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Discipline

Trading Plan February 2019This is my trading plan for February 2019. Will be working this plan for the rest of the year, and review December 31 2019. This is based on: - 2 years of crypto trading - realisation that I suck at daytrading - suspicion I could be good at macro swing trading - recent education on Babypips and other trusted sources The focus of the year is on: - learning - refining a system that plays to my strengths - understanding risk management and R:R - becoming effective at pulling the trigger on entries/exits Profit is really not a concern for this year. Profit will come when I'm competent as a trader and can consistently show a meaningful, non-negligible winrate, net of fees.
INDEX:FTSEMIBEducation
by emotionallydetached
USDCAD Prediction | Best Chart Updated Again USDCAD is in a bearish trend confirmed since Wednesday 26 December 2018 and I was perfectly right with 99% accuracy chart prediction of what gonna happen in USDCAD. Now the most important is to understand the bearish is not over yet. Monday 07 January All traders must focus on the breakout of the important support MS3: 1.33300 - 1.36000 maybe can confirm again a big sell or otherwise a small retrace for the USD. All active trade will send in my channel you can join the best trader ever. Enjoy !!
by kingbabaofficiel
It's Buy GOLD over ? The Chart for 2019 UPDATED The potential of GOLD to reach buyer's price area at 1290 is really high but we have to pay attention right now than ever before because the pression of sellers is perfectly hight and seem determinate to push the price down for a neutral result. The Friday 28 December, the fight between Sellers and Buyers make the price in ranging trend during 8 hours OMG due to USD's strength !! before buyers break the 1279 resistance trying to reach 1282 and last price 1290. We know that most of the investors in Wall Street want to exchange their USD to GOLD making the price of this last higher every day. The American politic rate hike can be reduced according to Bloomberg and will make the USD currency so strong in the market for a balance due to the price of oil remaining really cheap and can be up aggressively because the price can go towards $47 - $48 If you buy GOLD is important to use small SL Buy GOLD Currently Price: 1280.97 TP targeted 1282 - 1290 SL: -30pips max Give your opinion !
FOREXCOM:XAUUSD
by kingbabaofficiel
4
Signal Stream - CHFJPY Follow Up, Trust yourself and your systemI wanted to circle back around to this trade to emphasize the power of Signal Stream and why I personally take small trades and ride out draw down with my system, but mainly I wanted to make a point on the power of knowing and trusting your trading system. As you can see since the short signal on the CHFJPY chart, price moved up into draw down, then moved back down and hit the profit target of 112.05 before falling a touch further and stalling at a support level of 111.90. I've said it in pretty much every post: Signal Stream signals have an extremely high chance of hitting their targets, even if price moves against it. I've held tremendous draw downs that eventually came into profits. I am able to do so because I take smaller trades, allowing me to take the draw down and also have enough equity in my account to take other trades, which further lessens the hit of a draw down. But that's how I trade, and no two traders are alike. There are differences in mindset, risk appetite, and experience to consider. That being said, how I trade is only one way to trade Signal Stream. There are countless other ways and trade management methods you can employ. I've worked with it enough to trust the signals, even if they move against me at first. Trust your system, trust yourself.
