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⌛ It's Just A Matter Of Time📍Journey Of a Successful Trader No one started as a good trader. Every profitable trader was once a newbie. The journey of a successful trader is filled with challenges, hard work, and perseverance. It begins with a strong desire to learn and a commitment to become an expert in the markets they are trading. 📍The Right Path To Reach The Top 🔹Learn the basics of Trading 🔹Pick a Strategy that you fully understand 🔹Trading plan customized to your lifestyle 🔹Back Testing your strategy and plan 🔹Review your Trades, calculate your expectancy 🔹Demo Trading to build basic knowledge 🔹Live Trading, Manage your risk and emotions 🔹Professional Trader 📍Summary The first step in the journey is to acquire the necessary knowledge and skills. This includes learning about the financial markets, technical analysis, risk management, and trading psychology. Successful traders also develop a trading strategy that fits their personality and trading style. Once they have acquired the necessary knowledge and skills, successful traders spend countless hours studying the markets, analyzing charts, and monitoring news events that may impact their trades. 👤 @AlgoBuddy 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
4
❗️5 CRUCIAL TRADING CONCEPTS❗️ ✅Forex trading can be an exciting and lucrative way to make money. However, it can be very challenging, even for seasoned traders. To be successful, it's essential to understand some essential concepts that can help you navigate the market and make more informed decisions. ✅One crucial concept to keep in mind is the impact of position sizing on trading success. Position sizing refers to the number of units you buy or sell when entering a trade. A lot of traders overlook the importance of proper position sizing, which can lead to significant losses. To increase the chances of success, traders should aim to limit their risk per trade to less than 2% of their account balance. ✅Another idea that can help traders is to focus on the outcome of their trades rather than their hit rate. Many traders believe that having a high hit rate is critical to success; this is not true. While accuracy is essential, profitability ultimately depends on the amount of money you make versus what you lose on each trade. Therefore, it's more crucial to focus on a trading strategy that controls losses and maximizes profits. ✅The third concept that successful traders implement is simplicity. Simple and robust systems tend to perform better than complex strategies. Overcomplicating a trading plan can lead to confusion and can even trigger emotional responses that may drive you to make impulsive decisions during trading. ✅This brings us to the fourth critical concept, which is psychology. Trading is 80% psychology, and the remaining 20% is skills and knowledge. A trader with the right mindset is much more likely to succeed than one who lacks the discipline to adhere to a trading plan. ✅Finally, traders who focus on learning one pattern or strategy tend to be more profitable than those who search for fancy strategies or systems. As the trading market constantly evolves, traders must always stay on their toes and keep learning. However, instead of trying to master everything, it is helpful to focus on a single pattern or strategy until it becomes your specialty. ✅In conclusion, Forex trading is a complex practice that requires patience, discipline, and the ability to adapt. With these five principles in mind, traders can become more successful, minimize risk, and increase their profits. By keeping things simple, controlling emotions, and making smart decisions about position sizing, traders can maximize their potential and achieve their financial goals. I Hope you guys learned something new today✅ Wish you all Best Of Luck👍 😇And may the odds be always in your favor😇 Do you like this post? Do you want more articles like that?
Education
by ProSignalsFx
10
"New bull market!" "Return to normal!" Bubble bust denial lolzFED "pivot" hopes won't die. Bank collapses are "good for the stock market". AI mania has the meme market looking alive again. NVDA, a company in which both revenue and earnings have dropped significantly over the past 3 quarters, is trading at 150+ P/E and 25xSales with a $666Billion market cap! We're "back to normal" folks! /s I LOVE how this classic Market Psychology chart lines up so well with the current NASDAQ monthly chart!
TVC:IXICShort
by RobBiddle
7
Its ok to don't know,but its not ok to trade when you don knowSome time we don't understand the Market, and its ok. cause some times there is a war between Bulls and Bears, and we don't want to get in the middle of crossfire, or just we don't understand where the market is heading. in this situations just stay away from trading and don't push yourself to open a trade. cause when you don't get the chart, you cant find a good entry and exit point and there is no matter how small is you stop loss or how big is it, it will finally cost you. . . . So go read a book, do some exercise or whatever, just don't push yourselfer.
