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📜 Trading Rules for Beginners:Remember guys a trader doesn’t predict the future, a trader reacts to the market following a strategy. A winning strategy is to outline all the possibilities and have a plan for each of them!!! Always have a strategy and a plan before entering any position in the market! A profitable trade that doesn’t follow your plan can’t be considered a good trade, by contrast a lose trade that sticks to your plan, still a good trade! Stick to your plan and you will be a winner in the long term!!! .
BITSTAMP:BTCUSDEducation
by mbn_global
1
📃 Trading plan 📃 ☝🏻The basis of any action on the market is a well-designed trading plan (TP). 👉🏻The basic rule is never trade without a plan, and when you have done TP, never break it. Work without a plan leads to randomness and spontaneity of actions subject to emotions.🙅🏻‍♀️ ❗❗Before opening a position, you must determined :❗❗ 📌position opening price 📌open position size 📌stop loss order 📌take profit order 👉🏻That's necessary in order to determine the possible risk / win ratio. ⭐⭐A trading plan should uniquely determine the actions of a trader in two scenarios: 1. Price moves opposite the open position 2. Price moves towards an open position ❗ A trading plan is drawn up before a position is opened, when a trader is in a balanced emotional state and can adequately think. ❗ After opening a position, you should follow the trading plan very accurately and not allow yourself to make changes to it during the course of trading. ❗ After closing the position, an analysis of the results is carried out, the optimality of actions is evaluated, and conclusions are drawn for the future. ❗ Trading does not end when you close your position. ❗You must analyze it and learn from it. ❗ After closing a position, many players forget about it and start looking for the next deal. ⚡Don't miss the essential elements of the path to the level of a professional trader - analysis of the past and introspection.⚡ Write down your trading plan. Write down the reasons for the exit and what you did right and what is wrong. You will receive a history of your transactions and thoughts in pictures. This journal will help you learn from past experiences and discover gaps in your thinking. 💪🏻Don't forget about self-development!!!!💪🏻 💙If my post was interesting for you, don't forget to put me like and write your thought!!!💛 Your Rocket Bomb🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
20
SPY - Trade what you SEE, not what you THINK! *FEAR*Hello traders, it is worth looking at the psychological problem that appears during this tough time and that´s: "Trade what you see, not what you think" Many traders forget about their trading plan and try to change the rules to adapt to the current situation. The problem is, that nobody knows, what will happen tomorrow, in a week or month. Markets sometimes behave "irrationally". Why quotes? Because who decides whether the crisis is over? If you have backtested the Strategy, have an analysis of it and have not counted on the fundamentals (news...) during the backtest, why do you want to implement them now? The answer is simple - FEAR! Forget about it. What gives you the confidence to follow your plan? Analysis, backtest, real trading. You know what to expect from your strategy. Keep in mind - Who keeps changing course is not going anywhere... AMEX:SPY ES1! Have good trading, FINEIGHT team
AMEX:SPYEducation
by Fineight
4
GBPJPY: Case study. From start to finish. [Trading System]I am glad I (re-) found out retail traders have a losing edge, now I don't have to pretend I care about news / fundamentals moving the market like there is a secret :D Only really important thing is getting the trend right and looking on the economic calendar at the days with a red circle next to them (unless you want a 3 ATR slippage). Trading is cool (not really), it's like you are a detective analysing cases, and then you land on the mission area and you become a sniper carefully preparing his execution, and then bam take the shot. A detective with a snipar. Grrr! In this case, first here are the support areas (every strategy expect maybe super short term and long term) need support at its core, well at least when it comes to currencies & hard commodities. Requirements: - Being aware of the high TF trend and patterns (weekly) - Knowing what the daily trend is - Having drawn the support areas via daily chart - Having checked technicals, such as EW counts, fibs, trendlines, MA's etc... - Noticing all the resistance above (low risk and buying probably gets absorbed) - Having a plan in advance (what do I expect to happen what will I look at / look for) - Being aware of events for the week (central bank decisions...) - Noticing how the price is rejecting resistance ==> High probability - Noting how far the next area of support is ==> Big reward / low risk - Preparing your evacuation plan (targets, approximate SL mostly) - Zooming in (look for a specific reaction to take the shot) - Taking the shot like a boss - Preparing for extraction (trail stop set a limit order etc) - Running away with the tears of those that went opposite, and their money. - Logging it all and analysing it... Ok the list is long actually. But it's simple. When you know it all and have a few months of correct practice under your belt. If you do not have a "strategy" / system already, note the list down, draw it if you like, add some steps / details if necessary, and follow all steps until it becomes second nature. Every week (if you trade short term like me) review your charts and note your plan/expectations, then every day every few hours look at what the price is doing, etc. Gets natural with time. Becomes a habit. Having a system like this is not an option by the way. I saw some people I think it was in prop firms they did this: they have a little paper every day where they write their expectations and plan for the day, and once the day is over (they do intraday) they note on the paper in a rectangle what happened what they did etc. This is actually awesome. Maybe I should do something pretty like this via trading view. Right now I use excel and screenshots. I watch > 20 charts thought so noting my plan for each on this site might get boring, not sure how useful it would be... I should do something more than just a few notes in excel and a post trade screenshot. I did spend an awful amount of time on my past trades thought, the only thing I really missed was what I expected before the trade setup my general bias.
Education
by MrRenev
2
Creating your own Trading Strategy!!SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Creating your own Trading Strategy!! Below is a quick run down of things to think about when creating your own trading strategy 1. How much time during the day do you have to devote to trading? .................................................................................. 2. How much money do you need to live on each year and how much of that must come out of trading profits? ...................................................................................................................................... 3. How many distractions can you expect during the day/night? ..................................................................... 4. Specify the markets and times of the day you will trade? ......................................................................... 5. Do I want to trade multiple systems? ............................................... 6. Will you short sell? Or go long? ........................................ 7.Where will you place your Entry/Stop Loss and Target Line? ........................................................................... Follow your Trading plan, Remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
FX_IDC:USDWTIEducation
by SMPTrader
The phenomenal Successful Trading Plan 103 & 104SELF DEVELOPMENT/METHODOLGY/PSCHYOLGOY The phenomenal Successful Trading Plan 103/04 3. Trade Preparation By concentrating on getting ready, the exchanging plans for the higher time allotments, the cash administration will dependably keep the proportion altogether. Trade proportion is the quantity of pips one may make versus the quantity for which one has a chance. Trade proportions for swing exchanging the H4 time span can be around +3 to +5 to +1 positive, which is incredible. However, on the D1 and W1 time periods, it can be +5 to as high as +50 to 1 positive. 4. Trading Rules As with any business, money management, or in the case of trading, trade management, is a crucial element that needs to be addressed in your trading plan. Having a robust trading plan with predetermined trading rules will allow you to act subjectively in response to market changes. Trading is not about winning all the time; it is about effectively managing your trades, whether they are winners or losers. Unfortunately, many come to trading with a gambling mentality and do not exploit the advantages available when managing trades. Do not risk one cent on the market until you have clearly defined each of your trade management rules. Following are seven trading rules, which you must determine for each and every trade you make and some potential considerations for each: 1. Entry 2. Initial Stop Loss 3. Position Size 4. Re-entry 5. Trailing Stop Loss 6. Adding (Position Building) 7. Profit Taking Exit Strategies For each one of these rules, you must have a pre-defined trading plan. You must know when you will enter the trade and execute your entry when the criteria are met. You must know your initial risk for each trade as determined by your initial stop loss before you risk any money on the market. You must plan when you will add to your winning positions and how you plan to exit your winning trades. It is not effective to determine your trading plan while in the trade. Emotional and psychological factors will influence your judgement and affect your decisions FOLLOW YOUR TRADING PLAN, REMAIN DISCIPLINED AND KEEP LEARNING :) More elements will follow... Like, share, Comment and follow us to keep updated on our professional trading ideas and education :)