by StreamTrader
USDTRY - Be wary of Intervention ex-post Rapid MovesTraders layering into TRY potentially got burnt last week as the Turkish Central Bank intervened to halt the local currency's worrying devaluation by raising interest rates by a whopping 3% Whilst i tend to let the majority of fundamental data pass me by , it often pays to atleast maintain a health awareness of key macro factors that might have a direct impact on any currency pairs you are trading or tracking (this is different to following any random commentator's subjective opinion) While I do not like setting upside targets , it can pay to trail stops at healthy profit levels during large abnormal moves so as not to give back profits (we saw this in crypto in Dec 17) adn if we miss the big move initially wait for natural pullbacks / consolidations rather than chase an entry. There will ALWAYS be a pullback or another instruments that will offer the next big move. Worst thing to do is chase an entry through FOMO , get burnt and then be paralysed the next time a big opportunity presents itself. Stay rational, stay calm and nimble
Education
by TJP_Trader
Self-discipline - what's that?Whilst I am on a roll, I'm pushing out loads of questions and thoughts that have occupied me for the last two years. All this is well ' Beyond Technical Analysis '! In too many trading/training videos out there, I've heard the words 'discipline' and 'self-discipline'. These are so commonly used words that many take their meaning for granted, or as something very elementary. I know - because I was one of those people who thought I knew what the words meant. However, there is also a thing called self-deception which works against self-discipline. Self-deception at its heart, is the ability of the mind to justify anything! Quite simply - it's dangerous. The Collins Dictionary defines self-discipline as, " controlling of oneself or one's desires, actions, habits ... .. the act of disciplining or power to discipline one's own feelings, desires... with the intention of improving oneself. " It's easier now to see how this connects to trading environments. A sound trader needs a lot of personal self-control over actions, habits, feelings and desires. I add 'thinking processes'. Certainly there must be a routine that improves one abilities, as the markets are not static. Their behaviour changes so one needs to improve to match those changes. The obvious question for many (especially new traders) is, " How do I become more disciplined? " I'm afraid there is no magic formula that I can prescribe. I can only share a few personal experiences that drove me to become more disciplined. It's like a weird sandwich: A firm and unshakeable desire to make myself consistently profitable. Pain i.e. painful mistakes. Non-acceptance that if others could do it, I couldn't. Pain drives people - let's not debate that. By pain I include from the worse kinds of suffering to the more subtle kinds. One can include things like frustration, anger and disappointment. Pain stood like a distasteful filling between the two sides of my sandwich. I just couldn't ignore it. If I wanted to make this thing right I had to fix the pain; all sources of it. I was/am my own pain. My enemies arise from within me to cause me pain. My mind plays tricks on me in trading environments. To deal with the sources of pain I had to deal with my own mind, else just give up. I'm no quitter! So whilst I do not claim near-perfect discipline now, I have been addressing the trickery of my own mind - those inner enemies - that thwart my thinking processes. After all, if I don't the whole sandwich (three bullet points above) become nothing - and I'd have to join the 90-odd percent of people who give up on trading in the first couple years. Am I saying that pain is a necessary ingredient for everybody to reach a greater self-disciplined state? Well yes I am! In every walk of life people have to suffer some sort of discomfort in achieving their goals. If you wanted to become a top-rated lawyer, you would have to suffer the 'pain' of years of study, and the trauma of being beaten in court rooms. If you want to get to the North Pole on foot, that involves pain and personal sacrifice. But nobody gets to the North Pole alive, with poor discipline. I shan't go on to mention other areas where people suffer extreme discomfort in order to achieve their goals. If there are take away points to consider, traders should to find out what they are about and anchor themselves on what they want and what they won't have. Then, systematically whittle away at all obstacles by robust self-refection. It takes time - and bargain for pain! Do the time - take the pain. Don't blow up a live account.