Education
by EQDailytrading
Is there an Ocean Floor? 🌊 EurUsdWe have Seen 2 Colossal moves on EU in the last Day. Yesterday was tremendous buys to begin the week as Every Session saw a bullish push up to HTF Levels and Extreme prices around 1.105. For Breakout Traders we saw a Trap near Weekly Highs at Weekly Level 1.1056. Why would you place buys up there without a Daily candle close confirmation above 1.1045 Daily level IDK to be honest. Yet it was still brutal for buyers as price dropped back to more attractive prices. I was one of the buyers but I flipped my bias bearish as mentioned in Yesterday's publishing. I stated that " For better buys one of the previous 1Hr Zones at 1.1045 or 1.1027 or if we pull back harder.. maybe we'll consider more short term downside because it is quite early in the week " . So based off this I let go of my Ego and began taking sells and it went well. Moral of the story.. follow your trading plan and utitlize tight risk management. Taking a step away from the computer and going AFK can help with psychology enormously. The brain is able to do a reset and when you return, it's in a more optimal state. With that said More Analysis : Looking for a pullback to 1.098 4Hr Zone for Asian and continuation of momentum to the downside. Observing the potential Daily Candle bearish engulfing and hard push to upside early in the week on Mondya, I like more opportunities to the downside. Weekly target is looking like 1.086 which would be a break and retest on the Weekly timeframe. 1.086 being a weekly Level. For buys I would like to see support at 1.0953, maybe consolidate and move up from there.
Short
by ShrewdCatfx
Mastering Trading Psychology: Overcoming Emotional BiasesWelcome to another edition of our educational articles that should help the TradingView newbies find an edge over the market and help strengthen the existing mentality for already successful traders. Trading is not just about having a winning strategy and implementing it correctly. Trading psychology plays a crucial role in trading performance. Emotional biases, such as fear, greed, and overconfidence, can lead to impulsive decisions that can hurt trading results. In this article, we will explore the most common emotional biases that traders face and provide strategies to overcome them (of course, we’ll do it step by step, so it is easier to follow). Step 1: Understanding Forex Trading Psychology Trading can be an emotional roller coaster ride, with traders experiencing a wide range of emotions, from elation to despair, in the course of a single trading day. In this section, we will take a closer look at the impact of emotions on trading performance, as well as the most common emotional biases that traders face. Now, I know some of you might be thinking, "Emotions? In trading? Ha! I'm a robot, I don't feel anything." Well, I hate to break it to you, but even the coldest and calculating traders out there have emotions. Unless you're literally a robot, in which case, congratulations on achieving self-awareness! But in all seriousness, emotions can have a significant impact on trading performance. Fear can cause traders to hesitate and miss out on profitable opportunities, while greed can lead to impulsive and reckless trades. And let's not forget about good old-fashioned FOMO (fear of missing out), which can drive traders to chase after trades that have already run their course. So, what are some of the most common emotional biases that traders face? Let's take a look: 1. Confirmation bias - the tendency to seek out information that confirms our preconceived notions, while ignoring evidence that contradicts them. This can lead to overconfidence and blind spots in our trading analysis. 2. Loss aversion - the fear of losing money, which can cause traders to hold onto losing positions for too long or exit profitable trades too early. 3. Anchoring bias - the tendency to rely too heavily on the first piece of information we receive, even if it's not the most accurate or relevant. This can lead to inaccurate price predictions and poor trading decisions. Now, don't worry if you see yourself in some of these biases. We all have them to some extent. The important thing is to recognize them and develop strategies to overcome them. In the next section, we'll explore some techniques for managing emotions and developing a strong trading mindset. But first, let's take a moment to appreciate the fact that even in the world of finance, emotions play a big role. Who knew we traders had feelings too? Step 2: Overcoming Emotional Biases Now that we've explored the impact of emotions on trading performance, it's time to look at some strategies for managing those emotions and overcoming the biases that come with them. Because let's face it, we traders may be good with numbers, but we're not always the most emotionally stable bunch. One effective way to overcome emotional biases is to develop a solid trading plan. Now, I know what you're thinking, "A plan? That's it? Where's the magic bullet? The secret sauce?" Sorry to disappoint, folks, but there's no magic formula for success in trading. It's all about good old-fashioned discipline and consistency. Another technique for managing emotions is mindfulness. Now, before you roll your eyes and start chanting "Om," hear me out. Mindfulness is simply the practice of being present and aware of your thoughts and feelings without judgment. By practicing mindfulness, we can become more self-aware and better able to recognize and manage our emotional biases. Of course, sometimes it's not just a matter of managing our emotions but overcoming them altogether. For example, fear can be