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Top 3 Must-Know Candlestick Patterns for BeginnersGet your cup of coffee or tea ready we are doing a crash course on Candlesticks today I’m walking you through three candlestick patterns every beginner trader should know—Doji, Engulfing Candles, and Hammers (including the Inverted Hammer). These patterns are super helpful when you’re trying to spot market reversals or continuations. I’ll show you how to easily recognize them and use them in your own trades. Let’s keep it simple and effective. Key Takeaways: Doji: Indicates indecision, potential reversals. Engulfing Candles: Bullish or bearish reversal signals. Hammer & Inverted Hammer: Bullish reversal after a downtrend. Trade what you see and let’s get started! Mindbloome Trader
Education
by Mindbloome-Trading
4
Constructin of chartsThe first documented use of charts goes back to ancient Babylonia, where their early forms were used primarily for record-keeping by astrologists and merchants. Then, sometime between the 5th and 6th century A.D., these graphical representations developed into a form reminiscent of today’s charts. Further refinement and development of charting techniques continued through the centuries, influenced by advancements in mathematics, commerce, and technology, which propelled charts from hand-drawn illustrations to sophisticated computerized displays in the 20th century. Nowadays, there is a myriad of visualization options, but line charts, bar charts, and candlestick charts are the most widely used for the purpose of technical analysis. Key points: A chart is a graphical display of data, usually price and volume. In the context of financial markets, charts serve as tools for analyzing trends, patterns, and relationships in data. There is a wide array of visualization options available today, with line charts, bar charts, candlestick charts, and equivolume charts being among the most commonly used. Different types of charts are suitable for analyzing different aspects of data, ranging from long-term trends to short-term price movements and volatility. Line chart A line chart is represented by a single line that provides information about the price on the vertical axis and time on the horizontal axis. It is typically constructed by connecting a closing price. This type of chart is suitable for analyzing long-term trends, but its main drawback is that it provides only one piece of information, unlike a bar graph or a candlestick graph. Illustration 1.01 The illustration above shows the daily line graph of Bitcoin (BTCUSD) between 2020 and late 2022. Bar chart A bar chart is constructed with bars, each representing one particular time interval. These bars provide information about opening price, closing price, high, and low. As such, volatility and various price patterns can be easily observed. This type of chart fits short-term, medium-term, and long-term trend studies. Illustration 1.02 The image portrays the daily bar chart of silver (XAGUSD) throughout 2022 and early 2023. Candlestick chart A candlestick chart is very similar to a bar chart and provides information about opening price, closing price, high, and low. It consists of the real body and shadow. The real body is a rectangular area between the opening and closing prices. Shadows are the price extremes that occur within a trading session and are represented by thin bars above and below the real body. The shadow above the real body is called the upper shadow, and the shadow below the real body is called the lower shadow. Candlestick charts are appropriate for analyzing short-term, medium-term, and long-term trends. Illustration 1.03 Above is the weekly candlestick chart of gold (XAUUSD) between late 2007 and early 2017. Equivolume chart In an equivolume chart, the width of each bar or candlestick is proportional to the volume traded during that period, while the height represents the price range (high to low) for the same period. This type of chart aims to visually depict the relationship between trading volume and price movement, allowing traders to identify patterns and trends more effectively. Equivolume charts are especially useful for analyzing the strength of price movements in relation to trading activity. Illustration 1.04 The equivolume chart of silver (XAGUSD) is depicted above. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Therefore, your own due diligence is highly advised before entering a trade.
Education
by Tradersweekly
2
[EDU-Bite Sized Mini Series]How Big is FX n a story of FXHello Fellow Traders! Here's the next installation for you on Forex , a bite sized mini series! Enjoy! The Forex market, also known as the foreign exchange market, is the largest and most liquid financial market in the world. Its size and liquidity are unparalleled, dwarfing all other financial markets in terms of daily trading volume and accessibility. With an average daily turnover exceeding $6 trillion as of 2021 , the Forex market operates 24 hours a day, five days a week, allowing traders to participate from anywhere in the world. One of the primary factors contributing to the immense size of the Forex market is its decentralized nature . Unlike stock exchanges, which are typically centralized, the Forex market operates through a global network of banks, financial institutions, corporations, and individual traders. This decentralized structure ensures continuous trading activity across different time zones, making it highly liquid and resilient to disruptions. The liquidity of the Forex market refers to the ease with which traders can buy or sell currency pairs without significantly impacting prices . This high level of liquidity is attributed to the vast number of participants and the sheer volume of transactions taking place each day. In the Forex market, traders have access to a wide range of currency pairs, including major pairs such as EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic pairs. Moreover, the Forex market offers unparalleled transparency and accessibility, allowing traders of all sizes to participate. Retail traders can access the market through online brokers, trading platforms, and mobile apps , while institutional players execute large trades through interbank networks and electronic communication networks (ECNs) . This accessibility ensures a diverse range of participants, contributing to market efficiency and liquidity. The size and liquidity of the Forex market also make it highly attractive to investors seeking diversification and risk management. Due to its sheer volume and depth, the Forex market is less susceptible to manipulation and price distortion compared to other financial markets. Additionally, the ability to trade with leverage allows traders to amplify their returns while managing their risk effectively. In conclusion, the Forex market's size and liquidity are unparalleled, offering traders unparalleled opportunities for profit and risk management. With its decentralized structure, continuous operation, and vast participant base, the Forex market remains the cornerstone of global finance, serving as a vital conduit for international trade, investment, and speculation. Thank you for your time and do checkout below for the previous post on what is forex if you have missed it! Signing off... STBB
