As a former professional poker player, I'm very clear about the importance of psychology in investing/trading.

You can have a very solid strategy, but if the mental aspect fails, everything fails, no matter how good you are.

Thread 👇

In this thread I will briefly describe the most important aspects of trading psychology, and give some simple tips to try to improve them.

It's good to always be aware of these aspects, to be able to detect them and act in time.

1) FEAR

This is one of the most important. It can make you get out of a position at the wrong time.

One of the main reasons you can have fear is because you are putting more at risk than you are willing to lose.

Tip: reduce the size of your position until you are comfortable.

2) GREED

Greed can be even worse than fear. It leads you to be overpositioned and to destroy your average entry.

Tip: learn to conform to what you have. Practice gratitude for everything that comes your way. Remember that the most important thing is to stay in the game.

3) TILT

This is well known in poker. There are many reasons why tilt can appear (downswings, injustice, mistakes...)

Tilt takes you away from your perfect strategy. From your A game.

After a losing streak you may think that the market is being unfair to you.

If you really want to make MONEY in markets:-

Instead of finding SUPPORTS to BUY in Bearish Markets, try to SELL near RESISTANCE in PULL BACKS.

Instead of finding RESISTANCE to SELL in Bullish markets, try to BUY near SUPPORT in PULL BACKS.

You are all set to make MONEY!!!

It’s been such a joy and honor being a coach for @lennysan's PM Fundamentals course.

Tonight I’m excited to live-tweet his workshop on customer insights! Buckle up and join us for the ride! 🎢 🧵

💪 Extracting customer insights is the skill that most separates new PMs from senior PMs, going beyond “how to build product” and into figuring out “what to build.”

🌱 Strategy and vision are rooted in insights about your customers. Customer insights are like the seeds of what you're building.

🤒 You win by reducing your customers' pains. People pay you to solve their pain points-- so you want to focus on gathering insights about their pain points, not just about what your customers want or need.

🌟 Goal: Identify (accurate and important) customer pain points.

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If you're learning or planning to learn Web Development in 2021 then this thread is for you

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WHERE TO START? Front-end or Backend?

- Well this may be a debatable question but I would suggest you to start with front-end development

- It depends entirely on the individual but in my opinion, starting with front-end development has its advantages.

{ 2 / 16 }

WHY TO START WITH FRONT-END DEVELOPMENT?

- More visual content gives you an aesthetic vibe

- You can share your creations

- Easier to get feedback as you can show your webpages to any non technical person as well

{ 3 / 16 }

FUNDAMENTALS ARE IMPORTANT

- Don't rush! Spend some time on HTML, CSS and JavaScript. You can do pretty amazing things using these three languages

{ 4 / 16 }

- Make sure to learn and build some web pages using HTML and CSS before jumping onto JavaScript

- JavaScript is the backbone of web development, Don't rush to start with React/Angular/vue or any other front-end framework or library

{ 5 / 16 }

23 lessons I learned on my path from $0 to $2M in 8 years

// THREAD

1. “Play long term games with long term people” @naval

Anything that provides instant gratification is probably bad for you and your wealth.

Anything that provides delayed gratification is likely good for you.

There’s no such thing as “get rich quick” or “overnight success”

2. “Focus on the $10K+ questions, not the $5 ones.” @ramit

Spend time focusing on the big decisions like asset allocation & building good credit rather than the $5 Starbucks decisions.

Set an hourly rate for yourself.

Outsource everything that’s under that rate to save time.

3. Invest early and often. Time in the market > timing the market

Consistency is the name of the game.

Automate everything.

Sometimes investing can be boring and that’s a good thing.

Early on, investing more and often is far more important than yield or portfolio performance.

4. Learn to avoid lifestyle inflation.

You really do need less than you think, trust me.

Get out in nature, and you’ll see.

Freedom + time are worth much more than nice cars and clothes.

Keep your lifestyle flat even as you get promoted and make more.

Invest the difference.

My Productivity Hacks

A thread...

Productivity Hack #1
Not try to remember anything

I consciously and obsessively try to NOT remember things.
So that my mind dispenses the least amount of energy in remembering tasks or even context.

Hence, I carry a notebook with me always.
I take notes like a school student
I put tasks in a calendar
I send myself emails in the future

My mind's energy should be spent in thinking.
Not remembering!

Productivity Hack #2
Document EVERYTHING!

At any point I have 3 notebooks
1. Ideas
2. Todos lists for the day
3. Meeting notes

And I write down things.

Writing helps tell the brain that this is important.
And it helps me not "try and remember" anything.

Productivity Hack #3
I put everything on a calendar

My calendar is my lifeline.
Everything is on my calendar.
Bills to pay, birthdays to remember, threads to write, weekly routines.

1) Every tax loophole I know.

No sales. Pure content.

If you appreciate my stuff, push this huge thread.

I’m tired of stalling at 9k.

If this group gets big enough, I could do so much more for you.

RT! Like! Tell your mother! Let’s go!!!

***Thread***

2) Pre-loopholes

Make sure tax is part of your wealth strategy.

