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**Source:** https://www.reddit.com/r/Daytrading/comments/fw82ow/after_2_years_of_daytrading_7_months_full_time/
**Type:** #litnote #todevelop  [[Other/Obsidian Starter Vault(Second Brain)/🌻References/Trading]]

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# Lessons on Daytrading
- 90% of books on market are fluff. 
- Don't use indicators
	- They lag seriously. 
	- Price either goes up or down. You don't need 5 indicators to tell you what direction it's indicating. Learn to recognize the patterns and trade based on them.
- The market condition doesn't matter
	- We don't hold overnight. We take advantage of either direction the assets is moving in. 
- Believe in your strategy
	- Come up with a strategy. Do backtesting. Use 3:1 risk reward or what works best for your system
- Document your trades
	- Journal your trades. How the trade made you feel? What worked? What didn't? Be relentless in documenting your work
- Write a trading plan
	- No, you don't need a business plan. 
- Trading is a boring job
	- If you are excited or fearful or euphoric about a trade, you are doing it wrong. 
	- Involving in trades with emotions is a good way to burn your account.
- You don't need to trade everyday.
	- Take days off. 
- Think of your expenses:
	- Have enough money for drawdowns even in the worst case scenario. 
- Find Hobbies
	- Do something besides trading. Keep your mind sane. Be in a circle of people you love and enjoy with. Spend time with your loved ones when you are done with trading. 
- Get a part-time job or side-hustle
	- That has nothing to do with trading. 
- Don't buy guru courses
	- No one good at trading is teaching you how to do it.  Not specially the ones who are  themselves with a lambo. 
> Trading is easy. It's the mentality that separate the 5% from the rest of the 95%.


> ***Tip:*** I trade 3 patterns. I have to wait for a lot of prerequisites to be met before I even consider looking at a chart. Out of 7,500 stocks. My strategy has my watch list distilled to 3-5 stocks every morning. And I wait. And watch. Waiting for a pattern. And so many times, 1 out of my 3 patterns is about to form... and the candle printing will pullback too much. Or print with more volume than the previous. Making the trade VOID per my business plan.



Learn statistics. Trading is all about statistics. You have to find your edge. And enter and exit out of your positions without a second thought based on statistics and probability.