Education
by Shadowing_The_Big_Boys
What is Spread in Trading | Everything You Need to Know Hey traders, It turned out that many newbie traders completely neglect spreads in their trading. In this post, we will discuss what is the market spread and how it can occasionally spoil a seemingly good trade. 💱No matter what financial instrument we trade, in order to buy the asset we need to have a counterpart that is willing to sell it to us and vice versa, if we want to sell the asset, we need to have someone to sell it to. The market provides a convenient exchange between buyers and sellers. The asset price is determined by a current supply and demand. However, even the most liquid markets have two prices: bid and ask. 🙋‍♂️ Ask price represents the lowest price the market participants are willing to sell the asset to you, while 🙇‍♂️ bid price shows the highest price the market participants are willing to buy the asset from you. Here is how bid and ask prices look like. Bid and ask price are almost never equal. The difference between them is called the spread . 📈The spread size depends on liquidity of the market. 📍Higher liquidity implies bigger trading volumes and greater number of market participants, making it easier for them to make an exchange. On such markets we see lower spreads. 📍From the other side, less liquid markets are categorized with low trading volumes, making it harder for the market participants to find a counterpart for the exchange. On such market, spreads are usually high. For example, current EURUSD price is 1.0249 / 1.0269. Bid price is 1.0249 - you open short position on that price. Ask price is 1.0269 - you open long position on that price. The spread is 2 pips. ❗️Spreads must always be considered in a calculation of a risk to reward ratio for the trade. For scalpers and day traders, higher than usual spread may spoil a seemingly good trade. Always check spreads before you open the trade. Check how the spread is displayed in the trading terminal. In 2020, for example, we saw unusually high spreads on Gold during UK/NY trading sessions. Spreads were so high that I did not manage to open a trade for a couple of days. Not considering spreads in such a situation would cost you a lot of money. Do you consider spread when you trade?🤓
OANDA:XAUUSDEducation
by VasilyTrader
7
250k Btc (with facts) Bitcoin growth across three Halving CyclesFirst Halving: Market cap at halving: 146 million Market cap during run-up: $18.75 billion Run-up: 20 billion (approx.) Second Halving: Market cap at halving: $9.375 billion Market cap during run-up: $300 billion Run-up: $290.625 billion (approx., 15 times larger than the first halving) Third Halving (hypothetical): Market cap at halving: 150 billion Possible market cap scenarios during run-up: a. $1.2 trillion (already achieved) b. $2.4 trillion (potential) c. $4.8 trillion (potential) Run-up (applying the 15x increase pattern): $4.35 trillion approx. Hope you learned something :) Follow for more
CRYPTOCAP:BTCLong
by MichaelBsul
9
📈Golden Cross and Death Cross: Decoding Forex Trading Signals📉 ✅When it comes to analyzing the Forex market, traders often rely on various indicators and patterns to make informed decisions. Two popular patterns that can provide valuable insights are the golden cross and death cross. In this article, we will explore what these terms mean, how they can be identified, and how traders can use them to their advantage. ✅Golden Cross: The golden cross is a bullish signal that indicates a potential uptrend in the market. It occurs when the shorter-term moving average, typically the 50-day moving average, crosses above the longer-term moving average, usually the 200-day moving average. This crossover suggests that the price is gaining momentum and that buyers are becoming more active. Traders often interpret the golden cross as a confirmation of a strong market sentiment, leading them to open long positions or increase their current holdings. It is seen as a positive sign as it suggests that a positive trend is likely to continue. ✅Death Cross: On the other hand, the death cross is a bearish signal indicating a possible downtrend. It occurs when the shorter-term moving average crosses below the longer-term moving average. Similar to the golden cross, the death cross is typically identified using the 50-day and 200-day moving averages. The death cross can be interpreted as a confirmation of a negative market sentiment with increased selling pressure. Traders may consider opening short positions or reducing their existing long positions in anticipation of a downward trend. ✅Using Golden Cross and Death Cross in Forex Trading: While the golden cross and death cross patterns can provide valuable insights, traders should not solely rely on them for making trading decisions. It is important to consider other indicators, fundamental analysis, and overall market conditions. 🟢Confirmation: Traders should look for additional confirmation, such as increased trading volume or other technical indicators aligning with the signal, before entering a trade. 🟢Timeframes: Different timeframes (hourly, daily, weekly, etc.) can produce different crossing signals. Traders should select the timeframe that suits their trading strategy and goals. 🟢False Signals: It is crucial to acknowledge that golden cross and death cross signals are not foolproof. In certain market conditions, they may generate false signals, leading to incorrect trading decisions. Thus, it is advisable to use them in conjunction with other technical analysis tools. ✅The golden cross and death cross are popular patterns used in Forex trading to identify potential bullish and bearish market conditions, respectively. These signals provide traders with valuable information about market sentiment, allowing them to make more informed trading decisions. However, it is important to use these patterns in conjunction with other indicators and analyses to increase the probability of success. Remember, understanding these patterns is just the beginning of the trading journey – continuous learning and adaptation are key to becoming a successful trader. I hope this post was helpful to some of our beginner traders😊 Dear followers, let me know, what topic interests you for new educational posts?
