Over the years, with a notebook and a pen and real combat experience, Mr Moritz has given us 40 seemingly simple but very important things that few traders can realize. Let’s go through them with Primexbt trading platform. See if there’s anything useful for you here.
- If you regularly aim for less than 5 pips then commissions and spreads will eat up your account balance.
- You absolutely have to find yourself a place to release stress and adrenaline – like playing sports, going chill somewhere, or whatever works for you.
- If you can manage to find a trusted mentor, you will progress faster.
- Your trading style must match your personality and lifestyle, or the cognitive dissonance will swallow you up.
- Damn, meditation doesn’t work for me!
- Do not trade more than 4 hours a day; Those 4 hours can be spent focusing on analysis.
- Overtrading is your death.
- Know exactly why you are trading and what you want to achieve – what career path will be yours?
- Day trading is not easier than Swing trading and vice versa. Both simply require different skills, different abilities (yes, some people are just too slow to react to day trading) and different preparation routines.
- Trust your gut feeling. Absolutely love that deal? Then enter the order. Otherwise, stay outside!
- “No pain, no gain”. Demo trading is ok, but don’t demo trade for too long. Try starting with a real money micro account, get used to losing money. Because you will definitely face losses for the rest of your life if you really want to be a trader. That’s part of the game. You just need to win more than lose!
- Listening to music while trading can be a good idea – you just have to understand yourself and indulge it! Like when driving a car, if I listen to music that is too loud, I will mistakenly step on the brake for the accelerator. The same thing will happen with trading.
- Have a transaction log for review, evaluation and review.
- Work on your psychology, but don’t underestimate the power of knowledge. Fear comes from not knowing! Work hard, know more and be more confident. Most of the psychological problems will then disappear!
- Yes, I said: Don’t jump from system to system. But the first one to two years, try everything you can. Every market, every strategy, every trading style. How can you know what suits your personality if you don’t try the things out there?
- Just sitting in front of the trading screen will not make you successful. Again: you need to reevaluate everything. REVIEW! You need an effective feedback loop, or else you’ll repeat the same mistake, over and over again. In trading, you do not have many opportunities to learn from experience!
- You don’t have to be super smart to be a trader. The best traders I know are very simple-minded. They do what works, they don’t keep to themselves and they don’t care about what doesn’t make sense to them.
- Never have a goal of how much money you want. Be goal oriented towards the process!
- Don’t look at the P&L ratio (profit and loss) during your trading session, or you WILL trade above your P&L ratio. Yes, before or after the trading session, the money in your account is still money. However, during the trading session the money in your account is ammunition that needs to be used to destroy the target to bring back more ammunition if that makes sense.
- If you only need to read two books on trading, it should be two: “Pitbull” by Marty Schwartz and “Diary Of A Professional Commodity trader” by Peter Brandt.
- Trading with the trend is not easier than trading against the trend. Trend trading was the last thing I learned and every trader I know seems to have the hardest time following the trend.
- If you want to find somewhere to study, do your research. It is very likely that these are scammers impersonating real traders. If you hear or see something that is too perfect to believe, stay as far away as possible.
- Never forget to express gratitude at the end of the trading day! You’ve got the opportunity to earn money just by sitting at home and clicking. How many people on this earth can be so lucky?
- Trading full-time is often romanticized, but once you step in it can quickly turn into your nightmare. Let’s keep a balance between life and work!
- Find another mental challenge for your brain besides trading. Why so? Like, if you eat McDonald’s every day, you will soon kill your body. So if you are trading every day without relaxing or doing another activity, your brain will be paralyzed!
- Twitter is truly a great place to learn to trade and connect with other great minds.
- There are a lot of videos on Youtube with pretty good content, but you need to distinguish what is a quality source and which is a bad source.
- Make no mistake, trading is gambling. Do you want to become a professional gambler? Let’s decide to go!
- A well-structured pre-trading routine is one of the best things you should do in your career as a trader. Let’s take the time to shape and set it up!
- Learn basic and classic price patterns like Head & Shoulders, Wedges, Triangles… It takes a week to put them all in your head and you will profit from that knowledge within a week. many years to come.
- Never try to catch a top or a bottom, “swing” in the middle of the trend and your results will improve.
- Believe in your abilities and your strategy, or you’re dead!
A little bit about us:
Primexbt trading was born a few years ago but it has soon established itself in the financial market. Here, you can trade from cryptocurrencies, forex, commodities and indices… Outstanding advantages of Primexbt trading such as: beautiful interface, easy to use, low fees, leverage for home use. investors make money even when the market is down, complete set of supporting indicator tools, Primexbt convesting technology helps new investors to refer to trades of professional investors, Primexbt turbo technology allows demo investors before entering actual orders……
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