a powerful emotion that can cause us to miss out on profitable trades. One strategy for managing fear is to set up a stop loss order. This will automatically exit a trade if it reaches a certain price point, helping to limit our losses and alleviate our fears. Finally, building discipline and consistency in our trading decisions is essential for overcoming emotional biases. As the saying goes, "Plan your trade, and trade your plan." Stick to your trading plan and strategy, even in the face of strong emotions like fear or greed. And remember, discipline is not just about making good trading decisions, it's also about being disciplined in other areas of your life, like getting enough sleep and exercise. Now, I know it's not always easy to overcome emotional biases, especially when there's money on the line. But with a little practice and discipline, we can become more effective traders and achieve better trading results. And hey, if all else fails, there's always therapy, right? Just kidding...kind of. Step 3: Staying Mentally Fit for Trading Success In this section, we'll take a closer look at developing a strong trading mindset, which is essential for long-term success in the forex market. One key aspect of developing a strong trading mindset is to approach trading as a business, rather than a hobby or a game. This means setting clear goals and objectives, developing a trading plan and strategy, and keeping detailed records of your trades and performance. And if you're serious about trading, it also means investing in the right tools and resources, like a reliable trading platform and access to up-to-date market news and analysis. Another important aspect of a strong trading mindset is the ability to stay disciplined and patient in the face of adversity. As traders, we all face losing trades and setbacks from time to time. But it's how we respond to those challenges that makes all the difference. It's important to stay focused on the long-term goals, rather than getting caught up in short-term fluctuations and emotions. Of course, maintaining a strong trading mindset is easier said than done. It's easy to get caught up in the excitement of the market and make impulsive trading decisions. That's why it's important to take breaks, practice self-care, and maintain a healthy work-life balance. As the saying goes, "All work and no play makes Jack a dull boy." And let's be honest, no one wants to be a dull trader. If you have any particular exercise you find useful for yourself, make sure to drop them in the comments below, so we can all try them out! Have an awesome weekend, family!
BITSTAMP:BTCUSDEducation
by Investroy
24
The Benefits of Keeping a Trading Journal for Your PsychologyTrading can be a challenging and emotional endeavor. As traders, we must navigate through various market conditions, deal with losses, and manage our emotions. It's not surprising that many traders struggle with maintaining their psychological balance. However, one tool that can help traders keep their emotions in check and improve their trading is a trading journal. A trading journal is a document or software that traders use to track their trades, analyze their performance, and record their thoughts and emotions during the trading process. Here are some of the benefits of keeping a trading journal for your psychology: Self-Awareness Keeping a trading journal helps traders become more self-aware of their thoughts, emotions, and behaviors while trading. By recording their trades and reviewing them, traders can identify patterns in their behavior, emotions, and decision-making. This self-awareness can help traders recognize their strengths and weaknesses, and develop strategies to improve their trading. Improved Decision-Making A trading journal can also help traders make better decisions. By analyzing their trades, traders can identify mistakes they made and learn from them. They can also identify successful trades and analyze what they did right. This process can help traders develop a more effective trading strategy and improve their decision-making skills. Accountability A trading journal can help traders hold themselves accountable for their trading decisions. By recording their trades and emotions, traders can see where they went wrong and take responsibility for their mistakes. This accountability can help traders learn from their mistakes and avoid making the same ones in the future. Stress Management Trading can be a stressful activity. By keeping a trading journal, traders can vent their emotions and reduce their stress levels. Writing down their thoughts and emotions during trading can help traders release their negative emotions and feel more relaxed. This stress management technique can help traders maintain a healthy psychological state while trading. Goal Setting Keeping a trading journal can help traders set and achieve their goals. By recording their trades and analyzing their performance, traders can identify areas where they need to improve and set goals to achieve those improvements. These goals can be related to profitability, risk management, or any other aspect of trading. Setting and achieving these goals can help traders feel a sense of accomplishment and increase their motivation. In conclusion, keeping a trading journal is an excellent tool for traders to improve their psychological state while trading. By increasing self-awareness, improving decision-making, holding oneself accountable, managing stress, and setting goals, traders can improve their overall trading performance. Therefore, it's highly recommended for traders to keep a trading journal to improve their trading psychology.
