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Pyschology

THE MOST USEFUL TRADING SITES ...and how to utilize themIn this post, I will share the some of the most useful trading sites that are available to you and how you are able to utilize them to your advantage whether it's for fundamentals, charting, analysis, performance tracking, news events or just to follow your favorite professionals and their ideas & education that they share publicly. First and foremost, if you haven't made this your PRIMARY trading platform, I want to encourage you to use and SUBSCRIBE to TRADINGVIEW As we all evolve as traders, I'm sure we can all relate to one thing in common which is hard work and dedication. Trading is one of the hardest professions out there and without hard work, practice and dedication, we know that 90% of traders fail to make it in this industry. TRADINGVIEW gives you all the resources you need to be able to become one of the 10% as it enables you to become a content creator, it gives you a community to research ideas, you're able to watch livestreams, catch news flows, back test & analyze your own strategies and most importantly of all, you have direct support team to help guide you by sharing their own personal trading experiences, publicly as well as privately. Whether your choice of market is Forex, Stocks, Crypto, Bonds, Futures, Commodities or Yields, TRADINGVIEW has all the tools to be able get you well on your journey to become a professional trader. See Figure 1: Subscriptions WWW.MYFXBOOK.COM MYFXBOOK has a variety of different tools to use ranging anywhere from position size calculators, COT data (Commitment of traders), Broker spreads/quotes/volumes, news flows, correlations and most importantly, account linked performance analysis. You may be a full time trader or a part time trader with a 9-5 job, either way analyzing your entries, exits, RR ratio, drawdowns etc. are necessary to find what works and what doesn't. Trading is about probabilities and if you're not making money in 25 trades, you need to reanalyze and change your approach. Myfxbook.com allows you to link your trading platform to breakdown your performance, ultimately being your own coach to find the approach that suits you the best. See Figure 2: Performance Stats WWW.TRADINGECONOMICS.COM As many different crises happen throughout the world (especially the most recent ones within the last few years), understanding how the Federal Reserve operates to manage monetary policy is key to get an edge in your positions in the forex market. TRADINGECONOMICS gives you all the accurate information needed to be able to forecast and research throughout 196 countries like, economic indicators, exchange rates, stock market indexes, government bond yields and commodity prices. Micro and Macro economics are a big part of how this world operates and having access to all the most important information that drives the Feds decisions due to the economy being split between these two realms are valuable as they could be bridged together for more accurate forecasting. See Figure 3: Inflation Rates/GDP Growth (By Country) WWW.FOREXLIVE.COM FOREXLIVE has many different helpful resources to keep you up to date in the market no matter what time zone or trading session you take part in. As our lives are busy with family, day jobs, business endeavors or simply being in different time zones, you may not be able to watch all sessions play out and in fact, taking a break from the screen is healthy for your mind and emotions. The great thing about FOREXLIVE is that you are able to read Session Wraps to keep you up to date with a summary after each session (Asian, European, U.S) completes. Psychology is a big part of why a trader either succeeds or fails which balancing your time on and off the markets are important to detach your emotions from your positions. Set a plan for how many times you will scan the charts a day and fill that in between time with activities like exercising, reading, chores, spending time with your family, going for a walk and much more. See Figure 4: Session Wraps WWW.INVESTOPEDIA.COM INVESTOPEDIA was founded in 1999 headquartered in the heart of New York city U.S. This website provides comparisons of financial products, reviews, ratings, comparisons of different financial products and most importantly, it is a financial dictionary. With the broad range of information provided, it gives readers the confidence to manage every aspect of their financial life. Whether you're learning about money and investing for the first time or are looking to improve your knowledge and skills, anyone from an experienced investor, a business owner, a professional, an advisor, INVESTOPEDIA has all the information to build your skills. See Figure 5: 4 Basic Things to Know About Bonds/Key Takeaways WWW.INVESTING.COM