Get started

Mindset

A mental challenge of a trading day. Trading day. A difficult one. GLOBALPRIME:GER30 The day started. I woke up a bit too early and lay in bed for the next hour and a bit. Rolled over and had a look at the night's notifications. Nothing important. I opened my laptop. This was the first mistake. A laptop with wifi and a trackpad. Suboptimal. I found my login, successfully logged in and adjusted my lot size. Next issue. I was trying to enter “20” lots. It didn’t work. Why? Minutes later, 2 mt5 restarts later I realized; the contract size was 100: 20 lots = 1000/point. Way too big. Oops. Luckily mt5 didn’t let me enter that. I need to pay more attention to little details. I quickly downloaded the Tradingview desktop app, installed and logged in. Opened DAX chart. Waited for open. Next mistake: directly after open I placed a trade. Not even 5 minutes had passed. I placed my trades according to the premarket data and 1 min chart. Terrible way to go about the open. I was short the DAX. 20/point - 35 ish point stop - 700$ loss. 1.5%. WAY TOO BIG. However I accepted the size and moved on. Why? My ego was bolstered after the fact that my trading stats were good. I had compiled them the day before. 50-60% WR with my winners being on average 3.5x bigger than losing trades. I didn’t even think about the size. Not great. Now I was in a position, taken off the 1min chart and premarket data, with a rough assumption that the markets were supposed to be headed lower. To make things worse the trade was placed on my laptop with a trackpad. By the time I placed the trade my risk had effectively doubled. Stop went from 17 to 35 points. The market had moved 17 points lower whilst I was still to get my trade in, on an idea that I had had for the last 2-3 minutes. To sell above the bars just before open. It took me 17 points. Ok. Now I was short. Too big position due to the delayed entry, off a one minute chart and mostly premarket data. Not much backed this trade up. And I risked 1.5% of my account on it? Why? Because I thought the DAX was headed lower. Side note: the index was up 1% premarket, following a 2% bull trend day. From a longer time frame there was nothing else to do but buy. But still I was short. Why? The previous day might give us the answer: here it is: A similar scenario. I wanted to be short. However with key differences to the actual trading day: They’re similar to each other, sure. But there’s major differences. The previous chart had had a 5% bear day before. Sellers were still about. A bearish continuation was highly possible. Favored even. It played out early. A 200 point move to the downside, set off by a weak open. (Another key difference to today) today had a bull bar, albeit with tail on top as the first bar, followed by a weak bear bar with lots of tail compared to the previous day of strong bear + weak bull. This was a key difference. Price action wise there was an exit for this trade at the close of the second bar of the session. Did I take it? No. It would’ve been a small looser 6-7 points (a 10 point winner if the entry had been proper). Why did I not exit? Well, I was hoping to see something. Something that had ingrained itself into my mind. So much so that I completely disregarded what was actually in-front of me. (Weakish) bull plus weak bear. I was frustrated and wanted to see something. That something never came and I was stopped out on the massive bull bar that followed. But how did the loss feel? And how did keeping the position open feel? Strangely, I was not uncomfortable. I took the trade confidently and was confident, against all odds. Alright, the trade wasn’t taken in the best way possible. However it was a relatively decent short. Moving on. Here is where the real problems begin. The trade before just didn’t work out. Maybe I was unlucky. A very big bull bar. 50 points. Big bull surprise. Ok, the bulls won this one. It will likely be a trend day up. This is what I told myself in the moment. What do you do on a trend day? There’s so many tempting counter trend entries. It looks weak. It just feels right to get short. It looks like the wedge, or double top or similar reversal pattern will work at any second. A tiny bit of risk for a huge reward, that’s what our brain loves. We love risking little and winning big. That’s the whole concept that the lottery exploits. If lottery tickets were to cost 100K with a chance of winning 200K, do you think anyone would be buying them? No, definitely not. Even though the chances of winning would be inherently bigger. Our minds love security and just the slightest chance of a big winner. It hinders one majorly in a trend day. What you should do is the opposite. Use a wider stop and just go with the trend. If it’s a strong trend, started by a bar like the above you can buy anything. Bull bars, bear bars, opens, retracements. The worst entries will become profitabel since the markets will creep their way up. I was aware of this. I knew what I had to do. LONG. Initially I opened a long on the close of that big bull bar. I closed it on the bar with the long tail. 15 point profit. Why? Because I saw a wedge on the 1 min chart. It was a good sell signal. Imagine this: a wedge (reversal signal), your risk would be about 10-15 points with a target of 30-70 points, depending on how long you want to be in the trade. Would you take it? I did. And