DJ:USDOLLAREducation
by FOREXN1
22
15 Key Principles for Trading SuccesHello fellow traders! I have compiled an article containing valuable insights and practical advice to help you navigate the trading world. Covering essential topics such as technical analysis, risk management, and adapting to market conditions, this resource is designed to enhance your trading skills. Dive in, learn, and apply these principles to your trading journey. Wishing you success and happy trading! 1. The Importance of Risk Management in Trading The key to successful trading lies in managing risks effectively. You need to have a solid plan to protect your capital and stay in the game. Some risk management strategies include using stop losses, limiting margin usage, diversifying your portfolio, and risking only a certain percentage of your portfolio on any given trade. Remember, the best traders know how to limit losses while maximizing profits. 2. Building a Solid Trading Plan Every successful trader has a well-thought-out trading plan that they follow religiously. This plan should include your trading goals, strategies, risk management, and entry and exit points. Crafting a solid trading plan helps you stay disciplined and focused, ensuring long-term profitability. 3. The Value of a Trading Mentor and Learning from Others Having an experienced trading mentor can significantly boost your trading performance. A good mentor can provide valuable insights, guidance, and constructive criticism, helping you refine your strategies and avoid common pitfalls. Also, don't hesitate to learn from other traders by subscribing to high-quality trading YouTube channels or participating in online forums. 4. A Comprehensive Education in Finance and Economics To conquer the financial markets, you need a strong foundation in the basics of finance, macroeconomics, and microeconomics. This knowledge will help you understand the driving forces behind market movements and make more informed decisions. Khan Academy offers excellent free courses in these subjects, and for technical analysis, consider reading "Technical Analysis of the Financial Markets" by John Murphy. 5. The Power of Charting and Technical Analysis Mastering charting and technical analysis is essential for making accurate market predictions. Spend time learning how to use your charting platform, like Trading View, and familiarize yourself with various indicators, tools, and strategies. Knowledge is power, and the more you know about your tools, the better your trading results will be. 6. Staying Humble and Detached in Trading Leave your ego at the door when it comes to trading. It's not about being right; it's about making money. Stay humble and unemotional, and don't let pride or personal attachments cloud your judgment. Remember, every trade has inherent risks, and past performance does not guarantee future success. 7. The Benefits of Keeping a Trading Journal Maintaining a trading journal helps you track your progress, learn from your mistakes, and refine your strategies. Record your insights, trading plans, and the outcomes of your trades. This practice will make you more disciplined and focused, ultimately improving your overall trading performance. 8. Avoiding Speculation and Emotional Trading Successful traders make decisions based on data and analysis, not speculation or emotion. Keep your feelings in check, and never enter or exit a trade based on fear, greed, or personal attachment. Stay objective and remember that data-driven decisions yield the best results. 9. Staying Informed and Recognizing Market Trends Pay close attention to market trends and financial news. Be aware of what's happening in the world, and use this information to inform your trading decisions. However, be cautious of hype and mania, as they often signal the peak of a trend, rather than its beginning. 10. The Art of Strategic Entry and Exit Points Before entering a trade, plan your entry point, stop loss, and profit target. Always ask yourself how much risk you're willing to take for a potential profit. By carefully considering these factors, you'll make more informed decisions and improve your overall trading success. With these principles in mind, you'll be well on your way to mastering the financial markets and achieving consistent profitability in your trading endeavors. Remember, the key to conquering the financial markets lies in continuous learning, discipline, and adaptability. Keep refining your strategies, stay informed about market trends, and always be prepared to adjust your approach as needed. 11. Adapting to Different Market Conditions Markets are ever-changing, and it's crucial for traders to adapt their strategies to suit different market conditions. Develop various strategies for both bull and bear markets, and be prepared to switch gears when the market demands it. Flexibility is the key to long-term trading success. 12. Utilizing Diversification for Risk Mitigation Diversification is an essential part of risk management. By spreading your investments across different assets, sectors, and even trading styles, you can reduce the impact of losses in any single area. This approach helps to protect your overall portfolio and ensures more consistent performance. 13. The Importance of Breaks and Mental Health Trading can be intense and emotionally draining. It's essential to take regular breaks and maintain a healthy work-life balance. By stepping away from the charts, you can recharge, gain perspective, and ultimately make better decisions when you return to trading. 14. Networking and Building Connections in the Trading Community Engaging with the trading community can provide valuable insights, ideas, and opportunities. Attend trading events, join online forums, or participate in social media groups to network with other traders. Sharing experiences and learning from others can greatly enhance your trading skills. 15. Constantly Improving and Evolving as a Trader Finally, never stop learning and evolving as a trader. The financial markets are constantly changing, and what works today may not work tomorrow. Stay curious, keep learning, and be open to new ideas and strategies. By embracing change and growth, you'll ensure long-lasting success in the trading world. In conclusion, conquering the financial markets requires a combination of solid education, discipline, adaptability, and a willingness to learn from others. By implementing these principles and continuously improving your skills, you'll be well-equipped to navigate the complex world of trading and achieve lasting success. So, roll up your sleeves, dive into the markets, and start your journey towards becoming a master trader.
