1. Hi expectations will boost your motivation, but it will kill your dreams
– It is totally OK to dream big, and fight for your goals, but then what you will do when your dream seems impossible or hard to reach to? You will most likely get mad, and fight left and right for it, even the markets for your dreams. You will be the only person staying between you and your dreams.
– The solution is to focus on small steps, like on daily targets.

2. Undercapitalization. You cannot hope to make a living from trading, if you do not have enough money in your trading account.
– Depends on the living standards of your country, If you need to make 1000USD to pay bills, then I will recommend a 20.000USD account, because hopping for 5% monthly, is the most realistic profit percentage you can expect for long term. And I need you to understand my long term view, because you might have a good month with 15% or more, and then wipe your account after 6 months or 1 year.
– Off course there is the solution that you can apply for a PropFirm, but their rules might put pressure on you, because their interest is that you loose money. Please do not trust my work, do some research yourself and see what is the business model of a PropFirm.

3. Market Patterns do not need to be true just because it was repeated at one point in the past.
– You learn about all type of rules, and patterns that the price should do just because it did something similar at one point in the past. No, that is verry wrong. The price pattern will repeat under similar conditions, but not under all conditions.
– The solution is to have a plan B, and don’t trust that the market needs to act as you want. Please remember that for you in order to buy an asset, someone else needs to sell it to you, so it is your opinion, against him. While you see a break under a double top, and you want to enter short, someone else will sell to you, thinking the that it might be a false break, hoping the price will go up.

4. Invest in yourself. Nobody is going to do the job for you, better than yourself.
– I don’t like when people are so lazy, that they want to copy trades from other people. If you do that, you should not call yourself a trader.
– Ok, I understand that as a beginner, you might say the an experienced trader, knows better what will happen next. No, nobody knows, I trader for almost 20 years, and the only reason ‘’I am not wrong’’ is because I do not expect to be wright.

5. Keep it simple. Each indicator has its own probability that one event will happen in certain circumstances.
– This means that the more indicators you add, the more variables you gill get in your analysis and you will get confused.

6. There is no certainty in the market. At any given point or tick in the market, the probability that the price will go either way, up or down is 50%.
– The sequence of how that happens is, can be different, like 70-30, 10-90, etc. To make it easier to understand, every time you put a trade, with every think, the market can change. How many times the price has missed your TP or SL and when the other way?
7. Do not trade to get rich. Getting rich is different from one person to another.
– But, if you start trading because you see some posts, advertisings, or so called traders posting from Dubai or Lamborghini, then you are doomed.
– It is verry difficult to increase your starting capital, lets say 10.000USD, to 500.000USD, having to pay the bills, food and other expenses. So do not fall for that.

8. Don’t hope for financial independence to soon
– Any profession has a certain period of years for preparation, either you are a doctor or a lawyer, or maybe a child that want to become a professional football player…he will need many years of hard work, and still, he might not get it to the professional league.
– Trading also requires allot of years to master the charts, but more important to get to understand or to fully know yourself. Beside knowing if swing trading or scalping is what suits you, you need to understand your reactions to loosing trades, winning trades, your feelings and emotions and much more.

9. Keep a job. You cannot worry about paying the bills, ‘’putting food on the table’’ That is a stress you do not need.
– Can you imagine how hard it will be to think that with every SL you get hit, the more likely you are not to pay your rent? Please, if you are a beginner, keep at least a part time job, and try to manage your time wisely.

10. Trust the compound interest because it will pay long term.
– Lets take the following scenario for 10 years and 5% every month profit for a deposit of 10.000USD. Please remember that Investment funds will be very happy with a 60% win.
YEAR 1 – This means a 60% or 6.000USD profit this year and 16.000USD for next year
YEAR 2 – Now you have 5% but from 16.000USD, it means 800USD every month, or 9600 by year end. At the end of second year you will have 25.600USD
YEAR 3 – You will make 5% monthly from 25.600USD or 1280USD. At the end of the year you will have a profit of 15.360USD, added to your last year balance of 25.600. At this point your account will worth 40.960USD
Year 4 – 5% monthly or 2.046USD, The profit at the year end 24.552USD. Total trading account 65.512USD
YEAR 5 – 3.275USD Monthly or 39.300USD. End of the year trading account 104.812
– At the end of year 5, of consecutive winning years, you can consider quitting your job –
YEAR 6 – 5240USD monthly – 62880 Year end – 167.692USD
YEAR 6 – 8384USD monthly – 100.608 Year end – 268.300USD
YEAR 7 – 13415 Monthly – 160.980 Year end – 429.280USD
YEAR 8 – 21464 Monthly – 257.568 Year end – 686.848USD
YEAR 9 – 34342 Monthly – 412.104 Year End- 1.098.952USD Now you are a millionaire 😊
This means that if you keep repeating for the next 10 years, you will have 100 mil
YEAR 10 – 54947 Monthly – 659.364 Year end – 1.758.316USD

11. Time Management and Money Management – We hear allot of Money Management, or Risk Management, but you do not find that much about time management, and I don’t understand why people don’t put more weight on it.
– One of the reason that I did not posted on social platforms that consistent, is that my priorities in terms of Time Management, did not allowed me to spend time doing that. My priority is always my family, myself and my jobs from which I can provide for them.
– Lets say you have your MM saying that you need to stop after 3 consecutive looses. But what if those happens in 30 minutes? You are going to feel useless for the rest of the day, and allot of frustration will build up.
– As a short example, you need to have those 3 loses during a 4 or 6 hour trading session. Also, try spend learning, find ways to make you feel productive other than just open trades.

I hope this can help you getting some type of good perspective. Good luck!

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