WklyOptions
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Hi, T2W traders,
As the 2014 year comes to a close, I hope all active traders here will have a chance to seriously review your Closed Profits and Losses - and commit/focus to trying to learn some invaluable trading tips to carry forward into 2015.
For the traders in T2W with smaller accounts (<$10k) and newbies (<$5k) - here are some notes and ideas that you should consider researching further to help you grow your winning trading skills. I call it the 10 "must have" trading milestones you need to face and overcome! These will help you to have the best chance at winning in trading/speculating! :smart:
1. Know how much time per day or per wk you have to commit to the procedures for trading: stalking setups, awaiting Entry, Adjustment, Exit signals, taking trading executions/orders, etc.
2. Your Trading Plan must fit your available time you will have/commit to trading.
3. Your Trading Plan must be a written plan! It must also have been back-tested thoroughly (at least 100 consecutive trades on the back-test) with clear-cut rules and outcomes. Then it must show a positive winning edge. T2W threads have discussed written Trading Plans, positive edge systems. Quick metric: if the [Avg $ Profit] > 2x[Avg $ Loss], and % Win Rate > 50%, then your back-tested data may have some actionable merit.
4. It is definitely POSSIBLE to achieve a high accuracy Entry criteria. Your Entry technique/setup should get you into quick Break-Even (or better) status rapidly and within 5-8 trading bars.
5. Identify key Loss Factors: impulsive trading, % Win Rate Entry < 50%, stop-loss not placed (or not properly sized vs Avg Profit), distractions/obstacles to execute per trading plan, bet size too large vs acct value (way too lg if > 5% per bet usually), trading is NOT 100% TOP PRIORITY = more for fun or socializing or gambling. You MUST know why you are trading. Ask - then ask deeper - and even more so. If Becoming the Best Trader possible is NOT your #1 deepest desire to trade - the chance of you to make substantial monthly Closed Profits will decrease significantly! :whistling
6. Key winning skill = train your eyes to "see" the proper Dominant Trend. Numerous T2W threads have discussed trend identification items. The skill of "directionality" is very important and can be acquired - it will help you to achieve minimal losses and maximize open profit campaigns! :idea:
7. You must HOLD an image of yourself as a WINNING Trader! This requires some self-development and self-discovery WORK! However - if you fundamentally distrust others & yourself, or you always feel it is impossible to win or that nobody can win in trading/speculation = then you will do everything possible to PROVE to yourself that you will LOSE in trading/speculation. A detailed systematic disciplined Journal is a must for all serious traders.
8. You must overcome the FEAR of loss(es), looking stupid, being wrong on the Dominant Trend, etc. It is POSSIBLE to reduce the emotional intensities of the FEARs. It is POSSIBLE to learn to accept being wrong, having losses - BUT you must keep losses extremely small (even better if you can get to Break-Even status rapidly with a strong Entry methodology).
9. Trading Systems (even Positive Edge ones) will NOT get you to make $1000 or more per month consecutively and consistently. For newbies and small account traders - you will need input, guidance - from mentors. Find mentors that trade in your time-frames, that trade in the markets you are desiring to explore! T2W has some very detail-focused traders/mentors! Seek their experiences, model their Standards, Values, Priorities, Procedures! :smart:
10. Force yourself to grow outside of your comfort zone. Seek out related but highly important topics including areas on wealth building, trading psychology, passive income trading, conducting systematic debriefings, high performance competitive training towards excellence, etc.
Finally - be prepared to be challenged and be excited about this! Be excited into stepping up - into one of the MOST competitive performance-based arenas! It will force you to grow, to adapt, to evolve into a competitive trader! Be generous - give back to the T2W traders/community and share your lessons learned, critical tools and ideas and training that has helped you so others can try it out also, etc.
You must give back and pay it forward for 2015! Then you will be trading from a solid foundation.
