• 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