the markets just went higher. This happened twice. I tried selling into the trend and was consequently always stopped. I was comfortable keeping the shorts. They felt good. This is another indication that something is wrong. Futures trading should feel uncomfortable. This was already said by Charlie D, portryed in the book "The legendary Bond trader". This is one of the most important parts: (This is taken from Tom Hoougard, an exceptional trader that has helped me massively, especially in the mental department): After two losses I realized. The pain had caught up with me. It was delayed. I went long. I added on the retracement. But then I left with stops at BE. I returned to being stopped out, after a three legged trend move up. 2 bulls flags. Unfortunate, however, I'm proud of that part. I stayed in. I overcame my instinct to take profit. It didn’t pay off this time, but it will eventually. I will be in on the next 200 point rally. This is one of the hardest mental games to play. If you're just slightly off, you won't win. How do I go about fixing this and making sure it doesn't happen again? A few suggestions: Take a step back. Stand up and leave the room, walk around and come back. You will have a brand new perspective on the matter at hand. Another idea: focus on the process: focus on what you see at hand. We all want one outcome: profit and winners. However we don't get that by imagining that outcome. How do we get it? We need to stay in the moment, we need to stay in the process. We need to see what is presented to us and act accordingly. This may be difficult to do in the moment, however one needs to be able to think clearly and execute on those thoughts in the trading moment.
G
by fxwithfreddi
Why Less Trading Gives Better Results!Hey hey traders! We're coming to you with a nice and short video on why trading less is actually better for you, atleast based on our experience! Being a full time day trader I found it hard to actually be at my best and trade all day long... at the end of the day trading is a means to an end, its only purpose is for you to exchange your knowledge, effort and focus for money, yet you do not need to sit there all day to do that, 60mins of focus is better than a whole day of nothing. Try what we preach for the rest of the week and you'll be amazed at your performance! Good luck trading!
OANDA:DE30EUREducation
by PrimedGroup
4
Trader comfort zone journey 🥴➡️😊Let's end the week on a thoughtful note. On the chart is a visual I see the other day that I feel relates to trading massively. It's called the comfort zone map. This can be applied to many situations in a person's life as a generic visual map. But I really do think it represents the journey every trader must take in order to become successful. COMFORT ZONE It's where we all start any journey Sat in the comfort zone not wanting to leave as we dont want to fail or get hurt. Some will stay in this zone forever but will never progress. If you are on TradingView looking at this idea then chances are leaving this zone is already being explored. We all like this zone put you have to take the leap of faith in order to progress. As traders we all have to leave our comfort zone in order to start our trading journey. FEAR ZONE This is the worse zone for any human on any sort of journey but more so for traders. Things are really uncomfortable in this zone and pain will be felt. Mistakes will made, as traders money well be lost but key bit is learn from those mistakes. Plenty of people will turn their backs at this point and jump back into the comfort zone. Those who carry on trying to achieve will have other people questioning what are they doing. Don't let opinions sway you and find a way to find your feet in this zone. You will lack knowledge, You will lack skills at the start but traction comes with hard work and persistence. LEARNING ZONE The traction gained and hurdles overcome in the fear zone leads you to this zone. Once in this zone it's now all in the eye of the beholder. This is now the new comfort zone but don't drop the ball you can end up dropping back in this zone. Now's the time in this zone to really kick on but it can take time. You are now laying the foundations of an exciting future. Take the base knowledge gained and gain even more in this zone. Problems are no longer holding you back as you are able to overcome. You enjoy the challenges and tackle them head on while still learning. Putting the time in here takes you to the next step but also stands you in good stead for rest of lives hurdles. GROWTH ZONE This where the fruits of your labour are felt but not just in trading profits. Mindset and contentment are on point. Due to the above continued learning never stops. Objectives are now smashed. Purpose and fresh identic is now found within yourself. Continued Personal growth as well as financial growth is now a element of life. In this zone the end game is infinite but shouldn't be taken for granted. Hard work has got you here but don't get complacent. Treat everyday as an opportunity to fulfil your life even more in many ways not just money. You earnt the right to be in this zone so enjoy. But be grateful in this zone and take nothing for granted. Stay level headed and with the right mindset this becomes your new comfort zone to enjoy forever. Enjoy the weekend folks and see you next week 👍 Darren✌️
Editors' picks