That's it for me for 2014! Time to travel and take time off for fun/family/friends between Xmas & New Year! :clap:
To all T2W traders - have a Merry Christmas and a most safe Happy New Year celebration! :clap:
Best regards,
WklyOptions
As the 2014 year comes to a close, I hope all active traders here will have a chance to seriously review your Closed Profits and Losses - and commit/focus to trying to learn some invaluable trading tips to carry forward into 2015.
For the traders in T2W with smaller accounts (<$10k) and newbies (<$5k) - here are some notes and ideas that you should consider researching further to help you grow your winning trading skills. I call it the 10 "must have" trading milestones you need to face and overcome! These will help you to have the best chance at winning in trading/speculating! :smart:
1. Know how much time per day or per wk you have to commit to the procedures for trading: stalking setups, awaiting Entry, Adjustment, Exit signals, taking trading executions/orders, etc.
2. Your Trading Plan must fit your available time you will have/commit to trading.
3. Your Trading Plan must be a written plan! It must also have been back-tested thoroughly (at least 100 consecutive trades on the back-test) with clear-cut rules and outcomes. Then it must show a positive winning edge. T2W threads have discussed written Trading Plans, positive edge systems. Quick metric: if the [Avg $ Profit] > 2x[Avg $ Loss], and % Win Rate > 50%, then your back-tested data may have some actionable merit.
4. It is definitely POSSIBLE to achieve a high accuracy Entry criteria. Your Entry technique/setup should get you into quick Break-Even (or better) status rapidly and within 5-8 trading bars.
5. Identify key Loss Factors: impulsive trading, % Win Rate Entry < 50%, stop-loss not placed (or not properly sized vs Avg Profit), distractions/obstacles to execute per trading plan, bet size too large vs acct value (way too lg if > 5% per bet usually), trading is NOT 100% TOP PRIORITY = more for fun or socializing or gambling. You MUST know why you are trading. Ask - then ask deeper - and even more so. If Becoming the Best Trader possible is NOT your #1 deepest desire to trade - the chance of you to make substantial monthly Closed Profits will decrease significantly! :whistling
6. Key winning skill = train your eyes to "see" the proper Dominant Trend. Numerous T2W threads have discussed trend identification items. The skill of "directionality" is very important and can be acquired - it will help you to achieve minimal losses and maximize open profit campaigns! :idea:
7. You must HOLD an image of yourself as a WINNING Trader! This requires some self-development and self-discovery WORK! However - if you fundamentally distrust others & yourself, or you always feel it is impossible to win or that nobody can win in trading/speculation = then you will do everything possible to PROVE to yourself that you will LOSE in trading/speculation. A detailed systematic disciplined Journal is a must for all serious traders.
8. You must overcome the FEAR of loss(es), looking stupid, being wrong on the Dominant Trend, etc. It is POSSIBLE to reduce the emotional intensities of the FEARs. It is POSSIBLE to learn to accept being wrong, having losses - BUT you must keep losses extremely small (even better if you can get to Break-Even status rapidly with a strong Entry methodology).
9. Trading Systems (even Positive Edge ones) will NOT get you to make $1000 or more per month consecutively and consistently. For newbies and small account traders - you will need input, guidance - from mentors. Find mentors that trade in your time-frames, that trade in the markets you are desiring to explore! T2W has some very detail-focused traders/mentors! Seek their experiences, model their Standards, Values, Priorities, Procedures! :smart:
10. Force yourself to grow outside of your comfort zone. Seek out related but highly important topics including areas on wealth building, trading psychology, passive income trading, conducting systematic debriefings, high performance competitive training towards excellence, etc.
Finally - be prepared to be challenged and be excited about this! Be excited into stepping up - into one of the MOST competitive performance-based arenas! It will force you to grow, to adapt, to evolve into a competitive trader! Be generous - give back to the T2W traders/community and share your lessons learned, critical tools and ideas and training that has helped you so others can try it out also, etc.
You must give back and pay it forward for 2015! Then you will be trading from a solid foundation.
That's it for me for 2014! Time to travel and take time off for fun/family/friends between Xmas & New Year! :clap:
To all T2W traders - have a Merry Christmas and a most safe Happy New Year celebration! :clap:
Best regards,
WklyOptions
