100 Laws of Trading. Pt. 3
Continuation. The beginning is in my previous idea.
Law 29. Don't fall in love with the deal.
Admit your mistake as soon as possible and look for a new opportunity.
Law 30. The euphoria of a series of profitable trades creates false self-confidence, for which the market will punish.
Be modest about your successes. Ten successful deals in a row doesn't make you great.
Law 31. Impatience is expensive.
You may be right a thousand times, but if you did not wait for a successful entry point or left the deal ahead of time, you will end your trading path by sweeping the streets.
Law 32. Don't discuss your plans and results with others.
Others will secretly rejoice at your failures and envy your success. Your family probably won't support you. Everyone will think that you are doing a frivolous business. Set goals for yourself and do it for yourself. This is only your way.
Law 33. Save the opportunity for tomorrow.
Do not risk the entire deposit at once. Even if the deal seems very good. Even if you have lost a lot and you want to take revenge on the market. Never create a situation where there is a possibility of complete zeroing. Otherwise, it will definitely happen.
Law 34. The market is an endless stream of opportunities, not an outgoing train.
There's no point in being nervous about a missed deal. Your task is just to regularly snatch your little fish out of this stream. Trust me, there's enough fish there for everyone.
Law 35. Keep a log of transactions efficiently and regularly.
Reflect there the technical details and your emotional state when you made the decision to enter into this transaction. Without this information, you will not be able to do work on mistakes, which means you are doomed to repeat it.
Law 36. A plan means nothing if it is not executed.
Don't kid yourself. Your beautiful goals in your notebook won't make you rich. Just follow your plan, even though it's very hard sometimes.
Law 37. Let the profits grow.
You can be a profitable trader even if you make a profit in only three out of ten trades. Do not move the stop loss and do not exit the transaction before a certain level. Let the math do its job for you.
Law 38. Don't attach too much importance to the news.
If the market is fundamentally and technically set to grow, it will not change direction even because of important news. Remember, it's not the news that shapes the market, but the market chooses which news is better to react to today.
Law 39. What makes a trader successful is how much time he spends preparing outside of trading hours.
The trade deal must be scheduled in advance. Where, why, how you should enter into the transaction and where, why, how you should exit this transaction. No spontaneous decisions.
Law 40. Don't trade to have fun or to relieve boredom.
Unless of course you want to make money. It often happens that the peak of market activity falls at a time when you are busy. When you have free time, the market is flat. Don't try to force a deal on the market. This is going to end badly.
Law 41. Look at the market with "soft" eyes.
Open higher timeframes more often. Don't get hung up on the figure or pattern that you suddenly saw on the chart. Often we see what we want to see.
Law 42. A trader, like a samurai, has no goal, there is only a way.
The path of constant development and struggle with oneself. Professional trading is definitely not about money. This is a lifestyle and a deep philosophy. But to understand this, you will have to close all your material needs. So what are you waiting for?
To be continued.
Law 29. Don't fall in love with the deal.
Admit your mistake as soon as possible and look for a new opportunity.
Law 30. The euphoria of a series of profitable trades creates false self-confidence, for which the market will punish.
Be modest about your successes. Ten successful deals in a row doesn't make you great.
Law 31. Impatience is expensive.
You may be right a thousand times, but if you did not wait for a successful entry point or left the deal ahead of time, you will end your trading path by sweeping the streets.
Law 32. Don't discuss your plans and results with others.
Others will secretly rejoice at your failures and envy your success. Your family probably won't support you. Everyone will think that you are doing a frivolous business. Set goals for yourself and do it for yourself. This is only your way.
Law 33. Save the opportunity for tomorrow.
Do not risk the entire deposit at once. Even if the deal seems very good. Even if you have lost a lot and you want to take revenge on the market. Never create a situation where there is a possibility of complete zeroing. Otherwise, it will definitely happen.
Law 34. The market is an endless stream of opportunities, not an outgoing train.
There's no point in being nervous about a missed deal. Your task is just to regularly snatch your little fish out of this stream. Trust me, there's enough fish there for everyone.
Law 35. Keep a log of transactions efficiently and regularly.
Reflect there the technical details and your emotional state when you made the decision to enter into this transaction. Without this information, you will not be able to do work on mistakes, which means you are doomed to repeat it.
Law 36. A plan means nothing if it is not executed.
Don't kid yourself. Your beautiful goals in your notebook won't make you rich. Just follow your plan, even though it's very hard sometimes.
Law 37. Let the profits grow.
You can be a profitable trader even if you make a profit in only three out of ten trades. Do not move the stop loss and do not exit the transaction before a certain level. Let the math do its job for you.
Law 38. Don't attach too much importance to the news.
If the market is fundamentally and technically set to grow, it will not change direction even because of important news. Remember, it's not the news that shapes the market, but the market chooses which news is better to react to today.
Law 39. What makes a trader successful is how much time he spends preparing outside of trading hours.
The trade deal must be scheduled in advance. Where, why, how you should enter into the transaction and where, why, how you should exit this transaction. No spontaneous decisions.
Law 40. Don't trade to have fun or to relieve boredom.
Unless of course you want to make money. It often happens that the peak of market activity falls at a time when you are busy. When you have free time, the market is flat. Don't try to force a deal on the market. This is going to end badly.
Law 41. Look at the market with "soft" eyes.
Open higher timeframes more often. Don't get hung up on the figure or pattern that you suddenly saw on the chart. Often we see what we want to see.
Law 42. A trader, like a samurai, has no goal, there is only a way.
The path of constant development and struggle with oneself. Professional trading is definitely not about money. This is a lifestyle and a deep philosophy. But to understand this, you will have to close all your material needs. So what are you waiting for?
To be continued.
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