Get started

Journey

How to continue in trading during uncertainty timeHello traders: Recently I received many messages from traders about taking many losses during this uncertain time. What's going on globally right now may have a different impact on all the different markets. Many have told me of your frustration, stress, and negative emotion on losing money and continue to feel defeated. Today I will explain a few things that you can implement into your current trading plan, approach and perspective during this period of time. First, you must acknowledge risk management. Too many traders ignore this key important aspect of trading. Especially during this time where the market can be volatile and irregular. It's in your best interest to understand how to manage your risk. You should have a plan that lists out how your approach would be. For example for my risk management right now: -1% per trade of account capital. -No more than 1 trade on the same currency, unless the first trade is secure in profit. -No more than 2 trades open during a day, max drawdown 2% per day -10-15 trades per month -3 trades maximum per week -Minimum 3:1 RR allow before entry -Will Take profit on average when in profit 3:1 RR. Second, learn to control your mindset and emotions. More often when traders approach me these days, they are telling me they are taking too many trades, chasing profits and revenge trading their losses. All these arise from the mistakes of FOMO, get rich quick mindset, enter multiple trades. IF a trader can truly understand the fact that the market will always be there tomorrow, next week, next month..etc, then it's an easier thing to deal with on a psychological level. You will no longer stress about trying to enter too many trades, worry that the market may not be available tomorrow. Third, less social media exposure. In today’s world, unfortunately in trading, most of the things you see on social media are fabricated and fake. Their sole purpose is to sell you a dream, lifestyle, and easy money concept. ITs always during this uncertain time, you will see more and more of these “gurus” who will show you how much $ they made during this time. Now, I am not saying all are fake or scam, I am sure small # of them are doing well. But, most of the things you will see in your social media feed, are likely to be photoshopped, faked, fabricated to make you believe whatever you are doing is wrong, and you tend to “compare” your result with these people. This ended up becoming very negative and stressful to continue. ITs important to understand trading is one of the toughest professions out there. IT requires so much emotion control, clear mindset, and proper psychology on a regular basis. If you are struggling, it's usually not to do with your trading strategy, but rather your approach, perspective, and perception. So, eliminate as many unrealistic things you might see, and focus on yourself and your journey. Any questions, comments or feedback welcome to let me know. Thank you
Education
by jojofang0901
38
Is Trading “Gambling” or “Risky” ? Explained in business terms.Hi everyone: The question that most people will ask is whether trading is the same as “gambling”. Throughout the 9 years of my trading journey, this has always been brought up and asked about many times. Of course anyone is entitled to think based on their perspective and view, so I am not here to argue or convince them otherwise. Rather, I am here to share some key aspects of what I learned in trading for the last 9 years, as well as years in the business world to discuss the difference between “Gambling” and “Risky” in trading and in business. Most people who have never traded in their lives, but have heard about trading, usually assume trading is some sort of get rich quick scheme. They often assume it's a type of “gamble”. Since most people around them probably lost money in trading. It's not surprising as the statistics don't lie, 90-95% retail traders lose money in trading and quit eventually. But what most people don't know is “why” and “how” they lose money in trading. It's usually a combination of poor mindset and emotion. No systematic plan, no risk management, get rich quick thinking, revenge/over trading, fear of missing out, and alot more psychological issues. They did not put in the time and effort to succeed. Which then resulted in traders losing money and quitting. Eventually making up excuses of why they fail in trading, and blame the market, the broker, the strategy. All these no doubt also resulted in what normal people will say trading is a “gamble.” On the other hand, is trading “risky” ? Trading is just like any other businesses out there, that will be risky due to unforeseen circumstances. Businesses face external factors that they can not control, just like in trading. Businesses have internal expenses, overhead costs, labour, loans, C.O.G.S…etc as well as many competitions within their respected industry. It requires hard work and determination to succeed. Even for larger businesses that are where they are today, they were all risky when they started. Was Amazon Risky ? Was Tesla Risky ? Was Facebook Risky ? Absolutely. But that did not stop their owners from putting in maximum effort