Some reminders and Quotables
- Trading, This is a long term game Mr Kelly so follow you plan.
- It’s OK to be wrong as long as proper risk management is applied & the plan is well defined
- Risk Management is key => consistently knowing my risk & following the plan will lead to long term success & financial freedom => (1 % compounding LINK SCreenshot picture)
- I need to be comfortable losing money if I want to be successful. Essentially it is the cost of doing business & is apart of trading
- Instead of trying to predict the markets, lets focus on what it is doing now and what it means.
- the biggest problem with prediction is that you can be very off with timing. So, you can be right & still lose a lot of money (this has happened before).
- Master traders know that the percentage of trades that make money is not as important as the amount of money they end up with. In other words, it doesn’t matter how many times you lose, as long as your profits exceed losses you will succeed.
Remember a successful day doesn’t mean every trade was a ‘W’, but its whether I followed my rules/plan & remained discipline.
- The market pays you to be disciplined
- Discipline must be practiced 100% of the time
- Consistency builds confidence & control
- Make the same type of successful trades over & over and over! Follow the plan bruv.