Hey there! I hope you are having a fantastic week so far. Today I will be going over the Trade which I took today. I made a lot of mistakes, but that is trading. Every day is a mere reflection of my level of development. The trade was recorded, which can be found below Other than that, check out the Trade Recap below. Have a great night!
1) Don't get greedy: Always lock in profits when the market makes money available to you. I did not manage to lock in gains today when the Market handed me a profit. I wanted more, That is the WRONG mindset to have. If I would have been focused on what the Markets were telling me rather than my P/L I would not be writing this. Understand that small gains add up over time, take it slow and steady. Keep it simple stupid!
2) Look to the left to see the right: This is a common saying that Nate from Investors Underground says. Get the overall long term outlook on the chart. Has in ran the past, whats the float, whats the news.
3) Trade High Odd Set-Ups: Again you don't have to trade every day. Sometimes the best trade is no trade. Again it sounds very counter intuitive, but trading less is often the greatest edge. As a Trader with a small account, your goal should not go for home runs. Get away from that mindset, the gains, in the beginning, is fucking negligible in the long run. Focus on STAYING in the game. Just like in a Casino, if you lose all your money. Go home, come back when you have more money.
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