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System

Stock feedback loopStock market is a adaptive system or a stock, with feedback loops (for inflow, outflow function). Where nobody knows the outcome or future, but feedbacks (corrections or resistance) gives tells (makes inflows or outflows). Without a common leader. Economists think in models (price is the result of supply-demand, or inflow-outflow) that helps to explain system behavior (short term moves), but models are just ideas to explain complex world (models work until they dont). System thinkers study the stock not aggregate behavior . Looking at markets trough perspective of "eco system" helps better understand the drivers or moving forces?
FOREXCOM:SPX500Education
by citsvar
Trader makes money, not the system (p.4)Experts' answers Question In the last month I made 24 entries into the market, the monthly result is a 2% capital gain and 70% of the positions were not losing, that is, they were on the plus or zero. Nevertheless, it worries me that I earned little, I feel like standing still. Several times I had such a case: I have SL equal to 20 pips, the market went 20 pips in my direction. I think to myself that it would be a shame to give away the whole 40 pips when the market retreats so I decide to move the SL to zero. Of course, the market reached my SL and closed it, then finished the correction and reached my TP and even exceeded it by eight pips. It's something I have often. Maybe I shouldn't move the SL so quickly, what do you think? Answer The answer to this question will give you the tests, not me. I am not familiar with your system. I infer from your question that you do not have a set way to manage the order from opening to closing. And that means one thing to me - you don't have a finished work on the system. You should know exactly what to do when you are in the market. To find out, I suggest reviewing the last, lets say, 100 historical signals. Look at what the market did after the signal and what you should do. Keep asking yourself this question - what should I do when the market does x? Then, when you have already processed 100 positions - it is worth doing the same on a demo or on a simulator, for the reason that practice shows that the market looks different at the moment of the order and you can't see certain things when they are drawn. You can see them only from the perspective when they have already drawn. Therefore, in addition to historical analysis, you need to practice on a demo or on a simulator. This way you will educate your decision-making processes when managing an open position. The fact that you are coming out at zero is a good sign, you have a workable system now only work out the details of position management and profits will grow. Give it a boost 🚀 and drop a comment so we know to publish more for you. Chect the footer. Cheers! More & Follow: www.tradingview.com
Education
by drSwierk
Simple management is easier on your mindhi, just wanted to share a couple of thought on management, mainly for new members. in my eyes, there are two categories of management: simple (fixed RR) and more complex (variations of trailing). Both have positive and negative sides. In my eyes, as a very very subjective opinion, simple fixed RR system will be better for most people. Or ok, I'll not speak for most, but for me definitely. Why so: incredible simplicity, cause you just need to test to see how much your trades usually run + create b.e. rule, and you're good to go 3-5RR are usually best for fixed RR systems do not underrestimate the energy that goes into making decisions while managing and waiting, watching for the trade to develop into higher RR's. With fixed you don't have this - you just go b.e. and then you can close the terminal, and go away if needed. However yes, advanced experienced consistent traders would trail almost with no extra emotions, cause it's usually more mechanical. With that said, for many relatevely new traders, trailing could be extra emotional. with fixed, you'll have less chances to become emotional, because of many reasons, for me personally fixed RR system gives a sense of accomplishment on every trade, while with managing I'm constantly thinking how can I manage longer better etc. So I'm rarely satisfied when I'm getting stopped out on trail, cause I'm still "stopped out", while on fixed I have a sense of good work done. I know it's weird, but it's personal experience I could continue, but I guess the general guideline is there. My main message is that TP can be a very simple fixed 3 or 4RR and that would be more than enough and easier for most people's mind have a good weekend.
