From Gambler to Strategist: My Personal Journey of Trading WiselHello everyone! Today, I'd like to share some insights on how NOT to approach trading and thoughts on how to do it right. This short article was prompted by a memory from 2018, a time when the market experienced significant drops.
Don't buy into price drops without understanding where the last short or areas of interest will be.
1.Trade possibilities and probabilities, avoiding complete certainty in every trade.
2.In algorithmic trading, the more robots you use, the more your profitability curve might suffer, and your risks might increase.
3. Use your stop losses as potential entry points for profitable trades.
4. If you're into manual trading, work with a few systems, but don't overwhelm yourself with numerous indicators or types of technical analysis.
5. Create a backtest based on a specific pattern or indicator and stick to that strategy. A skilled chart trader has a solid foundation of multiple patterns but follows a unified search logic.
6. Don’t trade with FOMO. Please wait for the pattern, and don’t jump into green candles on the top!
And now, a little story to conclude my narrative…
It was my previous lifestyle.
- Meeting friends in the evening? Sorry guys, I've got the New York session.
- Birthday on a Friday? Let's postpone it to the weekend.
- Morning jog? Oh darn, there are important London data releases today.
Then, in a single moment, everything changed. Strangers on the streets smiled, girls winked playfully, and some even introduced themselves. During my morning jog, followers ran alongside. Evenings at upscale restaurants turned into admiration-filled gatherings as friends inquired about my secret.
I shifted from intraday to medium-term trading. Minute charts gave way to daily ones, yet my trading results remained consistent. Time spent in front of charts reduced, without much impact on profits.
Now, I could be myself, socialize, sleep well, and travel without market worries ( Of course, sometimes it’s needed, but not at any time).
I often reiterate one thought: your trading style and system are an extension of your identity. So, before diving into active trading, please make sure that you know yourself and your traits well.
How's your patience? How well can you stick to the initial plan? Are you persistent enough?
Answering these questions will shed light on whether you're a scalper or just an ordinary individual.
And that's the end of my story. What rules do you adhere to? I would like to read it. You are welcome to describe it in the comments:)
