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How to start as a trader, and have a good chance of making it.I have written on this subject before, see my signature. There is more though. If you are starting out, there is a LOT you need to know. I will start with some basics. Some of them you may scoff at, and say I am wrong, but I can assure you I am not. Truly. Read my previous post here: After reading that, you may well think again about trying trading. If the idea of taking a long time (at least 6-8 months for a natural) to learn something bothers you, or you need to make money NOW , then I would advise you that trading is not for you, or not yet, at least. For a start, being impatient is the absolute worst trait you can possibly have. If you still want to continue, then I can help you. You will have to have the patience to read a lot of words. 1. Pick an instrument you want to trade. If you are a stock trader it's different, because you should be trading the stocks that are "in play" that day. Typically I'd recommend the day after results/news came out, rather than the actual day itself, when you are starting out. Why? It's easier to see the way the price is trending, and the trend is your friend. If you are not trading stocks, I would recommend either a share index like SP500 or NASDAQ or FTSE or DJ30, or an FX pair that is NOT EURUSD. Oil and Gold are Ok too. Crypto I would not recommend for a beginner. Reasons: Let's start with Crypto. The big players can pay the exchanges, perfectly legally, to see your orders and stop-loss levels. This is not a personal vendetta against you. They can see the aggregate levels of millions of traders, and thus learn how to trigger bulk stop losses to make money off you directly. This is not legal in the other markets. The same manipulation is still possible, but not to the same extent. Why not EURUSD? It's the biggest and most popular FX pair, so the most big-boy games are played there, see the Crypto explanation above. The banks have access to millions of client positions, so they can see when their clients get squeezed, and they assume (usually correctly) that other banks' clients will be in the same boat. Why the rest? Tight spreads are common (look it up if you don't know what a spread is). Banks exert less control (though still some). Why pick one instrument? because you need to LEARN how it trades. This may seem weird, but each has its own character, and if you trade more than one, you won't notice it. You may be saying "But one pair will only give a few opportunities each day/week, why not trade more than one? This is related to a recurring theme in the way I teach: "Fewer trades, more quality trades, higher confidence trades". If you properly learn the character of one pair, then it's better than guessing in 3-4 pairs. A LOT better for your profits, and that is what counts. Next I am going to say only risk a max of 1% of the account per trade, and again your reaction might be "How am I going to make decent money with tiny risk like that?" Do the maths. If you do four trades a week(yes really just 4 a week), two wins and 2 losses at 2.5R (R is risk reward, so you lose max of 1%, and make 2.5% if you are right, then you will be up 3% in the week. 3% compounded over a year is 330%. Wow. How many hedge funds make that? You won't make as much as 3% a week, probably, but hopefully you can see that this is not too small. When you consider that a loss of 10% will blow most prop firm evaluations (see later), and even a good trader will some day lose 10 in a row just from bad luck, then 1% seems fine. So, we have one instrument and 1%. Next, paper trade first. Make your foolish mistakes on paper. Select a demo account and do not lodge funds with any broker at first. Choose a broker that offers consumer protection. This means that they are authorised/regulated by your country's regulator. Always do this. 2. Let's say you have succeeded at paper trading over a couple of months and you are tempted to start trading your own money. Stop. Lodging $5000 or more and just kicking off is not the way. 90% of new traders lose 90% of their money in the first 90 days of real trading. Instead, look up prop firm evaluation accounts. Also look up how to choose one, as they are not all the same by any means. This will give you the opportunity to trade a $10k account for $100. Your risk is $100 only. Typically, if you make 10% (ie $1000 in this example, then you get a "real" $10k account. Don't buy any more than a $10k account at first. You will learn so much more from this account (where if you lose you lose real money, even if it is only $100), than you did from the paper trading account. Real money = real pressure. You will really want to convert the account, and not blow it. It's pride I know, but it is much more realistic than a demo account. Paper trading is crap, really. Just use it to find the pitfalls of trading and learn the character. More tips in Part 2, but till then, think on this: Pass your $10k evaluation. make another $1000 in real money, keep $500 and pay $500 for a $80k evaluation. Now we're cooking.
