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Trading needs to be treated like a business 🧑‍💼This is spoken about a lot but what does it mean?⁠ In starting a business you would need funding and a business plan, right?⁠ ⁠ You would have realistic goals mapped out and be focused on your cashflow.⁠ ⁠ You wouldn't blow your 'cash' in recruiting too fast, or buying too much stock or spending too much on marketing.⁠ ⁠ Yet, in trading most don't have a plan. Or focus on protecting their cash.⁠ ⁠ They also don't think long term in line with their plan.⁠ ⁠ They over estimate their expectations short term and in doing so mess up what they could achieve long term. ⁠ You just wouldn't do this in business right? No one would open or run a business you knew nothing about. Most come in to trading thinking this will be easy! It's not and we all come in knowing nothing. So again would you start any other business with no training or idea? Most can keep the trading cash flow topped up as we all start out on this journey having another job to fund trading. There is no such thing as a sure-fire way to make money online. However, if you seriously want to make money out of forex trading it needs treating like a business. In a lot of ways, being a trader is like being an entrepreneur. It takes more than just knowledge and a killer idea. It also takes hard work, discipline and mental preparation. The reason it’s a good idea to treat forex trading like a business is because as a trader, your account is your own business. Trading isn't about the quick money it's about being consistent. That consistency comes from having a plan and sticking to it much like you would a business plan. Treat losses as a cost of business and factor them into the plan. The business plan for you the trader will be the strategy and risk management you opt to run. Set realistic targets and goals this will ensure suitability, Much how good businesses set up there own goals and aims for coming year with out being to risky. If you lack on the knowledge front in certain areas invest in education and training, No successful business neglects training and learning. Invest in resources that will help your business grow. Yes TradingView is free but having a higher package and more data help me just as an example. There is no other business in the world like trading where the over heads and start up cost are low, So if paid resources can kick you on to next level factor them in as a cost of business. Keep treating trading as a hobby and it becomes an expensive one. Start treating trading as a business with the ethos and cultures applied the same as those of successful businesses and that profit starts to come naturally. Thanks for taking the time to read my idea. Hope you all have a good weekend Darren 👍 ⁠
Education
by pow_removetheguesswork
57
Trading Psychology | How to Perceive Your Trades 👁 Hey traders, In this post, we will discuss a common fallacy among struggling traders: overestimation of a one single trade. 💡The fact is that quite often, watching the performance of an active trading position, traders quite painfully react to the price being closer and closer to a stop loss or, alternatively, coiling close to a take profit but not being managed to reach that. Fear of loss make traders make emotional decisions: extending stop loss or preliminary position closing. The situation becomes even worse, when after the set of the above-mentioned manipulation, the price nevertheless reaches the stop loss. Just one single losing trade is usually perceived too personally and make the traders even doubt the efficiency of their trading system. They start changing rules in their strategy, then stop following the trading plan, leading to even more losses. ❗️However, what matters in trading is your long-term composite performance. A single position is just one brick in a wall. As Peter Lynch nicely mentioned: “In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” There are so many factors that are driving the markets that it is impossible to take into consideration them all. And because of that fact, we lose. The attached chart perfectly illustrates the insignificance of a one trading in a long-term composite performance. Please, realize that losing trades are inevitable, and overestimation of their impact on your trading performance is detrimental. Instead, calibrate your strategy so that it would produce long-term, consistent positive results. That is your goal as a trader. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
Education
by VasilyTrader
15
