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🔔TRADING HACKS: Use alerts or go crazy🔔In my trading, I really like using alerts and recommend everyone to do the same. The main ways of using them for me are: 1. While waiting for a tap into my Area of interest. 2. After entry, for waiting at my breakeven level. 3. Also for waiting for the First partial level, the second partial as well of course. I use them in other ways as well, for example, it helps me while I'm waiting for confirmation to set up. It's great to install a Trading View app so that you can receive notifications on your phone.
Education
by Yelli_trades
9
Trusting your Analysis.Here was a great day for many traders trading GJ. Most traders are aware of GJ being one of the more volatile pairs, although today was volatile it followed simple patterns, reaching highs of 161. and then reversing to low 160. I opened various trades through these motions at different prices, my mistake was not sticking with my original opening trade as It meant I missed out on hundreds of pips on such a simple trade. I also re-entered at different prices, this is a lesson learnt as every time in doing so, I am only increasing my potential for risk. Had I kept my sell at 161, my open risk would've been miniscule compared to my sell at 160.500. Listen to your brain, it's okay for a price to jump around, just have patience, before entering the trade you should try anticipate any fluctuations and at what levels, this will help you understand if your position is on track or not. And don't get FOMO, as you are only increasing your potential for a loss. It will be more beneficial for you in the long run. A bad trade is a bad trade.
by HBSPG
8 Difference Between Pros And Amateurs In Day TradingIt doesn’t matter how long you’ve been trading; there is always room to improve your approach and become a more profitable trader. To be a successful day trader, you need to learn what the pros do, implement their tools into your methods, and constantly be willing to improve your strategy. 1. Have a strategy. This may seem simple but almost all amateurs trade purely based on emotion, gut feeling, or tips from their friends. Maybe they even have a trading strategy, but for some reason they still don’t follow it. Pros always stick to their strategy under any circumstance. 2. Stick to the strategy like a robot. Pros always follow their strategy because they realise that reliable data is more valuable than trying to get lucky on big traders here and there. Even if they aren’t confident in a trade, they realise that they created the strategy for a reason, based on historical market data, when they were thinking clearly, and that following their strategy will produce consistent profits long term. When you don’t follow your strategy, or you take profits early, or move stops, that invalidates all of your historical results and future results, which means you never have any reliable data you can use to improve your trading. 3. Pros don’t get emotional when trading. When it comes to managing your emotions in trades, pros have an amazing ability to recognise how they’re feeling in the moment, and use that information to avoid taking bad trades or to improve their good trades. While amateurs tend to avoid even considering the fact they may be trading emotionally, and fail to recognise when it’s impacting their trades. 4. Pros don’t hold onto their losers. It’s common for beginners to hold onto a trade that’s gone against them a bit. Often, they will wait for it to get at breakeven to get out – and then it continues to go down and down until eventually they’re forced to sell for a big loss, only to be left feeling like an idiot when the market does turn around. Pros, on the other hand, cut their losers early, and look for the next trade. Pros don’t get attached to any single trade and they realise there are plenty of opportunities in the future. 5. Pros let their winners run. A common mistake of amateurs is to close their trades early and take the profit. Hey, you can’t go broke taking profits, right? Wrong! Nothing could be further from the truth. You absolutely can go broke taking profits and it’s actually a common mistake for beginner traders. When you try to avoid losses by taking profits early, it reduces your average win, and negatively impacts your risk:reward ratio which is a recipe for disaster. You need to know how to effectively set your take profits and stop losses so that you have a positive expectancy, and remain profitable long term. 6. Pros keep a trading journal. Pros track literally every aspect of their trading. They want statistics on everything so they can fine tune their trading approach based on any little statistic that is lagging. They want detailed statistics on winrate, average win, average loss, expectancy, trades per day, winrate based on time of the day or day of the week. They’re going to track literally everything they could possibly use to give themselves an advantage. 7. Pros constantly study the market. Besides keeping an eye on things like technical indicators, pros will always spend time looking at the news, their trade journals, studying books and anything else they can get that improves their trading knowledge and performance. Pros always want to get smarter, but that’s not to say that they spend all their time studying - one of the reasons we day trade is for freedom to live life on our terms. But that doesn’t mean we should set aside some time every day for study. 8. Pros have realistic expectations. Pretty much every beginner comes into day trading with the expectation of being able to double, triple, or even quadruple their money in a matter of weeks. With this goal in mind there is literally no other option than for them to trade with unlimited risk. Pros realise what kinds of returns they can actually expect as a day trader - and most of the time it’s a lot less than doubling your money every year. Day trading is a long game, and results never come overnight. To be successful in this field you should be consistently looking to improve your approach in every aspect. I hope you found this guide helpful and it serves as a reminder to keep working hard to reach your goals. Happy trading!
