Short video/transcript where Alan Solarsh gives practical trading advice: distinguishes types of trading rules (money rules vs. trading strategy rules) and emphasizes sticking to a single strategy and position sizing to avoid ‘shiny object syndrome’ and self-confusion; suggests only change strategy after fully mastering one.
I've got my trading rules. There's two types of trading rules. Rules, money rules. Trading rules, your money rules. Are you only going to trade X lot sizes, and you're going to follow the strategy, whatever strategy you choose, but you need to stick to it. You can't have shiny object syndrome. So most people I see, okay, is that they have shiny object syndrome because they see that they're losing on a strategy. They then go and try and learn a new strategy. The reason you learn you losing on the strategy is because you're learning still you haven't perfected the strategy. Once you perfect the strategy and you are following the strategy and you are losing, okay, then maybe you need to change strategies. But you can't follow different strategies because you're going to confuse yourself. You need to stay focused, focus on one chart, focus on one strategy.
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