BITSTAMP:BTCUSDEducation
by Yelli_trades
1
A Novice's Handbook to Trading Triumph ----- 🙏 In an era where financial landscapes evolve rapidly, venturing into the dynamic domain of foreign exchange (Forex) trading need not be an intricate odyssey. This novella of wisdom unveils the rudiments, steering you through the intricate labyrinth of setting up your financial fortress, handpicking the tools of the trade, deciphering the enigmatic timelines, and sculpting entry strategies with the finesse of an artisan. Navigating the Terrain of Account Setup: Your journey commences by selecting the sturdy vessels of financial exploration, the likes of Coinbase, revered for transmuting mundane currency into the futuristic realms of cryptocurrency. Navigate the seas of connectivity, tethering your accounts to the steadfast anchors of Visa, Mastercard, or the versatile iDeal. Venture further into the undiscovered territories with a seasoned guide – Tradersway, an oracle in the realm of brokers, beckoning with bespoke options for an authentic trading saga. Sculpting the Trading Landscape: Platforms and Tools as Your Artistic Palette Forge your path with MetaTrader 4 (MT4), the canvas for your live trading masterpiece. Unveil the ethereal allure of a Virtual Private Server (VPS), akin to a mythical power-up, enriching your automated trading endeavors. Wander into the meadows of TradingView, where user-friendly charts bloom, and ideas spring forth from a convivial community of traders. Consider wielding the nNouSign indicator, a magical wand for crafting diverse trading strategies. Chronicles of Time: Timeframes for Poetic Analysis For decisions swift as the flutter of a butterfly's wing, gaze upon the 5-minute (5M) and 15-minute (15M) charts, where markets pirouette in perpetual rhythm. Should your ambitions soar higher, ascend to the 1-hour (1H) chart, where profit potential unfurls like a tapestry woven with the threads of time. Crafting Entry Strategies: The Artistry of Navigating Waves In the realm of 5M and 15M, embrace the mystique of the nNouSign indicator on TradingView, intertwining with the 21 Linear Weighted Moving Averages (MA) on the sacred grounds of MT4. Enlist the Williams Percent Range (WPR) at 40, a beacon illuminating shifts and retests. Draw lines, as an artist sketches contours, on both your chart and the WPR canvas for heightened insights. Decipher the harmonies between MA and WPR, directing the symphony of buying and selling. Set the crescendo with Take Profit (TP) at favored peaks or where echoes of prices linger in the corridors of time. The sonnet of 1H unfolds with kindred strategies, casting TP anchors where your heart desires or where the echoes of prosperity resonate. Anticipate the ballet of trends, choreographed by the highs/lows of yesteryears or the harmonious convergence of MA and WPR. Risk Management: Navigating the Seas of Uncertainty As the helmsman of your financial vessel, chart the waters of risk with sagacity. Know the depths you are willing to plunge for the elusive treasures of profit. Let stop-loss orders be the vigilant guardians against tempests, strategically placed to avert colossal losses. For instance, on a £300 expedition trading XAUUSD with a 1:500 leverage, let the StopLoss, a guardian set at 200 pips, stand steadfast at 1987.00 for a buy trade anchored at 1989.00. As you navigate, survey the constellations of currency pairs—those that pirouette in unison and those that waltz in opposing directions. Educational Alchemy: The Chronicles of Wisdom Embark on an odyssey through the scrolls of easily decipherable Forex education platforms. Join the symposiums of Forex communities, where sages share their sagas and novices glean the pearls of insight. Chronicle your journey, the trials, and the triumphs in the scrolls of a journal, an atlas mapping the uncharted territories of your evolving knowledge. Epilogue: 🌹 In the grand tapestry of Forex trading, the loom is not as daunting as it may seem. Armed with the artisan's tools, weave your narrative, learning with every stroke of the quill. Navigate the seas of risk with the astuteness of a seasoned mariner, adjusting your course with each gust of the trading winds. In the realm of Forex, the adventure unfolds not as a tumultuous tempest but as a voyage guided by the stars of knowledge. Bon voyage, intrepid trader! May your odyssey be as prosperous as the markets are ever-changing. ----- ❣️
OANDA:XAUUSDEducation
by ATU_TAD
