7 Rules for Becoming a Profitable Trader

[@michaelf3653]

9:25 Rule number 2: You don't need to know what's going to happen next in order to make money. What Mark Douglas is saying here is that certainty of outcome on any ONE trade is impossible, so stop looking to be certain. Instead a trader needs to think in terms of probability: THIS trade may fail, and that's OK. But a SERIES of high-probability trades will yield positive results over time. So the result of THIS trade is irrelevant. Basically a trader should stop looking for certainty and instead seek to collect a larger and larger sample size of trades with "edge".

[@ThomasWade]

Perfect. Thank you. That is exactly how we need to think but lot of traders are perfectionists.

[@МарианТомас]

Really good video, it's important that beginners know these basis strategies that can assist them with their trade career. It requires a lot, I guess many make losses due to lack of skills to handle their tradings.

[@Malgorzata_04]

Most people don't put in pre-work required for profitable trading results and that draws attention to the huge looses of investors.

[@katewilliam187]

True, most time you need to recognize the existence of a speculative factor and that is the duty of an expert to guide you on the right profitable stock to buy or invest in.

[@scottjames7285]

@Clara Alexander Who do you trade with?

[@МарианТомас]

@@scottjames7285 I trade with expert Tim Taylor, he's been my mentor and account manager and under his advisory I make good trade income.

[@Malgorzata_04]

The first time I ever tried trading was in 2018, I had losses and stopped, I only started earning this year, when I got a credible broker Tim Taylor. Tim has been the one in charge of my account. I'm still learning, but I'm earning great profits weekly.

[@Coretrsde]

Great vid Thomas beginners gotta understand being a skilled chart reader is only part of the battle to becoming a consistently profitable trader the other 90% is conquering their mind

[@ThomasWade]

Spot on. It is much more mental than traders think.

[@stonehin7200]

Great as usual! Thanks a lot Thomas for your videos. On top of being a great trader, according to what you are showing in every video, you are also a great teacher. Your explanations are the clearer and the most useful I found so far!

[@aslv2009]

Awesome and extremely useful advice. Thank you very much for sharing and taking the time to support all of us. Have a wonderful weekend-

[@SA-bx2bc]

This video is gold! Thanks Thomas!

[@Tom-un1mu]

Another great lesson! You put so much work into it. God Bless you :-)

[@joelmattsson-boze3266]

OK, are you reading my mind? This is exactly what I needed to hear. I have that fear of failure, especially after a failure. Keep following the rules. Walk around the block if I need to. Thanks. I will be reviewing this lesson often. I especially like that you show your failures. You fail, but come back and succeed. That is what we, or at least I, need to hear.

[@michaelf3653]

Keep after it, failure is just a part of trading. The best loser wins this game.

[@joelmattsson-boze3266]

@@michaelf3653 Thanks, I will keep at it. I am beginning to get consistently profitable.

[@zenoo514]

Thanks for this knowledge Thomas !

[@jareen19871]

thanks so much

[@gonfernandez777]

Thanks Thomas,great weekend for you

[@chanderbhushan8674]

Thanks Thomas for such useful and educational vedio 👍

[@mattpinola7135]

Extremely helpful video, thank you! I struggle with the mental aspect of it and I think it's because I'm a perfectionist. Time to address that problem!

[@vijayrakesh6225]

Thanks for the video and explanation.

[@frankm2450]

Trading in the Zone by Mark Douglas has always been my favorite trading book.

[@ThomasWade]

Mine as well. Absolute gem.

[@auchlowtrus9300]

Awesome as always man!

[@strobe227]

Thank you for the time and detail that you put into these videos. They are really helping me become a better trader.

[@ThomasWade]

Mark Douglas was a genius. Can't recommend his material enough.

[@richterbelmont9751]

thanks man, I got trapped in the second trade, but now I know a technical reason to understand it. you really give good analysis to all traders.

[@SpeedyB0y]

Amazing video Thomas ! I need to watch this video many many more times . From you I have found out about Michael Douglas. I am watching his materials right now. Thank you for the great content mate !

[@ThomasWade]

Michael Douglas has some grat movies haha Just kidding :) but let me know how Mark Douglas helped you.

[@jantrader1834]

Heyy Thomas ! thanks for the video bro. At 18:15 i was waiting for this second entry too but it did not happen (just firts entry) jajajaj but is a good trade (a little agressive). I learn every day with ur videos ! Thanks a lot !

[@johnw9848]

Thanks for the great videos, Thomas. At 13:10, you say something about drawing the trendline for the correction vs the reversal. Can you elaborate more on that? Do you draw the correction trendline first, then switch to reversal once it keeps going?

[@ThomasWade]

For corrections in trends I tend to draw them tight and when market is not trending and reversing I draw it wider. In this instance, downtrend played out with a break and a new low in a range, so I looked for reversal instead of continuation of a trend.

[@Roy-xe9is]

Man, way to come back. You are killing it.

[@DoctorMagdaki]

I've been trading for five weeks. I love your videos and they've been helping me become a better trader. I made a trade today almost exactly like your first trade today. :)

[@ThomasWade]

Welcome to this game... It's a long road though, get ready for that :)

[@TikiTak321]

Amazing, learned a lot!

[@rubenjuarez9713]

Thank you Thomas

[@matianmatluma]

Do you have live video of you trading this ?

[@ThomasWade]

I have plenty. Every Wednesday I record my live trading session. It should be in live trading playlist.

[@matianmatluma]

@@ThomasWade got it . Yesterday Monday. Was very hard for me . Wasn't used to this kind of market.

[@ThomasWade]

@@matianmatluma I understand. Market is super fast even today, just switch to SIM if you are trading live and are uncomfortable with this. Just to get the experience atleast.

[@yur.vsaibo9187]

Thanks

[@najmuddinshinwari]

Thank you thomas, are you using trading view or any other platform which is on the screen?

[@ThomasWade]

I am using ninjatrader.

[@ChompskyChompChomp]

Love this video. Really appreciate the psychological explanations and tips! I really like Mark Douglas too! Do you have a favorite book of his? Mine is Trading in the Zone.

[@ThomasWade]

Trading in the zone is the best book. I like his seminars too.

[@prayerschool.online876]

This was amazing

[@blitsz9482]

Maybe what he meant by “you don’t need to know what’s going to happen next to make money” is that anyone can randomly put an order and have a 50% chance of making money or at least that’s how I interpret it. Mark douglas had so much more to give us. 9:35

[@terry4265]

Good Video. Thanks

[@garypillifant7819]

I am a computer tech and I really enjoy your content. In saying this my suggestion is that you would slow down your mouse movement because you cannot follow the price action when you are moving your mouse all over the place. It is very annoying Thank you

[@SaturnReturns]

Swing trading is very very hard on the mind. I agree and it's a good point. I was swing trading patterns before starting this strategy. And while I was a breakeven trader it's still just way too hard to believe in yourself when your win rate is 40% or even lower.

[@yur.vsaibo9187]

Hello friend, for some reason there is no translation here.

[@TeamPrashantk]

What's the time frame brother.

[@ThomasWade]

2000 tick chart.

[@anthonylawson2893]

I took those same 1st 2 trades and was down $525 and I was surprised lol but I also ended the day positive by ending with 2 winning trades for a total profit of 1 point😵

[@ThomasWade]

Great! You didn't get angry and you kept trading and following the rules. That is exactly what we need to do. At the end of the day the losers didn't have the significance as they did at the start, did they.

[@hsider]

Great video as always, I've practiced PA for a week now and I feel like my head is going to implode, it requires a lot of effort and concentration but today was green hhhh. Thank you Thomas hope you're doing good.

[@dlombard]

"You do not need to KNOW what will happen next in order to make money" - Douglas's book places more value on money management than directional certainty. He argues that you can be wrong 70% of the time and still make money if you have the right money mangement system so you must fully commit to conecpt 1 that "Anything can happen."

[@ThomasWade]

Thanks. Well now scalping for 8-10 ticks makes even more sense :)

[@Surfgarage760]

2. I think what he means is don't anticipate the market, trade what you see.

[@justinclynes481]

A guest on The Wall Street Journal Report spoke sometime last week about making over $631,000 in 4months with a capital of $100,000, which made me realize that as a beginner i have alot to learn, so please assist me with any pointers or tips that would help me make this much profit.

[@anthonyszymon3032]

seek the guidance of a professional.

[@justinclynes481]

I watch youtube videos and take courses, baby steps but it works for me.

