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SOME REAL Advice For Anyone Wanting to TRADE Stocks/Crypto/Metals

 
TrufSerumX
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User ID: 78576101
United States
02/04/2021 11:31 AM
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SOME REAL Advice For Anyone Wanting to TRADE Stocks/Crypto/Metals
I'm going to keep this post short, no pun intended.

There are literally thousands upon thousands of "trading gurus" and "crypto celebs" out there just dying to take your money so they can "teach you" how to be just like them.

Snake oil.

Should you learn basic technical analysis? Be familiar with charting? Elliot Wave Theory? Dow Theory? Order Flow? YES YES YES YES...

BUT

Let me put you on a secret that rarely anyone discusses and is KEY to trading success:

RISK vs REWARD.

That's it. You could literally buy and sell symbols at random and if you effectively manage your R:R loop... you will do better than most.

The market CAN and WILL do all kinds of insane things. Just because X has crossed Y, or so and so indicator has pegged out after divergence, while these may be "odds enhancers" nothing is 100% certain.

So... FOR ANYONE looking to get into trading. Keep it simple.

BEFORE A TRADE ANSWER THESE QUESTIONS:

1)What is the amount of risk I am willing to accept?
2)How have I guaranteed that? (Sizing? Stop?)
3)What is my target?
4)Does this target satisfy previous losses or put me back toward my desired profit curve?


These ALL should be known BEFORE entering anything and STRICLY ADHERED TO.

YOLOing your savings on some OTM calls with lotto odds because someone on reddit suggested it is a sure fire way to end up broke.

In other words:

Trade A PLAN not PROPHECY.
"Be Careful When You Follow The Masses... Sometimes the 'M' Is Silent." - TrufSerumX
Anonymous Coward
User ID: 77745956
Sweden
02/04/2021 01:24 PM
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Re: SOME REAL Advice For Anyone Wanting to TRADE Stocks/Crypto/Metals
Good advice.

Here's another piece of advice:

Realize that just because you're a trader now doesn't mean you have to always be trading.

If you see a good-looking trade, take it.

But if you don't see a good-looking trade, the best move is to DO ABSOLUTELY NOTHING.

It's super easy to get in the habit of trading a lot just because you want to feel like you're really trading like a pro. And that will lead you to make tons of dumbass trades.
Anonymous Coward
User ID: 77387819
United States
02/04/2021 02:25 PM
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Re: SOME REAL Advice For Anyone Wanting to TRADE Stocks/Crypto/Metals
Good advice.

Here's another piece of advice:

Realize that just because you're a trader now doesn't mean you have to always be trading.

If you see a good-looking trade, take it.

But if you don't see a good-looking trade, the best move is to DO ABSOLUTELY NOTHING.

It's super easy to get in the habit of trading a lot just because you want to feel like you're really trading like a pro. And that will lead you to make tons of dumbass trades.
 Quoting: Anonymous Coward 77745956


When in doubt, sit on your hands!

Let trade setups come to you. Don’t force them.
TrufSerumX  (OP)

User ID: 78576101
United States
02/08/2021 02:23 PM
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Re: SOME REAL Advice For Anyone Wanting to TRADE Stocks/Crypto/Metals
Self Bump.
"Be Careful When You Follow The Masses... Sometimes the 'M' Is Silent." - TrufSerumX





GLP