Stop dreaming. If you want to hit the summit, then you’re going to have to make the climb. Climbing takes a lot of preparation and hard work. Whatever effort you *think* is involved, trust me you are not even close.
Understand that working every day until you drop, while your physical and mental health erodes, losing time, money and possibly your relationships in the process doesn’t mean you will make it. Perseverance guarantees fuck all in the business of trading.
The aim is to take money from anyone that hasn’t put in the work you have whilst making sure that very few people are putting in the work you are.
Having edge today, doesn’t mean you will have edge next week. Careers can last years and come to an end overnight. You are never safe. Ever. Remember this and never become complacent.
Know what you want to see, where you want to see it, when you want to see it.
Try to enter the market as close as possible to where you are wrong on your trade idea.
Whatever you think the market is going to do be prepared for it to do the complete opposite.
There is no such thing as a free trade. Not even when you are at break even. If you are up 50 bucks in option premium and with a stop at break even and you get stopped out, you have just lost 50 bucks in premium.
If you don’t know who the cunt in the market is, it is almost certainly you.
Taking the best trades is not hard. It’s trying not to act like a cunt in the meantime that is the hard part.
It is a bad habit to make the same mistake twice. But it is unforgivable to make the same mistake a third time.
If you have a problem, the process to solve it is by asking yourself: - What is the problem? - Why do I have it? - How will I solve it? Most people leave out the second part. Without considering why you have a problem you cannot effectively solve it.
Once you have made a decision, commit to it. Grow a pair and act decisively.
If you are going to use social media, understand this: If you think someone saying they made 100% in a week is a great trader, you are a cunt.
If you call a trader on Twitter and lots of people agree with you, prepare to be wrong.
If someone congratulates you on a trade you are in, make a note on the chart of where they said it. Save it to a folder. Spot the pattern.
Forget withdrawing money anytime soon. The more you make, the less you should withdraw to spend. Let compounding do the work and don’t blow your load on leasing a car that begins losing value the minute you drive off the forecourt.
Journal everything you do. Question everything you read. Test every idea you have.
Don’t bet the farm on a trade. But don’t trade like a pussy or you will never have a farm to be in the first place.
Ask yourself after every trading session the most important question of all: Am I acting like a cunt?
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