COINBASE:BTCUSDEducation
by Paul_Varcoe
1
BANK NIFTY INTRADAY LEVEL FOR 16 SEP 2024BUY ABOVE - 51990 SL - 51820 TARGETS - 52180,52400,52620 SELL BELOW - 51670 SL - 51820 TARGETS - 51530,51400,51230 NO TRADE ZONE - 51670 to 51990 Previous Day High - 51990 Previous Day Low - 51670 Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day. Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move. Please NOTE: this levels are for intraday trading only. Disclaimer - All information on this page is for educational purposes only, we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made. Request your support and engagement by liking and commenting & follow to provide encouragement HAPPY TRADING 👍
NSE:BANKNIFTY
by Jagadheesh_JP
VeChainFor my sport memorabilia enthusiast do i got the one for you. Introducing VET, a blockchain foundation who has just announced a relationship with the UFC. VeChain is powered NFC and blockchain tech that will be integrated into the gloves of the fighters, hence collectibles. Authenticated by blockchain. I think this is big for collectible, because i also read that there will be incentives for actually having owing don't quote me on that. According to VeChain on X. " At UFC 302 each athlete will hold the power of VET." So what does all of this mean, integrated chips will serve as an authentication tool, and a way to engage with fans of the sport. Through bespoke content, dedicated to a single person for unique experiences, marketing opportunities, and special offers such as discounts. It also ensures legitimacy of the item if sold traded, eliminating fraud. One of the biggest reason i took a break from sports collecting. So this might be me back, i do not own any VET or this isnt any financial advice but i do love the idea and concept, and has great potential. Wathing the 0.382 on the FIB, if that fails next support level we are watching will be 0.236 on the FIB.
BINANCE:VETUSDShort
by forstockzonly
PEPSICO - Low Risk High Reward - BullishNASDAQ:PEP -Has been on a bull run since 1981 -Every while does a 10-20% correction, (and up to a 40% correction in case of a major economic crisis) -Always goes back up to a new all-time-high...always -Is now done about 20% from all-time-high -Prices now are the same as it was in Nov 2021 -The last time it did such a correction was in 2020 I would say it is a no-brainer for those who are looking for low-risk trades, I would go in with no stop loss even since it will find its way back up. *Not Financial Advice*
NASDAQ:PEPLong
by a_ag
3
Whales accumulate on the timid and the weak or just inexperienceWe see this quite often in BTC, Especially at ATH levels where inexperienced speculators flood into the space dreaming of bitcoin millions but really are not believers. Whales feed, normies Bleed might be a good Alternate title. we continue to see resistance flipped support on an ATH, heavy action to get the Chart watchers who Zoom way in and watch charts on 1 and 5 minute intervals in awe of Bitcoins ability to gain 1000 dollars in value in what amounts to a trip to the fridge. These same people also panic buy rallys and panic sell reversals. I cannot stress enough that if you are new to crypto, have some thoughts that it is a scam, that it is not a real world asset or any other doubt, but you cannot deny that people are making money and you like money too, right? Right? Well, If you like money, why do you give it away? Let me guess , I know the answer I think, it's simple isn't it. You like money and you made a mistake, what are you doing messing with this crypto business anyway, you should have trusted your initial feelings of doubt and stayed far away and you just want out, if you've lost 30% and its only been a few hours you may as well count your blessings you've even got that left, better get out fast before Bitcoin goes into the negatives and your on the street eating from the trash. Right? Hold on, Stop that thinking, you've fallen for the okie doak and are a mark, a sucker, rube, ok ok ok , that isn't productive but now that we've established that, what now? Cash out, sell your electronics, move to a commune and worship the water nymph queen who above all things else is the true expression of feminine purity in a world controlled by the patriarch. Listen, I don't want to slap you and have no clue what any of that means, but let me tell you something. I was once you, well, almost, but in spirit, yes. Until I learned "How to take BTC Whales to the ground with this one trick" Yes, and its simple, Don't sell at a loss. Just don't
BITSTAMP:BTCUSDEducation
by dasBoot
SHOP - Back to bullish after correction - BullishNYSE:SHOP -Positive trend and following trendlines -Exceptions on Octobers (different low trendline) -Just did a correction and filled a vector -Already hit the 50EMA in the daily timeframe, and very close to hitting the 800EMA in the hourly timeframe -A huge gap ~85.5 to be filled, and possible higher targets -Stop loss slightly lower than ~70 (as it means it broke the strong support) The fun part with this trade is low risk (only ~4% loss with possibly ~18% profit) *Not Financial Advice*
