The purpose of trading is not being right every time, the purpose is to make money, and I think thatβs my number one rule. Donβt get hung up on holding losers. Get out and move on.
One reason I generally avoid break even stops is because they tend to directly contradict my core trade idea
Consider the following:
Sell resistance
Market reacts to it
Move stop loss to entry
Entry = resistance
Stop loss = order to buy
Youβre literally buying resistance
The purpose of trading is not being right every time, the purpose is to make money, and I think thatβs my number one rule. Donβt get hung up on holding losers. Get out and move on.
The average life expectancy is 78 years, while the average retirement age is 67. Working 50+ years of your life to enjoy only 11 seems crazy to me. Take control of your own future and start enjoying life now.
This week you should:
1. Find your own trades
2. Test out various strategies
3. Find a strategy that suits you
4. Build a set of rules
5. Stop copying other trade ideas
6. Donβt blame others for your mistakes
7. Get a mentor if struggling
8. If all that fails, post cleavage.
My best gains come from buying and holding stock
My biggest wins & biggest losses have always come from trading options
My most consistent returns have always come from trading futures
Diversify your portfolio. Utilize all methods to supplement your portfolio.