NASDAQ:AAPLEducation
by SMPTrader
Trading Psychology Introduction to Trader Psychology There is evidence of technical analysis dating back to the 17th century. The candlestick charts most of use everyday to trade were created in the 18th century by a Japanese rice trader. By this point one would think technical analysis should result in more profitable traders and lead atleast a quarter of price technicians to a profit. However, this is not the case and in fact the opposite is true as most traders fail, even after years of studying price action. With this said, it is obvious learning how to read a price chart alone is not what leads to consistent profits. So what is it that seperates the very few succesful traders from the so many failures? Is it their strategy, their money managament skills, IQ, were they born with a different skill set than most, do they work harder than most, or are they just plain lucky? All of these sound plausible, but are they really the driving factor behind consistent profits? The short answer is no, none of the above. Perhaps we have been looking for the answer in the wrong place all along. In fact, most traders never even consider the possibility that it is their attitude or mental habits which prevent their success. What truely seperates the winners from the losers has nothing to do with external factors, but rather what goes on internally while observing and engaging the market, in other words; a traders mentality. "If the next bar is a bull follow through bar, the bulls have a 60% chance of making a profit. If the next bar is a bear bar that means....." Absolutely nothing! Unless you can structure a trade plan, and abide your plan as the market unfolds, without questioning yourself or your plan, and execute it flawlessly. Most beginning traders believe if they study harder and learn more setups, they will eventually become profitable. This is the fallacy of price action analysis. In fact, most economists and price analysts do not make good traders. Why? Because they form rigid rules and ideas as to what prices should or will do, and in turn fail to recognize and accept the "now opporutinty" the market is offering to traders who are open to all possibilities, including a lower probability event. Even more debilitating is the false belief that they can pick out winning trades, and avoid the losers, which leads to cherry picking through a traders edge. If the market spends most of its time with a probability between 40-60%, why is it so hard to generate a consistent profit? Understanding prices and their tendencies is only half the battle of becoming a Professional Trader. The other half and harder to develop, is the traders mindset. What makes a good trader is not only his knack for reading prices. It is the ability to flow with the market as it is unfolding, and the art of doing the right thing at the right time; without questioning himself. If the market is only offering X amount of profit, he takes it. If the market is unfolding in a way that he did not expect, he exits. He is willing to take a loss, and more importantly does not care what happens to "himself" in the market. He does not take it personally, and carries on throughout the day executing trade after trade. Continued...
Education
by tradersmentality
My plan, outlook on time & life (@market)I used to bitch, and moan about not having enough time to do certain things in my life. I might be a slow fucker at times, but finally, a while back, I figured it all out. We all have the exact same amount of time. The people that succeed in life, the people that reach their dreams and goals,and the people that don't succeed. Time might be the only thing in this world that is evenly distributed; most fair,and just. Unless you are terminally ill, and live a short life. If you don't, you and I have the exact same amount of time. The difference is how we use our time. It's like a law of nature; if we want something, we have to give something else up. We have to sacrifice things to gain other things. The most simple of concepts, but for me it was not that obvious. Thought I could do everything I always have been doing, and add a bunch of new studies, and other task to my life. I finally realized I had to prioritize. I had to give something up, to free up time to delicate to new things. I have made the necessary adjustments in my life to make time for trading, educate myself, to exercise, and to spend more time with the people I love. Realizing that took a ton of bricks off my back, and shoulders. I am now able to focus better in everything I do. Sure a lot of things I have had to give up, or put on hold, but its´all about prioritize and manage the time one has. I have a solid plan, and with the newly gained knowledge there is no other way than my way, there is no way I will fail. Success is the only option! Physical and mental well being, love, fun and never give up on my dreams. Never lowering my guard, and aim high, sky high. This is the recipe that will get me all things in life that I will ever want.
Education
by johan.larsson
2