CAPITALCOM:RTYEducation
by BrendanMurphy
Lesson: BTC forming bullish rectangle?BTC seems to be forming a bullish rectangle on the H4 chart, I will attach a photo in a comment below for reference. I have drawn out a couple lines for entries, sl and tp if this bullish flag plays out. Bullish flag breakout generally moves the same ammount as the move before, in this case BTC jumped about 8%, so therefore we can expect another 8% jump if the H4 candle closes above the resistance line (Line 1). I hope this helps, even if it doesn't play out. Please leave any questions:) Trade safely
Long
by sebastianjohansen
General lesson + BTC and ETH showing strength Analysis: BTC bounced off RSI support and is now at a resistance level, ETH and global markets like DOW also jump and showing strength. If BTC hold this level and give breakout many alts will jump 20-25% in the next 2 weeks. Reason for todays bounce back could be Amazons announcement of their Q4 earnings, making their stock rise 17% a day after META dropped, the biggest single day gain in US stock market history. Lesson part: BTC dominance has been steadily decreasing but is up a little bit in the last hour or so, and the total market cap is moving up. What does this mean? If we look at the following rule below we can make predictions on alts on the market direction. BTC D up + Mcap up = Good for all coins BTC D up + Mcap down = Good for BTC but bad for alts BTC D down + Mcap up = Very good for alts BTC D down + Mcap down = Very bad for btc and alts Use this rule accordingly. Trade safely:) - Seb
BITSTAMP:ETHUSD
by sebastianjohansen
1
Conservative vs Aggressive Entries - Different ways to enter!There are different ways to enter trades - some opt for an aggressive approach while others opt for a conservative entry. Aggressive entries are taken at the first signs of reversal out of a supply/demand zone while conservative entries wait for more significant larger structure breaks in the trend. I almost always opt for the conservative take as I want structure to be with me all the way. By getting in with an aggressive entry you can achieve higher risk reward but you will also inevitably run into more losses because you are relying on the short term trend to confirm your higher timeframe intensions. It comes down to your risk tolerance: Conservative entries require patience and sometimes when they don't give an entry you'll need discipline to avoid getting burned - but they are the wiser option for risk averse traders. Aggressive trades will get you in on nearly every move you have planned but they'll also get you took out a fair amount more than conservative entries. How much pain can you take? I recommend choosing an approach and sticking to it - being a master of one approach is better than a novice at many!
Education
by jeafxtrading
3
Thesis on next move for #BitcoinThis chart is looking at bitcoin from a purely trading aspect taking away indicators and just focusing on the price action. first we establish the overall high and low in the range (in yellow) next we establish the current price trend over the last few days (in red) we can see bitcoin has recently broken out of smaller consolidation pattern (in white) and has bounced of previous long term support at 40K. it seems bitcoin will retrace back to the previous consolidation zone. a bounce off the lower support turned resistance (red arrow) would be a confirmation of a going short back to 40K at the least. if bitcoin can break back above this lower resistance (in green) area then we can expect a move back towards the top of that consolidation zone before being rejected or breaking out above which would be very bullish probably leading to a huge sentiment shift in the short term. if you happen to be in a trade below these white zones i would take profit at each resistance . the point is to lock in gains afterall. few tips i wanted to pass along to new traders. horizontal support and resistance is key to trade setups and take profits. DO NOT trade based off of diagonal lines as they are more subjective and can be changed to make the picture more bullish or bearish which will cause bias. you have to remain unbiased and the best way to do that is to establish important horizontal support and resistance levels on both high time frames and low and pair those levels with indicators like RSI and MACD for instance to find the right time to enter and which position to take. always make a plan before you trade and always have a stop loss. stick to your plan and your stop loss and leave your ego at the door. no one is seeing this but you its ok to lose the small one to catch the big fish. preservation of your bank roll is key. never gamble never go on a whim and only play with what you can afford.