and time to make it work. Trading is no different, you are the owner, director and the CEO of your trading account. So, don't confuse and get “gamble” and “risk” mixed up. It's up to us individually to acknowledge and understand the difference between the two. The truth is, successful traders understand the difference between “gamble” and “risk”. To remove the “gambling” aspect from trading, is to have a well written trading plan, proper risk management, right trading psychology, positive mindset and control emotion. Whatever strategy you decide to implement is not really the cause of your success or failure, but rather those I mentioned above. This way, you remove almost all the “gambling” aspect away from trading, and it is now “risky” but bearable for you to handle. Will trading always be “risky” ? Sure, it is a business and anything can happen unexpectedly and out of nowhere. But successful traders understand the importance of treating trading like a business, so contingency plan, back up plan, trading plan, management plan, and much more should be carefully thought out so you will know what to do when you are hit with sudden surprises like in a business operation. The worst thing we can do is to not be part of any “risk”. If we are so relaxed, laid back, and have no stress to motivate us to move forward, then we stay within our “comfort” zone. We become so glued to our 9-5 job which we then think it's safe. But, we will forever be in a rat race against many others who are better than us in credentials that will land that higher position/salary that we want. “So to me, without taking a “risk” in life is the biggest “gamble” that you can do in life.” Welcome to let me know and share with everyone what you think about this topic :) Thank you Jojo
BITSTAMP:BTCUSDEducation
by jojofang0901
41
Treat trading like a business or you might not succeedHello everyone: Today I will go over 6 main points on why you should treat trading like a business in order to succeed in this industry. 1. Business will have busy seasons and slow seasons. But overhead expenses will remain the same. So not every month can be profitable, same with trading. -Some months you can have more wins, some months you will have more losses. It's what you do on average for the whole quarter/year. 2. Record your win/lose trades like any businesses that has bookkeeping to record their revenue and expenses -This is for you to keep track of your progress, results and find areas to improve. You must record your profits/losses so you can identify your result. Refusing to do so is like a business that does not record their expenses and wondering why they spend so much $ 3. In trading, YOU are the Owner/Director/CEO. If you are not putting in the time and effort like a top executive of a business, then it's unlikely you will succeed. -Top executives don't just work 8 hours a day, 5 days a week. They put in way more hours than that to keep the business running, operational, and profitable. 4. No business starts out as profitable, they are likely to be in the “red” until years later when they can recover the losses and then some. -Most businesses start up with debts, borrow money and loans. Don't expect to pay off all those in one year. In trading you will likely incur losses in the beginning of your trading journey. Understand its a process all must go through in order to come up to the top. 5. Each and every year, businesses review their entire operation. Identify the mistakes they make, find solutions to their problems, create plans, visions and goals. -Identify your mistakes by journaling your trades. Find areas to improve, whether that is your entry, SL/TP, Risk management, trading psychology, mindset/emotion. Acknowledge your mistakes, drop your ego, work on overcoming your mistakes. 6. 90% of small businesses fail within 3 years, acknowledge the odds are not in your favour, but continue to put in time and effort. NEVER GIVE UP -90-95% traders fail in time. You don't often hear about the traders who lose, but you often hear about the social media “guru” and scammers doing so well. Trading is not a get rich quick scheme, nor is it easy. You have to continue to put in time and effort to succeed. IT doesn't come instant, and those who can not commit to such, will not be able to continue trading consistently and sustainably. Most important is, if you fail, get right back up. NEVER GIVE UP in trading, and NEVER GIVE UP in life. Any questions, comments and feedback welcome to let me know. If you like more of these contents, like, subscribe/follow and comment for me to keep doing them. :) Jojo
Editors' picks
OANDA:XAUUSDEducation
by jojofang0901
309
