TraderP

Forex and Crypto Trader

[Isaac Hayes III @IsaacHayes3]

Black people are the only race of people I know that are hated by everyone.

Every other race on Earth seems to hate African American people.

What that lets me know is that we possess something that is so intimidating, so threatening, that people want to harm us, belittle us, humiliate us, and try to strip away our joy, our lives, and our very being.

So I want every Black person to know how special you are.

Because no one can be hated this much unless they possess something that no one else ever will.

[MoneyTradeEdge | Better Thinking Better Trading @MoneyTradeEdge]

Trading edge = your offensive weapon

Risk management = your defensive weapon

Psychology = your ability to balance your weapons

[Banks ♞ @promisenakpan]

CREATING A TRADING PLAN

When you’re creating a trading plan, these are the mandatory rules you need to have to build a good one.

Open thread 👇🏾

[Gene @realweirdgene]

TODAY'S FULL LIVESTREAM.

[Alex Hormozi @AlexHormozi]

Highest ROI trade in life:

All the fake friends you have for one real one that has your back even when all seems lost.

Bonus points if it’s your spouse.

[MoneyTradeEdge | Better Thinking Better Trading @MoneyTradeEdge]

Don't marry a trade.

1) Execute
2) Win or lose
3) Go on the next one

No regrets.

[Discover Crypto @DiscoverCrypto]

In crypto, you have to know where to look

People who find real alpha make A LOT of money. I’ve seen guys starting with nothing making $100k+ per month.

But less than 10% know how to find alpha & make big money.

Here are 5 #crypto tools to find alpha earlier than anyone else:🧵

[Brian Lee @BrianLeeTrades]

I got a message today about how sometimes the RR of trades doesn't quite add up to a profitable stat line but you have to look deeper than the net result of each trade, look at the aggregate.

Utilizing starter positions has one really powerful implication which is that you can take smaller losses on average when you're cutting partial positions.

An example would be putting 50% of your size when volatility is very high and certainty is much lower that your risk will hold. If it goes against you then you will take a ~0.5R loss.

When you combine 0.5R losers and some 1R losers as well as the occasional price improvement/slippage (Breakeven -> 1.5R~), you can start doing the following:

Make 2 columns in an excel sheet
1) Wins
2) Losses

From there use a function to Average out all of the values in each column, you should get average win and average loss.

Now you can divide average win by average loss to get your average RR.

Examples:

3R average win, 1R average loss -> 3:1, easy.
2.5R average win, 0.75R average loss -> 3.33:1

You can effectively create a profitable trading strategy by taking smaller losses vs trying to make bigger wins with larger risks.

Say you average 5R wins but you average 2R losses, your average RR is 2.5R:1, worse than the 2nd example above.

Once you take those stats + your win rate into an equity sim you should be able to tell if you're banging your head against a wall or if it will actually produce a profitable curve over the long run.

Don't be discouraged by your stats but rather let it help you make creative decisions/tactics to play with the variables, sometimes losing less is the answer and sometimes it's the complete opposite.

Consistency creates the ability to make changes that actually do impact the bottom line over time, but it is pretty difficult to do so sometimes it's just easier to force the numbers by using your intuition/data to go slightly bigger when you have higher conviction.

In the end though I do place a high value on the averages because they let me measure performance pretty closely.

I break it down by month so that I have a faster feedback mechanism, if you aggregate every single trade into a list it might be harder to spot negative or positive changes you've made as they are happening.

You'll get to know your stats over the long run anyways so having a massive list doesn't give you as actionable of information.

[Steve · Millionaire Habits @SteveOnSpeed]

I retired at 35 by working regular jobs and ignoring what most money gurus tell you to do.

These 13 unpopular facts of life will make you a millionaire.

[Omar Agag @OmarAgag6]

I always talk about the pros of prop firms

So here’s the pros of trading your own capital

1- No need to pass a challenge

2- Can trade right away

3- No restrictions on drawdown and news trading

4- Keep 100% of what you earn

5- Withdraw whenever you want

[Clint Murphy @IAmClintMurphy]

For the next 6 Months,

Become Addicted to These 11 Habits,

And, You'll be Unrecognizable by June 2023:

[Sahil Bloom @SahilBloom]

Today is my 32nd birthday.

Over the last month, I asked several 90-year-olds what advice they would give to their 32-year-old selves.

Here's the life advice everyone needs to hear:

[MoneyTradeEdge | Better Thinking Better Trading @MoneyTradeEdge]

9 skills you must develop to be a successful trader:

[TraderP @TraderP12]

@OmarAgag6 Risk Management Skills!

[MATT GRAY @matt_gray_]

8 soft skills to accelerate your career:

[ConquerMindsetMoney | Self Mastery @TheConquerMM]

IF YOU LACK DISCIPLINE, READ THIS:

[Lewin | Wealth Pill 💊 @Wealth_Pill]

If you want to wake up at 4 AM and feel energized in 10 minutes, read this: