{"id":75763,"date":"2024-10-01T14:30:09","date_gmt":"2024-10-01T18:30:09","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=75763"},"modified":"2024-10-01T14:31:55","modified_gmt":"2024-10-01T18:31:55","slug":"scott-redler-pro-trading-survival-guide","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2024\/10\/01\/scott-redler-pro-trading-survival-guide\/","title":{"rendered":"A Pro Trader’s Survival Guide – 6 Rules to Live By"},"content":{"rendered":"

Brought to You By Scott Redler's Power Plays – Get My #1 Idea Every Week.<\/span><\/a><\/b><\/p>\n

Trade the Market in Front of You, Not the One You Want<\/strong><\/p>\n

The #1 reason traders blow up is that they fight the trend. They see Nvidia (NVDA) rally and ask, \u201cHow could this blow up right now?\u201d Instead, ask, \u201cis there an entry here?\u201d If you always assume doom is coming, you always miss the upside. Or you blow up by shorting too early. Trade the market in front of you, not the one you want. Over time, the bull market wins, so you need to ride the up moves. Saying \u201cthis won\u2019t end well\u201d over and over again is not a trading strategy! Stop trying to predict the end of the world. Instead, look for smart entries. Use stops to keep you safe. That\u2019s what really matters.<\/p>\n

Work Hard, Work Smart<\/strong><\/p>\n

There are about 250 trading days a year. One hour a day is 250 hours. Two hours a day is 500 hours. The more work you put in, the faster you develop an inner voice that keeps you on the right path. But if you\u2019ve been going for 10+ years without making money, you must pivot. Take a deep dive into your P&L so the numbers tell you what you\u2019re good at. This is not a fun exercise, so be ready for a rude awakening.<\/p>\n

Develop a Process and Routine<\/strong><\/p>\n

I could talk to you all day about Red Dog Reversals, relative strength, trend lines, and moving averages. These concepts all help me find profitable trades. But the #1 reason I\u2019ve survived is that I put them all together as part of a process and routine I enjoy. If you don\u2019t enjoy your routine, you\u2019ll never do it. I\u2019m up at 4:45 am ET, then it\u2019s 30 minutes in the sauna, 5 minutes in the ice barrel, followed by the #630club. From there, I put on music (not TV) while I mark up 40-50 charts. This process gets me ready to take action when setups trigger.<\/p>\n

Treat Every Day Like a New Day<\/strong><\/p>\n

We\u2019ve all heard the saying, \u201cdon\u2019t trade your P&L.\u201d Treat every day as a new start and every setup as a fresh opportunity. If you lose $5,000 on Monday, don\u2019t try to make it all back on Tuesday. You\u2019ll trade out of desperation instead of looking for the right trade at the right time. Emotional traders don\u2019t last. Follow your process so you can make smart decisions at the time of execution. On the flip side, if you win big, don\u2019t let your process break down. Stick to your routine and hunt for the next good setup.<\/p>\n

Don\u2019t Live Your P&L<\/strong><\/p>\n

2020 was my best year ever. But I did not make any big lifestyle upgrades. Why? Trading is cyclical, and we all have losing months or quarters. You don\u2019t want to double your monthly expenses right before a rough patch. You can\u2019t trade with a clear head when you need $15,000 by Friday to pay the mortgage on a house you regret buying. Treat yourself every so often, but don\u2019t turn windfall profits into permanent financial obligations. You\u2019re better off paying down debt than picking up a new Ferrari.<\/p>\n

Don\u2019t Go It Alone<\/strong><\/p>\n

One reason I love social media is the sense of community I get. Every day I interact with like-minded traders who work hard, play hard, and live healthy. There is real strength in numbers. Five hundred eyeballs are better than two. We all have weaknesses that a community can help us overcome. The market feels cruel at times, so don\u2019t go it alone. Lean on your friends, and let them lean on you.<\/p>\n

\"\"<\/a><\/p>\n

Featured: Join Scott Redler's Plays for $99<\/strong><\/h3>\n

Get Scott's #1 idea each week.<\/p>\n

That's 52 weeks for just $99. (not a typo)<\/p>\n

Be on the list for the next idea:<\/p>\n

See why now's the right time to join.<\/a><\/strong><\/span><\/p>\n

*Scott Redler Positions Disclosure as of 2024-10-01 at 2.29.31 PM<\/em><\/p>\n

\"\"<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. Trade the Market in Front of You, Not the One You Want The #1 reason traders blow up is that they fight the trend. They see Nvidia (NVDA) rally and ask, \u201cHow could this blow up right now?\u201d Instead, ask, \u201cis there an entry here?\u201d If you always assume doom is coming, you always miss the upside. Or you blow up by shorting too early. Trade the market in front of you, not the one you want. Over time, the bull market wins, so you need to ride the up moves. Saying \u201cthis won\u2019t end well\u201d over and over again is not a trading strategy! Stop trying to predict the end of the world. Instead, look for smart entries. Use stops to keep you safe. That\u2019s what really matters. Work Hard, Work Smart There are about 250 trading days a year. One hour a day is 250 hours. Two hours a day is 500 hours. The more work you put in, the faster you develop an inner voice that keeps you on the right path. But if you\u2019ve been going for 10+ years without making money, you must pivot. Take a deep dive into your P&L so the numbers tell you what you\u2019re good at. This is not a fun exercise, so be ready for a rude awakening. Develop a Process and Routine I could talk to you all day about Red Dog Reversals, relative strength, trend lines, and moving averages. These concepts all help me find profitable trades. But the #1 reason I\u2019ve survived is that I put them all together as part of a process and routine I enjoy. If you don\u2019t enjoy your routine, you\u2019ll never do it. I\u2019m up at 4:45 am ET, then it\u2019s 30 minutes in the sauna, 5 minutes in the ice barrel, followed by the #630club. From there, I put on music (not TV) while I mark up 40-50 charts. This process gets me ready to take action when setups trigger. Treat Every Day Like a New Day We\u2019ve all heard the saying, \u201cdon\u2019t trade your P&L.\u201d Treat every day as a new start and every setup as a fresh opportunity. If you lose $5,000 on Monday, don\u2019t try to make it all back on Tuesday. You\u2019ll trade out of desperation instead of looking for the right trade at the right time. Emotional traders don\u2019t last. Follow your process so you can make smart decisions at the time of execution. On the flip side, if you win big, don\u2019t let your process break down. Stick to your routine and hunt for the next good setup. Don\u2019t Live Your P&L 2020 was my best year ever. But I did not make any big lifestyle upgrades. Why? Trading is cyclical, and we all have losing months or quarters. You don\u2019t want to double your monthly expenses right before a rough patch. You can\u2019t trade with a clear head when you need $15,000 by Friday to pay the mortgage on a house you regret buying. Treat yourself every so often, but don\u2019t turn windfall profits into permanent financial obligations. You\u2019re better off paying down debt than picking up a new Ferrari. Don\u2019t Go It Alone One reason I love social media is the sense of community I get. Every day I interact with like-minded traders who work hard, play hard, and live healthy. There is real strength in numbers. Five hundred eyeballs are better than two. We all have weaknesses that a community can help us overcome. The market feels cruel at times, so don\u2019t go it alone. Lean on your friends, and let them lean on you. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. *Scott Redler Positions Disclosure as of 2024-10-01 at 2.29.31 PM  <\/p>\n","protected":false},"author":4,"featured_media":75075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[736],"tags":[],"class_list":["post-75763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-scott-redler-dog-bytes"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/75763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=75763"}],"version-history":[{"count":3,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/75763\/revisions"}],"predecessor-version":[{"id":75767,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/75763\/revisions\/75767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/75075"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=75763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=75763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=75763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}