Short-Term Trading Mistakes I wish someone had warned me of 7 years Ago.
A Thread.
A Thread.
1. Trading with Too Much Capital.
I used to Copy Big traders and got into the mentality of
'IF I HAD A HUGE CAPITAL, I WOULD MAKE SO MUCH PROFITS'
I Poured all my savings, lost it. Then Borrowed more from my Mum, lost it.
I used to Copy Big traders and got into the mentality of
'IF I HAD A HUGE CAPITAL, I WOULD MAKE SO MUCH PROFITS'
I Poured all my savings, lost it. Then Borrowed more from my Mum, lost it.
While starting out, start with a small Capital.
Become consistent for 1 year and then Pour in more once you're SURE.
Next step is to stop adding anything more, but slowly withdraw profits AND Grow the capital with the remainder of the profits.
Become consistent for 1 year and then Pour in more once you're SURE.
Next step is to stop adding anything more, but slowly withdraw profits AND Grow the capital with the remainder of the profits.
2. Expecting too much Profit.
I wanted to get rich sooner but keep forgetting that even Warren Buffet compounds just 12% Annually.
Keep expectations low and perform consistently.
Small compounding goes a long way.
I wanted to get rich sooner but keep forgetting that even Warren Buffet compounds just 12% Annually.
Keep expectations low and perform consistently.
Small compounding goes a long way.
3. Expecting Daily Profits.
Worst Plan I made with my Best friend was to set a target of 1% daily profits.
It's impossible and it won't happen.
It forced me to take bad trades, made me feel horrible looking at others 500% trades and just burnt me out and my Portfolio.
Worst Plan I made with my Best friend was to set a target of 1% daily profits.
It's impossible and it won't happen.
It forced me to take bad trades, made me feel horrible looking at others 500% trades and just burnt me out and my Portfolio.
I know clowns on twitter Boast about making 10% a day everyday and 100% a week and so on.
Ask Them to share their 3 year P&L Data and they'll turn into a rock.
You need consistency and not High numbers to get rich.
Ask Them to share their 3 year P&L Data and they'll turn into a rock.
You need consistency and not High numbers to get rich.
4. Not Knowing my Exits.
This is my biggest regret in trading and also the biggest lesson learnt.
I wish I had known and always predetermined where I was supposed to exit at, Both in terms of taking Profits and Taking losses.
This is my biggest regret in trading and also the biggest lesson learnt.
I wish I had known and always predetermined where I was supposed to exit at, Both in terms of taking Profits and Taking losses.
I would be 10x richer today if I learnt this very early that knowing your exits before entering a trade would make all the difference, but some wisdom just takes time.
Very few of you will still Understand it but it is what it is.
Very few of you will still Understand it but it is what it is.
5. Indicators Don't work if you don't understand their Logic.
I see people taking a trade because there is an RSI Divergence, but can't explain what RSI is, how it's calculated or what does it stand for in terms for statistics.
I see people taking a trade because there is an RSI Divergence, but can't explain what RSI is, how it's calculated or what does it stand for in terms for statistics.
And then they fail over and over again and claim 'The Market Maker is cheating us'
Unless you truly understand what the indicator is trying to tell you, you won't be able to use it.
I made this mistake with MA, MACD and Stoch Indicators.
Unless you truly understand what the indicator is trying to tell you, you won't be able to use it.
I made this mistake with MA, MACD and Stoch Indicators.
6. Not getting a trading Buddy.
This is the most important in my Opinion.
Onxe you've learnt enough to have Doubts and have things to share, get a trading Buddy.
I made a mistake of delaying it once my Best friend stopped trading.
Do this. It will 10x your learning.
This is the most important in my Opinion.
Onxe you've learnt enough to have Doubts and have things to share, get a trading Buddy.
I made a mistake of delaying it once my Best friend stopped trading.
Do this. It will 10x your learning.
7. Running from one strategy to Another.
Most strategies are non-sense if without a strong logic but once you find something, stay with it for a 1000 trades BUT, don't trade even a single time of you don't have a strategy.
Most strategies are non-sense if without a strong logic but once you find something, stay with it for a 1000 trades BUT, don't trade even a single time of you don't have a strategy.
Twitter will feed you 100s of ideas but if you didn't test it on your own with your own strategy, you shouldn't be trading.
Understand these ideas and utilise them in your daily life and make those Changes right away.
Trust me, you should be making these changes from today and see the change, slowly, to your trading.
Sorry for any spelling or grammar errors.
Wrote it while travelling to Singapore.
Trust me, you should be making these changes from today and see the change, slowly, to your trading.
Sorry for any spelling or grammar errors.
Wrote it while travelling to Singapore.
If you want to trade Bitcoin Seriously, Start by reading the Mentorship Notes that I make in my free time for my friends.
It's free. Will always be. I make it to kill my loneliness and it's the best that I can make as a Bitcoin Trader.
Link- t.me
It's free. Will always be. I make it to kill my loneliness and it's the best that I can make as a Bitcoin Trader.
Link- t.me
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