How much of your income you keep matters even more than how much you make.

Tax is your largest expenses. Tattoo that on your wallet because it’s the truest thing you’ll read today.

3) Almost any expense can be deductible.

I’ve written threads on deducting your vacation. Even getting paid to go on vacation.

If you are speaking money and it relates to a profit motive, there is a good chance you can deduct it. Start capturing these expenses for analysis.

4) One of the easiest ways here - have a business reason you are taking your vacation. Maybe for a rental property. Maybe for a retreat. Maybe for recruiting.

It needs to be four house per day of your non travel days, but that isn’t that hard.

5) Burn in your brain that paying more tax than you should doesn’t make you a better person (or worse if you find ways to save).

Life is a continuous journey of going through peaks and troughs of Happiness and struggle.

We can only see the Happy part of other lives, but ignore what they might have gone through to achieve that.

But let me tell you, even if someone is at ease right now, doesn't mean that he will continue to be at ease for their whole life.

The struggle will come again and we will have to go through it ,whatever we do, whoever we are , we have to cross that river of pain.

Even,In trading there are times when nothing works out, you go through long time and money draw-downs.

Even if you think you are a master, you have to go through it.

If you are struggling right now, don't lose hope as the tables will turn.

But remember to work as hard as you can and do as much good work as you can in your ease or Joyful time of life, because the tables will turn again.

Thank you for reading.

Trader knight.

How position sizing can affect your trading performance-

Assuming that you are trading a Trend-following system with Big RR and low win-rate.

For example, assume that you risk one percent per trade on a 100,000 account
and you have 20 straight losses.

That one percent is of your remaining equity and at the end of 20 losses, you would be down to 81,790.60.

Now if you got a 30R winner and you are risking one percent of your balance of 81,790.60, your new equity would be 106,327.9,

You’ve had 20 losses and one winner though you are still up 10Rplus your equity is up by 6.3R percent.

Now, let’s say you risk five percent per trade on your balance. At the end of 20 straight losses, you would be down to 35,772.89 or down 64 percent.

If you risk five percent on this amount and get a 30R winner, you would be up to 89,621.48. You are up 10R, but because of your position sizing, your equity is still down over 10 percent.

#positionsizing
#Trading
#nifty50

This is why position sizing is the most important factor in trading if you get it right and you have an edge, you will do good.

Thanks for reading till here.
@AnandableAnand @jitendrajain @quatltd @sohamtweet

"90% of the traders lose money, But do they lose it all the time?"

Most of them do make money, its just that they give it all back.

Lets analyze why and how a trader makes and loses money
[Thread]:

Below is the equity curve which is most traders dream.

This is equity curve of an average trader:

Most traders do make money, but they give it back to the markets .

Because of trading errors.

What are trading errors?

Trading errors are those errors which happen because of wrong Position sizing, Leverage , etc.

I am not making this up, check your P&L, 90 % of your losses would have come from less then 10% trades.

Most of these happen because of No knowledge, No plan, bad position sizing .

Now, we know what's the problem, lets talk about the solution.

1. Learn the Basics first-

If you don’t get the basics clear then how can you make money?

Learn How to use Support and resistances
Learn How to use trend lines
Learn about trend, it will solve 90% of your problem

Overthinking - The art of creating problems which weren't even there.

Thread on How Over-analysis leads to decision Paralysis-

What is Analysis paralysis?

In simple terms, analysis paralysis is a person's tendency to over-analyze or over-think upon a decision to such an extent that he/she fails to make a choice resulting in a paralyzed state of inaction.

How a retail trader trades-

A trader named Rahul, He know all the basics of markets, He also has made a system which gives signals on nifty, he has also encorporated good Risk management and Position sizing into his system.

One day he gets a signal to buy Nifty at 13500 with stop at 13450, he wanted to take the trade, but he wanted to get sure that the trade he has take should be a winner.

So he says just let me check the RSI if its above this level I will buy , he checks it and it was above his

level, then again he wants to check another indicator named MACD, he wanted to get sure man, Now he do the most intelligent thing to get sure he gets right.

He goes to twitter and ask his twitter Friend Trader knight he ask him that should I buy nifty at 13500,

1 - Over the years I've learnt a lot of new things that I wish I knew when I first started so I want to make this thread for all the new traders out there who wants to turn their trading into a profitable career 🔥

Will be adding to this thread over time.

17 - Because trading is a game of numbers and probabilities, whenever you see a setup that fits your trading rules and aligns with your edge, you NEED to take the opportunity!

Don't pick and choose, just religiously follow your plan and rules!

Thread on "The Final Checklist"
by Peter Lynch.

~ Ideas can come from anywhere - Peter Lynch.

~ If you can't find any companies that you think are attractive, put your money in the bank until you discover some - Peter Lynch.

~ All you need for a lifetime of successful investing is a few big winners, and the pluses from those will overwhelm the minuses from the stocks that don’t work out - Peter Lynch.

~ Time is on your side when you own shares of superior companies - Peter Lynch.

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