Sinusoidal movement in channel, GalaIn this post, I am not referring to physics and math equations and probabilities, I'm just saying that the Display method of the probability of a numerical event is between 0 and 1, and just for easy recall in tutorials, I consider a number between 0 and 100. 0 indicates impossibility and we know that 100 indicates certainty. Therefore, will explain this price movement detection method in a simple and concise way. Consider a few general rules: 1- The price chart in a channel always tends to approach and return to the middle line of the channel. This is true for all types of the uptrend, downtrend, and neutral channels. 2- Sinusoidal movement is dynamic (of course, I mean in the financial market) and the range of movement, speed, and volume can vary. 3- the price chart after hitting the middle line, faces 3 possibilities. Usually, we consider these possibilities as 33 - 33 - 33 % 3-1- Reversal (pull-back ) to the previous direction. 3-2- Crossing the middle line and moving to hit the other line of the channel. 3-3- The price chart attached to the middle line of the channel continues to move. (I will publish the third point and its reasons in another post because this one is a complete and long tutorial for himself) 4- usually In uptrend and downtrend channels, the movement angle of 45 degrees is the most appropriate movement angle to create sinusoidal movements (consider between 30 and 50 degrees). And the 5: "Keep this last point in mind in all the training you read and learn from different people. From great masters in financial market analysis to an ordinary person like me " ** No theory, method of analysis, or analysis is ever 100% correct. In probabilities, we always have the nearest states, which means that when we say 100 for the certainty of occurrence, A probability may be up to 99.999999, but it is NOT 100%. So remember that there is always a possibility of a movement or change contrary to our analysis, rules, or imagination, and "This is one of the main reasons for placing a Stop-loss limit in trading" ----------------------------------- Please write any advice or suggestions. Dear friends, request any cryptocurrency pair, currencies pair for forex, and any index that you want to be analyzed and ask any questions. Thanks for your attention
Education
by Arash-RK
3
Decentraland (MANA) sending mixed signals for AltsMANA 1D has been forming an ascending triangle in downtrend as opposed to the more common formation during an uptrend. To form this pattern you need an initial rally where price action begins to consolidate between a flat resistance point and rising support trend line before continue on. Unlike in an uptrend, when the ascending triangle pattern develops during a downtrend it’s more likely to signal a reversal than a continuation. Very rarely will the pattern form perfectly and in the current market conditions we have seen many fake outs and overthrows across most coins so always look for confirmation. How to trade this pattern: Go long on resistance break out but only after confirmation. Go short on support breakdown but only after confirmation. With that being said it's seems more favorable for the bears that we would see a breakdown of support as the prevailing trend is downward and can often lead to resistance holding. With pattern trading or candlestick patterns its always wise to use another tool for confirmation of your analysis. Something such as the RSI can improve your odds of succes.
M
by jlouvierobv
Finding your optimal performance 🏃‍♂️Most traders spend a good bit of time looking at charts. Well here is a chart we traders should all take a look at. The chart shown is the Yerkes-Dodson Law. The Yerkes-Dodson law is a proposition that people perform best at intermediate levels of arousal, and that performance is lower at high or low levels of arousal. The theory behind this is visually represented by the graphic in this idea. No arousal levels or a bored/laidback approach to life will mean no stress but no real performance in what you are trying to achieve or do. However when arousal and stress gets too high by pushing to hard, performance starts to decrease. It's about finding the right balance to achieve an optimal performance. A certain level of stress about what you are trying to achieve motivates you to study, learn or train in order to do your best. A sportsperson has to get bumped up before an event as well as train hard, But getting to worked up and training to hard could cause a decrease in performance when it comes to the event. Pushing not hard enough to pass an exam will lead to a fail as you haven't studied or don't care, But also pushing to hard could lead to a fail as you've let stress and anxiety take over forgetting everything you