SP:SPXEducation
by Julien_Eche
Why do most traders end up losing moneyThis question is quite scary, but if you are a novice and see this question, congratulations, you are on the right path of trading. The most important lesson to learn before entering the financial markets is risk expectation. You can ask yourself, how much money do you want to make from trading? Is your goal asset appreciation, or a small fortune? If a trade loses money, will it affect your own life? Is your own character able to stop losses in time, or do you have no self-control? After asking these questions, we decide whether to enter the financial market. So why do the vast majority of traders lose money? 1. Because of the particularity of the financial market. I believe that many friends have heard of the 28 rule. For example, in the distribution of wealth in our society, 20% of people control 80% of social wealth; 20% of people will persist in encountering difficulties, and 80% of people will give up when encountering difficulties. The rule of 28 is ubiquitous in life, and it also determines what kind of people will succeed and what kind of people will fail. As for the financial market, it is crueler than real life, because there are no rules in this market, only human nature, so the financial market even surpasses the rule of 28, and less than 10% of people may make profits. In the face of money, most people want to make a big fortune with a small amount, and want to turn around by trading, so those who have stable personalities, strong self-control, low income expectations, and money in their hands are silently harvesting these people who are eager for quick success. Some people may say that the world is inherently unfair, and those who hold funds can only survive because of the capital. Actually no. We Xiaosan hold small funds, and we can achieve low return expectations, or we can do it slowly, but how many people are just anxious to make money? Just want to make a big difference with a small one? Just don’t regard money as money, and think it’s a big deal to take a gamble, and if it’s gone, it’s gone? So it has nothing to do with the amount of capital, but has something to do with people. In financial markets, human nature is the rule. 2. Too many people are dominated by human nature. As I said before, there are no rules in the financial market, and human nature is the rule. Trading is a very anti-human thing. Human nature is greedy for comfort, averse to risk, afraid of losing, feeling that one's level is higher than others, hating giving and learning, impatient, etc., which will be infinitely magnified in trading. There is a saying in the trading industry that trading can be profitable, mentality accounts for 70%, and technology accounts for 30%. In actual combat, it seems that it is not difficult for traders to see the market correctly, but it is very difficult to complete this wave of market and make profits. Why? I give two examples. For example, the problem of stop loss in trading. Seeking advantages and avoiding disadvantages is a characteristic of human nature, unwillingness to lose, unwilling to accept losses, this is human self-protection awareness. Stopping losses in the wrong direction means losing our real money, who can bear it? So in actual combat, many people rationally know that the direction is wrong, but they just don't stop losses, and even increase their positions against the trend, floating orders, allowing the stop loss to become bigger and bigger, and finally lead to serious losses. Another example is the profitable position in the transaction. The market trend always fluctuates upwards, or fluctuates downwards, and profit taking in positions is often encountered. Once profits are withdrawn, we will have a sense of insecurity in our hearts, worrying about the reversal of the market and losing profits. This insecurity is also due to human nature. Even if we rationally know that the profit target has not yet been reached, we should continue to hold positions, but the little emotion of longing for peace of mind has been tormenting us, and in the end we couldn't help but close the position, and made a lot of less money. We comfort ourselves that it is all right, at least there is no loss. But in fact, less earning = loss, because the amount you lose next time will be greater than the money you earn. In the long run, your overall loss will be. There are many such examples, such as betting on the market, heavy trading, unwillingness to admit defeat, stop loss leading to liquidation, etc., are all caused by the aversion to loss in human nature and the fear of failure. In fact, if we look at the trading market 100 years ago, it is basically the same as the current human nature problem. The weakness of human nature is very strong, and it is also the main reason why traders lose money. So at the beginning, I asked everyone to ask themselves those questions, just to let everyone understand their own personality, their current situation, and their human nature, so as to help you win certain opportunities in the trading market. Trading is like a free game. It seems that the threshold is low and no money is required, but in fact some hidden costs are contained in it, and the human nature is clearly played for you. Therefore, before making a transaction, you must have an existing risk expectation, and then think about making money.
