Free Advice Thread!

[KurtLoeblich 101]

So,

I had an interesting idea. Since I work with a lot of traders (both new and old) one of things that often comes up in conversation is "what is some of the best advice you've ever received from another trader/best advice you can give to a new trader?"

I want to take that idea and create a collection of ideas from you guys and find a way to incorporate it into a video or graphic that we can share. 

That being said, I'll go first!

"Wait for pullbacks"

Looking forward to what you guys all have to offer!

[JimSlater 2]

Hey Kurt, good idea...

Waiting for pullbacks is always good.

How about "Start with small share size, to slowly build confidence".

 

[Aiman 86]

Trade small till to survive the learning curve was the best advice I've ever got 😄

There are a lot of other usefull advices,  but let's see what other members come up with!!

[Gordon Freaman 10]

Always follow you risk / reward plan

[KurtLoeblich 101]

Great ideas so far.  Keep them coming!

[Flint 2]

dont trade off 1 minute chart only ( like stop loss and profit target), use 5 and 15 minutes more, sometimes even 60 minute chart for profit target 

[Mark D. 435]

Record your trades and watch them after the markets closed. Take notes on what you did well and where you can improve. 

[SpoTT Trader 35]

- Always review the daily candle charts to factor in major pivot points and pockets of support/resistance.  Key factor in providing you critical entry/exit opportunities.
- Record your trades and watch them after the markets closed. Take notes on what you did well and where you can improve. 
- Don't trade off 1 minute chart only ( like stop loss and profit target), use 5 and 15 minutes more, sometimes even 60 minute chart for profit target 
- Always follow you risk / reward plan
- Trade small till to survive the learning curve was the best advice I've ever got
- Wait for pullbacks

 

Next tip (copy past above leaving newest tip on top)

[KurtLoeblich 101]

59 minutes ago, SpoTT Trader said:

- Always review the daily candle charts to factor in major pivot points and pockets of support/resistance.  Key factor in providing you critical entry/exit opportunities.
- Record your trades and watch them after the markets closed. Take notes on what you did well and where you can improve. 
- Don't trade off 1 minute chart only ( like stop loss and profit target), use 5 and 15 minutes more, sometimes even 60 minute chart for profit target 
- Always follow you risk / reward plan
- Trade small till to survive the learning curve was the best advice I've ever got
- Wait for pullbacks

 

Next tip (copy past above leaving newest tip on top)

Awesome idea!  I love it.  Make's it so much easier for everyone to review.  Thank you!

[BBT Member 001 27]

Stop losses should always be at levels that when reached, they mean trend is going to the other direction. 

[WilliamH 67]

This is a fantastic idea @KurtLoeblich 

First of all, I highly recommend people visiting this YouTube channel and watching the videos especially highlighting 

Joe Rogan, Elon Musk, Bill Burr (His is more funny, but still interesting), Jocko Willink and Sadhguru. It is the same idea, "The Best Advice I've Ever Heard"

 

For me, I think it is "Respect Your Stops" Simple but definitely OP.

[Alastair 114]

 

ONLY ........ BUY off support, SELL off resistance, STOP 12 to 15 cents behind each !!!!!

 

New traders should only risk 0.4% of live account after DEMO/SIM  practice is completed. Until they have 4 weeks of consistent green days., then increase to 0.6% for 4 weeks.

 

To grow a small account ...one entry, one exit per day for 4 weeks targeting $80 - $120 per trade depending on % risk

 

[Carlos M. 232]

Nice some really good ones here already.

The one I received was "Trade Small" which was already mentioned.

There are so many great ones out there. Respect stops should be every trader's number 1. 

[SpoTT Trader 35]

- When you feel the HULK is coming out of you, and you are already -2R,  -3R or -4R GET OUT of your trade… Just DO IT, click that button! You will be so much better off then -6, -7, or -10R.  (You will be proud of yourself taking a smaller loss)
- There are so many great ones out there. Respect stops should be every trader's number 1.
- "Trade Small"
- To grow a small account ...one entry, one exit per day for 4 weeks targeting $80 - $120 per trade depending on % risk
- New traders should only risk 0.4% of live account after DEMO/SIM  practice is completed. Until they have 4 weeks of consistent green days., then increase to 0.6% for 4 weeks.
- BUY off support, SELL off resistance, STOP 12 to 15 cents behind each !!!!!
- "Respect Your Stops" Simple but definitely OP
- Stop losses should always be at levels that when reached, they mean trend is going to the other direction
- Always review the daily candle charts to factor in major pivot points and pockets of support/resistance.  Key factor in providing you critical entry/exit opportunities.
- Record your trades and watch them after the markets closed. Take notes on what you did well and where you can improve. 
- Don't trade off 1 minute chart only ( like stop loss and profit target), use 5 and 15 minutes more, sometimes even 60 minute chart for profit target 
- Always follow you risk / reward plan
- Trade small till to survive the learning curve was the best advice I've ever got
- Wait for pullbacks

[Kasper 13]

A losing trade is not always a bad trade.

When I finally realized that, my days became easier:)