studied. Moderate levels of arousal is best for overall performance. This theory can be applied to your trading. Take a non interested approach or bored approach and you performance in this area will be affected. Less potential profits etc. Get to focused on your trading or trade to hard could lead to poor performance along with a load of stress in your life. You as an individual will have to self reflect and determine where you fit on the curve in the idea graphic. If you fell more success, achievement and happiness can be had, by all means crack on and go for it! However, if you are getting to a point where you feel you might have reached your limit, it could well be time to dial it back a bit. Don’t push to hard for it that you go down the opposite side of the curve. This theory can be applied to every aspect in your life by using it to balance all aspects of your life will also help your trading as well as work, relationships and everything else we all go through day to day. Thanks for taking time to read this. Darren 🙌
Education
by pow_removetheguesswork
Ethereum forecast and signalLearn and Earn! after reaching the resistance line ( first target ), we have two scenarios, first: directly growing and hitting the last target. two: pullback and reach the stop loss. So after hitting the first target (which is a resistance line in this position too), close half of your trade and move the stop loss to the entry price. --------------------------------------------------------- Pay attention! First: Trades have a time term , and in this case, it's from now until the next 12 hours. (You can also see it in the diagram) Second: You can see the entry price in the chart. Before the price crosses the mentioned place, the trade position is not Active. --------------------------------------------------------- Please write any advice or suggestions. Dear friends, request any cryptocurrency pair, currencies pair for forex, and any index that you want to be analyzed and ask any questions. Thanks for your attention
Long
by Arash-RK
Ethereum Classic forecast and signalLearn and Earn! After breaking the price of 42 USDT and confirming the break. Confirmation of the break of resistance or support in this 1-H chart; that is, the bar (or candle) closed at the top of the resistance or support price, as well as the next candle, growing at least around 5 pip ( in forex usually call it pips ) or units ( 5 pips in cryptocurrency is around: 0.10%) more than the maximum price of the last closed candle. --------------------------------------------------------- Please pay attention! First: Trades have a time term , and in this case, it's from now until the next 24 hours. (You can also see it in the diagram) Second: You can see the entry price in the chart. So for this one, the trade is activated when the price reaches and crosses $42 (USDT) Before the price crosses the mentioned place, the trade position is not active. --------------------------------------------------------- Please write any advice or suggestions. Dear friends, request any cryptocurrency pair, currencies pair for forex, and any index that you want to be analyzed and ask any questions. Thanks for your attention
by Arash-RK
Relaxo Footwears (Pre - Results Analysis) | Good Move PossibleNSE:RELAXO Relaxo Footwears has been into a tight consolidation zone since the past few weeks, with quarterly results Last Quater due to weak results the stock had shipped down 10%, however, it came back to it original price gradually, the current consolidation happening in the stock is forming an ascending triangle pattern (which is considered as a bullish pattern) however with results on the go that will be announced on 26th July'22 (Tuesday) I am slightly positive about the results of this quarter So here is my Trade plan, Though I am bullish I will wait for the confirmation by price action, when the candle closes above the level of 1017, and gives a re-test/retracement on the level of 1017. I will plan to take a long position with a target price of 1111-1115 Also last quarter showed us that the costs pressures for the company had deeply hurt the profitability of the company, let's see how did company plan and take action on the last quarter's issues. Hoping for a positive Quater Do Support by Liking and Commenting on our Post as it motivates us to post more such ideas Disclaimer - The idea shared is just for educational purposes with no intention to promote the company, before investing kindly do your own research and also consult your financial advisor, I am not a SEBI registered individual. #Tradeplan #candlestick #candlestickpatter #priceaction #learn #Earn #analysis #Relaxo #Grow #harshnisar45 #stockmarket #chart #chartpatterns #swingideas #Learn&earn #Wealth #editorschoice #trending #weathmagnet NSE:RELAXO