How to avoid the risk of futures trading and increase the winninI sorted out the principles of this long BTC trading strategy. This is a trading system with a high winning rate that I often use. It is very simple and practical. I will share it with you now, hoping to help you. As we all know, the risk of futures trading is very high. If you are a novice, then you are prone to failure. Liquidation and asset zeroing are common things. In severe cases, you may even screw up your life. This is very common for most novices. So how do we change this state of affairs? First of all, we must improve our trading capabilities by working hard to learn various professional knowledge. The second is to use small funds to start to practice and accumulate experience slowly. Of course, this is a very long process. We need to maintain enough patience, not give up because of one or more failures, and not affect our mentality because of market fluctuations. We must always maintain a stable state of mind to learn and practice. Then someone will ask, what if I don’t have enough patience? What if I don’t have much time to keep learning and practicing to improve myself? If you belong to this situation, without your own trading system, then failure will often accompany you until you leave the futures trading market forever as a loser. Or you choose to strictly implement the trading strategies of professionals. miro.medium.com Instructions for the entire trading process, you only need to execute The first thing we think of when doing futures trading is not to make money, but how to keep the principal! This is very important. Only under the premise of keeping the principal can we be qualified to seize more opportunities. Can’t have too much FOMO If you follow the trading strategy of the wolf king, then you have to choose to believe and reduce hesitation to improve efficiency. In the process of following, your trading ability will definitely be improved. Below is my RSI trading system: RSI 4 times cycle contrarian principle In a down (up) trend Only when the RSI reaches the overbought (sell) zone And retrace the 50 position (sometimes it will retrace to the opposite oversold area) Only when it breaks through overbought (sell) again will it consider doing a counter-trend Reversal. You can look for the inverse principle Open long positions, but don’t be too greedy to hold them for a long time. The reverse principle can only obtain short-term profits. There are many people who are good at opening positions, but few are good at closing positions. Because people are greedy, this requires us to act against our inner thoughts, which is undoubtedly very difficult. RSI trend-following strategy In a downtrend, the k-line must be below ema50 When the first time the oversold area is touched, it means that the trend has started, and then go short at each retracement support resistance position As mentioned above, we will find that the success rate of going long against the trend is much lower than the success rate of shorting following the trend, so only when we successfully form an N-shape against the trend and stand above ema50 will we consider doing long. This is also the reason why I drew the N-type path when simulating the trajectory of BTC. Note that the RSI contrarian trading strategy is suitable for shock range trading and harmonic trading. If you think this article can help you, please like and share it.👍💕 If you want to find Wolf King to help you improve your trading ability, please click on the profile of Wolf King.👀
Education
by wolf_king888
Mechanical Consistency Weekly Review 5; +9% Return.TL;DR Total Profit of approximately $900 (around +9%) for the 2nd week of August 2023. Total 9 trades, 8 wins & 1 loss. 1-hour Timeframe, Oanda, XAUUSD(Gold), $10,000 Capital, $200/ 2% per trade. Mechanical Consistency Trading Strategy; Purely rule-based strategy, zero guesswork, zero analysis. Disclaimer: I am not a financial advisor. The content for this article is purely for educational/research purposes only and is merely based on my personal opinions. Please note: There will be affiliate links in this article. But it will only benefit both of us. If you do not wish to participate under my affiliate links, please feel free to Google them separately. Cheers! We had a beautiful trading week for 2nd week of August. Most of my predetermined parameters got triggered and reached my take profit without much drawdown. Let’s break it down. Monday (14 August 2023) I encountered my first loss of the week when the initial mean reversion trade didn’t go as planned. The price swiftly plummeted, triggering my stop loss and prompting me to initiate my second mean reversion trade. Fortunately, I managed to bounce back and secure some profit from take profit 1 before the price continued its downward trend. Tuesday (15 August 2023) My daily bias, determined by the 21 EMA, indicated a clear downtrend. I executed both trades flawlessly. The first mean reversion trade unfolded precisely as anticipated, allowing me to capture profits at each stage. The second trade, a retracement play, experienced an immediate reversal shortly after entry, with almost no drawdown. It was the ideal trade setup I had been hoping for! Wednesday (16 August 2023) The daily bias continued to favor a downtrend. While Tuesday’s trade remained open, my parameters signaled another retracement trade, and both trades successfully reached all of my predetermined take profit levels. As the trading day neared its end, I was triggered into a mean reversion trade at 127%. Fortunately, I managed to secure some profits before ultimately closing the trade on Thursday. Thursday (17 August 2023) The daily bias remained in a downtrend. Most of my attention on Wednesday was dedicated to managing the ongoing trade from that day. However, once I closed out the Wednesday trade, I was able to initiate a standard retracement trade that successfully reached both of my pre-set take profit levels, resulting in a substantial profit. Later that same night, my mean reversion trade was triggered, and I had to manage it until Friday. Friday (18 August 2023) Even though market sentiment began to show signs of shifting towards the upside, my daily bias remained in a downtrend. I successfully closed my Thursday’s trade with a profit and promptly initiated a standard retracement trade, reaching the first take profit level and securing a breakeven point at the entry price, just before the market began its upward momentum. Endnote As I navigated a market with a prevailing downtrend, while also observing hints of a shift in market sentiment towards the upside. Despite these challenges, I executed my trades with precision, closing out profitable positions and making the most of favourable retracement opportunities without any market analysis + zero guesswork, purely using a mechanical system that I developed, backtest and forward testing. Same strategy, same system day in and day out! As a full-time working individual, I do not have the time to constantly monitor the charts and look for the "perfect" trading opportunity. This is why I adopted the mechanical trading strategy to earn extra money. This approach eliminates the need for extensive technical or fundamental analysis and removes any guesswork. It is a 100% Mechanical rule-based strategy, ensuring disciplined and consistent decision-making. Here's how it works: Immediately after the 1st-hour candlestick closes either below or above the 21 EMA (Exponential Moving Average), you place precise Buy/Sell limit orders. Once all parameters are meticulously set, you can confidently attend to your daily routine, including your day job, while entrusting the market to dictate the trades. If you want to learn my strategy, please visit my blogging site, link in BIO. Thank you!
OANDA:XAUUSDEducation
by Barry_Games_Trading
Is it your strategy or you???What is your strategy? If asked, could you explain it to one of your friends or family members? More importantly, does it make sense? Is it clear? Teaching or Sharing your thoughts & methods leads to a deeper understanding of the content. If nothing else, speak aloud and hear your reasoning out of your own mouth before taking a trade. My current strategy is to take a defined structure from Swing High to Swing Low or Swing Low to Swing High and use it as the basis for my analysis. Naturally, the structure will indicate a trend, and I would need to decide if that trend is in alignment with or contrary to the broader market. Either is fine, but this distinction is essential when assessing targets and risk. I have to constantly remind myself that I don't know what the market will do. Since I don't know what the market will do, it follows that I should be open to changing my mind and also safeguarding against my ignorance. With this being said and firmly in mind, there are three levels that I like to pay attention to. They are: Breakouts of previously established key levels. The .618 Retracement & 1.618 Extension (current and previous structures) Between the .786 & .886 Simple enough. I'm sure that your strategy for entry can be explained in layman's terms as well. The issue typically doesn't lie in the analysis it lies in the trader's ability to follow said analysis and follow it consistently. Does this sound relatable? You spend hours or maybe even days conducting your analysis, waiting for the market to make its move and give you some indication of what might happen in the near future. As time passes, things seem to become more clear, and you see your opportunity coming. Sure there are a few unexpected movements that happen along the way but that's just how markets move. Price approaches your entry but not yet. Hell, it may not actually reach the level at which you established as a good entry. So you enter early and let the candles fall where they may. If you have fixed stops, now your levels are thrown off. If you don't, then any concept of risk that you had in your