Some tips to speedrun your profitability:
1. Make a playbook.
- You need to know what your setups are. Define them, take pictures, go replay, and jot them down. Every time you take a trade, you have to link it to one of your Setups.
2. Do not rely on Indicators.
- Indicators are all lagging. Times/Sales & Price is the only real-time metric. Get rid of all indicators on your chart. You don't need MACD, you don't need RSI, you don't need Bollinger Bands, all these do is confuse 99.9% of traders. Focus on where the price is rejecting, and where it's accepting.
3. Never enter a trade without Planned Exits.
- You need to enter every trade with a planned stop loss and a planned Take Profit. I always see traders say, I entered then I held because I didn't know where to cut.. or didn't cut fast enough - NO! Do not change your Stoploss. Enter a trade, have it ready with a bracket order, and leave it. If it works, it works. If it doesn't, you move on.
4. Stop Predicting, Be Reacting.
- Many of you, especially ICT traders always say, because it did "XXX" it MUST do "XXX"... no it does not. You need to react to what the price is doing. If the chart is respecting a certain pivot or an area, you need to respect that and follow along; you're not smarter than the market.
5. You need to have PATIENCE.
- If a trade does not fall within your setup, you do NOT take it. You don't take a trade because it "looks good" or because "it looks like it can dump / or pump." You only take it if it fits in your system. Otherwise, you sit FLAT. No position is better than a bad position. Remember a losing trade isn't a bad one, and a winning trade can be a bad trade.
6. Never go into a day without a Plan, never finish a day without Journaling.
- You need to have a defined plan and a general idea of what you're looking for before going into the trading day. You can't just roll over out of bed thinking you're going to make millions. You need to prepare your levels the night before or the morning of, and be ready for when the trade happens. After the day ends, you need to know what were the trades you took? What was your Risk Reward? Your Setups? What time they were taken?
7. Be Self Aware.
- Screentime doesn't mean getting up and doing the same thing every day. It means actively working to become better. It means actively trying to fix your mistakes. It means making plans to fix your mistakes and improve. It means approaching your problems and the market in a different way. Doing the same thing over and over and expecting change is literal delusion.
Hope this helps. I'll have defined examples of said "Setups" so you can get a good idea of what I look for in the next thread. Good Luck!
Just went to Whole Foods.. and saw a “friend” working there, we both started learning how to trade together.
He quit maybe 7-8 months in after he lost $15,000 in total, said it’s not possible and just “not for me.” I asked to keep going and that we’d get there, too early to quit, he insisted it’s gambling and not possible.
He makes $19 dollars per hour, and it got me thinking, this is what he quit for? He couldn’t endure 1/2/3 more years to try and change his life? Couldn’t put more effort? I mean, I understand not everyone can keep going, but he could’ve. He was in Community College, had the time, and living with Parents…. why didn’t he keep going? To instead go work at Whole Foods for $19 dollars every hour? Is that really how valuable your time is? That’s what you gave up what you started for? To be a Cashier? Really? That’s all you can amount to?
There’s people out there who make what I make in a year, in a day… but just perspective in 3 hours today I made what he does in ONE THOUSAND, THREE HUNDRED AND FIFTEEN HOURS, 1315..
I mean, I’m literally sad for him. It could’ve been US, TOGETHER. But instead he just deemed it impossible and quit.
How sad? He just didn’t wanna keep going. No effort. Maybe he thought he saved himself time to find another passion, but all I see was someone who was doing it for the money, and ultimately become another statistic.
Love the game & the money will follow. Don’t be like him. The potential is there. It’s a rewarding job, with unlimited upside potential. Take the risk, work hard. I promise it’s possible, you don’t need to get to millions per month.. but you can set yourself up with a few thousand / day if done correctly.
Bet on yourself, bro.
Market is expecting a 9% move in $NVDA stock tomorrow. This translates to $200 billion dollar in market cap move in one day.
This is more than market cap of 90% of S&P500 companies or entire savings of Warren Buffett.
$NVDA is expected to power 10% of S&P500 profits this year.
Yeah no
Hire a maid when you’re running multiple businesses and when you’re a millionaire
At 10k a month you’re making $120k a year — not a lot of money. Clean your own damn room
Again, not interested in picking tops or bottoms
Just waiting for my pitch
If you’re not in the room, you’re missing out.
20 points up on the day.
Have a great weekend.
@stephenharlinmd This is good stuff to learn TPO. Love ur visual explanations. Very much appreciated. May I ask how to get it to view like ur pictures.. like what platform is that? I use tradovate and the TPO is unlike yours that happens to have a TPO/VPOC every hour. TIA