NSE:RELAXO
by harshnisar45
Trading Sessions in Forex | Trading Basics 🕰🌎 Hey traders, In this post, we will discuss trading sessions in Forex. Let's start with the definition: Trading session is daytime trading hours in a certain location. The opening and closing hours match with business hours. For that reason, trading hours are varying in different countries because of contrasting timezones. ❗️Please, note that different markets may have different trading hours. Also, some markets have pre-market and after-hours trading sessions. In this post, we are discussing only forex trading hours. The forex market opens on Sunday at 21:00 GMT and closes on Friday at 21:00 pm GMT. There are 4 main trading sessions in Forex: 🇦🇺 Australian (Sydney) Session Opens at 21:00 GMT and closes at 06:00 GMT 🇯🇵 Asian (Tokyo) Session Opens at 12:00 GMT and closes at 9:00 GMT. 🇬🇧 UK (London) Session Opens at 7:00 GMT and closes at 16:00 GMT. 🇺🇸 US (New York) Session Opens at 12:00 GMT and closes at 21:00 GMT. Asian trading session is usually categorized by low trading volumes while UK and US sessions are categorized by high trading volumes. Personally, I trade the entire UK session and US opening and usually skip Australian and Asian sessions. What trading sessions do you trade? ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
Education
by VasilyTrader
2
Why can't you make it?Hello dear traders, These are some common mistakes that i used to do that are part of my trading journey which is about 6-7 years. This is my first video on tradingview so apoligize for some pauses in my speech. I was a bit nervous when i did it. If you are at the beginning of your trading journey and it seems that everything is wrong, you gotta ask yourself why can't you make it? Here are some common mistakes that i did and some that i gathered from various discord and slack groups. 1. FOMO-ing (i guess this is in all the videos out there) - Remember that money goes from impatient to the patient. 2. Journaling - this is an important and key process of your trading journey. No matter how boring it looks, its gonna make you better i promise 3. Understanding macro concepts - this is a very important aspect and unfortunately it takes time to progress in this matter. There is always something to learn when it comes to macro economics. Its very important to gauge your sentiment from having a good understanding on what is happening globally. You can do it! Even if you trade mechanical its good to have it in the back of your head. 4. Not writing down key levels on a daily basis (updates of the assets you are trading) 5. Phone trading(while good to watch the markets sometimes) just so you know professional traders dont do it(probably only to adjust orders). We spend time in front of the desk like a regular job. Also it distracts you from being social and turns into an angry monkey because you are high on watching the markets. Been there done that. 6. Quitting your job to trade full time - before you make this switch make sure you are at least profitable for one year on a real account. This is a very common mistake and i met some people along my journey that ended up pretty bad. 7. Overtrading and spending 12-14 hrs in front of the pc - very unhealthy habit and it will turn into an antisocial being. Less is more! 8. Overleveraging - If you dont protect your capital, who else will do it for you? You are the warden of your money and you should treat them with a serious attitude. No one likes to lose so lose less until you get better to crank that leverage up. (use a degen account if you want to go banana on an account but not on the main account) 9. If you are in a trade with defined risk (don't micro manage it) leave it to play out. You already knew the risk from the beginning and you already defined it. Closing too soon can lead to consecutive losses. 10. Using more than 1% risk per trade. Dont go more than that even if its a small account. It will help you build confidence in time. 11. Having a good process -> how many sessions do you want to trade? 1 or 2? (london&new york) ...i mostly trade London and then calling it quits for the day. 12. Daytrading(just so you know there are days where you have to wait for the pricce to come to your levels and it may take a few days for one trade to actually happen) You know what to do in that spare time, learn about the markets and review your trades. If you want you can add more mistakes here. I hope your journey is a successful one and you want to become better everyday in everything you do. You can do it!