BITSTAMP:BTCUSDEducation
by SignalProvider
7
📉Mastering the Art of Control: Stop and Limit Orders Unveiled📈 📌In the thrilling world of forex trading, where fortunes rise and fall in the blink of an eye, having the ability to control your trades is paramount. Among the arsenal of tools at your disposal, stop and limit orders reign supreme. These magnificent creations empower traders to set their own boundaries and ensure that the roller coaster ride of forex trading remains under their command. So, buckle up and embark on this exciting journey of understanding stop and limit orders! 📌Understanding Stop Orders: Stop orders are like steadfast guardians, appointed to protect your hard-earned profits or minimize potential losses. Imagine them as your personal bodyguards ready to leap into action at the first sign of trouble. When you place a stop order, you determine a specific price at which your trade should be closed automatically if the market moves against you. This mighty order helps you sidestep the risk of your entire trade being wiped out by sudden market swings or unexpected news events. 📌Shining a Light on Limit Orders: Limit orders are akin to skillful negotiators, tirelessly working to secure the best possible price for your trades. Picture them as your savvy diplomats, taking charge of your trades and ensuring you reap maximum rewards. With a limit order, you specify a particular price at which you want to enter or exit the market. It’s like having an invisible hand that waits patiently until your desired price is met before executing your trade. This remarkable order empowers you to seize opportunities and helps lock in your well-deserved profits. 📌The Dance of Stop and Limit Orders: Now that we understand each order's unique strengths, let's witness the masterful coordination between stop and limit orders, as they work together seamlessly to protect and maximize your forex trading outcomes. By using stop and limit orders in tandem, you can create a framework that balances risk and reward, empowering you to navigate the treacherous waters of the forex market. 📌Example Scenario: Imagine you're trading EUR/USD, and you've just entered a long position at 1.2000. You're optimistic about the pair's potential, but you don't want your gains to vanish overnight. In this case, you place a stop order at 1.1950. This ensures that if the market takes a nosedive and reaches 1.1950, your trade will be automatically closed, safeguarding your hard-earned capital. Simultaneously, you set a limit order at 1.2100, securing your target profit level. It's like having a guardian angel watching over your trade, ensuring that once your desired profit is reached, your trade is closed automatically, guaranteeing you a win. 📌Conclusion: Stop and limit orders are the under-appreciated heroes of forex trading, granting you the power to control and protect your trades. With stop orders acting as your shield and limit orders as your sword, you can set your boundaries and seize opportunities with confidence. Harnessing the potential of these remarkable orders will elevate your trading game by ensuring you stay in charge, even when the markets are at their most unpredictable. So go forth, brave traders, and let your stop and limit orders pave the way to victory in the thrilling realm of forex trading! I hope this post was helpful to some of our beginner traders😊 Dear followers, let me know, what topic interests you for new educational posts?
BITSTAMP:BTCUSDEducation
by SignalProvider
7
The Journey of a Trader 🎓From Day 1 Until Profitable On Day 1, a trader is just a passenger in a car that is controlled by others... This journey is so common that when people realize others are doing the same thing, they don’t feel so alone. I have talked with thousands of traders through the years and the vast majority of them experience this journey just as I have. Most start out so pissed off with life that something has to change. Most do not have college degrees. The ones that do have college degrees think they have an edge in trading… THEY DON’T but they can’t realize that yet. Some people are smarter than others so they think trading will come easier to them. IT WONT. For some reason, trading comes easier to basic factory workers with no education and no one knows why. Maybe it is just pure gut instinct. Maybe it is because they are used to following the rules. Whatever the case, trading is not, nor ever will be, easy. Most traders give up before the journey ends. It has been said that 80-90% will give up in their first year but there are actually zero statistical studies to back this up. One thing we do know, by looking at trading statistics from brokers is that only a small percentage are successful. By analyzing data from 3 of the largest forex brokers, we know that only 25-35% are successful in their trades and the others are losing. This is a totally different number than all the "95% of trader lose" we see blasted all over the place. No one knows the REAL number. Out of the small percentage that stick with it, success is born after a long and intense process. Successful traders go through a series of steps and it is kind of funny but we all go through the same steps, over and over. Most traders I know have gone down this same path and I am going to lay it out for you here. While you are reading, this I want you to ask yourself where you are along this journey. Ignorance Comes First Then comes the «WOW» moment! A WOW moment is when you find something that makes you take a double take, lose your breathe and say wow. The second wow moment! 💥 A new spark of excitement and hope sets in… Pure determination At this point, you become unstoppable. Others think you are crazy! Everyone, at this point, thinks you have lost your damn mind! Finally you can say, ” Heck Yeah, I made it!” Freedom! When you reach this point, you have given more effort than the overwhelming majority of so called traders out there. You have spent sleepless nights, sweaty day, cried, made yourself sick, mentally abused your mind, and just gave every dang ounce of energy you have to this profession. You have persevered and prevailed. Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
8
