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How to start Trading!We (the discord mods) are trying to get a document going where people can look for advice on how to get started in trading, its not an easy question and certainly not an easy answer, but here we go :) Be prepared that to becoming a profitable trader you will need months (even years) of training and learning, but its worth the time! The beauty of Tradingview and its tools (Paper trading) is that you can learn it all for free. (All you need is time). You can demo trade for free, learn and experiance how the market moves, learn what you want to do later in life and learn all the nessessary tools you will need! We realize that certain information is maybe something that you dont agree first or you say "what? that cant be real?", but bear with us for the time being, go through this document and then decide! So, lets start with the first question for you: What lifestyle do you have at the moment? Why is that important? well, for each trade you need a few hours of preparation, and if you are a daytrader (intraday trader or scalper) then you trade each day (even multiple times) and each time you need preparation, can you do that? can you sit 4-6h infront of the computer everyday to analyse a trade? If not, we have other options for you.. for example swing trader or investor. What type of person are you? For example: if you decide to do scalping, be prepared to get more stressful situations then a daytrader. So it's important to figure out how you want to trade and what you can actually handle (the psychology in trading has a HUGE impact of your trading life.) If you go and test out some strategies and you realize that this is not for you, then you have a clear sign that you shouldnt explore this further. What type of assets can you trade? There are local laws that you have to follow in your country that may be restrictive to certain assets so you have to figure out what you can actually trade. There are plenty of assets outthere, you just have to explore them and search for a broker you can actually sign up with a KYC. For this, the best option is to go to Brokers and check them out until you find one that is allowed in your country. (Be careful with brokers not on tradingviews list, for example if you want to trade crypto but its not allowed in your country but you find some broker you can sign up, the problem comes once you want to withdraw and use the money in your country. your local bank is most likely not letting you do that.) Basics of Trading No matter what you decide to be (daytrader, scalper, investor..), you will need to learn the basics of all of them. Learn all the basic Terms such as: - Long / Short (Bullish / Bearish) - Bid / Ask (combined with spread below) - Crypto, Forex, CFD, Stocks, Options (Bonds, Shares, Indices...) - Market Order / Limit Order (Stoploss (SL), Profit Target (TP), Trailing) - Leverage - Margin / Balance - Spread / Slippage - Gaps - Ranges - Timeframe / Sessions And then there are the major Indicators: - RSI - MACD - Stochastics - Moving Averages (simple, exponential, smoothed, and so on..) - Price trends - Support and Resistance (Supply & Demand) - Volume I know, alot of you reading this go like "What? indicators are useless, price action is the real deal.." but thats not the point here, we are learning the basics of trading. The more you know the better you will be at trading. Knowledge is power. Also i would advice you to study the math behind them too, while you do that you learn how and why they act the way they do! Journal Yes, we all hate it but we all know why its good to do! :) The simplest method i find is to use the long/short tool of tradingview, write down the notes in a textfield and then hide it in the control-center of your drawings (rightclick into chart -> Object Tree) Do it! you won't regret it! Risk Reward This topic is something so many of you ignore and its one of the most important part of trading. You all heard the sentence "there is no trading without SL" and some of you may think "yeah, thats not true", but in the Risk Reward section you learn how and why this sentence is as true as it gets. you never, ever trade without SL because otherwise you cant calculate your risk. There is also the golden rule "Never risk more then 1% of your Money" and with an SL you can manage this sentence, without it, how can you even begin to manage this? you can't. (Yes, i know some of you risk 2-5%, but not me, im a firm believer you should never break this rule). If you risk 1% and lose 10 times in a row, you lost 10%. if your RR is 1:3, you need 4 wins to regain your losses. If you risk 2% and lose 10 times in a row, you lost 20%. if your RR is 1:3, you need 7 wins to regain your losses. ... you see where this goes, right? For this, and any other topic above, the best thing to use is the Search function on tradingview, input the title and read it all. (yes, all, yes it will take weeks, yes tahts what its all about) Psychology Okey, this one is a big one. not gonna lie, that will take the most time because we are all humans. you will experiance FOMO (fear of missing out), greed, rage, and so on... thats just normal. Thats the biggest reason to start journaling your trades, write down what you felt, why did you take a trade that you realize you shouldnt have in the first place? So, in psychology everyone needs to figure out how he/she is obviously, i can just tell you how i do it right now and what steps made the biggest impact: I do only 1:2 RR trades. - Yes, after 1:2 im out, i dont care if he goes to the moon, all i care is that im no longer in a trade (my mind plays all kinds of tricks while in a trade.) - Big impact! I only trade 1 asset. - I trade EURUSD all day long for years now. No, i dont look at others while im actively trading. - Big impact! I set and forget. - i put in my SL and TP and once im in the trade (or even set the limit order) im semi-afk from the charts. - I have 2 alerts on my tradingview, one for the TP and one for the SL. thats it. those few steps helped me a ton in my trading, and yes, they may not be for everyone but it is just a showcase of hwo you need to find something that works for you.