INVESTING.COM is a well known site that offers real-time market quotes, information about stocks, futures, options, analysis, commodities and most importantly an economic calendar. Keeping an eye out for the high impact news events will help you adapt and control the volatility during those peak hours. Another helpful aspect of this site is knowing what will drive the market mood for each upcoming week. The top 5 most important fundamental areas to watch for are explained and broken down to help your forecast and analysis so you can prepare your trade setups accordingly. Applying fundamental analysis along with technical analysis will help you become a better trader as when the high impact news events hit, markets get volatile which could cause a running profit turn into an absolute loss. Knowing when to be in or out of the market is valuable so you don't go into a draw down phase. See Figure 6: Economic Calendar As I only have mentioned a small number of sites that you are able to access, we all know there are so many other ones available out there, paid and free. Researching and spending the time to read to broaden your knowledge in the financial world will only help you grow as a trader and essentially improve your trading results. Check out some more free sites: www.fxstreet.com www.dailyfx.com www.forexfactory.com www.babypips.com Please share the site that most helps you in by leaving it in the comment section. I would love to see the variety of ones available. ** If you felt this was helpful in anyway, please support by hitting the LIKE button and FOLLOW me for more educational and analysis ideas ** I appreciate all the feedback! Thanks Trade Safe
Education
by ktlfx
1
2 Steps in Drawing a Downtrend Channel A buying strategy in a downtrend. How to identify buying opportunity in a downtrend? Not my preference to buy in a downtrend, but that does not mean we should avoid it when buying opportunity arises. Recognizing it is a downtrend, we keep our buy position short-term; as we are going against the trend. Discussion: Rules in constructing a downtrend parallel trendline Rule 1 – First the downtrend line Rule 2 – Then, its parallel Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises.
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by konhow
41
3 Stages of Trading 🚨Every trader goes through these stages. I remember starting out on demo thinking this would be the easiest way to make money quickly. Oh, how I was wrong. It seems like sunshine and rainbows on a demo account but when you move onto a live account, the real problems begin. Your expectations of quick money quickly vanish due to the psychological aspects of trading. This usually results in big losses. Excitement is followed by pain, this is where most traders quit. If you make it past the pain and develop, you will reach your trading goals. Do these stages seem similar to your trading? 💬
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by UnknownUnicorn34088517
Price Psychology what happening with in priceThis is meant to serve as a training guide into understanding how chart patterns are ultimately formed via prices bought and sold. This is where the focus of this video is. We are always wanting to know rather than the pattern that is forming, the prices that are being bought and sold on the chart. For this we use Quarters Theory, The segmenting on the chart into equal slices to understand where prices are at and where they could go. On my highest timeframe I like to stick to 1000 pip sections the value of these sections changes this system is universal and can be used on any asset for ease of understanding it was preformed on a stock chart. Within 1000 pips we have four sections Four $100 zones Four $50 zones Sixteen: $25 zones On a monthly chart we focus on 1000 pip sections, on a weekly is 100 and on a daily its 10. Segmenting the char in this nature allows for an understanding of how price has reacted on different time frames based up the price or zone that it is in. From this point of view we may then begin to see recognizably patterns happening at specific prices that would be attributed to bar chart or price action patterns.
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by RobinhoodFX
Insanity... the thing most traders do (intro)This is a short intro to a major problem traders face... in a longer video, coming out tomorrow most likely, I will explain more on how to stop being an "insane" trader and take control of your trading results by working on the most important person in (your) "room", which is YOU! Just how important are YOU to yourself? take any picture where you are with the people you love the most and look at it, the person you will first search in the picture is you... so I rest my case. Anyway, this video might wake you up a little, if it doesn't the full version will!
