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10 Truths About Trading That No One Tells You
1. You can get paid rebates every time you make a trade. Do 10 trades/day and you can make 5-10% per year without making a single pip of profit.
2. If you use anything greater than 10X leverage on your opening trade your chance of losing all your money is 100% (that’s my opinion, not fact, but it’s as good as fact because it’s based on cold hard experience of 30 years worth of trading)
3. News (both scheduled and unscheduled) is the single biggest driver of price movement. If you are making all your buy/sell decisions from a chart only -- you are like a blindfolded hiker walking off the edge of Grand Canyon.
4. Big breakouts almost always have continuity. Fading them is the ultimate rookie move
5. Stops are never optional. Trading without them is like driving Indianapolis 500 without a seat belt. You WILL die.
6. If the news is good but price falls -- trust price.
7. Charts, asset class quotes, real time news, institutional-type squawk box, automatic trade journaling are all free or near free -- just ask me for resources.
8. There are three possible trade outcomes -- win, lose and scratch. The most profitable traders scratch 25% of their trades.
9. You can win frequently or you can win big -- but you can never do both.
10. There are only two strategies in all of trading -- trend and counter trend.