FX:XAUUSDEducation
by Swiss_Traders
How to start Trading?I'm very active in a few communities (the Tradingview official Discord for example) and one of the most asked question is: How do I start trading? Let me try to give you a blueprint on what to do to at least get some foot in the ground! Lets make something clear: you are learning a new job here! thread it that way and you will have the best chances! (No job on this planet can be learned in just a few weeks, you need months and years to get on a level you can be sell-employed) I give you a fast-track on certain things but make sure you research every point more then I provide still, this is just the blueprint. After that, its you that has to study. no one can help you there.. --- Candles --- OHLC (Open High Low Close) is all you need, its the founding blocks on 99% of TA out there! Open and Close are the values when the candle opened/closed on the timeframe you are on. High and Low is the highest and lowest value trades were happening while in the timeframe (also called: Wicks). Volume is also something you hear a lot and is important to know, it shows how much was traded in that candle (shows the power~) --- TA (Technical Analysis) --- With TA we try to predict a probability in future prices to find opportunities in the market. Across Tradingview there are thousands and thousands of indicators available to you, we just need to focus on the biggest and most common ones for the start. RSI MACD Moving Averages (simple, exponential, smoothed, and so on..) Price trends Support and Resistance Volume Start with those 6 and work your way through all of them, analyse how they work, what they mean, where they come from and you have a good knowledge for future improvements. (yes, you probably don't need all of them, its just a good base to have) --- Trading Terms and there meaning --- Learn the following words and what they mean in the sense of trading: - Long / Short - Bid / Ask (combined with spread below) - Crypto, Forex, CFD, Stocks, Options (Bonds, Shares, Indices...) - Market Order / Limit Order (Stoploss, Profit Target) - Leverage - Margin - Spread / Slippage (related to News) there are a lot more to learn, but this will get you suited for the next few points. --- Find your way --- Find what you can do and what you can't do (some of us have family, a 9to5 job, other things) that will not let you trade every way. Make yourself a time-table, a budget plan and then research on this criteria how you want to spend your trading-time. (If you have a 9to5 job, you probably cant watch the chart on a minute timeframe, so strategies involving this is not suited) --- Risk Reward --- Calculate how much you need and with that information backtest your strategy to find out how profitable it is and then set your risk:reward ratio to the calculated risk you can afford to lose to still make the profit you need in the end. Example: If you lose 2 trades with a RR of 1:5 and win another one, you won 3R (Lost 2 = -2R, Won 1:5 so + 5R = 3R - its not precise, as there is slippage and commissions). If you are happy with 2R, then thats the way you trade from now on. Keep this always the same as the math dont lie but your feelins will try to betray you (thats the psyochology part that comes up next) This point is very, very important to understand and to learn and to adapt to your circumstances. if you don't do that, you will fail no matter what! --- Psychology --- Well, thats one of the major points and its very, very big. Do a lot of research on this part and also use papermoney as kind of a challenge for yourself so if you lose it, you still get "mad". baseline is: dont have feelings! it has to be all mathematical and mechanical. --- Paper Trade --- Yes, don't use your own money in the beginning, you can paper trade on Tradingview for free without any risk and you can test all the strategies/indicators on this planet for free and see how they perform. Make challenges for yourself (so psychology is also trained). Don't underestimate this point, paper trade for at least 6 month every day 6h to really grasp what you are up to, what you are doing, how to improve everything and to get the feeling for everything! Once you went through those points you are given a toolbelt with a lot of tools, now its time to figure out what tool to use in what situation. Research a lot of strategies and find something that works for you.. and then melt it into something useful!
Education
by Swiss_Traders