FOREXCOM:XAUUSDEducation
by CheetahAttack
How not to miss an opportunity. I found out about Bitcoin many years ago when it was in prime time only to be associated with organized crime , scams, and money laundering. And that remained deep in my mind. Since jail seemed a bad idea, I convinced myself that crypto it’s not for me. As time went by, I didn’t see the good fortune because my mind was still relating Bitcoin to a dark area . Something kept me from buying and I didn’t know what. As I was on the dark side, I am now thinking that the ones who listened to another side of the story, the winning side, greatly benefit from it. Later I found out that psychologists have a name for my burden and it’s called Anchoring bias . It is described that first introduced knowledge on a subject has a great impact on our later decisions . The first details I come upon Bitcoin unconsciously affected my judgment and kept me in a do not act state of mind and made me miss my chance. That’s when I found some ways to improve my decision-making process and to look at data from another perspective , which I am going to share with you. But first, let’s take a glimpse at anchoring bias, an error of our mind present in many aspects of our lives, which usually works against us. Picture yourself in a shop on Black Friday. Would you buy an item for 150$ and how would that make you feel if you knew that it was discounted from 200$? We tend to look at the price of 200$ as an anchor that quickly drives our behavior to a decision to act. Similar to adjustment bias, comparing the 200$ item now seems like a bargain. The same thing happens in trading. How do we know whether a stock is overpriced or not? By comparing it with past quotations that act as an anchor. Is BTC overpriced at 20k? We all would agree that in 2017 it was, but how about now? These anchors make us act unwisely and take unconscious decisions with small returns. This could lead to unsatisfying results, frustration, or wipe our account over the long run. Once you get better at identifying the anchoring bias, you can use it to your advantage. Think about what makes good and strong support & resistance. The perception is that a large number of investors credit that bid as a fair value for them. So what should we do? T o have a better understanding of what drives our choice it’s important to double-check our mindset, emotions, and the data that we encounter. Does it help us or it could be a potentially harmful anchor? What is the context of the news? In the example above, could we consider solely that 150$ is a fair price, without the 200$ price before the discount? Also, if you have a strong assumption about a subject, try to look at other points of view, not to change your mind but just to reinforce the reasons you already have. Remember that the first step into overcoming a bias is to be aware of its presence and next just look inside you to find proof that drives your decisions. So, let’s recap Find context - Figure out if the price you set for your buy order is a fair one or if you find it good compared to the day before. Find anchor - Do I want to invest in this company I have never heard of before just because my cousin thought it was a good idea? Observe - Do I have doubts about this buy? Do I follow my plan or I am unconsciously driven to make this purchase Review - Have I looked at other oppions?
COINBASE:BTCUSD
by TheSimpleThinking
6 ways to stop loss in gold Take profit and stop loss are one of the most important links in the entire trading system. After studying this article, you will be able to thoroughly understand the stop loss method. You can bookmark it before reading it. If you feel that you have gained something, you can like it, thank you. 1. 6 stop loss methods Stop loss means that when our order loss reaches a predetermined value, we need to close the position in time to avoid greater losses. In a complete trading system, stop loss Stop loss is divided into static stop loss and dynamic stop loss. Static stop loss means that after the order enters the market, the stop loss is set at a fixed stop loss space, or the stop loss amount remains unchanged. Once the market trend is unfavorable, the stop loss will be closed when the set position is reached. For example, after an order enters the market, set a stop loss of 100 points, and close the position when 100 points arrive. Dynamic stop loss means that the standard of stop loss in the trading system is dynamic. When we hold a position, the market is constantly fluctuating, and there is no fixed point for when to stop the loss. We must observe the dynamic market changes until there is a trend that meets the stop loss standard, and then stop the order. For example, when holding long orders, the stop loss standard is that the market forms a short reverse break position structure, and we will stop the loss manually at this time. Method 1: Fixed stop loss space, or fixed stop loss amount. This is a relatively simple static stop loss method. After the order enters the market, set a fixed stop loss space, for example, after an intraday trading order enters the market, set a fixed 30-point stop loss. Or set a fixed amount stop loss, for example, if the order loss reaches 1% of the principal, the stop loss will be stopped. There are also traders in the stock market who stop loss at a fixed percentage of market retracement, for example, stop loss if the stock falls by 5%. In this way of stop loss, the space for stop loss should be determined according to the specific volatility of different varieties.is absolutely necessary, and a trading strategy without stop loss will eventually end in loss. Method 2: Stop loss at high and low points. High and low point stop loss is the most common stop loss technical standard, and it is also a static stop loss method. The market always operates in the form of waves, so there will be continuous rising or falling callback highs and lows. These highs and lows are also called inflection points. In actual combat, the starting point of the wave or the inflection point of the callback is used as the stop loss point. After the bottom of the