COINBASE:BTCUSD
by ELM_Trading_NYC
1
The Problem with Breakeven TradesThe issue with breakeven trading is that when enough people are joining the market at the same place, be it a demand area or an order block. Many traders like to secure their positions immediately. This, however, creates liquidity. Whenever a large group of people move stop losses to the same area, expect that area to be a target for the banks. In this example, we can see buy orders being activated at an order block, a sudden push to make buyers secure their position, followed by a stop hunt of risk-free trades before continuing to the upside. Do you ever get caught in situations like this?
Education
by AlkalineFX
5
Lesson in trade setups. take it or leave itTrading is difficult. it takes patience. the key to a successful trade is planning. in this chart we do away with diagonal trend lines . all we are looking at is the horizontal support and resistances. to keep trading simple you have a thesis, stick to it and execute on it. you breakout from either support or resistance that will be your signal to begin to watch the charts for your trade to develop. you need to have the patience to wait for a retest and bounce off the horizontal line and the price to break past the retest pivot waiting for your thesis to play out and always using stop losses in this case right below the support/resistance lines that the price broke from will keep your stack safe and your losses small. in turn (not shown on this chart) you can also take the short and long trades based on price tagging the support (short) or resistance(long) lines. good luck trading ELM Trading Group
COINBASE:BTCUSDEducation
by ELM_Trading_NYC
1
Bitcoin capitulation before breaking explosively up3 Indicators, if they hold and become support this thing will explode before January. 1) Hold the Bullish strip (21 Week EMA and 20 week SMA) and the 120 Daily EMA: Today just touched it between 51K and 53K and it closed above both. 2) Breakup descending wedge pattern and hold yellow ascending trend line: A clear wedge that has a goal of over $70K if it breaks up in the next few days 3) Confirming as support the 0.618 Fib level: from the bottom and resuming up, usually is great support. If all of this doesn't hold I will be hedging and trading some of it to the downside for more consolidation, probably untel January of next week. Remember: a) Always trade with a plan and strategy: Analyse thoroughly and mark your supports and resistance levels to sell and buy and DON'T change them b) Never forget the macro, especially in crypto: so don't sell your HODL positions. c) Invest like institutions: DCA when there is fear in the market and don't buy or sell all at once. NEVER trade with your emotions. Best of luck everyone!!!
Long
by CriptoJoe
Another vital lesson in the markets...Perhaps the most important rule when trading professionally Is that history repeats itself in the markets.. So you may be asking what exactly does this mean? Well its rather simple; Market moves that happened before happen again!... Over and over. The reason is because markets have memory. When price returns to these levels you see similar reactions. Why is this information so important?.. It is Important because it allows you to Make better decisions in your trading. If you know price repeats, you can add it into the formula you use to trade any asset. This is because it works in any setting and is relevant in ALL markets. You will notice no matter the chart you are looking at, there is oscillations and consolidations. These are all based on price action from previous events.
Long
by WillSebastian
A Great example of core market functions.I thought it was a good time to share this lesson on understanding price movement within markets. Often, traders will not be able to remain 'calm in the game' as long as the market maker. Price can go up, or it can come down. Inevitably, as liquidity and orders are taken in the market, it will stall and reverse. It is just inevitable. Markets have to go up and come down in order to properly function. You can't have a liquid market without buying AND selling, therefore everything has to come back at some point. The key is not to assume price will just keep going forever, as it will not.