NYSE:SHOPLong
by a_ag
1
RIOT - Recovering Vectors and Gaps - BullishNASDAQ:RIOT -Consolidation is expected as lower highs and higher lowers are printed -RIOT is filling gaps and vector candles at ~11.5 and ~12.2 respectively (So buy zone should be around those) -Pivot point was registered at 11.94 -As long as it doesn't break the low ADR ~11.3 we should be good -If it breaks low ADR, the new pivot could be ~9.7 -Target 1 should be ~14.6 as it recovers vector -Target 2 should be ~16.3 as it recovers vector in daily timeframe *Not Financial Advice*
NASDAQ:RIOTLong
by a_ag
2
When Your Trading Journey Begins... Hey traders, In this article, we will discuss your first steps in trading. Being interested in financial markets and being attracted by an idea to become a full time trader, you decide to learn how to trade. The first obstacle that you will most likely face with is a tremendous range of topics and strategies to study: key levels, price action, technical indicators, fundamental analysis... The problem is that there is no one single way to learn how to trade. Each educational article, each guru on YouTube dictates their own specific path. You will most likely feel lost, not being able to grasp what even to start with. You will chaotically jump from one topic to another, not being able to understand which concepts do actually work. The situation will even worsen once you decide to try to trade on real money. I do not know any trade who would not blow his first trading deposit. Not only you will be paralyzed by the complexity of the subject, but you will also lose money simultaneously. There will be a lot of times when you will think about leaving this game. Many times, you will consider the entire trading industry to be a scam. That is the moment where most of the traders quit. I am telling you all that simply because I want to show you that we all have the same path. We go through the same obstacles and we think the same way. The only difference between a true winner and a loser, however, is that winners never give up. Winners keep working hard and stay patient. And at the end of the day, magic things happen to them. After years of practicing and suffering, one day you will certainly realize how the things work. One day you will become a full time trade. Just don't give up, always remember, “The nearer the dawn the darker the night.” ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
11
My Biggest New Trader Mistakes & Lessons LearnedI thought I'd share my experience with other New Traders (I'm still 'new', 2yrs in). I made all the classic mistakes and plenty more, my learning is only just beginning. Hopefully this educational post helps others new to trading. Use a Stop Loss So many times I didn't use a Stop Loss. One of the main reasons was I kept getting Stopped Out and then the price reversed, it made me paranoid. Also when the day changes at the start of the Asia session, or over the weekend with the gaps on market open, I thought I was better not having one. I've Learned: If you don't use a Stop Loss it's psychologically hard to get out of a losing trade and you can easily blow your account. I think it's OK to move the stops temporarily before the Asian open, but ideally the trade would only be left open if a) it's well in profit and b) the move looks likely to continue. Don't move your SL & TP I kept moving both of these stops, I either couldn't face the actual loss when a trade went bad (it seemed less real on paper and there was always 'the chance' it would come back in my favour) or I got greedy when the trade went in my favour and then before I knew it, it reversed and my profit was gone. I've Learned: Moving Stops and Targets risks profitable trades; it's psychologically damaging as it suggests lack of planning and strategy, this is gambling. On the other hand, having a plan and seeing it playout, however big or small is hugely satisfying and is the best confidence builder. Get In and Out I kept looking for the really big moves, and I had a few, but only a few. I believe the longer you're in a trade, the riskier it is due to the many factors that can affect price - Institutions, Fundamentals, Global Events, there are so many things that can turn a good strategy bad, and I lost money. I've Learned: There are so many trading pairs, so many options, there'll always be another trade. Staying in a trade for too long is leaving money on the table, when it could be in your account, getting out too early is annoying, but having profit on the trade is much more important. Leaving trades over a weekend I've left both winning and losing trades over a weekend, and many times previously winning