Day-Trading-Addict
This video provides several tips for becoming a pro trader, including focusing on the main chart and waiting for confirmation, understanding the direction of the market, managing emotions and risk, and not forcing trades. Traders should not let losing trades destroy them and instead take a risk only with a comfortable amount per trade while tracking everything to study what works. Relying on stats and strategies rather than feelings is key, along with having good risk management strategies such as daily loss limits and written calculations for each trade. By following these guidelines, traders can increase their chances of success and avoid account loss.
In this section, the speaker emphasizes the importance of focusing on your main chart and not getting caught up with smaller or higher time frames. Moreover, waiting for some type of confirmation when price hits your key levels can increase the odds of success, especially for new traders. The speaker also highlights that losing trades are meaningless if they are part of the trading plan and that it is crucial to understand the direction of the market to determine the right levels to focus on. Additionally, traders need to get good at understanding what's going on in real-time, including their emotions, to become pro traders. Finally, the speaker advises not to trade if the market is not clear and to understand that forcing trades is counterproductive.
In this section, the speaker gives tips on how to become a pro trader. The first tip is to not force a trade and to understand that not every day is a trading day. It's important to not let a losing trade destroy you mentally or financially, by risking only a certain amount per trade that you're comfortable with and tracking everything. Knowing your best and worst trades and studying pro traders will help you identify what works and what doesn't work for you. Additionally, it is crucial to only focus on your strategy and don't take forever to recover from a bad trading situation.
In this section, the speaker emphasizes the importance of not relying on feelings when making trades, and instead using stats and strategies. Having good risk management strategies is also crucial, including knowing your daily loss limit and how much you want to risk per trade ahead of time. The speaker provides an example of writing down calculations ahead of time to be prepared for each trade. By following these guidelines, traders can increase their chances of success and avoid blowing up their accounts.
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