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Plan

📃 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
XRP IDEA???? Does this make sense to anyone????Just playing around with some ideas and connecting pieces picked up since starting to learn and connect. Does this make sense to anyone? From a perspective of announcements and time limits as well as political positioning and corporate narratives, not to mention number releases from companies, I would like to think this makes some amount of sense. Any input is appreciated. Remember, we are all here to learn, so share your perspective. I hope I am wrong.... However, October makes some amount of sense for upward momentum.
BITSTAMP:XRPUSDLong
by xwick
7
Possible SGD/JPY short Position!!SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY SMP Strategy Chart time frame - H4 Timeframe - 2-3 Days A – Activating Event Market will meet resistance in zone @ Current levels - ... . In order to enter into this trade, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market will move towards the first Target 1 level @ 80.00 C - Fundamentals that may affect the pair N/A D - Trade Management Entered @ ..... Stop Loss @ ..... Trailing Stop Loss@..... Target 1 @ 80.00 Target 2 @ .... Risk/Reward @ 3.5.1 Happy trading :) Follow your Trading plan, Remain disciplined and Keep learning !! Please Follow, Like,Comment & Follow :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
BITCOIN Roadmap to $BTCUSD Price Discovery.This chart is identifying an inefficient market, the arrows indicate high probability, low-risk entry/exit levels should price happen to go there. Yes, this chart shows it goes as low to 3K and yes, you should prepare for any weird and wonderfully deep, fast movements by placing buy orders as low down as $500. Price may not get there but prepare for the extreme and you won't be surprised, you'll be rewarded instead. Fractal supply and demand based on inefficiencies within the BITCOIN/USD market. Additional chart with HMA(208) and MA(208).
BITSTAMP:BTCUSD
by Kalmallkinam
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