyone
- Don’t ask or seek approval from family, friends, and co-workers. No one will support you
- Contrary once they will see your success they will become jealous to your new lifestyle and freedom.
- Don’t tell co-workers that you are planning to leave the job once you make it.
2. Learn Risk management
- It’s the first thing you want to understand, losses are part of it and you cant avoid them.
- Use stop loss – taking a loss is not bad.
- Focus on % gains, not Dollars. (loosing $2OO is not much, but if your account is $2000 it’s 10%, and its a lot.
- Be willing to lose its unavoidable, normal and acceptable – Make it controllable. Don’t let it kill you.
3. Reduce trading Frequency
- More trade frequency leads to more losses
- You don’t need to trade every day, day trading does not mean trading every day.
4. Avoid short-term trading change to long term
- Even if markets move your way
- Don’t change strategy while you are in a position
- Focus on your objective/targets in R per day, week, month
- If you are profitable on Wednesday, you don’t have to trade the next two days
- Be content with enough
5. Prevent life imbalances
- Don’t allow the market to steal your life
- Don’t miss time with your kids and partner
- ICT – I made millions and I would give them all back if I can get back time with the kids that I missed.
- Manage your family time – then markets. When with family focus 100% on them and the same with trading.
- Keep studies and trading scheduled – off days are off.
- Be patient with the development
- Give yourself a realistic timeline for your development.
6. Don’t waste time with the retail trading books
- If what is in the books works everyone is a trader
- Only recommended book
– Market Wizards 1 and 2 (for inspiration)
– Larry Williams and How I made Million Dollars Trading Commodities
– Ryan Jones – The Trading Game (Money Management)
– Alexander Elder – Trading for the living
7. Stay away from Soc. Media Drains
- Avoid looking for trading gurus – it will make you dependent on someone. Not independent.
- Don’t count the money of others – you can’t sleep in their house, drive their yacht, or drive their cars.
- Don’t feel insignificant to others. Don’t compare or measure yourself with others.
- 98% of people selling stuff are fake. They even don’t trade real money.
8. Match your style to your personality
- Scalp if you can make quick decisions
- Swing trade if you can sleep with an open position
- Don’t copy someone’s model, get inspired, but develop your unique model.
- Stick to the one method, one instrument
- Write down, when to buy and when to sell. Build many journal cases.
- Every strategy has down days, weeks, and months. Don’t jump to another model just because of a few losses.