Education
by Captain_Walker
Case Study for Mismanaging a Disciplined Trade StrategyIn the most recent BTCUSD dip I made a series of mistakes that put me in a slightly nervous position overall, but still generally favorable. Over a series of trades I managed to find myself in a position with an average buy price of $7486.13. Trading profitably on the dips I reduced this average buy price to $7348.21. Throughout this series of trades I had multiple opportunities to take profit and this discussion will focus on trading psychology and process failure. Early in my trading session I had managed to identify successfully entry levels that were reasonably close to where I could make a "dip" profit. Generally my target is around 2%. Given the big dip from $9.2k to below $8k and given the duration and recovery of that dip from $10k I felt confident that the market was oversold and all of the order book charts indicated an overall strong buying to selling ratio. My price target was just below $8.5k and on the first move up it hit $8.4k and I felt like there would be an orderly move over time. What I learned with this recent price action was that trading bots and whales/funds that control them have disproportionate leverage over price action. Not being fully aware of their techniques, I decided against adjusting my price target and I was "too greedy" and completely missed my profit opportunity after being presented double my normal target over two periods. Now having missed that opportunity I was forced to double down knowing that the next price move would likely be much bigger and deeper. Trading for profit on the way down I was able to recoup some of poor positioning but again, I did not quite understand the techniques of these algo bots until near the end when I was able to make an adjustment to how I choose price targets to better compensate for whale/shark algo bots. Setting price targets for exiting my position and reducing my risk came down to three possible outcomes: 1) Sell ALL at a higher price that would make profit but also leave me no room for error if I missed at $7800. This price level would have still been poor risk/reward overall so this exit strategy seemed like a mistake. 2) Sell ~half (47%) of my position at a profit at $7400 and then sell the other half at $8000 for "break even" on that part of the trade. This seemed like a prudent risk management strategy as I would have funds to take additional profit if the market moved back down while leaving in place a position that could become profitable over a longer duration. 3) Sell ALL at the higher price target that would give me a much bigger target but leave me open to poor risk management again. This was definitely the worst option. So I chose 2) which worked ok in that the first trade target was hit as expected. Then, while watching the order book I started to worry because there were big sell walls below $7500. I thought about how stressful it would be to ride that position back through another big dip and because of fatigue also overly focused on this possibility rather than going back to my pre-defined strategy of hodling for $8k on half and trading with the other half. Clearly, stress causes one to adopt a risk averse mental state. And this kind of risk aversion usually leads to the panic selling and "weak hands" phenomenon of selling at exactly the WRONG time, i.e. when you should be thinking about buying. So when I saw the price being challenged at $7k to $7.1k with very clear algo bot action pushing the price in both directions with very light buy order positioning I became a pawn in this algo bot action and decided to exit early and go take a nap rather than have to sit through another big dip with half of my fund at risk. Rather than see any huge sell wall the sell-side volume relented and the price nearly hit my price target of $7.9k. If I had been more disciplined I could have set a contingency (less greedy) target below $8k but I changed my plan using no particular reasoning whatsoever other than fear of these algo bots.
COINBASE:BTCUSDEducation
by powderpc
The markets are there to make you feel stupid or brilliantMany a trader will have made their best analysis based on information at the time and then taken an entry position, only to find that the market does something unexpected. Price may move violently in the wrong direction i.e. not the favoured direction and comes close to a stop loss or actually stopping out the position for a loss. Now with hindsight a trader feels or thinks, " How stupid - I should have seen it coming. I shouldn't have done that. " This happens enough times to new traders. Seasoned traders live with it and have less such self-talk. I think it's important to acknowledge those feelings. These are partly thinking processes and emotional processes. New traders often feel demoralised after 10 or so failures in a row. " Am I doing something wrong? " - they may think. This is a reasonable question. It could be that something is wrong. However, nothing may be found wrong with one's methodology or application of one's personal rules - after a careful reassessment. It's good to check. The BTCUSD chart shows what is some sort of 'head and shoulders' pattern. It's not the best picture of it in the world but something is there. Wherever one takes a position in BTCUSD, it could be wrong. Why? The markets respect no one person. A proportion of traders will have taken a position in this and made some real profits. They will punch the air and with joy go, " YESSSS!! " From my long experience I've learned that 'feelings' of being right or wrong, actually bends the mind a trader. I'm speaking for myself quite clearly. Others may have similar experience. A feeling of being good after a string of wins, often creates a subconscious sense of confidence. Imperceptibly this can creep into future trades and then one realises some major losses. My own strategy is to try at best to reduce trading frequency and exert even greater diligence in entering trades after a series of wins. I aim to expect the unexpected. It's always a tad difficult when I get stopped out for a loss. But I repeat to myself that the stoploss is there to protect against the 'unexpected' - so it's not actually unexpected. It is a limit. It is the expected limit of price moving not in a favoured direction. There is no single path to 'a promised land' in trading. Traders can adopt different methods, different rules, and be consistently profitable. The largest obstacle which is difficult to train out a trader, is their own personal psychology . By this I mean things like attention to detail, biases, emotions, discipline etc. So in many ways feeling stupid or brilliant can affect our future decision-making in imperceptible ways. Traders can lose discipline after losses or big gains. Mark Douglas spoke about these sorts of things. The BTCUSD chart is not intended to attract thoughts on whether to go long or go short. I'm not really interested in whether the H&S is there at all or correctly drawn. I'm taking it beyond that. What happens next to traders who come out of this period - some bruised, some overjoyed? Trading is not about winning one trade or a small handful. It's about the long road ahead. I'm delighted if others can share their experiences.