Learn 7 Classic Free Indicators For Technical Traders ◻️MACD(Moving Average Convergence/Divergence) Traders use MACD to identify changes in the direction or strength of the asset’s price trend. MACD can seem complicated at first glance, because it relies on additional statistical concepts such as the exponential moving average (EMA). But fundamentally, MACD helps traders detect when the recent momentum in an asset’s price may signal a change in its underlying trend. This can help traders decide when to enter, add to, or exit a position.MACD is a lagging indicator. After all, all the data used in MACD is based on the historical price action of the asset. Because it is based on historical data, it must necessarily lag the price. However, some traders use MACD histograms to predict when a change in trend will occur. ◻️VWAP(Volume-Weighted Average Price) The volume-weighted average price (VWAP) is a measurement that shows the average price of a security, adjusted for its volume. It is calculated during a specific trading session by taking the total dollar value of trading in the security and dividing it by the volume of trades. The formula for calculating VWAP is cumulative typical price x volume divided by cumulative volume. VWAP gives traders a smoothed-out indication of a security’s price (adjusted for volume) over time. It is used by institutional traders to ensure that their trades do not move the price of the security they are trying to buy or sell too extremely. ◻️EMA(Exponential Moving Average) An exponential moving average (EMA) is a type of moving average (MA) that places a greater weight and significance on the most recent data points. The exponential moving average is also referred to as the exponentially weighted moving average. An exponentially weighted moving average reacts more significantly to recent price changes than a simple moving average simple moving average (SMA), which applies an equal weight to all observations in the period. ◻️THE FOUR TYPES OF EMA: ▪️9-EMA is use for short term trading ▪️21-EMA is used for day trading ▪️50-EMA is used for analysis ▪️200-EMA is used for long term view ◻️RSI(Relative Strength Index) The relative strength index (RSI) is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of a security's recent price changes to evaluate overvalued or undervalued conditions in the price of that security. The RSI is displayed as an oscillator (a line graph) on a scale of zero to 100.Generally, when the RSI indicator crosses 30 on the RSI chart, it is a bullish sign and when it crosses 70, it is a bearish sign. Put another way, one can interpret that RSI values of 70 or above indicate that a security is becoming overbought or overvalued. It may be primed for a trend reversal or corrective price pullback. An RSI reading of 30 or below indicates an oversold or undervalued condition. Overbought refers to a security that trades at a price level above its true (or intrinsic) value. That means that it's priced above where it should be, according to practitioners of either technical analysis or fundamental analysis. Traders who see indications that a security is overbought may expect a price correction or trend reversal. Therefore, they may sell the security. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
8
Beginners’ Guide to Asset Allocation and Diversification Even if you are new to investing, you may already know some of the most fundamental principles of sound investing. How did you learn them? Through ordinary, real-life experiences that have nothing to do with the stock market. For example, have you ever noticed that street vendors often sell seemingly unrelated products - such as umbrellas and sunglasses? Initially, that may seem odd. After all, when would a person buy both items at the same time? Probably never - and that’s the point. Street vendors know that when it’s raining, it’s easier to sell umbrellas but harder to sell sunglasses. And when it’s sunny, the reverse is true. By selling both items - in other words, by diversifying the product line - the vendor can reduce the risk of losing money on any given day. If that makes sense, you’ve got a great start on understanding asset allocation and diversification. This publication will cover those topics more fully and will also discuss the importance of rebalancing from time to time. Asset Allocation Asset allocation involves dividing an investment portfolio among different asset categories, such as stocks, bonds, and cash. The process of determining which mix of assets to hold in your portfolio is a very personal one. The asset allocation that works best for you at any given point in your life will depend largely on your time horizon and your ability to tolerate risk. Time Horizon Your time horizon is the expected number of months, years, or decades you will be investing to achieve a particular financial goal. An investor with a longer time horizon may feel more comfortable taking on a riskier, or more volatile, investment because he or she can wait out slow economic cycles and the inevitable ups and downs of our markets. By contrast, an investor saving up for a teenager’s college education would likely take on less risk because he or she has a shorter time horizon. Risk Tolerance Risk tolerance is your ability and willingness to lose some or all of your original investment in exchange for greater potential returns. An aggressive investor, or one with a high-risk tolerance, is more likely to risk losing money in order to get better results. A conservative investor, or one with a low-risk tolerance, tends to favor investments that will preserve his or her original investment. In the words of the famous saying, conservative investors keep a “bird in the hand,” while aggressive investors seek “two in the bush.” Stocks Stocks have historically had the greatest risk and highest returns among the three major asset categories. As an asset category, stocks are a portfolio’s “heavy hitter,” offering the greatest potential for growth. Stocks hit home runs, but also strike out. The volatility of stocks makes them a very risky investment in the short term. Large company stocks as a group, for example, have lost money on average about one out of every three years. And sometimes the losses have been quite dramatic. But investors that have been willing to ride out the volatile returns of stocks over long periods of time generally have been rewarded with strong positive returns. Bonds Bonds are generally less volatile than stocks but offer more modest returns. As a result, an investor approaching a financial goal might increase his or her bond holdings relative to his or her stock holdings because the reduced risk of holding more bonds would be attractive to the investor despite their lower potential for growth. You should keep in mind that certain categories of bonds offer high returns similar to stocks. But these bonds, known as high-yield or junk bonds, also carry higher risk. Cash Cash and cash equivalents - such as savings deposits, certificates of deposit, treasury bills, money market deposit accounts, and money market funds - are the safest investments, but offer the lowest return of the three major asset categories. The chances of losing money on an investment in this asset category are generally extremely low. The federal government guarantees many investments in cash equivalents. Investment losses in non-guaranteed cash equivalents do occur, but infrequently. The principal concern for investors investing in cash equivalents is inflation risk. This is the risk that inflation will outpace and erode investment returns over time. Stocks, bonds, and cash are the most common asset categories. These are the asset categories you would likely choose from when investing in a retirement savings program or a college savings plan. But other asset categories - including real estate, precious metals and other commodities, and private equity - also exist, and some investors may include these asset categories within a portfolio. Investments in these asset categories typically have category-specific risks. Before you make any investment, you should understand the risks of the investment and make sure the risks are appropriate for you. Like, comment and subscribe to boost your trading! Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
