Hey hey, what's up my friend, so in today's episode right i want to share with you the five things that you should stop doing as a trader number one stop following someone else's opinions analysis. You know, chart trading setups whatsoever, stop it right. It doesn't matter whether that person is a you know: multi-millionaire trader, whether that person drives a lamborghini whether the person has a huge following stop following their opinion, their analysis. Why is that? And the reason is simple is because you do not know what their trading plan is right.

You can be sure that they're not going to tell you no hey, raider, it's time to sell this position that you know i caught long two weeks ago, no they're not going to say that to you, they will not tell you how to manage the trade. You don't even know what their trading plan is. You don't know, what's the historical win rate of that strategy, you know nothing about it, just except right that that chart they just shared with you based on some, you know, maybe moving averages support resistance et cetera. You know nothing else besides that, so this is why you don't want to use their opinion, use their analysis right to make, or rather to be the basis of your buying and selling decision never rely on third-party sources.

Okay, it's all on you! You are on your own number two. If you're new to trading right, then stop hopping from one trading strategy to the next right. There is no, you know like a holy grail out there, where there's a best trading strategy that wins 90 of the time you get a minimum of a one to five risk. Reward ratio doesn't exist so stop hopping from one trading strategy to the next right, especially if you're new to trading right instead focus on one trading methodology could be uh, systematic trading could be swing, trading could be price action trading.

I don't know what it. What what suits you right and dive deep into that methodology right, learn all you can about it right. You know uh trading, setups, right, the the. Why behind why your trading strategy works? You know how to manage your trades developing a trading plan around it.

That's that is what matters okay, so stop! You know hopping from one trading strategy to the next right, especially if you're new to trading the third thing. If you're an experienced trader right, stop tweaking right that one same trading strategy that you have been using for the last, you know three or four years right. Instead, go out there and develop new trading strategies now some of you might be thinking, hey, rainer, isn't your you know your your suggestion. Kind of you know contradicting one instance.

You say to focus on one strategy. The next instance do you know to develop multiple strategies? You know, what's going on right now, i'll explain to you uh, where i'm coming from later right, but for now right, if you're an experienced trader, stop right, uh tweaking that one trading strategy that bread and butter trading strategy that you have because here's the thing. No matter how much you tweak right, there's only so much upside or so much better. That trading strategy can get it's not going to be like, for example, if you have a trend following strategy, i can bet with you right that that trend following strategy, no matter how you tweak right, it will still lose money in a range market condition.

So, no matter how you tweak that strategy, there is only certain amount of potential left in it. So instead of you know, wasting so much energy onto that one strategy trying to tweak it, you know find the best parameters, the best settings, which probably doesn't exist. What you want to do is go out there and explore other different trading strategies, other different strategies which are uncorrelated to what you're trading right now. So, for example, if you have a trend following strategy for the forex and futures markets, then go and develop a trading strategy for the stock market.

Maybe a mean reversion trading strategy for the stock markets, or maybe a momentum trading strategy for the stock market, something that's uncorrelated to what you have right now, because when you bring these two uh uncorrelated strategies together, you will greatly improve right. Your overall uh portfolio, your overall equity curve, that's how it's done right. Don't we don't waste all your time and energy on that one strategy trying to squeeze every ounce of juice out of it, because you know the the effort is really not worth right. The so-called potential upside - that's left, okay, and the fourth thing i want to bring to you is this right, don't think in terms of absolute right and this kind of drives home.

The point that i mentioned earlier, where i say you know, if you're new, to trading focus on one strategy, then the next thing i said right if you're an experienced trader, develop multiple trading strategies. So the key thing here is that there is nothing absolute in trading. The context matters so what i said earlier right, it's all, depending on the context right, if you're new to trading you know, you're a green horn. You have six months experience then hey, you know, focus all your time.

You know on that one strategy, but you have someone with five year: 10 years, training experience right, profitable with your your trading strategy. For you know the last few years then go out there and explore you know multiple trading strategies. So the context matters right. That's the point on the drive home to you right as a trader right, don't think in terms of absolute right.

Absolutely will get you nowhere, because if you think in terms of absolute right, then really you're, just you know, closing your mind right to the possibilities out there. So always, you know think in terms of the context right understand the. Why behind it and that's how you know, progress as a trader and the fifth and final thing that i have for you is, you know, stop comparing yourself to other traders, especially you know with social media. You see, traders posting the pnl, you feel lousy about yourself.

You how you wonder how this trader always make money every single day, every single week. It's always green, the screenshots, always so beautiful. Now here's the thing you might be on a demo account for all. You know.

Right second thing: it might be a trading strategy with a small target profit and a very wide stop loss right and here's the thing right. You never know what are the goals of other traders? You never know how much experience they have. You never know. What is their skill set? You never know how much capital that they are trading with, so don't compare yourself to them, because you will make yourself feel lousy right, you make yourself, you know, feel inadequate right and when you're lousy, when you feel inadequate, how much better do you think your trading Results will get unlikely, probably get worse right, so stop comparing yourself to other traders.

If you compare compare yourself to where you were one year ago two year ago and see how much you have progressed, that's how you know you uh! You want to make comparison not to someone else right with different uh capabilities different. You know, uh tools, different experience, different uh resources at their hands; okay. So, as a quick recap right, here's what we've discussed today number one stop relying on other traders, opinions, analysis or whatsoever number two. If you're new to trading stop strategy hopping number three: if you're an experienced trader, all right start developing multiple uncorrelated trading strategies, number four! Don't think in terms of absolute okay always think in terms of the context that is, you know, presented to you and number five, don't compare yourself to other traders.

So with that said, i wish you good luck and good trading. I will talk to you soon. You.