mind has been altered and you now bear the task of making mental adjustments to compensate for a completely different trade. Because that's exactly what it is, a completely different trade, with new numbers, figures, distances, R&R ratios, and new implications of risk. The market moves in your favor, possibly even nearing your predetermined target. If it's a fixed number of pips, then that number has changed. If it was a fixed target then your projected profits have changed. This may not seem like a big deal but for beginning traders who are establishing their system, this means everything. Every decision you make against yourself has future implications on your equity curve, but also on your confidence and understanding of what you are doing in the market. In order to be consistent and profitable in the market we must learn to trade in a consistent manner with a strategy that will prove to be profitable over time. The market continues to move but it has taken a sudden turn against you, whatever profits you had are quickly erased and price action now edges toward your stop loss. You've been stopped out only to learn that if you had been patient at entry and kept your original strategy in place, you wouldn't have been stopped out, and price action would have ultimately gone in your favor reaching your target. The point of all this is to illustrate that we unconsciously make changes to our strategies as we are deploying them. These changes have a compounding effect on the outcome of our trades. Even if you are made a winner by these changes you've made, you will have reinforced a bad habit that will undoubtedly lead to many losses in the future. There is power in understanding the unique set of tendencies and preferences that make you the type of trader you are. If you continue to ignore this, you will rightfully take your place amongst the other 90% of failing traders. When you start to pay attention to your own uniqueness and figure out what concepts, ideas, strategies, tools, and methods resonate with you, then you will be on your way to developing a system that you can trade consistently. Losing is a part of the game. You may as well lose in a manner that produces feedback that can be learned from. Are you losing because your strategy needs adjusting or are you losing because your psychology needs adjusting? It should be stated that any given trade, from start to finish, can be, and typically is, more nuanced than what I've just described. Its simplicity should not overshadow its intent. The chart attached to this post shows that there are multiple opportunities for entry for mine and, quite possibly, your strategy. All a trader needs to do is be patient and allow the market to tell you what it is doing. Along with entries are maintenance and exits. Targets are just as important as entries if not more so. Your unique perspective as a trader will heavily impact the decisions you make in all three phases of trading. Levels of Development LLC is providing this material for this site and any other related sources (including newsletters, blog post, videos, social media and other communications) for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and may not represent specific trades or transactions that we have conducted. In fact, we may use examples that are different or the opposite of transactions we have conducted or positions we hold. All investing and trading in the securities market involves risk. Any decisions to place trades in the financial markets, including trading in stock or options or other financial instruments, is a personal decision that should only be made after thorough research, including a personal risk and financial assessment, and the engagement of professional assistance to the extend you believe necessary.
BLACKBULL:US30Education
by LevelsArchitect
📖 STEP 3 to MASTER TRADING: WHAT’S YOUR TRADING EDGE? 📖The topic of trading edge in the market is highly underrated, in my opinion. That’s why today I propose to discuss it, and I hope it can help you to shift your perspective on this matter. So let’s think about this together. What parts does your trading edge consist of? 🟩 THE BIG FILTER For me, the first part of any trading edge is its filter. So your trading system tells you very clearly when you should NOT be in the market. It protects your capital - both $ capital and emotional capital - from poor market conditions, and low-quality and low-probability setups. And what it actually means when you execute your edge is that most of the time, you will stay out of the market. 