I've been trading stocks for more than 40 years and have made a fortune doing it. But never once have I gotten confident or cocky enough to trade without a stop loss or make a trade based on my opinion or gut without confirmation from price. Never do I dig in with an opinion and think I'm right, the market is wrong. And that is the secret to my success.
This is my 50th year trading futures markets.
Here is a greatly abbreviated list of the lessons I have learned (many lessons more than once)
My perspective is as a discretionary chart-based trader
1. A trading plan is not complete unless it provides contingencies for all known possibilities
2. A trading plan is incomplete unless is cuts losing trades quickly and allows winning trades to grow
3. I might think I know where a market is headed near-term, but in fact I don't have a clue
4. The trades I most want to believe are often the trades I least want to own
5. A trading plan is useless unless you repeatedly pull the trigger -- if you can't do so, then it is your head/heart/guts that are broken, not your trading plan
6. Depending on circumstances, I can be either left or right brain dominant. The battle between left and right brains for the grey areas of my thought process is often when trading is most frustrating, but also where I can learn the most about myself
7. Learning about self through trading is important, because successful trading is mostly a function of preventing self-sabotage
8. There are old traders and there are bold traders, but there are few old, bold traders
9. Forget being a consistent big-time winner until you learn to excel at losing
10. It is best NOT to pay attention to an account balance during a really profitable run
11. Open trade profits do not belong to me so except for filing taxes I do not track this data
12. ROR and Sharpe are the two most meaningless performance metrics on the planet
13. The 10X, 20X et al moves in crypto are a once-in-a-lifetime experience. Younger traders should not expect repeat performances
14. Trading rules, especially the specifics on indicators, CANNOT be optimized. Sorry
15. Trading is best treated as a marathon, never as a sprint
16. For a trader with less than five years of experience, your worst drawdown is the one that has not yet occurred
17. Many many more
If we get a correction >30% from the 48K range high, consider it a gift. We could easily run up to 52k before any sizable correction. Either way, I'll be loading up each week from now until June/July. Once the bull run starts time in the market beats timing the market.
#BTC
Tomorrow, Bitcoin will begin its last week in the "Pre-Halving Downside" phase (orange) before transitioning in to the "Pre-Halving Rally" phase (light blue)
$BTC #Crypto#Bitcoin
The possibility of seeing cyborgs in this lifetime is now almost a certainty. We are entering another epoch of civilization with technological advancement (similar to the 80s PC and 90s Internet) yielding unimaginable productivity gains. Incredible!
Life, by default, is designed to make you quit and question your commitment and your character. It takes vision to accomplish something great because nothing great happens quickly, and nothing great comes without pain and struggle. Stock trading is no different. In fact, it's one of the most difficult.
The key to getting through the tough times is to mentally bring the future prize and the goal into the present moment as often as you can, and more importantly, the feeling you will have when you succeed. Bring that feeling into the present moment. Close your eyes... see it, feel it. and smell it.
Every day, repeat... "I am capable. I will do what it takes. Every misstep and every day that passes puts me closer to my goal. Every day, I'm learning. No one is going to deny me success. Only I can deny myself. Only I have that power, which means I have the power to stay, endure, and ultimately conquer. Because I am willing to do what it takes and persist unconditionally, success is certain."
You can do it!
Copper phosphide (Cu3P) & Lanarkite (Pb2SO5)💎 are out of the furnace. Powders look promising! 💎Tomorrow morning at 8 am CET, our very own #LK99 crystals will be ready. We're mixing them in various ratios and baking them overnight. #StayTuned for tomorrow's big reveal! 🌟🚀
The recession will come & many bears will tell you "I told you so" but not before #SPX makes new ATHs and they've been completely wrong. Not before people start to believe in the "soft landing"
The combination of PA - Run the highs & then run the lows + The 10Y-03MY bond indicator is still the best predictor
When the 10Y-03MY crosses above the 0 line that's when we get the recession and not before
There will not be a soft landing. The difference has never been higher. There will hard landing. Just artificially (centrally) postponed for now
Till then there is a time to make big bucks when the rotation from major stocks begins & #crypto catches up
Then sell, wait for recession, buyback super cheap, and enjoy the next decade of a bull market
It's these three super dumb easy steps to follow that will bring you the riches. Not trading a crab range
1) Hold now till the combination of 10Y-03MY crosses 0 line and stocks make new ATH
2) Sell and be patient till the recession plays off and stocks make new lows
3) Buy & Hold for the next 5-10 years
We traded above the .786 (SPX 4500) retracement today. Staying max long if SPX is > 4500 on the weekly. Take profits if we trade lower and put in a weekly deviation. We might see a rug pull Aug/Sept and a continuation up in October. Either way, react, don't predict.
Added a hedge here at S&P 4100. We have horizontal resistance, VPVR cluster, diagonal downtrend with 4th touch, 200EMA, 200MA. But, If we close next week above 4150 gap, good CPI, we could see a major Santa Clause short-covering rally to possibly double top or even new highs.
Translation: We bought all the bitcoin near the lows. We set the rules of the game cause we own Washington. Take notes you pleb market makers. Thanks for playing.
As president, I will make sure that your right to use and hold Bitcoin is inviolable. Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic.