Good afternoon I'd like to share my $10,000 lesson as I approach my 1 year trading anniversary
$NVIDIA (NVDA.US)$ Wow, what a year it has been. I am honored to share what I've learned. In hopes this will assist any new traders on their journey in some sort of fashion.
1. Always assume you're wrong never think you know anything.
2. Never pull out of a losing trade( I can't tell you how many of my trades have turned in my favor literally minutes after I closed out my position)√you shouldn't open a position that you can't bear the loses of to begin with.
3. STICK TO YOUR TRADING PLAN. EVERYTIME I VENTURED OUT OF MY PLAN THE WORST HAPPENED.
4. Don't drink or use hard drugs while trading. I've made erratic, emotional trades while being under the influence of both weed and alcohol.
5. SEE PROFIT TAKE PROFIT( I HAVE BEEN UP 5K ON THE DAY IN PROFITS AND HAVE LOST IT ALL within the same day. as you can see I'm negative 9kish. if id took profit on every occasion I'd easily have 20k or more in profit.
6. Make sure you are paying off credit card debt student loans etc weekly. a rich guy with poor credit is a horrible combination.
7. Setup a savings account for your kids or family if you have one. Always think about the future of your Royal Family.
8. Grow a detachment to money. if you lose any amount of money and it starts making you depressed 😭😔 that can be detrimental to your mental health and can lead to suicidal thoughts. I need all of you here to enjoy the riches with me for decades to come.
9. Study Study Study never stop learning eat sleep breath trading. I'm at the point now where I trade in my dreams. dedication at its finest.
10. Make donations to some type of charity monthly . Don't ever forget there are people less fortunate who will probably never see $1,000 in a bank account for as long as they live. Realize just how blessed you are and how fortunate you are. I was literally in prison a few years ago with nothing to my name. fast forward to now I have more money than I know what to do with which is why I started investing. But I always remain humble.
11. Set trading hours, don't let your day be consumed with trading because you will become distant to everything else. friends family etc I looked and saw I had 120 phone calls come through to my phone this week. yet it says I only talked on the phone for roughly 12 mins. clear sign I'm becoming anti social and becoming distant to everything else going on in my life outside of trading . MAKE TIME
Pt. 2 of my first year of trading lessons coming later. enjoy your Sunday...
I love y'all man I look forward to seeing you guys post everyday. Let's link up one day too.... a moomoo reunion...
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immune_ : Copium. Most of this “tips” don’t even make sense at all. Maybe the best tip is you’re doing this too much and you like to boast about returns like every other emotional trader which you should stop doing. You need to chill out and start smaller. You want to assist people with this while you are losing money? Insanity
Prince Nvidia OP : yessir