🟩 YOU WILL “MISS” THE MOVES That’s really tough topic for many of us, me included because very often you’re looking to enter the zone, but the price can either turn right before tapping into it or tap and doesn’t give any confirmation for entry. And that could be very emotional. However, the fact is simple - such “missed” moves are also part of our edge. Why? Because if you tested one set up, one pattern, and you know it’s profitable the way it is, then you need to execute it the way it is. Keep in mind, when I say profitable, I don’t mean crazy profitable. Today, with access to prop firms, we need a very low % of profitability to earn for living. We can scale the $ amount relatively easily if we are profitable consistently. So again, we don’t need every move, and we don’t need the whole move. We just need some part of some moves - and a good edge will make consistent profits out of this. And only then, if you want, you can tweak, refine and step by step make your system even more profitable. 🟩 THE PATTERN This part is actually your entry pattern. Notice again, this is just a part of your system, not the whole system. If you really understand this, you’ll be much more relaxed in the market. This part should include a written checklist for your entry - just like a pilot has a checklist before his flight. A checklist, in its turn - is a part of your trading plan, it’s the essence of your trading plan. You will refer to it before every trade. 🟩 MANAGEMENT, LOSERS AND BREAKEVENS When you executed your edge in the market, now you need to manage the trade accordingly, based on your checklist. So take partials, accept breakevens and losers. If you entered into a high-quality setup, which turned into a BE or a loser - it’s the part of your system, and usually, it doesn’t make sense to overthink it and try to find flaws in your system. But that’s flexible, and of course, you can analyze what happened, and maybe even find something to tweak, but very often a loser is just a normal loser, and breakeven is just a normal breakeven. 📖To recap, any edge will include: 🔹“missed” trades 🔹trades, where price didn’t tap into your entry order just a bit 🔹trades where you were stopped out for several pips and price then went to profit (if it repeats constantly, maybe consider having a bigger stop loss) 🔹full TP 🔹partials 🔹losers 🔹breakevens 🎁If you’re still here, here’s a BONUS trading hack for you. Ask yourself and try to answer honestly this question: “During all the time I’m trading, what is the maximum amount of days in a row, when I followed my rules to the T, honestly?” You will be surprised, but the usual answer is 3-10 days. Yes, people can trade for 2-3 years, but never manage to follow their rules (whatever they have at the moment) for at least a month in a row. It all leads to catastrophe, of course. Thank you for your time! If you want to see more educational materials, please hit the BOOST button and leave your comments below. Dima
FOREXCOM:XAUUSDEducation
by Yelli_trades
7
STEP 1 to MASTER TRADING: Hindsight trading. Train your eyes.A common mistake that traders make after learning any kind of trading setup is jumping into backtesting using a replay tool, or even live trading. However, if you think about it, trading is very much about pattern recognition. And when you force yourself into live trading without a proper understanding of what your patterns look like, most likely you’ll need much more time to succeed. A different approach and much more effective would be using hindsight, that’s when you see what actually happened. During this process, try to find at least 50 high-quality setups, that represent your trading system. So you actually see everything that happened and find situations, where your edge played out, document it in your journal. That’s great training for your eyes and brain. You don’t need to guess, you will not feel anything, because you already see what happened, you’ll notice that sometimes your edge, your system doesn’t give you entries and price goes without you, sometimes, you’ll see a loser or a breakeven after your entry, start to get used to this, as it’s all part of your system. After that, you'll have a much better understanding and vision for your setup - and that could be the time to try some backtesting and forwardtesting. I’ll talk more about a different kind of backtesting in future posts. Meanwhile, take care, send your questions, and comments, will be glad to chat with you. Dima
Education
by Yelli_trades
1
The PIK Trading Strategy & Key Lessons for Day Traders!Hey Traders! Happy Sunday! In this video, which ends a little earlier as I didn't know videos have a limit, we go over a few key points, starting from the PIK trading strategy which you guys will hear about much more over the next few days, mindset, motivation and guidance is covered too! When it comes to the PIK trading strategy, we go over the indicators that are used, price action and key levels! The video isn't our best one, but it does have plenty of value and we hope you enjoy it! Thanks and all the best!
