😱 Are You Overtrading? Try These 4 Tips ASAP! 💡
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- čas přidán 27. 05. 2024
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Overtrading is a common issue among day traders in various markets like currencies, cryptocurrencies, stocks, etc.
Mark suggests four strategies to tackle overtrading effectively.
The first strategy advises spending a whole day without trading, breaking the habitual cycle of placing trades.
Another approach is to limit the number of trade💰 Maximize Profits, Minimize Overtrading: Learn How! 💸 s per day, sticking to a predetermined number for a set period.
Implementing penalties for overtrading, such as skipping trading for the next day, serves as a deterrent.
Lastly, forming an accountability group or partnering with someone can help maintain discipline and provide support in avoiding overtrading.
Overtrading plagues many day traders across different markets, from currencies to stocks. It's a habit that can hinder progress and profitability.
To combat this issue, the video outlines four strategies, each with its merits.
Personally, I find the idea of dedicating a whole day to abstain from trading intriguing. It disrupts the habitual urge to constantly place trades and forces a reevaluation of trading behavior.
Another strategy involves setting a limit on daily trades, which I believe can be effective in curbing impulsive trading tendencies.
I'm particularly interested in the concept of self-imposed penalties for overtrading. Skipping a day of trading as a consequence might sound harsh, but I see it as a necessary measure to break the cycle of excessive trading.
Lastly, forming an accountability group or finding a trading buddy resonates with me. Having peers to hold each other accountable fosters discipline and provides valuable support in overcoming overtrading tendencies.
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I find staying off the really short time frames helps. Go from a 5 min to a 10-15 min even helps because you have to wait for the setup and don't have so much noise.
Thanks mate. Love your channel and simple, on point videos. All stuff - no fluff
Thanks, Number one Litmus test is point number 1 to avoid over trading..
universal problem, thank you for the vid
Thanks for this video Sir!
I'll try this on the weekend 😂
I periodically take a day ir two to just watch the market unfold and maybe just draw the stop loss and tp on trades onnthe scteen but dont open them. It’s interesting because i see how things are in real time with no emotional investment.
The market penalises me for overtrading. I don’t have to, but yeah, i have punished myself in the past. No trading this week but using the time to do thorough backtesting before returning to the charts. In fact i said no trading until i have 50 backtested trades using this strat and then no trading ANY other thing apart from this strat.
Without even trying, i know i can't do nothing for a whole day. Literally sounds impossible 😆
I'll try this before inflation reports or before Jerome Powell God of stock market speaks