11
Building Your First Trading Plan | Step By Step Guide 📖What is a trading plan? A trading plan is a comprehensive decision-making tool for your trading activity. It helps you decide what, when and how much to trade. A trading plan should be your own, personal plan – you could use someone else’s plan as an outline but remember that someone else’s attitude towards risk and available capital could be vastly different to yours. 📚Why do you need a trading plan? You need a trading plan because it can help you make logical trading decisions and define the parameters of your ideal trade. A good trading plan will help you to avoid making emotional decisions in the heat of the moment. ✳️TRADING PLAN CREATION STEPS: 1️⃣Outline your motivation Figuring out your motivation for trading and the time you’re willing to commit is an important step in creating your trading plan. Ask yourself why you want to become a trader and then write down what you want to achieve from trading. 2️⃣Decide how much time you can commit to trading Work out how much time you can commit to your trading activities. Can you trade while you’re at work, or do you have to manage your trades early in the mornings or late at night? If you want to make a lot of trades a day, you’ll need more time. If you’re going long on assets that will mature over a significant period of time – and plan to use stops, limits and alerts to manage your risk – you may not need many hours a day. It's also important to spend enough time preparing yourself for trading, which includes education, practising your strategies and analysing the markets. 3️⃣Define your goals Any trading goal shouldn’t just be a simple statement, it should be specific, measurable, attainable, relevant and time-bound (SMART). For example, ‘I want to increase the value of my entire portfolio by 15% in the next 12 months’. This goal is SMART because the figures are specific, you can measure your success, it’s attainable, it’s about trading, and there’s a time-frame attached to it.You should also decide what type of trader you are. Your trading style should be based on your personality, your attitude to risk, as well as the amount of time you’re willing to commit to trading. 4️⃣Choose a risk-reward ratio Before you start trading, work out how much risk you're prepared to take on – both for individual trades and your trading strategy as a whole. Deciding your risk limit is very important. Market prices are always changing and even the safest financial instruments carry some degree of risk. Some new traders prefer to take on a lower risk to test the waters, while some take on more risk in the hopes of making larger profits – this is completely up to you. It is possible to lose more times than you win and still be consistently profitable. It's all down to risk vs reward. 5️⃣Decide how much capital you have for trading Look at how much money you can afford to dedicate to trading. You should never risk more than you can afford to lose. Trading involves plenty of risk, and you could end up losing all your trading capital (or more, if you are a professional trader). Do the maths before you start and make sure you can afford the maximum potential loss on every trade. If you don't have enough trading capital to start right now, practise trading on a demo account until you do. 6️⃣Start a trading diary For a trading plan to work it needs to be backed up by a trading diary. You should use your trading diary to document your trades as this can help you find out what’s working and what isn’t.You don’t only have to include the technical details, such as the entry and exit points of the trade, but also the rationale behind your trading decisions and emotions. If you deviate from your plan, write down why you did it and what the outcome was. The more detail in your diary, the better. ❤️Please, support our work with like & comment!❤️ What do you want to learn in the next post?
TVC:GOLDEducation
by UnitedSignals
7
6 Character Traits to Develop or Refine Your Day Trading Career It may seem as if developing a career in forex day trading is about finding a strategy, practicing it regularly, and making bundles of money. Yes, it is about that. But, where are our characteristics on that list? To become a successful day trader, you need to develop specific features to implement an effective strategy that delivers results in all market conditions. We may not be entirely aware, but we do use them daily, and maybe, at times, we notice that we should work more on developing these. These characteristics are innately a part of us. It is essential to work on developing these characteristics that guide you towards building a thriving day trading career. It is good to know that not all successful day traders inherently have the ability to succeed without hard work. For most, it takes weeks, months, and years. By continuing to read, you will realize why you should develop the skills sooner rather than later. 1. Discipline Discipline requires boundaries and mental acceptance. It’s one of the many characteristics used to achieve in day trading. Even though some beg to differ – they say that a well-developed trading plan was their way to success. But how disciplined are they to follow it? Being disciplined is vital when deciding which products to trade. Thousands of products are traded throughout the day, and It is very overwhelming with infinite opportunities thrown to you at once. Devise a schedule that revolves around the best times for you to trade. Select a product to trade and stick to both the product and your plan. 2. Patience If you haven’t started trading yet, you will soon realize that it is a “waiting game” with loads of patience needed – but with fantastic profit too. It can be challenging for beginner traders who don’t have enough patience and find it challenging to wait or watch the markets. If you enter the market at a time when nothing is happening, you may blame your luck and try to jump in or out of the tradestoo early. You may land up building resentment, and it will not suffice. 3. Adaptability Change is a characteristic that is either always welcomed or never welcomed at all. When becoming a trader, you will accept that day trading as a career is ever-changing. To be a successful trader, you will have to work through some discomfort to adapt to fluctuations quickly. It is extremely rare to have two trading days that are the same or similar to one another, which means you must adjust to different scenarios in the market. 4. Mental Strength Day trading is about gaining the mental strength that can withstand the losses that the market throws at you. Some days there can be no losses thrown at you, yet on other days, this is all you will see, and it can be soul-destroying. More positively, there will be times when you are on a losing streak, and it’s at this stage when the pro traders are looking for opportunities to bounce back. Do not be disheartened if you are disappointed after losing a trade or if your strategy isn’t delivering the results you expect. 5. Let Go Preparations for your losses don’t mean that you should continue grinding it out on the market and continue to lose your capital. If your mental strength gives you the courage to walk away from the suffering of your continuous losses – do that! Walk away! 6. Independence At the beginning of your trading career, it is a good idea to reach out to fellow traders and mentors to help you with the building blocks. These contacts will recommend trading videos, podcasts, books, forums, and articles to build your skills and confidence. However, if you want your trading career to take off smoothly, then learn some of the critical skills by yourself. Develop a sense of independence, where you do not rely on others. Having to rely on help or opinions all the time is tiresome. Once you have developed a trading strategy that works, you should not listen to every opinion from others. Be focused on doing what works for you. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Hey traders, let me know what subject do you want to dive in in the next post