market breaks, open a position. There are two ways to use stop loss at high and low points. One is to place it at the inflection point, and the other is to place it at the starting point of the wave. The inflection point stop loss, the stop loss space is small, the profit and loss ratio is good, but the fault tolerance rate is low, and it is more aggressive. Stop loss at the starting point of the market, the space for stop loss is large, and the profit-loss ratio is worse, but the fault tolerance rate is high and more conservative. This stop loss method is also relatively flexible, as the volatility changes, the stop loss space will also be adjusted. Method 3: Combine technical stop loss. Stop loss combined with technical positions refers to the combination of key positions of technical indicators in actual combat, and stop loss when the market breaks through these technical positions. For example, important support and pressure levels, or technical moving average levels, etc. Method 4: Stop loss in trend reversal pattern. This is a dynamic stop loss method. After the order enters the market, the market goes out of a reverse structure or form. At this time, it can be understood that the trend has reversed and the order is stopped. In actual combat, you can combine your most commonly used criteria for confirming reversals. You can use the crossing of moving averages, or the breakout of trend lines and channel lines, etc., as long as the standards are consistent. Method 5: Stop losses in batches. In an order, set multiple stop loss standards, and stop losses in batches in proportion to different stop loss points. This is a compromise stop loss method. Set different stop loss points through different stop loss standards to disperse the risk of stop loss. In actual combat, it is often encountered that after the order stop loss, the market reverses and goes out of the original trend. At this time, because the order has stopped loss, it is very disadvantageous. The operation of batch stop loss can keep a part of the position when encountering this situation, and can continue to make profits after the market goes out of the direction again. Method 6: Moving stop loss. Trailing stop loss means that after the order enters the market, the market develops in a favorable direction. After leaving the entry point and gradually generating profits, the stop loss is adjusted from the original stop loss point to a more favorable direction. The market gradually develops and the stop loss Also adjust gradually. Moving stop loss is a bit like the left and right feet when climbing stairs. When your right foot goes up the steps, your left foot will follow. Every time the profit increases to a certain extent, the stop loss will follow. The first purpose of trailing stop loss is to preserve capital, so most of the time the first step of trailing stop loss is to move the stop loss to the cost price. In this way, even if the worst result is encountered, the order will be out of the market without loss. After setting the trailing stop loss, the order will no longer lose money, and even the profit has been locked. At this time, the psychological pressure of holding positions is very small, which is conducive to the execution of transactions. These 6 stop loss methods, you can choose the appropriate method according to your own trading strategy OANDA:XAUUSD OANDA:XAUUSD COMEX:GC1! TVC:USOIL BINANCE:BTCUSDT.P COINBASE:BTCUSD
TVC:GOLDEducation
by CheetahAttack
📈HOW TO RECOVER FROM A TRADING LOSS📉 🔰Analyze the reasons behind the trading loss: Understanding what caused the loss is essential to avoid repeating the same mistake. Analyze the market conditions, trading strategy, and emotions behind the loss. 🔰Stick to a trading plan: A trading plan acts as a blueprint for a successful trading journey. Follow your trading plan and avoid any impulsive decisions. 🔰Cut losses short: Don't hold onto losing trades in the hope of recouping your losses. Cut the losses immediately and move on to the next opportunity. 🔰Diversify: Diversification can reduce your overall risk. Spread your investments across multiple channels and avoid investing all your money in a single asset. 🔰Learn from successful traders: Successful traders can provide valuable advice and insights into trading. Follow their strategies and learn from their experiences. 🔰Reduce the trading size: To avoid significant losses, reduce your trading size. Start with small trades and gradually increase the position size. 🔰Control emotions: Emotions play a significant role in trading. Avoid trading based on emotions and stick to the trading plan. 🔰Stay informed: Keep abreast of the latest market news and events. Follow economic indicators, news releases, and expert opinions. 🔰Take a break: Taking a break after a trading loss can help you clear your mind and recharge. Take time to assess your trading journey, re-evaluate your strategy and come back refreshed. ❗️Remember that trading losses are part of the journey, and everyone experiences them. Recovering from a loss requires discipline, patience, and a willingness to learn from mistakes. Stick to your plan, manage risk, control emotions and with time, recover from the loss. I Hope you guys learned something new today✅ Wish you all Best Of Luck👍 😇And may the odds be always in your favor😇 Do you like this post? Do you want more articles like that
Education
by ProSignalsFx
12