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by PrimedGroup
Pyschology Tip of the dayHi guys, I haven't posted anything but analysis of the trades I may take in the upcoming week but I have not really covered pyschology maybe as much as I should be. I think this a huge part of trading that a lot of newer members may just skip or may not pay as much attention as they should to the subject. Being angry at something in your life or being upset will effect your trading and will blow your account if you cannot control your emotions. You need to have a risk management system in place that will limit your losses and give you that edge in the market in the long run. I know its super typical for people to say but trading is only a small percentage of the job, the real job is the pyschology and being able to control your self and be smart about your decisions. For example, today I had a hard time thinking if I should take my NZD / USD trade or not, I was thinking that it is what my setup would need for me to take but the only thing is there is no clear trend but there was a rejection of the beginning of a uptrend in my mind. Since, I am still feeling a little off about this trade I am going to lower my risk for this single trade and I will require a lot more confirmation before taking this trade. If the trade goes in my direction I can always go and add more to make a full percent or even more if you move your original trade to breakeven. Do not be afraid of missing out and try risking one or two more percent the single second the trade goes in your direction, the market will always be their and there will always be a trade for you to take. If not, the hardest thing for a trader to do... is not trading, sometimes being patient and waiting for your perfect setup is better than having three losses before taking a profitable trade, this is only going to loose money in the long run and will maybe make you a breakeven trader. If you guys want to see an analysis that I do for every pair that I am interested in take a look at the link below, this will be my most current analysis at the time. Thanks again, Keyslot
Education
by KeySlot
1
Developing An Unbiased, Positive ApproachFollow me to keep for more updates!!! Sometimes, your patterns of behaviour come about as a result of subtle influences. A bias can affect your judgment to such an extent that your decisions might go against all conventional wisdom.Everyone has biases. They play a massive part in everyday life. You may buy a certain product at the supermarket because it's a brand you recognise, or read a particular newspaper because it backs up what you already believe. There's no way to get rid of bias altogether, but if you're aware of how it may manifest itself, you stand a much better chance of minimising the impact on your trading. Representative bias: Let's say you've been watching a market which has recently followed an uptrend. You take a position which, on this occasion, pays off. At a later date, you see the same market following an almost identical trend. Because of representative bias, you assume that, if you make the same trade again, you'll repeat your success. But even if two trades seem similar on the surface, it's key you treat every circumstance as unique. Negativity bias: Looking back on a past trade, you might only see what went wrong. A particularly tough loss, or series of losses, will cause you to overlook any positive results you've had - and the equally positive decisions that led to them. Gambler's Fallacy: If a market goes up for three straight days, Gambler's Fallacy says that it is likely to go up on the fourth. But beyond your own imagination, there's nothing to link events of the past to events of the future. Status quo bias: Instead of looking for new ideas, you might be inclined to use those that have proved successful in the past - even if, objectively, they're no longer worthwhile. Confirmation bias: Maybe you're confident the stock market is going to rise. With confirmation bias, you see only the news and information that supports your view, and gloss over anything that contradicts it. Loss-aversion bias: You won't close an unprofitable position, holding onto the trade in the hope that it will end up paying itself off. This is similar to endowment bias, where you perceive those trades you've made as having a lot more potential than those you decided not to make. In both cases, when the price moves against you, you'll be reluctant to let go. Herd bias: It's human nature to do exactly what everyone around you is doing, and traders are as susceptible to this as anyone. You need to have the confidence to make decisions based on your own research and trading plan - and to stick by these decisions when you've made them.
OANDA:XAUUSDEducation
by ShinForex1
Meet Percy - 'YOUR' new Trading E-Mentor - he's cool......Percy is a great guy... he can be a girl too and you can call him or her whatever you wish. I just chose the name Percy, I think its quirky. :-) BUT .... Percy can help you like he helps me - Let me introduce you to him. He tells me when to enter a trade, when to close a trade, what lot size to use - he helps me stay on track when I feel like closing early (Percy hasn't closed so I shouldn't) he helps me ignore them voices of increasing my risk. Percy works incredibly hard, he has back tested over 4200 trades to help me identify my edge in the market. Percy is simply a legend, I trust him, I have confidence in him and I follow his lead. Get a Percy. Regards Darren
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by pow_removetheguesswork
3