crucial things I know about trading I wish I knew years ago:
Risk Management is Crucial:
I learned that no trade is worth risking a significant portion of my capital. I strictly follow stop-loss rules
Emotions are Your Enemy:
My biggest losses came when I let emotions drive my decisions. I've since learned the importance of having a clear, emotion-free trading plan and sticking to it.
Overtrading Can Drain Your Account:
In my eagerness to make back losses, I often overtraded. I've realized that sometimes the best trade is no trade at all.
Continuous Education is Vital:
I learned that resting on my current startegies and not keeping up with new strategies and market changes can be costly.
The Market Owes You Nothing:
I entered trades feeling entitled to profit. The hard lesson was that the market doesn't owe me anything.
A Trading Plan is a Must:
trading plan is essential. It should cover your strategy, risk management, and goals.
No Holy Grail:
There's no one-size-fits-all strategy in trading. Success comes from finding a method that works for you and constantly refining it.
Journaling is A Life Hack:
Keeping a detailed trading journal.
Losses are Part of the Game:
Accepting losses as a natural part of trading helps in maintaining a clear head and focusing on the long-term strategy.
You need to be patient:
You aren't going to turn $100 to $100k off one lucky trade. You'll more likely lost $100 a couple times before you're able to make any money at all. Trading is a long trial and error journey.
Stay Humble:
Overconfidence can lead to recklessness. It's important to stay humble and grounded, regardless of success.
Take breaks:
If you had a bad losing day or week its okay to take some time off from the market.
Keep going:
I think I "quit" like 10 times when I first started trading. Anytime Id have a bad day or lose too much money I told myself I was done. But inside I knew it was possible so I never gave up. And it was possible. No matter how hard.
