ilmscore | 6 Rules I've Learned From 6 Years of Trading

6 Rules I've Learned From 6 Years of Trading

Predictions from this Video

Total: 7
Correct: 0
Incorrect: 0
Pending: 7
Prediction
Topic
Status
Becoming a billionaire from trading within a week is not possible.
"However, if you are getting into trading thinking that you're going to just hit home run trades and become a billionaire next week, it's not going to happen."
Trading Expectations
Pending
Without a trading plan, traders are predicted to lose money and be financially and mentally destroyed by the markets.
"So, if you guys don't have a plan going into the trading day, then your plan is to lose. Your plan is to lose a bunch of money... You're going to get ran over by these markets and they are going to destroy you. Not only mentally, but also financially."
Trading Outcomes
Pending
Even with a 97% win rate, risking an entire account on each trade will inevitably lead to losing the entire account due to the inevitable loss trades.
"If you even have a 90 97% win rate... if you are risking your entire account every single trade, guess what? One of those 3% times is going to come around and then boom, what happens? Squad wipe and your entire account is gone."
Trading Risk Management
Pending
Trying to get rich quick in trading will slow down progress, whereas a slower, more disciplined approach will lead to faster profitability.
"when you guys are trying and actively trying to get rich quick or trying to speed up the process of becoming a profitable trader, you're actually putting a halt on your progress of becoming a profitable trader when if you were to take things slower, you would actually get good at trading a lot faster and you would actually be able to make money from trading a lot faster."
Trading Progress
Pending
A 'get rich quick' mindset, involving taking many trades and risking the full account, will not lead to trading success.
"completely removing the headsp space of I need to get rich today. I need to be able to take as many trades as possible today and I'm going to risk my full account on every single one of these trades because I need a billion dollars tomorrow, right? Don't we all? Okay, but that's not going to get you to where you need to go with trading."
Trading Mindset & Outcomes
Pending
Adhering to the six rules discussed is the only way to become a profitable trader.
"Truly, the only way that you are going to be profitable is by following these rules. Like, there's just no way around it."
Trading Profitability
Pending
Following the provided rules will significantly shorten the period of being an unprofitable trader.
"you guys can spend a lot less time than I did as an unprofitable trader if you guys just listen to these rules."
Trading Learning Curve
Pending