trades went against me, and losing ones got worse. Price can be unpredictable due to fundamental changes over a weekend. I've Learned: On a Friday, unless 80% happy that your trade will continue in the right direction over the weekend, close it and review again after market open (you may lose a few but you will have banked profits or minimised losses in many cases). Keep Fundamentals in mind I follow some traders who don't seem to care about Fundamentals, but in that time I've seen many of their signals go bad because of big news. I think, that they think, that if the news is in their favour they reach target quicker. If it's not, they reach target slower, as the market has already decided future price regardless. I've seen fundamentals shape both shorter and longer term trends, they can easily cause reversals and commonly they cause spikes in the opposite direction from what you'd expect, before then moving as you'd expect, but this can be too late. I've Learned: Each pair / trade is different, however I've learned to take a pragmatic approach, often getting out of a trade before the news and waiting for the market to calm down before considering re-entering. This can mean missing out, but too many times I was on the wrong side of the news, I'm more profitable stepping back first. Have positive involvement in the TradingView community From time to time I see comments on Trader's ideas that are less than positive, as though the commentator can predict the future? As a community of retail traders we are up against the institutions and the big money movers who love to take retail traders' money, this means as retail traders we're all on the same team. The total value of all of our accounts is like comparing the size of an atom to a planet! I've Learned: If you don't like someone's idea, move past it, or discuss professionally. Be open-minded to ideas and celebrate success, 'like' ideas that you like and give positive comments where you agree, we're all in this together, and everyone is trying their best. Do your own research I signed up to loads of Telegrams and followed signals blindly, and it cost me a lot. It's too easy for people giving signals to only report on the successful ones. The community around trading, particularly TradingView is awesome but it can be confusing, for every chart, for every pair there is so much subjectivity. Previous price action does not dictate future price movement, if it did everyone would win. I've Learned: Don't put your destiny in the hands of others, read and learn as much as possible but create your own plan and strategy, it's much more rewarding, both psychologically and for me, financially. Take a Break I was watching the charts of my trades almost constantly, whether up or down I was watching them, but not doing anything. If losing (without a SL) I'd be watching hoping it would come back, if winning I'd often manually close too early, or leave it too long (FOMO) and it was too much and made no positive impact on my trading success, it just caused stress. I've Learned: To create my plan with all of these lessons in mind, and action it if the conditions are right. If I'm working on my personal trading development now, I'm looking for future trading opportunities, I'm setting alerts for future price action, I'm writing and publishing my ideas, and most importantly I'm taking a break to enjoy weekends, holidays and normal stuff! Writing and publishing this education article is really cathartic for me, it's helping me to keep embedding the lessons I have learned. The best lessons are the hardest ones, the expensive ones! I've just started publishing my ideas on here and I appreciate all the support I can get to becoming a better trader, hopefully one day I can be good enough to do this full-time. It'd be great to know if you've experienced these and other lessons as a new trader. Are there any more that you can share with me, and the rest of the TradingView community?
OANDA:XAUUSDEducation
by Finchcliffe
7
Bitcoin Fib Retracement Hi all, wanted to start my own idea on $BTC this is only the first of more to come and more discussions. I am here to learn as well as teach what I learn simply so I learn more and better to teach it better and more in-depth to create connections, contacts and like minded friends along the way! This idea here Shows the Fib Retracement to be reaching up with position in the middle. Iobserving the same on the 1 hour or shorter shows a short Fib Retracement but all over 4H and 1D show Bullish Fib. I hope this is appropriate and note it is my first idea here. I plan to draw up and learn how to draw much better graphs and do the technical analysis fully more myself so I can see the changes and follow them. Thanks again! Good luck trading. This isn’t Financial advice and shouldn’t be taken on as finacial advice so don’t take this as finacial advice thanks!
Long
by CryptoFerk
2