Success in trading requires creativity, discipline, and perseverance.
Opportunities should be seized regardless of trading sessions or instruments.
Traders should practice responsible trading, starting with a small account or demo to gain experience and modify their styles gradually.
Deep dives
The Importance of Trying and Being Creative in Trading
In trading, perseverance, creativity, and discipline are crucial. Traders need to be willing to sacrifice sanity and endure the challenges trading presents. It tests their patience, perseverance, and creativity. Success in trading requires creativity to modify and improve their trading strategies, discipline to follow the modified strategies, and perseverance to gather enough information and continue the journey. These qualities are the keys to winning in trading.
Trading Sessions and Instruments
The speaker does not adhere strictly to specific trading sessions or instruments. They believe each instrument has its own characteristics and attitude, and opportunities should be seized regardless of the session. The speaker trades on various timeframes, including 15-minute, 30-minute, 1-hour, daily, and weekly charts. The focus is on finding fresh SNR levels paired with trend lines for entry setups.
Taking Trades Responsibly
The speaker emphasizes the importance of trying trades responsibly. Traders should not risk more than their skill level allows. Starting with a small account or using a large demo account helps gain experience without excessive risk. It is essential to have the right learning attitude and be patient throughout the process. The speaker encourages traders to be creative and modify their styles as they gradually progress toward consistent profitability.
The Path to Consistent Profitability
It took the speaker approximately three years to become consistently profitable. They emphasized the significance of persistence and the continuous learning process in trading. The speaker encourages traders to understand the different trading phases: the shit phase, the learning phase, the experience phase, and the mastery phase. Each phase brings its own challenges and opportunities for growth.
Managing Risk and Reward
Risk management is an essential aspect of the speaker's approach. They aim for a risk-to-reward ratio of 1:1.5 but are open to trades with the potential for larger rewards. The speaker uses decision levels to determine whether to take profit or adjust stop losses. They believe in giving trades room to breathe and adjusting risk accordingly based on market price action. The speaker also emphasizes the importance of managing individual trades responsibly and not chasing after every trade in the market.