OANDA:DE30EUREducation
by PrimedGroup
The best types of trades you can take!Hey all! In this video we go over the best types of trades you can take and explain why when technical analysis is connected to momentum and/or fundamental analysis you can make big returns relatively easy... Easy meaning you follow your process/system not dive deep into FOMO land! If you like the video give us a like and/or comment! Related to this video is a chart of XAGUSD which we are long on since the early London trading session
OANDA:WTICOUSDEducation
by PrimedGroup
2
Becoming a Successful Trader is a Process of EliminationBecoming a trader is not a journey for the faint of heart. Becoming a successful trader is ultimately an act of determination . Not unlike the titular character of the John Wick trilogy (Quadrology? Pentology?), we traders have to be "a man of focus, commitment, sheer will." (and I'm certainly not being sexist... this goes for you female traders as well!) We have to get up early, stay up late, follow a routine, backtest, journal, rinse, and... repeat... and repeat ... and REPEAT . Focus . Commitment . Sheer will . Ultimately, the journey of becoming a successful trader is a process of elimination, not much unlike Michelangelo sculpting his great masterpiece, David, from a mediocre piece of marble . Reportedly, someone asked the artist how he made such a magnificent sculpture from the hulking slab of what was a previously abandoned project – literally a 'leftover' piece of marble. His reply was "Simple... I just chipped away all the parts that weren't David." Likewise, the successful trader we want to be is inside us... we just have to chip away all the pieces that are "un-traderlike". Early in my trading journey I had several friends, who career-wise, were in "high places", who tried to convince me that the road I was about to travel was a pathway to failure. One is a fund manager who oversees 8-figure retirement accounts for wealthy clients. Another friend is an industry recognized globetrotting auditor for Fortune-100 clients. Another friend was a nuclear engineer. (All smart cookies, right?) All three tried to sway me from my plans of becoming a trader by recounting stories of friend after friend who lost their homes, lost their fortunes, lost their marriages, lost their minds, etc. after losing their proverbial shorts in the markets. Their universal theme: "Trading is a path doomed for failure. It's legalized Gambling! Nobody makes money trading." Well, friends, just watch the news... somebody is making money in the markets, and the secret to success is to do what successful people do. My motto: "Do what successful people do, get what successful people got." Just because you are a successful accountant, a successful investor, a successful nuclear engineer, it doesn't make you a successful trader, and it's hard to take advice from someone who you respect, but has no experience in the field they are pontificating on, saying, "you can't make money doing 'X' " if they themselves have never done it.  I'm not going to listen to my brother for financial advice... he's broke. I'm not going to listen to my uncle for marriage advice... he's been divorced 3 times. I'm not going to listen to my brother-in-law for business advice... he's started and shut down 10 businesses in 5 years. Likewise, I wasn't about to listen to anyone, friends and family included, who have never traded tell me that I can't become a successful trader. It is said that you are the average of the five people you spend the most time with . If we want to become successful at trading, we have to associate with successful traders ... and we have to simply do what they did to get what they've got . We not only need to take on certain new behaviors and attitudes... more importantly we have to stop doing certain activities and stop believing certain things to start heading in the direction we want to go in our trading, or any aspect of our lives for that matter. These are the things that are preventing us from being successful. We have to take away all the "bits that aren't trader-like" and become the magnificent trader we are destined to be. This is a simple process of elimination. Elimination Point 1: Eliminate or limit relationships that do not support you and your goals. I had to 'eliminate' or limit some relationships (as mentioned above, people who never traded before trying to tell me that "nobody makes money trading"), and establish new relationships (those among the trading community who are successful at trading) and follow in the footsteps of the successful. One of my mottos as I alluded to before is: "If you do what successful people do ... you will get what successful people've got ." Why spend time with or take advice from someone with literally zero experience in a field they feel qualified to pontificate about?) Just look at all our FaceBook "friends" who think they're qualified to give advice on immunology, virology, or geopolitics of the Middle East. Turn that noise off... Ain't nobody got time for that!   