Everything you need to know to smash 2023
A thread
A thread
To make money trading, you need an edge and the ability to execute it effectively.
For over 15 years now, I have taught how I both read price and trade these markets.
However, recently, I have been talking more about you: the trader.
For over 15 years now, I have taught how I both read price and trade these markets.
However, recently, I have been talking more about you: the trader.
I was partly inspired by a trader I know who approached me a while back with a mechanical edge, back tested over years of data with excellent results.
I was impressed with his findings – so impressed, I got him a foot in the door at a Chicago based prop firm who looked over his edge and immediately offered to back him.
But there was one problem.
His edge, whilst very profitable over time, had a rather low strike rate.
And this low strike rate was causing him issues when executing.
His edge, whilst very profitable over time, had a rather low strike rate.
And this low strike rate was causing him issues when executing.
He would continually try to guess which trades were going to be winners over time and only take those.
As a result find himself in that horrible territory of taking loss after loss and missing the huge winner his edge was so dependent on.
As a result find himself in that horrible territory of taking loss after loss and missing the huge winner his edge was so dependent on.
I had many conversations with this trader and lectured him on the importance of following his edge but he simply couldn’t seem to do it.
Eventually he gave up and hasn't returned.
Eventually he gave up and hasn't returned.
If the edge was fully in the strategy, everyone learning it would be banking.
This is never the case.
The edge is in you as the trader.
It always has been and always will be.
This is never the case.
The edge is in you as the trader.
It always has been and always will be.
Learning how price moves and where opportunities lie is one thing.
Training your mind to stay calm and execute fearlessly in every situation is another entirely.
You need both skills to make it in this business.
Training your mind to stay calm and execute fearlessly in every situation is another entirely.
You need both skills to make it in this business.
Below, I have linked to, what I believe, are the most important threads I wrote this year on both developing an edge and increasing your performance.
“Far from getting rich quickly, it’s insanely hard to earn even a basic living without a huge deal of screen time, a love for solving numerous problems, the discipline of a religious zealot, zen like patience, nerves of steel, ruthless decisiveness, and an indomitable will.”
“Making calls is not the same as trading.
They are not even in the same ball park.
This lad was the best caller I’ve ever seen and the worst trader”
They are not even in the same ball park.
This lad was the best caller I’ve ever seen and the worst trader”
“Everyone is looking to find a profitable trader to learn from. But if 90% lose, isn’t it easier to just find a loser and fade them?”
A blueprint for trading success
How to level up your trading dramatically (Play this while observing the diagram in the tweet before)
“It lies in the fact I know I’m always one step away from acting like a cunt and you think you’re one step away from being someone special”
“Why do you insist on fucking selling when the market is red? You buy on red. You sell on green”
Why being in prop was an invaluable experience
Why being in prop was an invaluable experience
“To make it in this business you’re in for the fight of your life.
And the biggest enemy is you.”
And the biggest enemy is you.”
“Many traders make a mistake and then compound it in frustration by jumping into an ill-considered position or betting too big etc. This is illogical: If you have a flat tyre, you don’t get out of the car and slash the other three.”
“No matter what anyone tells you, giving it 100% does not guarantee success in this business.
But you either embrace that and do it anyway or you sit there one day, wondering what might have been.
Which one are you doing?”
But you either embrace that and do it anyway or you sit there one day, wondering what might have been.
Which one are you doing?”
Great trades will come along.
The hard part is trying not to do anything stupid in between them.
The hard part is trying not to do anything stupid in between them.
“Fuck fear”
“Sundays are for planning the week to come.
This is the process I follow Sunday evenings”
This is the process I follow Sunday evenings”
“I built the record I used to get into prop whilst working a 9-5.
So, it can be done”
So, it can be done”
The template for creating an effective daily trading plan
1. Sit on your hands when you don’t believe the opportunity is high probability.
2. Step up when you believe it is. No fear. No hesitation. Follow your process. Expect nothing.
3. Trade the market, not your P&L, not your emotion.
4. Always be seeking improvement
2. Step up when you believe it is. No fear. No hesitation. Follow your process. Expect nothing.
3. Trade the market, not your P&L, not your emotion.
4. Always be seeking improvement
Stepping up your game with an effective weekly performance review
How I do my end-of-year review.
Remember: curiosity is the basis for improvement.
Remember: curiosity is the basis for improvement.
“Much of your success hinges on being prepared to do what the next person isn’t”
If you’ve enjoyed these threads, do let me know and I’ll continue to write more!
In the meantime, I wish all of you ledges a very happy and prosperous 2023.
Cheers.
In the meantime, I wish all of you ledges a very happy and prosperous 2023.
Cheers.
@sisyphuscrpt0 The second time I tried, I went from my office job straight into trading prop.
I had developed my skills by then and had built a track record so all I needed was capital which they gave me.
I can tell you though, even with that, it still wasn’t easy.
I had developed my skills by then and had built a track record so all I needed was capital which they gave me.
I can tell you though, even with that, it still wasn’t easy.
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