BITSTAMP:BTCUSDEducation
by Captain_Walker
$YEN OPEN - USDJPY 40 PIPS LOWER BUT RECOVERS.. 105.5 STILL ON?In the first 2 hours of trading UJ managed to carve 30 pips lower to 106.3 but since then UJ has edged higher to 106.8 highs (atm 106.7). Whether we will hit the target at 105. im not sure, the starting data has been mixed. Whilst we ticked lower 40 pips which was a good sign, we quickly pulled back all of them and $yen is now trading 50 pips up from the lows - with the candle looking bullish e.g. there is a large gap between open and lows, and the close is virtually trading on the highs meaning UJ MAY be looking to push higher now. - Although this "premarket" analysis may be premature as liquidity is thin and the "bullish" start MAY just be noise OR some bears taking profit ASAP incase there is a big recovery higher shortly. My ideal entry buy limits are at 105.5 (see previous article), but im cautious about potentially missing a good trade if we dont actually get to the "ideal" level. The potential upside even from the less ideal price at the moment of 106.7 is at least 200-250pips. However, this UJ entry reminds me of a fundamental trading lesson - discipline! The trade was to buy once support is tested/ failed, buying after such event is much more warranted (versus buying NOW and being impatient) for several reasons: 1. if we test 105 and fail, the buyside momentum will be much more aggressive than simply buying now as bears are stopped out of their shorts, a long squeeze will occur - hitting their stops causing the market to trade bid. 2. Furthermore, there will be greater market demand in general for LONG UJ positions as more capital witnesses the level fail, thus BUYING would be the only way to look at UJ. 3. Finally, waiting for a 105 level will likely mean that the London session will be starting soon, thus the biggest spot trading FX institutions will also be adding buyside pressure . - why are these points important to wait for vs buying now? All of these elements together mean the UJ market will experience huge UPSIDE momentum, thus reducing downside risk and the potential trade length (time), whilst also maximising profits e.g. by entering at 105.8 is another 100 pips profit vs entering now. Finally by entering the trade with the game plan it means - we have stuck to what we planned, if we stick to our plans it means uncertainty = 0. Messy/ impulse entry's = unnecessary risk and >0 uncertainty. The reason i decided to post this was just a reminder for myself and everyone else to stay disciplined and trade your strategy!
by QuantumLogicTrading
4
CADJPY 60 Bearish CYPHER PATTERN @ 84.75Hi Guys, This is a bearish CYPHER pattern @ 74.10 and stop loss will be placed above the X leg which is used as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade. Thank you for your support. Trade Numbers: Risk: 65 pips x 2 = 130 pips Reward #1: 67 pips. R:R = 1:1 Reward #2: 108 pips. R:R = 1:1.65 Plan your trade... Trade your plan.
Short
by Krunal.Patel
AUDJPY 4H Bullish CYPHER PATTERN @ MarketHi Guys, This is a weird looking CYPHER Pattern but still a valid one according to my trade plan. I didn't spot it till about an hour ago and saw that the market did not violate the X leg but actually bounced off of it so we know that the support level is pretty strong and therefore we can buy. The Risk to Reward ratio for these trades are much better but hardly occurs. This is a bullish CYPHER pattern @ MARKET and stop loss will be placed below the X leg which we use as good support in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade. Thank you for your support. Trade Numbers: Risk: 150 pips x 2 = 300 pips Reward #1: 210 pips. R:R = 1:1.4 Reward #2: 320 pips. R:R = 1:2.1 Plan your trade... Trade your plan.
Long
by Krunal.Patel