JUST FUCKING BURN THE MONEY
Yesterday's P&L
6011
Can't complain. Traded well, built a cushion. Had the opportunity to size-up and only risk the day's proceeds.
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NUGGETS TO KEEP FRONT OF MIND
Reading this daily before trading certainly doesn't guarantee you won't make a mess, but it's a good idea anyway.
IT'S MOSTLY YOU...
That's the truth. An interesting idea to contemplate is whether you would actually be more profitable if you'd simply taken the other side of every trade you've ever placed.
Maybe, but I am not so sure.
More likely, it is these other trading sins that are to blame.
Allowing losses to snowball via crap trades taken out of revenge and frustration
Having excessively tight stops (usually due to oversized positions)
Letting trades go too far against you
Adding at the wrong times, like when you are already in too big
Not taking profit when it's there
These likely contribute much more to P&L damage than mistaken directional assumptions. These are all things in your control, not the market's.
PATIENCE IS YOUR MOST EFFECTIVE TOOL
Waiting for higher probability set-ups is much better than allowing yourself to take a ton of scalp trades. If you do get into some scalping, then you have to stick to your scalping rules. You know... after you actually get them figured out and written down.
MOST OF INTERNET TECHNICAL ANALYSIS IS BULLSHIT
I'm not sure how valid most of the technical analysis that is taught by the gurus is in the first place, but I do know that the big guys are aware of what retail traders are being taught and do use it to their advantage. Act accordingly.
COUPLE OF OTHERS....
98% of what's on Stocktwitz is useless.
80% of what's on Inside the Numbers is questionable. He does a lot of rose-colored interpretation of his commentary.