TVC:USOIL
by WillSebastian
2
Simple Price Action Strategy – Easy Money! $$$$$Here is one of my favourite setups that is easy to learn and trade. I’ve heard it called many things over the years and know that many successful traders watch for this pattern to play out as it has a high win rate. Whatever you want to call it, it’s worth studying and adding to your playbook. What’s actually happening in this pattern? -A low is formed. Long entries have stops below the low providing a pocket of liquidity. -As price returns to the area these stops are hunted and the liquidity is taken. Early breakout traders will short and become trapped. A base has now been formed. -Price returns to the base and retests it as support. -Price bounces back to swing high. How do we trade it? -The first thing we want to look for is a swing low (1) followed by a swing high (2). We can then mark out a potential range. -Next, we want price to return to the swing low and either trade briefly below the range (a deviation) or just quickly wick below (sweeping the lows), and then price should return to the range. This area is shown as 3. -Bids can now be placed at the range low. The setup is invalidated if price trades lower than 3, so stops should be somewhere under the low at 3. -Targets should be set at the swing high (2). -This also works for shorts – just flip everything upside down. You can see this pattern on all timeframes and it presents a lot of opportunities once you know what to look for. Happy Trading.
Education
by ForgeTrades
2
BTC Chart Formations, Trendlines and DivergencesChart Patterns 2018 was an interesting time. Bitcoin had gone berserk and there where both prophets of prosperity and doom preaching about the future of bitcoin and all the new folks had to decide if they still wanted to play and what to do with their money. Lots of people correctly identified this descending triangle but many people were so bullish they saw it instead of being a triangle being a saucer or a cup and handle, basically anything but a bearish formation. I remember being uncertain as well, at times I played the triangle resistance very will with some outstanding shorts and other times I made some trash trades. It takes way more experience than people think to trust a chart formation and trust the targeting on it. Especially with triangles, they are some of the easiest of formations to recognize but they have some of the worst performance. The Head and shoulders is different. Mr. Bulkowski wrote one of the most important texts on charting with ranking patterns on chances of throwbacks, chances to get full performance, and average performance. The head and shoulders is 9 out of 36 for reaching target, so it is in the top quarter formations you could try to play. thepatternsite.com Stats on the head and shoulder from traditional markets Break even failure rate: 19% Average decline: 16% Pullback rate: 68% Percentage meeting price target: 51% Highlight from the trading tips Velocity: A high velocity rise leading to the pattern often results in a larger decline post breakout. Since we had a high velocity move into the pattern we can expect a larger decline than traditional targeting would suppose. But since we are on the log scale traditional targeting gets harder to do and so we have to use fib levels. And the target based on fibs alone is show and it is below the previous high. Trendlines Various chartists have correctly identified some long term trend lines that would act as support here and I have mocked one of them up in magenta. Thing is people were hoping for the exact same thing with the purple trendline before the big dump below $5.7k. Now obviously every chart formation is made out of support and resistance and therefore some trendlines. But trendlines flip from resistance to support all the time and when they fail they can fail to violent price action. Horizontal levels as well as angled trendlines can fail as support or resistance and you cannot guarantee that this magenta trendline, or a similar one, will hold forever. Divergence I am a big believer in divergences but I have many times looked at getting into a move way to early because I was not patient enough. Moves often will have a combination of hidden and cassic divergences in them. For a bullish example price action can display bullish divergence by setting a higher low on price and a lower low on the indicator but until that low has bullish divergence within itself it won't trigger, and that often occurs in waves of three. Hopefully this chart below will help. I don't forecast BTC having a sustained uptrend until we see classic bullish divergence on the weekly within the low that is still developing. Conclusion More downside and then a lot more upside. Until I get an invalidation of the head and shoulders or another major signal of trend change (like getting a whole candle above the 20 week SMA) I am still bearish. Please see the linked post for target setting.
COINBASE:BTCUSDShort
by This_Guhy
NZD/CHF Long - 21 May 2021 | Hybrid Move Result: -1.00%Hey All, The trade initiated from a Daily Counterzone stacked with a clean area of weekly demand as well perfect in my opinion with the main idea to break the daily trend and continue the higher-timeframe bias to the upside. Overall the setup was pretty complex due to the Counterzone analysis, yet clear enough to find and edge. The 4hour strategy was executed after price formed a clean star formation and exploded to the upside after some more deceleration. The 4hour started to create a small double bottom formation with our automatic Hybrid Strategy entry when the 4hour star closed. At the daily time-frame prices reached the downward sloping trendline formation which was never broken to the upside, instead price moved towards the downside creating a deeper daily lower low and continue the trend. Good trade, good edge.
Education
by newcapitalfx