OANDA:XAUUSDEducation
by TopTradingSignals
18
How to Trade Like a Pro | Focus on One Instrument! “TO TRADE, OR NOT TO TRADE A SINGLE CURRENCY PAIR. THAT IS THE QUESTION…” 🧿MULTIPLE CURRENCY PAIRS Easier to recover from losses on a given currency pair Less likely to experience not seeing any setups for a whole day/week Better understanding of pair correlations required Can be more distracting 🧿SINGLE CURRENCY PAIR No risk of trading correlated pairs Better ability to focus Feeling of understanding the price movements more Can be a struggle to stick to ONE pair Feeling of missing out when big moves happen on other pairs ✅HOW TO TRADE SINGLE CURRENCY PAIR: 🔲Step 1: Pick Your Currency Pair ▪️Is the pair active when I intend to trade it? Even though the Foreign Exchange market is open 24/5, some pairs may be less traded at some specific times. Refer to "When To Trade Forex To Maximize Your Lifestyle & Profit?" ▪️Do you understand the currency pair you want to trade? If you trade a pair with your country's currency, your chances of understanding how the price of the pair fluctuates might be higher. You will know what's going on and might even be able to know where the currency is heading (we are talking of fundamental analysis here...). ▪️Is the pair too or not enough volatile for you? Don't be surprised to see big swings in GBP/JPY or GBP/NZD because those pairs are considered more volatile. Some traders like it because the profits usually come quickly, but stopped out trades can be more frequent.On the other hand, a pair like USD/CNY will have some inactivity periods and that might be frustrating. 🔲Step 2: Plan Your Trading Good strategies are abstract and should work on any currency pair, however, since you have decided to trade one pair only, you have the privilege of tailoring you strategy to the particular pair, taking into the account it’s volatility, average likelihood of fakeouts vs breakouts, how trending it is on average etc.. 🔲Step 3: Stay Consistent Stick to the plan for at least a month. You might start the month feeling excited. You might get discouraged because you've taken too many or too few trades two weeks in.No one cares. Stick to your decision.At the end of the month, two things will happen: 1. You'll have built more confidence in your ability to remain consistent. 2. You'll have performed an experiment and will be able to say what works vs. what doesn't. Those are two great things for someone who's looking to grow as a Forex trader. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
10
Advanced Chart Pattern That Pro Trader Must Know 📉CUP AND HANDLE PATTERN A cup and handle is a technical chart pattern that resembles a cup and handle where the cup is in the shape of a "u" and the handle has a slight downward drift.A cup and handle is considered a bullish signal extending an uptrend, and it is used to spot opportunities to go long. Technical traders using this indicator should place a stop buy order slightly above the upper trendline of the handle part of the pattern. There can be both bullish and bearish Cups and Handles. 📊DIAMOND PATTERN The diamond pattern is a reversal indicator that signals the end of a bullish or bearish trend. It is most commonly found at the top of uptrends but may also form near the bottom of bearish trends. The bullish diamond pattern occurs after a strong downward move in price. It consists of two resistance levels that constrain previous retracements and two support levels that have constrained the downtrend. Also known as the diamond bottom pattern, the bullish diamond pattern signals a buying opportunity. Often it is the precursor for a bullish breakout. The Bearish Diamond Pattern, is the mirror opposite of the bullish one, even though it works on the same logic and it indicates the end of the uptrend. 📈SCALLOP PATTERN A scallop chart pattern is a technical analysis pattern that signals a short-term continuation of a bullish trend. It is created when prices make an upward-sloping curve that resembles the letter J on a price chart. That's why it's sometimes referred to as a J-shaped or J hook pattern. During the scallop formation, prices move higher, retrace, and trade lower for a short period before reaching a new peak. This indicates a short-term weakness of the ongoing uptrend and indecision in the market as to whether the trend will continue or not. But if prices are able to hold above the retracement zone for a while, it implies a strong momentum behind the uptrend and a potential breakout of the resistance level. The pattern is considered complete when you see prices break out above the key resistance level and rally to a new high. Once the upward breakout occurs, it confirms the continuation of the prevailing uptrend and a positive outlook on the market for the near future. There are both bearish and bullish Scallop Patterns and both can be used successfully. 📚FINAL REMARKS: Though these patterns are somewhat rare, it is essential for an advanced trader to know about them and to know how to use them, because that knowledge might provide you the missing piece of the puzzle in a difficult market making the difference between a good day and bad day. Which is all that matters after all. So I recommend you to spend some time and learn about the obscure patterns and to make it your goal to find them or at least look for them to give your brain enough data to let it do it’s pattern recognition learning magic. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
7
🔲15 TRADING TOPICS YOU SHOULD LEARN🔲 Hey traders, Here is the list of topics that you must study in trading to trade like a pro. ▪️Price Action ▪️Trading Psychology ▪️Trend Lines ▪️Fibonacci ▪️Breakout Trading ▪️Fundamentals ▪️Key Levels ▪️Supply & Demand Zones ▪️Risk Management ▪️Candle Patterns ▪️Chart Patterns ▪️Supply & Demand ▪️Fundamentals ▪️Risk to Reward Analysis ▪️Technical Indicators 🔲Spend at least a week on each topic. I guarantee you that your trading performance will dramatically improve once you learn all these concepts. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Dear followers, let me know, what topic interests you for new educational posts?