[@markharry8486]

I’m a new investor as well and I use a broker Olivia Mary Schulz, she’s been guiding me with my investment since I began late Nov and I’ve been able to accrue a profit of $426,000 with a principal of $85,000

[@anthonyszymon3032]

that’s amazing

[@aaroncecil5381]

Wow I always wanted to invest with a professional but I never knew how to go about it please how do I reach Olivia Mary Schulz, and how does she help investors?

[@rezasaljooghi9650]

nice

[@Roy-xe9is]

After the break of the long downtrend, prices reversed and that strong bear leg went straight down. We wouldn't be expecting a retest of this low? Thanks

[@ThomasWade]

Not really, because the new low was formed for the overall downtrend. And I always say bigger pattern takes precedence. Not saying that it may not happen sometimes but it is always better to focus on the new low for the bigger trend.

[@Roy-xe9is]

@@ThomasWade Thanks man. Also, as per your style I am switching to a 2 point target. The inverse strategy will crush all but the best chart readers.

[@ThomasWade]

@@Roy-xe9is You can start with 6 ticks. A lot of traders are so used to 4 ticks that they can't handle staying longer in the market.

[@Roy-xe9is]

@@ThomasWade great idea. I can barely handle staying in for 1 tick.

[@DeltaScalper]

From my personal experience, no matter how many books or stories you read on discipline and mental aspect of trading , those are all temporary endorphin spikes. At the end of the day it's a fight with your deamons inside , lonely one on one fight , you either have the will power or you don't , 95% don't. The second you get tunnel vision during trading , no Mark Douglas , Mack or Thomas can help you , it's game over , will power to stop and take that walk around the block .

[@ThomasWade]

"At the end of the day it's a fight with your deamons inside , lonely one on one fight , you either have the will power or you don't" - Agree. But Mark Douglas is like a coach you that is in your corner or a sparring partner. Even though boxers are alone in the ring they have an enitre team trying to prepare them for a fight. That is what books, stories are. Just a tool to help you prepare for the battle you will be facing.

[@ezprofits4565]

Thanks, Subscribe for daily price action tips and backtests✌🏽

[@ibrarshah7041]

This video change my trading my life & and cover my All losses in 2 month thax Thomas for a such a best explanations. I saw this video every day and than I go my trading setup.❤❤❤❤❤

[@dante075]

Another great lesson mate! Is so sad for me,that we can't fallow so strictly second entry long&short, in crypto trading. Because of so many scam wicks ...

[@ThomasWade]

There are plenty of good instruments to trade.

[@yur.vsaibo9187]

As always, thank you for the great video. The other videos have a translation, everything is fine, thank you, but this one does not. Friend, please take a look. I want there to be a translation.

[@ThomasWade]

Hi, my bad, it should be up there. Give it few hours for youtube to process it.

[@yur.vsaibo9187]

18 m-15 s. This is a marked transaction. Entering into this transaction from the first entry? There is no second entry here.

[@ThomasWade]

There is a second entry short counting from the lows. The first was below the bearish pinbar, the second below the full bearish bar.

[@yur.vsaibo9187]

@@ThomasWade The first one is clear. In the second, there was not one tick up.

[@yur.vsaibo9187]

Or there was a case of just moving on two legs.

[@ThomasWade]

@@yur.vsaibo9187 Yes there was no tick up so technically you are correct. But sometimes close is close enough in price action and we can treat it as a 2ES.

[@yur.vsaibo9187]

@@ThomasWade Can this be called a hidden second entrance? Tell us about the hidden second entrances.

[@irecommendzoomsfundoninsta9457]

I appreciate Mendaxhack, they held on to their part.

[@kristydavis1897]

Venturing into the trading world without the help of a professional trader and expecting profits is like turning water into wine, you would need a miracle, that's why i trade with Lauranetta Thomas, her skills set is exceptional..

[@josephammon715]

Mrs Lauranetta changed my life because of the huge profits I got from investing with her.

[@kristydavis1897]

@Adam Cavalié You can communicate with her on telegram.

[@kristydavis1897]

@Adam Cavalié @investwithLauranetta.

[@zezomansour2793]

i know u wont see me comment but however i love u thanks i hope someday i can meet u

[@ThomasWade]

❤

[@zezomansour2793]

@@ThomasWade