5 Key Advices To Share With Trader Who Is Struggling In TradingHello everyone: Lately many of you have messaged me about getting FOMO and entering trades without confirmations. In addition you can't seem to “not” enter trades when the market hasn't shaped up to your strategy and entry criteria. I am hoping in today’s educational video it can help some of you guys to get back on track. I want to share 5 main pieces of advice that can help out traders who are currently struggling. These are experiences and lessons that I accumulate throughout the 8 years of trading and in hope to help some of you who are struggling in your current journey of trading. 1. Do “NOT” think about get rich quick in trading -Trading is a marathon, not a sprint -90-95% traders fail due to a combination of: Greed, FOMO, mindset/emotion, risk management, trading psychology. -Trading is not a get rich quick scheme, but it can produce consistent, sustainable passive income if you can put in the time and effort -Most try to jump to the result right away, without going through the journey, that is not how life works. 2. No trading strategies, style, method can give you 100% strike rate -Trading is probability, not right or wrong. -Understand you can have the best strategy in the world, and still not be profitable. - Technical, Fundamental, Algo, EA...etc can all not work. This is why risk management is important to not over risk, over trade, over leverage your trading account 3. Backtest and journal -Backtest your strategy so your brain acknowledges and recognizes it over and over again. -Slowly build up confidence in your strategy and method. IT will come to you like second nature -Journal all your wins and losses so you can review them. Work on them, accept your mistakes to grow and improve. 4. Control your EGO -Human beings have ego to prove others are wrong and they are right -We refuse to admit we made the error/mistakes, and blame others/external as the cause. -Acknowledge that in trading, stop blaming the market, the broker, the mentor, the strategy...etc. -Don't take things personally and be offended by it. 5. Never Give Up -I blew several accounts in the beginning of trading career, gave up and quit trading multiple times -I always ended up coming back to trading. After taking time off. Whether that is weeks or months in the beginning journey. -No one is born into a trader, just like no one is born into a doctor, lawyer. -If trading was that easy, then everyone would be rich. -Success is measure by how many times you get back up when you failed I hope these pointers can help you guys to get more focus and get back on track in trading. Any questions, comments or feedback welcome to let me know, thank you Jojo Below I will share others educational videos that have direct relations to the topics above: Trading Psychology: How to deal & manage losses/consecutive losses in trading ? Trading Psychology: Revenge Trading Trading Psychology: Fear Of Missing Out Trading Psychology: Over Leveraged Trading Trading Psychology: Is there Stop Loss Hunting in Trading ? How to deal with it ? Prevent Blowing an account by backtesting: Risk Management 101
BITSTAMP:BTCUSDEducation
by jojofang0901
43
My journey in trading, experiences, ups and downs. Hello everyone: In this video (all talking in this one) I am gonna talk about my trading journey and experiences. All the ups and downs that I have been through in hope to give new and experienced traders a honest raw example of a trader’s journey. Of course everyone learns and absorbs information differently, and I am sure there are people out there who didn't have to go through the way I did, but I thought sharing my journey would help some of us who are still struggling to find consistency in trading. So, a little bit about my trading journey: Beginning Stage -Not profitable the first 2+ years, gone through the roller coaster ride of a trader’s journey -Start with S.R and indicators. Does work and makes profit, but doesn't suit my personality. -Was not consistent, some weeks in profit, some months in losses -Made all the mistakes, wanted to give up and quit many times. -Had negative trading emotions, mindset, and no idea on trading psychology -Not following the trading plan, no risk management -Over trading, over risking, revenge trading -Emotional when I miss out potential runs of the market -Blame the market on my losses Turning Stage: -Did not give up -Admit all my mistakes, work on them, change them. -Truthy admit you are in control of your trading account, not the market, strategies, mentors or other external factors -Put in the time and effort, understand that this is something it can be your career for the next 30 years, what is it to you to put in a few years of hard work ? Acknowledge the market will evolve and change, and we need to adapt as a trader -Understand trading is a probability game, not right or wrong. I can be wrong, and won't affect my emotions. -Want to be the "house" rather than a "player" in a casino setting, -Learn about price action and structures. -Have no problem missing trades and profits, understand the abundance of opportunities in trading -Follow my trading plans, make goals, back testing, forecasting, journaling -Acknowledge my expectations in trading, 3:1 RR, 15-20 trades, 1% risk per trade, 35-40% strike rate (higher strike rate requires less R:R). Looking for consistent growth of accounts and capital -Understand once you are consistent, there will be more opportunities and investors who are willing to let you trade -Continue to have a humble attitude in trading and market -Continue to learn and grow So I hope I answer most of the questions that you have asked, but if you have additional questions on my journey and anything else, let me know below. :) Thank you
Education
by jojofang0901
14