OANDA:BTCUSDEducation
by SignalProvider
6
Learn Fibonacci Retracement Tool ☸️WHAT ARE FIB RETRACEMENT LEVELS Fibonacci retracement levels are horizontal lines that indicate the possible support and resistance levels where price could potentially reverse direction. The first thing you should know about the Fibonacci tool is that it works best when the market is trending. The idea is to go long on a retracement at a Fibonacci support level when the market is trending UP. And to go short on a retracement at a Fibonacci resistance level when the market is trending DOWN. Fibonacci retracement levels are considered a predictive technical indicator since they attempt to identify where price may be in the future. ☸️FINDING FIB RETRACEMENT LEVELS In order to find these Fibonacci retracement levels, you have to find the recent significant Swing Highs and Swings Lows. Then, for downtrends, click on the Swing High and drag the cursor to the most recent Swing Low. For uptrends, do the opposite. Click on the Swing Low and drag the cursor to the most recent Swing High. ☸️HOW TO USE Once you’ve done that, you will see the following levels appear: 23.6% , 38.2%, 50.0%, 61.8% and 76.4%. (The 50% one is not technically a Fib level but its still used by everyone)The idea is that the price will make a correction that will reverse at one of these levels. So all we need to do is watch the price action near these levels and look for the reversal patterns, like triple bottom, head and shoulders, narrowing wedge breakouts, etc… Once the we see a confluence of the Fib level and the reversal pattern, we can just wait for the confirmation breakout and enter the trade on the pullback. EASY!👻 ☸️WHY IT WORKS Because of all the people who use the Fibonacci tool, those levels become self-fulfilling support and resistance levels. If enough market participants believe that a retracement will occur near a Fibonacci retracement level and are waiting to open a position when the price reaches that level, then all those pending orders will impact the market price. ☸️IMPORANT REMINDER One thing you should take note of is that price won’t always bounce from these levels. They should be looked at as areas of interest so as I wrote above, one can’t simply trade off these levels, but needs to employ reversal patterns with confirmation to increase the probability rate of one’s calls. Like, comment and subscribe to boost your trading! Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
9
Trading Basics | Learn What is a PIP 👉What is a Pip? The unit of measurement to express the change in value between two currencies is called a “pip.” If EUR/USD moves from 1.1050 to 1.1051, that .0001 USD rise in value is ONE PIP. A pip is usually the last decimal place of a price quote. Most pairs go out to 4 decimal places, but there are some exceptions like Japanese yen pairs (they go out to two decimal places). For example, for EUR/USD, it is 0.0001, and for USD/JPY, it is 0.01. 👉What is a Pipette? There are forex brokers that quote currency pairs beyond the standard “4 and 2” decimal places to “5 and 3” decimal places. They are quoting FRACTIONAL PIPS, also called “points” or “pipettes” which equal a 10th of a pip. 👉How to Calculate Pip Value: 👉The value of pip depends on the following three factors: ✔️The quoted currency ✔️The volume of the trade ✔️And the exchange rate Based on these factors the fluctuation of even a single pip can have a significant impact on the value of the open position. The value of 1 pip is calculated by the following formula: The value of 1 pip = (Pip in decimal places * Trade Volume) 👉Example: 1 pip volume in EUR/USD is equal to 0.0001 Then 1 PIP VALUE equals: 100,000 EUR—> 100,000*0.0001= 10 USD 10,000 EUR—> 10,000*0.0001= 1 USD 1,000 EUR—> 1,000*0.0001= 0.1 USD 100 EUR—> 100*0.0001= 0.01 USD ❤️Please, support our work with like & comment!❤️ What do you want to learn in the next post?