Education
by pow_removetheguesswork
52
Affirmations! how to use them Powerfully What up everyone. This is a great mindset training on Affirmations & How to Affirm yourself. I have shared my list of Affirmation to assist you in your journey to greatness. I encourage you to write your own AFFIRMATIONS. In the mean time you can borrow the ones I'm sharing with you today. you all are amazing see you on the next video I am a winner I am focused I am a leader I am persistent I am consistent I am reliable I am coachable I am teachable I am always learning I am a man of my word I am raising my standards every day I am speaking with conviction I am love I am learning every day I am a 13 figure earner in trading I am comfortable with earning 13 figures I am unstoppable I am profitable in winning 100% of my trades I am 100% healthy I am using 100% of my brain with Control & precision I am relentless I am a force to be reckoned with I am obsessed I am making my dreams a reality I am a doer I am trustworthy I am a fighter I am taking massive actions I am Drive I am Limitless I am Nickylimitless I am a legend I am the worlds greatest I am the best Trader in the world I am joyful I am a man of God I am wise I am wisdom I am blessed I am honest I am courage I am excussless I am a problem solver I am on point I am all in I am sharp I am witty I am funny I am likable I am lovable I am fierce I am operating on a high frequency I am a high-performance trader I am a great husband I am a great father I am breaking all walls down in my life I am breaking all chains to move forward I am breaking through all obstacles I am an overcomer I am me I love me I respect me I respect my family I respect my team I respect the markets I respect my business I respect life I respect God thank you father in Jesus mighty name “Amen”
BITFINEX:BTCUSDEducation
by NickyLimitless
How to continue in trading during uncertainty timeHello traders: Recently I received many messages from traders about taking many losses during this uncertain time. What's going on globally right now may have a different impact on all the different markets. Many have told me of your frustration, stress, and negative emotion on losing money and continue to feel defeated. Today I will explain a few things that you can implement into your current trading plan, approach and perspective during this period of time. First, you must acknowledge risk management. Too many traders ignore this key important aspect of trading. Especially during this time where the market can be volatile and irregular. It's in your best interest to understand how to manage your risk. You should have a plan that lists out how your approach would be. For example for my risk management right now: -1% per trade of account capital. -No more than 1 trade on the same currency, unless the first trade is secure in profit. -No more than 2 trades open during a day, max drawdown 2% per day -10-15 trades per month -3 trades maximum per week -Minimum 3:1 RR allow before entry -Will Take profit on average when in profit 3:1 RR. Second, learn to control your mindset and emotions. More often when traders approach me these days, they are telling me they are taking too many trades, chasing profits and revenge trading their losses. All these arise from the mistakes of FOMO, get rich quick mindset, enter multiple trades. IF a trader can truly understand the fact that the market will always be there tomorrow, next week, next month..etc, then it's an easier thing to deal with on a psychological level. You will no longer stress about trying to enter too many trades, worry that the market may not be available tomorrow. Third, less social media exposure. In today’s world, unfortunately in trading, most of the things you see on social media are fabricated and fake. Their sole purpose is to sell you a dream, lifestyle, and easy money concept. ITs always during this uncertain time, you will see more and more of these “gurus” who will show you how much $ they made during this time. Now, I am not saying all are fake or scam, I am sure small # of them are doing well. But, most of the things you will see in your social media feed, are likely to be photoshopped, faked, fabricated to make you believe whatever you are doing is wrong, and you tend to “compare” your result with these people. This ended up becoming very negative and stressful to continue. ITs important to understand trading is one of the toughest professions out there. IT requires so much emotion control, clear mindset, and proper psychology on a regular basis. If you are struggling, it's usually not to do with your trading strategy, but rather your approach, perspective, and perception. So, eliminate as many unrealistic things you might see, and focus on yourself and your journey. Any questions, comments or feedback welcome to let me know. Thank you
Education
by jojofang0901
38
wedge top's 🔝 in a bear sell offhi there my friend to day I want to discuss about wedges (on of the most powerful setup's). true but there is always some details about it that make us so confuse, some of them that I just learned in past few years are. 1.the might be more than 3 wave's 2.35% of the times wedges will fail 3.if u want to be sure about the pattern wait until a fake breakout happens. I'm sure that u guys might know something else and I'll be happy if you just share them with me. cheers 🥂.
