Risk management, entry strategy is all I can control in trading. I have no control over what the market does or doesn't do. My sole responsibility is to take manage my risk, and let the market do whatever it wants.
I've traded since 1974. I've had 4 losing years. There are some conclusions I've come to understand as absolute truths (absolute because the apply to everyone, no exceptions).
I have no control over the outcome of my trades. Zero. Anyone who tells you different is a untrustworthy liar. I could use a harsher description but I won't.
The only thing I can control are the orders I place - market, size, order type, price. That's it. Those are the four things I can control. Only these things. Nothing else.
I have no say if my next trade will win or lose. I have no say if my next five trades are winners. I have no say if 15 of my next 20 trades are losers.
A trader can only control those things that are controllable. What a market will do is NOT controllable.
What my next trade will do is not controllable.
I repeat, anybody on social media who tell you they know what a market will do or that they know they will be profitable in X of the next Y trades is a flat out liar who you should immediately un-follow.
But many of you will never figure out these truths. And you will waste years of your live trying to be a trader without success. Why, because you will lack the level of deep introspection needed to succeed. You will be a liar to yourself.
Of course a small percent of people who want to pursue trading as a profitable career will succeed. My hat is off to you. I respect all traders who wade through enough mud to make it to dry land.
I do not mean to be discouraging. Not at all. I just mean to tell it like it is -- whether you want to believe me or not is up to you.
Market, order type, size price. That's it. Those are the only things you can control.
cc: @PeterLBrandt
@Greatmannfxlion Happy Sunday The Lion himself. If one were to start a referral business in with brokerage firms, which broker would you recommend? I know exness if popular but I see a lot of people leaving them to assex markets. Please what would you recommend. Couldn't dm u, plZ reply in my DM
@cenbank In my humble opinion ,interest rates need to go much HIGHER so that inflation can move to a single digit (1 -9%) higher for longer is the only alternative given the high inflation rate.
How my Saturday went🤗
I actually started on Friday evening/night.
I ended last week with +7RR taking only one loss and I am hoping to do same or more next week. Amen🙏
@MSTARROHIT@funderpro@iamowenm The write up above would have been nicest after posting your first 10k payout certificate with it. I wish you good luck from here.
Risk management, entry strategy is all I can control in trading. I have no control over what the market does or doesn't do. My sole responsibility is to take manage my risk, and let the market do whatever it wants.