OANDA:XAUUSDEducation
by UnitedSignals
7
Market Reversal & Candlestick Pattern | Spot & Trade It Like Pro Candlestick patterns are frequently applied for the identification of early trend reversal signs. Here are the three most common reversal formations that you may encounter trading different markets: 1️⃣ - Equal inside bar formation Once the price reaches some important pivot point quite often it tends to form a weak candle with a long rejection wick (long in comparison to the buddy of the candle). In case if the consequent candle's body has the same range, we call that the equal inside bar. It can be treated as the reversal formation ONLY with additional confirmation. Without an additional trigger, chances will be high that the market will start a sideways movement instead. 2️⃣ - Engulfing candle Once the price reaches some important pivot point quite often it tends to form a weak candle with a long rejection wick (long in comparison to the buddy of the candle). In case if the consequent candle's body engulfs (has a bigger range) the previous candle, we call that the engulfing candle. By itself, it is a quite strong reversal signal and can be applied as a trigger for opening a trading position. 3️⃣ - Engulfing candle (2X) Sometimes, the engulfing candle engulfs not only the previous candle but also one more preceding one. We also can call such a candle a high momentum candle. It is considered to be the strongest reversal formation (among these 3) and can be applied as a signal for a trade entry. ❗️Remember that candlestick patterns work only on strong pivots /structure levels. Being formed on random levels, the performance of these formations is relatively low. Let me know, traders, what do you want to learn in the next educational post?
OANDA:XAUUSDEducation
by VasilyTrader
10
⚡️LEARNING FROM YOUR MISTAKES=GROWTH⚡️ 🌟Mistakes in trading are inevitable, but it can also be a valuable growth experience. Everyone is likely to make a mistake at some point, whether it's forgetting to set a stop loss or missing some important news, but you can turn a mistake into a positive situation by using it as an opportunity to learn and become better at your style of trading by not making the same mistakes again. 🌟Showing that you've learned from your mistakes can also increase your trust in your system and prove that you are willing to put effort into improving yourself. Additionally, learning from your mistakes and viewing them as positive experiences can help increase your confidence and free you from the fear of failure. 🌟When you make a mistake, try to admit it as soon as you can, and apologize if necessary. Apologizing can show that you regret your mistake, that you are willing to take responsibility for it and that you're using it as an opportunity to improve yourself. 🌟Think about what caused the mistake and how you resolved it and note things that you did well or poorly. Analyzing and understanding your mistake can help you determine what you can do differently to ensure that the mistake does not happen again. It can also help you identify solutions for future mistakes. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Dear followers, let me know, what topic interests you for new educational posts?
OANDA:BTCUSDEducation
by SignalProvider
10
🧭ORDER TYPES IN TRADING🧭 ⚙️STOP ORDER This one is better to be explained with the examples: These orders can be used for trading breakouts. If you thought the EUR/USD would rally further after a move above the 1.1500 level, you would place a buy stop for entry at 1.1501. As the market printed 1.1501, your buy stop would become a market order and be filled at the next best price available. If you thought that the EUR/USD would continue moving down if it traded down through the 1.1200 level, you would place your sell stop for entry at the 1.1199 level. As the market printed 1.1199, your sell stop would become a market order and be filled at the next best price available. ⚙️MARKET ORDER The market order is probably the most basic and often the first order type traders come across. Market orders are traded at market: if you want to get into the forex market immediately, you can trade a market order and be entered at the prevailing price. ⚙️LIMIT ORDER This one is better to be explained with the examples: If the EUR/USD is trading at 1.1294 and you thought it would trade down to 1.1200 before rallying, you would place your limit order to buy at 1.1200. If the EUR/USD is trading at the 1.12939 level and you thought it would rally up to 1.1300 before selling off, you would place your limit order to sell 1.1300. When using a limit order, you will only be filled at the price you designated or better. It’s important to remember that you should familiarize yourself with the platform you are working with before undertaking any form of trading activity. This can help minimize any impractical errors when executing or managing a trade. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Dear followers, let me know, what topic interests you for new educational posts?
OANDA:BTCUSDEducation
by SignalProvider
3
ORDER TYPES IN TRADING | LIMIT VS STOP ✴️Types of orders in trading There are two main types of order: entry orders and closing orders. An entry order is an instruction to open a trade when the underlying market hits a specific level, while a closing order is an instruction to close a trade when the market hits a specific level. ✴️Stops vs limits A stop order is an instruction to trade when the price of a market hits a specific level that is less favourable than the current price. On the other hand, a limit order is an instruction to trade if the market price reaches a specified level more favourable than the current price. ✴️Stop orders explained You can use stop orders to close positions and to open them, by using either a stop-loss order or a stop-entry order. ✴️Stop-loss orders A stop-loss order is the common term for a stop closing order – an instruction to close your position when the market value becomes less favourable than the current price. ✴️Stop-entry orders A stop-entry order enables you to open a position when the market reaches a value that is less favourable than the current price. If you were opening a long position, you’d place your stop-entry order above the current market price. And if you were opening a short position, you’d place your stop-entry order below the current price. Although it may seem strange to open a trade at a worse price, stop-entry orders can enable you to enter a trade once a trend has been confirmed. This helps you take advantage of market momentum. ✴️Limit orders explained Like stop orders, limit orders can be used to open and close trades. ✴️Limit-entry orders A limit-entry order enables you to enter a trade when the market hits a more favourable price than the current price. For long positions, this would be below the current price level and for short positions this would be above. ✴️Limit-close orders A limit-close order enables you to close a trade at a more favourable price – which would be at a higher level for a long position and a lower level for a short position. The major drawback of a limit order is that there is the possibility it will not be filled if the market never reaches your order level – in this case the order would expire. If you had placed a limit-entry order, it is possible that your trade would never be executed. And if you had placed a limit-close order, your trade would not be closed automatically. 😊Thank you for reading, guys😊 ❤️Please, support our work with like & comment!❤️ What do you want to learn in the next post?
OANDA:XAUUSDEducation
by UnitedSignals
5