U
by Inorogu
FALSE BREAK | Price Action Trading📊 ⚠️How often have you opened a key level breakout trade, and then the price turned against you? False breakout happens quite often and it is a problem for many traders who buy at highs and sell at lows. Breakout trading is a fairly popular and viable trading strategy. However, some breakouts often turn out to be false. This can be quite frustrating, not to mention that it can often lead to a losing trade. However, in many cases, an experienced trader can analyze the market situation and react to it accordingly. False breakouts can make a profit if you know how to trade them correctly. ❗️A false breakdown is a situation when the price violates an obvious level, but then suddenly changes direction. When the initial breakout of the level occurs, many traders open a trade in the direction of the breakdown. These traders are trapped when the price reverses, which triggers a series of stop losses. New traders are also entering the market, and this puts additional pressure on the price. This often turns the price into a new trend, the opposite of the initial breakout. A breakout that turns out to be false is a sign of strength in a downtrend or weakness in an uptrend. As you can see, a false breakout can easily cause significant losses for any trader. Some traders develop their entire strategy around trading false breakouts, as this can be a very powerful trading approach. Some of the best trades happen when market players fall into a trap and their stops start to work. ✅How to find patterns of false breakouts? 🟢If you do not learn how to correctly identify false breakouts, you will not be able to trade them profitably. For example, there will be situations when the price returns to the breakout point, and only then continues its movement. 🟢One of the ways to detect false breakouts is to monitor the volume. Real breakouts are usually accompanied by strong indications of trading volume at the time of the breakout. When this volume is absent, there is a higher probability that the breakout will not happen. 🟢Thus, if the trading volume is low or it decreases during the breakout, a false breakout is likely to occur. In contrast, if the volume is large or it increases, a real breakdown is likely. 🟢It is also useful to monitor not only the trading volume but also the price movement on the lower timeframe. In many cases, you will see that the price makes a very sharp pullback on the lower timeframe, which is not visible on the higher timeframe. ✅False Breakout Trap 🟢After all, many trading textbooks say that a breakout can be considered confirmed when a candle closes above the resistance level. However, the price moves in your direction for a while and then turns 180 degrees. As a result, you have a stop loss triggered. 🟢The false breakout trap includes several candlesticks, usually 1-4, that go beyond the key support or resistance level. Such breakouts occur after a strong movement, as the market has reached an important level, but the price momentum still retains its strength. Have you ever been trapped by a false breakout? ❤️ Please, support our work with like & comment! ❤️
OANDA:XAUUSDEducation
by UnitedSignals
6
What is Forex and How Big It Is?💱 Forex - foreign exchange market, is a location where international currencies are bought and sold by economic participants at various exchange rates. Forex market is the biggest market in the world, reaching on average 6 trillion dollars trading volumes daily. Forex market is a vital element for a global economy because it provides capital exchanges between the countries. The main market participants of forex market are central banks, commercial banks, commercial companies, hedge funds and investors. 🕰In order to grasp how big is that market, take a look what is happening on that just in 60 seconds: 📎Total transactions value reaches 3.52 billion US dollars. 📎 1.15 billion dollars of spot transactions. 📎 1.65 billion dollar of exchange swaps. 📎 Total transactions value involving USD reaches 3 billion US dollars. 📎 Total transactions value involving EURO reaches 1.1 billion US dollars. 📎 Just one single EUR/USD pair accumulates 812 million US dollars transactions value. It is hard to imagine how such big amounts are rolling with such a frequency and how insignificant are the orders of individual traders. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
6
Become a better trader by just answering these questions!Hey Traders! Most people think that trading success is found within a system... yet a successful trading system could be something as simple as 2 or 3 basic combinations, knowledge of price action and a sprinkle of instinct. To me successful trading is a completely different path, I believe that real trading success falls into one sentence which is "Constant and never-ending improvement", self-improvement that is, and in today's post, since it is the weekend, I want to go over this core improvement process with you so you too can become a better trader next week! First to make it clear, I believe that out of the 100% required for trading success the system part falls into the low 10%, while the other 90%+ is within you, it is your knowledge, knowhow, instinct, mindset and everything else that makes you... you. The system is something you learn once and all you have to do is follow it forever with consistency and focus, sounds simple right? It kind of is but we humans tend to make it complicated. Anyway, its Saturday the 9th of July and I want to give you 6 questions that if you answer will make you better by at least 1% right away, but if you continue to answer these questions each time you will, guaranteed no matter what (as long as you are honest) get better by 1% each time, how much better you become in entirely up to you, and by that I mean how honest you are and how consistent you are in answering these questions! So, without anymore delays, here are the 6 questions that can make you a better trader: What was my biggest loss and why? What was my biggest profit and how? What was the best thing I did this week? What am I most excited about for the upcoming week? Did I follow my system on every trade? Was I in control of my trading, mentally, every time I traded? BONUS QUESTIONS: What prevented me from doing better? What motivated me most? What will I not repeat next week? What will I repeat next week? What do I want to remember it for? What is the best highlight? What do I regret not doing? Do you have any of your own questions that could help other traders? - Do share in the comments!
BITSTAMP:BTCUSDEducation
by PrimedGroup