Ninja Talks EP 4: Trading is Easy
Trading is actually super easy, but the overcomplication by Bambi traders and even experienced wannabe traders is monumental.
Trading is basically three components;
(1) Techniques
(2) Risk Management
(3) Psychology
Techniques are very easy to find, you see them everywhere - finding one with a slightly higher win rate etc seems to be the goal of most traders, but regardless my point is there is an over supply - so that's not making you lose.
Risk management is fairly simple, risk 1-2% per trade and compound account - easy.
And the third (psychology) is literally THE MOST IMPORTANT ASPECT, yet nobody gives a sh1t - why? Because it's not "sexy".
Psychology decides so much, from when you enter, exit, how you feel before, during and after a trade, routine etc - the list is endless with the actual important components you use on a day to day week by week basis.
But it's boring.
To most.
Not to me.
So here's how to conquer your psyche in three simple steps:
1) Analyze the charts once a month, week or day (depending on your timeframe).
2) Set alerts at key levels above and below current price.
3) Respond to alerts from your phone as/when they're triggered with one simple question - Buy, Sell or most importantly WAIT.
This simple three step process controls emotions and by proxy psychology.
It's up to you if you want to trade for a living or gamble.
You have the power.
Choose.
See you in the next episode.
Nick
Trading is basically three components;
(1) Techniques
(2) Risk Management
(3) Psychology
Techniques are very easy to find, you see them everywhere - finding one with a slightly higher win rate etc seems to be the goal of most traders, but regardless my point is there is an over supply - so that's not making you lose.
Risk management is fairly simple, risk 1-2% per trade and compound account - easy.
And the third (psychology) is literally THE MOST IMPORTANT ASPECT, yet nobody gives a sh1t - why? Because it's not "sexy".
Psychology decides so much, from when you enter, exit, how you feel before, during and after a trade, routine etc - the list is endless with the actual important components you use on a day to day week by week basis.
But it's boring.
To most.
Not to me.
So here's how to conquer your psyche in three simple steps:
1) Analyze the charts once a month, week or day (depending on your timeframe).
2) Set alerts at key levels above and below current price.
3) Respond to alerts from your phone as/when they're triggered with one simple question - Buy, Sell or most importantly WAIT.
This simple three step process controls emotions and by proxy psychology.
It's up to you if you want to trade for a living or gamble.
You have the power.
Choose.
See you in the next episode.
Nick
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