Education
by trader2613
The psycology of understanding patterns The human mind is made to create context if there is an information we need to get the full picture. An example of how your brain is creating information in order for you to understand the context could by reading this text: "I cdnuolt blveiee taht I cluod aulaclty unesdnatnrd waht I was rdgnieg! The phaonmneal pweor of the hmuan mnid aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mattaer in whaht oredr the ltteers in a wrod are, the olny iprmoatnt tihng is taht the frist and lsat ltteer be in the rghit pclae. The rset can be a taotl mses and you can sitll raed it wouthit a porbelm." This is actually very usefull when analysing the marked. If you don't know the context you can try and look back on how the share was evolving before and use that knowledge to predict the outcome even if you dont have the full information. So by triggering your brain to understand the context will help you find the outcome. Let me know what you think about this^
Long
by Aksel_Rom
2
How to Construct Your Trading Plan 2.0 Hi everyone: Today let's go over a trading plan in more detail. I have made an educational video on this before, and many have asked me to create a more in depth breakdown on this topic. So let's take a look at what topics to include in a trading plan. First, what you should understand is there are no set guidelines of what exactly you should include in your trading plan. Most traders will have different approaches on this topic, and some will have similar ways of constructing it. What is important is this is something you will look at on a regular basis. You will add, remove, edit your plan so it is the most up to date with the information you want to include in. You should NOT however, just copy someone else’s trading plan, since it won't be applicable to you. Below I have outlined the 6 main topics that I include in my trading plan, and I will go over each topic in more detail on what can be included in. Personal Goals, Emotion/Mindset, Changes Trading Checklist Trading Quotes to reflect on Trading Past experiences, mistakes, and lesson Trade Enter Criteria Trade Management If you have any questions, feel free to let me know :) Thank you
TVC:DXYEducation
by jojofang0901
34
3 Stages of Trading 🚨Every trader goes through these stages. I remember starting out on demo thinking this would be the easiest way to make money quickly. Oh, how I was wrong. It seems like sunshine and rainbows on a demo account but when you move onto a live account, the real problems begin. Your expectations of quick money quickly vanish due to the psychological aspects of trading. This usually results in big losses. Excitement is followed by pain, this is where most traders quit. If you make it past the pain and develop, you will reach your trading goals. Do these stages seem similar to your trading? 💬
Education
by UnknownUnicorn34088517
3 Mindset Tips for Elite TradingHappy Sunday Traders! In todays video we go over 3 mindset tips for elite day trading! Watch the short video below to understand this better, but here they are anyway: BE OPEN MINDED Let the market be your guide (price action) Wait until you feel the market (day trading) Be just as ready to buy, as you are to sell CONTROLED AGGRESSION Know what an A+ setup is, then develop the confidence to act big and fast Have a plan, both for the best entries and the failed trades EVERY TRADE IS ABOUT DEVELOPMENT How good/great of a trader could you become by next month if you learn from every trade you take this January?
BITSTAMP:BTCUSDEducation
by PrimedGroup
2