Trading:
They call you gambler for 3-4 years.
They call you lucky when you earn more than their annual salary in 1 month.
That's why 99% of people can't do it.
Story of a trader:
Day 1: 100% confidence in becoming a millionaire
Year 2: 0% confidence after being defeated by fear, greed and self-doubt
Year 5+: 100% confidence in executing edges, systems, risk plans.
Keep going.
Amateur traders = Greed to take more trades
Successful traders = Patience to wait for the best trades
Trading snipers will always destroy machine gunners.
Stop reading, start taking action.
You need to try, test, backtest, trade, take risks, make mistakes, learn, grow, achieve goals.
Practice will always beat theory.
5 years of:
- 1 h of studying price action every day
- 1 h of backtesting your system every day
- 30 min of reviewing trades every day
Will change your life forever.
60% of traders quit in 1 year.
99% of traders quit in 3 years.
Show up every day for 5 years to win.
Sample size is important.
When testing new strategy, advisable - backtest separately for 1:1, 1:2, 1:3, 1:4 & 1:5RR
Then see which Risk to Reward is best suited for that strategy.
Not all strategies have the capacity to produce high RR. Know thy edge.