Elimination Point 2: Eliminate or limit activities that do not move you forward in your goals. I love movies. One of the reasons (well, the primary reason) I built my home was that I could build my dream home theater in its massive bonus room. It has 2-tier seating, a 144" projection screen, an ear-splitting loveseat-pounding surround sound system, custom cabinetry, and so on... I would binge TV shows (7 seasons of 24, 5 seasons of Breaking Bad), I would have Movie Marathons (9 Star Wars films, 6 Middle Earth movies, 8 Fast & Furious films) and host monthly movie nights with our friends. Other hobbies included woodworking, writing, getting on the JetSki several times each week, not to mention all my other 'commitments'. We live fast-paced, hectic lives full of 'good' things. However, our glasses are full . In order to add "developing my trading skills" to our glass we have to "empty" that glass of 'good' things in order to make room for 'better' things. This can be a very difficult thing for us to admit: We have to sacrifice the "good" for the "better." My movie routine is now simply Friday afternoons with friends and a twice-a-month movie "date night". I'm not on the lake as often as I'd 'want' to be but I'm still getting out on the 'ol SeaDoo. I haven't done a recreational woodworking project in a long while. Freeing up or reorganizing my time gave me the ability to spend at least four (and sometimes eight) hours per day to hone my trading skills and develop my own consistently profitable trading system... Every day we need to focus on whittling away bad habits and building on good habits ... Every day we need to build our trading psychology from "I hope I can trade full time someday" to "By doing what these successful traders are doing I will get what I deserve after my consistent efforts in short order!" We need to change our commitment level from "I'll find time to fit in learning how to trade when I can" to "I'm committing the time to develop this skill in order to never be dependent on an employer, customers, on the economy, ever again!" And day by day I and my fellow traders who followed this philosophy alongside me were committed to build our trading performance from a 20% win rate, to a 40% win rate, to a 60% win rate... to where we now have a reliable, consistent income from the markets. Elimination Point 3: Eliminate all education channels but one: Become an education minimalist.  One of the blessings of the internet today is the plethora of information available about trading. One of the curses however is you can easily find yourself "spinning plates" jumping from guru to guru, watching video after video, following technique after technique and six months later after spending hour after hour doing all that you find you are no farther ahead in your trading journey than when you started.  (I speak from personal experience!)  I one day decided to simplify : simply look at the trading styles of all my favorite traders and choose one single trading method which I thought would be the best fit for me. My goal was to turn my light bulb into a laser . Fun fact: a 5-watt light bulb will barely keep a muffin warm. A 5-watt laser will cut through steel . If you focus all of your energy and efforts into one spot , you can literally burn through the barriers that have been holding you back from becoming the trader you want to be, the trader that you need to be. What one technique do you know, which one mentor or trader do you respect, which one timeframe can you focus on, what one market will you trade over and over until you have the win rate you need to take your trading full time ? Elimination Point 4: Excuses. Eliminate them! It has been said that "Excuses are reasons wrapped up in a lie." We can all justify, give a 'reason' for why we can't wake up early, why we can't stay up late, why we can't carve out 90 minutes per day to develop our skill, why we can't commit that first $10K in capital, why we can't join that trading group...  You can make Money , or you can make excuses . You can't do both. Find the reasons you can and will do what you need to do to get what you are committed to get. Put together a playlist of inspiring music. Put your alarm clock on the other side of the room. Read The Miracle Morning . (More importantly, don't just read it, DO the Miracle Morning!) We don't have the time to do everything in the world that we want. But we do have the time to do everything that we need to do that is important . If you "don't have time" to trade or develop your skill to the next level then it's just not "important" enough. If you really want to be a successful trader, (the great) it has to be important enough that it will usurp the time previously committed (or squandered) on other activities (the good). Take 15 minutes to look at what people, activities, excuses, you need to eliminate or limit, and what habits, routines, and relationships you will add or magnify in your life. Then put those items on the calendar and as the most successful ad campaign in history commands, "Just Do It!" Trade Well!
BITFINEX:DOGEUSDEducation
by ocaptain
108
Building a good system and writing down a cheat sheetThis is an idea about having a good thought process. The image of a sniper is often used. In the cover of the idea (screenshot at the end in case it does not display correctly) I put a few examples. I have not seen this on the internet and being shown by course providers, and how could they know, the internet is full of get rich quick with 5 minutes a day feel good messages and they do not trade themselves. Build a system that eliminates the potential for mistakes or randomness then rinse and repeat perfectly. Writing this down is especially useful when juggling with various strategies which we often end up with when we spent a fair amount of time playing. Here is an example of a breakout trade: And this becomes: Screenshot of the diagram:
Education
by MrRenev
2