Algos prevent headline trading but that’s what a lot of these guys started doing
use stop losses (contrast with sinclair)
avoid marginal trades too much mental and monetary capital
know edge and just hammer it
keep a trading journal
analyze trades taken
have a strategy for dealing with drawdowns 5% or more
need to be in flow state
take profits especially when move happens immediately and especially if close to target
let a small tail position run after bulk closed out
technical analysis works better in longer time frames now
only use horizontal breaks
have to adapt constantly
it’s not about being right it’s about making money
Trading is a hard way to make easy money
Use emotions as a contra indicator (meaning your own!!)
Incremental improvements are what drive increase in PnL
Know the background narrative, market conditions.
Then be on the lookout for surprises
Especially when market moves opposite way you’d expect on a surprise (Trump, initially sold off as most expected but when reversed so strongly was a huge buy signal
Most of them get out immediately if a trade isn’t working. Less of a stop then simply recognizing the best trades work right away
breakouts breakouts breakouts. mostly because it’s all about the asymmetric reward
ideally you are contrarian when getting out (ie ahead of the curve then when everyone catches on you flip
simple rules best, to diversify add different systems not more complicated rules