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Trading Psychology- Master your Mind and Money BY BEN WRIGHTSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Trading Psychology- Master your Mind and Money Are you continually loosing money and not knowing why? For the past decade of trading the financial markets, I believe psychology is so vital to trading success. Below is a small snippet of questions that you need to ask yourself prior to entering the market so that you are in the best condition to compete; 1. Have I slept well? ........................... 2. Do i feel emotionally and physically fit? ................................................... 3. Am i following other people's opinions? ................................................... 4. Am i following my head or my heart? ................................................ 5. Have i received losses lately? Should i be entering the market? If so do i have a drawdown procedure in place? .......................................................................................................................................... 6. Have I had a series of winning trades? If so monitor your behaviour and ensure your ego doesn't cripple your performance ....................................................................................................................................................... 7. And many more............... Let me know if you have any questions or would like to know more :) Happy trading "Rule number 1: never loose money. Rule 2: Never forget rule number 1." Warren Buffet
Education
by SMPTrader
3
Unbelievably flake-free hair.. oh wait - wrong Head & ShouldersAnalysis wise - we are sitting right on the fence between upward and downward motion. I have slightly re-evaluated my inverted head and shoulders chart that I've posted a lot about recently, with the shoulders in a slightly different place, but the travel of the market from here and head target have remained the same. Remember I was pretty clear about needing to revisit that 6800USD which we did today ($6888 to be exact) Until I receive confirmation otherwise, I will remain bearish in the short term and confident in this pattern playing out and retesting that downtrend perfectly. I have a possible bullish scenario in play also, which I will post shortly. Until then, I just want to make sure I am doing my best to warn about a potential price decrease, just as I warned about the liquidated shorts we seen this morning, so that people can make an informed decision on their trade behaviour as to not get rekt. Nothing sucks more than seeing people get super excited about some green sticks, just to see them get ripped away again unexpectedly. Either way, we SHOULD Moon Soon. Its a matter of when. As usual, not advice, no no no baby no. This just just an educational look at a potential price action. Lets say that again. POTENTIAL. I ain't no professional financial advisor yo, so make sure you chart your own charts and never take advice from anyone, especially me, because I like peanut butter and onion sandwiches and Im told thats makes me batshit crazy. Chur
by frothmonsterrr
Bitcoin under heavy pressure, potential for further drop! Bitcoin is seeing major resistance at 8506 (Fibonacci retracement, Fibonacci extension, small horizontal overlap resistance, price action, descending resistance and bearish ichimoku cloud). This all points to further downside potential on Bitcoin. If price drops from here, it could potentially drop to major support at 8122 (Fibonacci extension, horizontal swing low support). Stochastic (21,5,3) is fast approaching major resistance at 87% where a corresponding reaction could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
BITFINEX:BTCUSDShort
by Tickmill
BTC Hourly Equilibrium Bear BreakHighlighted in the youtube video last night, the bear break of the hourly equilibrium is flushing the big 3 and alts. We are entering hourly oversold conditions which have resulted in solid bounces over the last week. Cautious to not catch a falling knife, as BTC is clearly weaker than ETH and LTC this morning. Daily chart is on the third day of consolidation, still healthy at this point considering where we came from. Watching for a climax flush and bounce to indicate the bottom is in for now. Always protect your trades and remember you can always exit break even or at a small loss and re-enter on another leg down. Need to see a 15 min higher low and higher high to be confident the low of the morning is in.
COINBASE:BTCUSD
by TheChartGuys
1