I've seen this one small detail help traders become profitable:
Plan out every single trade you take... BEFORE YOU ENTER
Why is it so important?
It all comes back to emotion. When you're analyzing a chart setup with no position, it's easy to control your yourself & examine the setup without letting emotions impact your analysis. Once you enter a trade & have real money on the line, everything changes
I know a lot of beginner/developing traders & I often hear something like this: "I see the setups & I know how to trade them, but I can't seem to execute the trades correctly!"
Most of the time, this is because they are rushing to enter a trade as soon as they isolate a good setup rather than slowing down & creating a plan for the trade. Usually, they are excited about the setup & do not want to miss out on the move
Imagine you have 2 different personas. One is the person you are before you enter a trade, let's call him Relaxed Randy. The other is the person you are after you enter a trade, let's call him Stressed Sam
When you rush to enter a trade without a plan, you're leaving all the trade management & exit decisions to Stressed Sam. We want to minimize the number of decisions that Stressed Sam is allowed to make. We want to maximize the number of decisions that Relaxed Randy makes
The best way to do this is to create a concrete trade plan BEFORE YOU ENTER THE TRADE. Your entry strategy, stop loss level, and exit targets are the main 3 things you need to know. You should also run through some different price scenarios & decide what actions you plan to take based on each scenario
When Relaxed Randy makes these decisions, you'll usually end up with a plan that is based on logic. When Stressed Sam makes these decisions, you'll usually end up with no plan and decisions that are based on emotion
Stressed Sam likes to average down on losers. Stressed Sam likes to remove the stop loss to avoid realizing a losing trade. Stressed Sam likes to keep moving the profit target up. Stressed Sam is an idiot
We all have a little bit of a Stressed Sam inside. He tries to poke his head out when we are in trades & things are starting to heat up
Let Relaxed Randy make the decisions
Plan out every single trade you take... BEFORE YOU ENTER
@Prof_heist@tradingview Im JR, musician and amateur trader looking to go further to be able to work creatively and not be restricted to a different career path
I’m most interested in the tickers
IREN - partnerships with NVDA and energy solutions
GOOGL-self explanatory epic
MARA-btc miner long term !
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best of luck, and happy trading.
Our Profession.
You come to realize one of the market’s great paradoxes: absorbing a loss under fire is an almost mechanical act, a quiet surrender to the inevitable.
The true crucible of character, however, is found in choosing to walk away from the table when the cards are falling in your favor, especially as the bets grow wilder and the intoxicating pull of the final, collective wager tempts everyone to go all in.
And the truth, much like in Poker, is that the table is not designed for everyone to win. By its very nature, the market funnels the winnings into the hands of a disciplined few. To find yourself moving in unison with the crowd, feeling the comfort of shared conviction, is often the final assurance that you are no longer the hunter, but the prey.
The discipline to rein in risk during a market crescendo requires a quiet courage that is rarely celebrated. The world will always cheer louder for the gambler who goes all-in and wins than for the strategist who loses less than everyone else.
This path demands a solitary mind. You must stand firm in your own logic when the only seemingly rational choice is to surrender to the street's roar.
It’s the loneliest job in the world, yet it’s also the most clarifying.
After enough seasons have passed, after 90% of the voices you once knew have fallen silent, you realize the market is a relentless mirror.
In the end, it shows you exactly what you're made of.
just wrapped up back testing my $SPY puts strategy..
who would want $SPY / $QQQ alerts in the near future once again???
been taking them for the personal lately but ready to bring them back