It's funny how my brain getting so exhausted from trading. Learnt new things not just every day, but almost every second. And I will summarize things I learnt to survive from this sophisticated game.
1. Number one important things from trading is : Learn the right way Taking Losses, technically and mentally. It's very important things to do. You may have the best indicator and trading setup, but when it come to taking losses and you failed, then sooner or later your trading journey become history, mostly sooner.
2. Edge. Edge is everything about your advantage at trading. Edge is not just about best indicator or entry/exit setup. It's also about bunch of rule you made for trading. Confidence also play important role of your edge. Accept that your edge is no 100% perfect, hell there's no 100% perfect in trading world. But in the long run, you may had profitable trading.
3. Hard work. Even with hard work, you still won't survive in this market. A smart hard work is necessary. What is smart hard work :
a. Learn Basic Price Action and Find your own Pattern Trading
b. Backtesting it and gaining confidence
c. Review the pattern every day and enhance it to more synchronize with the market
d. Find new idea every day.
e. Make a journal about the trade, technically and emotionally
4. No Bias. As a day trader, Bias is the most dangerous enemy. You maybe right about the direction but still losing money. You have opinion and thousand others must have diferrent opinion. It's like Sports Betting game.
You maybe the smartest people in the world but when everybody is dumbed and trade against you, then you still lose.
5. Discipline
Discipline about everything. Follow the rule, executing the trade that match criteria (No Bias), Setting profit target without much modification, and taking losses religiously.
I hope this article is useful, and have a good trade.
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