6 Character Traits to Develop or Refine Your Day Trading Career It may seem as if developing a career in forex day trading is about finding a strategy, practicing it regularly, and making bundles of money. Yes, it is about that. But, where are our characteristics on that list? To become a successful day trader, you need to develop specific features to implement an effective strategy that delivers results in all market conditions. We may not be entirely aware, but we do use them daily, and maybe, at times, we notice that we should work more on developing these. These characteristics are innately a part of us. It is essential to work on developing these characteristics that guide you towards building a thriving day trading career. It is good to know that not all successful day traders inherently have the ability to succeed without hard work. For most, it takes weeks, months, and years. By continuing to read, you will realize why you should develop the skills sooner rather than later. 1. Discipline Discipline requires boundaries and mental acceptance. It’s one of the many characteristics used to achieve in day trading. Even though some beg to differ – they say that a well-developed trading plan was their way to success. But how disciplined are they to follow it? Being disciplined is vital when deciding which products to trade. Thousands of products are traded throughout the day, and It is very overwhelming with infinite opportunities thrown to you at once. Devise a schedule that revolves around the best times for you to trade. Select a product to trade and stick to both the product and your plan. 2. Patience If you haven’t started trading yet, you will soon realize that it is a “waiting game” with loads of patience needed – but with fantastic profit too. It can be challenging for beginner traders who don’t have enough patience and find it challenging to wait or watch the markets. If you enter the market at a time when nothing is happening, you may blame your luck and try to jump in or out of the tradestoo early. You may land up building resentment, and it will not suffice. 3. Adaptability Change is a characteristic that is either always welcomed or never welcomed at all. When becoming a trader, you will accept that day trading as a career is ever-changing. To be a successful trader, you will have to work through some discomfort to adapt to fluctuations quickly. It is extremely rare to have two trading days that are the same or similar to one another, which means you must adjust to different scenarios in the market. 4. Mental Strength Day trading is about gaining the mental strength that can withstand the losses that the market throws at you. Some days there can be no losses thrown at you, yet on other days, this is all you will see, and it can be soul-destroying. More positively, there will be times when you are on a losing streak, and it’s at this stage when the pro traders are looking for opportunities to bounce back. Do not be disheartened if you are disappointed after losing a trade or if your strategy isn’t delivering the results you expect. 5. Let Go Preparations for your losses don’t mean that you should continue grinding it out on the market and continue to lose your capital. If your mental strength gives you the courage to walk away from the suffering of your continuous losses – do that! Walk away! 6. Independence At the beginning of your trading career, it is a good idea to reach out to fellow traders and mentors to help you with the building blocks. These contacts will recommend trading videos, podcasts, books, forums, and articles to build your skills and confidence. However, if you want your trading career to take off smoothly, then learn some of the critical skills by yourself. Develop a sense of independence, where you do not rely on others. Having to rely on help or opinions all the time is tiresome. Once you have developed a trading strategy that works, you should not listen to every opinion from others. Be focused on doing what works for you. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Hey traders, let me know what subject do you want to dive in in the next post
OANDA:XAUUSDEducation
by TopTradingSignals
18
Managing your trading Psychology Trading psychology refers to the mental and emotional factors that affect an individual's behaviour and decision-making when trading financial markets. It is the study of how a trader's mindset, emotions, and behavior can impact their trading performance and ultimately, their success. Trading can be a highly emotional and stressful activity, as traders are constantly exposed to risk and uncertainty. Successful traders understand the importance of controlling their emotions and maintaining a disciplined approach to trading. Some of the key psychological factors that can impact trading performance include: Fear and greed: Fear of losing money and wanting to make a quick profit can lead to impulsive and irrational trading decisions. Overconfidence: Traders may become overconfident in their abilities after a successful trade or series of trades, leading to overtrading and increased risk-taking. Loss aversion: Traders may hold onto losing positions for too long, hoping for a turnaround, rather than cutting their losses and moving on. Confirmation bias: Traders may only seek information supporting their beliefs, rather than considering alternative viewpoints or contradictory data. To improve trading psychology, traders can work on developing emotional intelligence, mindfulness, and self-awareness. They can also create a solid trading plan, establish clear risk management strategies, and maintain a positive and disciplined mindset. Additionally, seeking out the guidance of a professional trading coach or mentor can be helpful in developing a successful and sustainable trading approach.
by EruditesAcademy
It's not how but also whenA lot of emphasis is placed on how to trade. What the best indicators are, what the best R/R is. However, I don't see a lot of focus on WHEN you should trade. I don't specifically mean when to get in and when to get out. I mean what HOUR of the day should you trade? There are few factors to this: - When is the time that you are most alert and can focus on the markets? - What HOUR of the day do you tend to see your set-ups form? Most new traders have no idea about these concepts and literally try to trade 24/7. This often leads to burnout and worse - account blow out. It behooves you to use an integrated journal for your trade and see what time of day you are most profitable and you should try to stick to those times.
NASDAQ:PLUG
by Tradersvoices
Still not making 100$ a day trading?I have noticed that one of the most searched topics in the industry relates to strategies on how to win a steady income over a limited period - How to make 100$ a day or 10.000$ a month. Everywhere you look someone tries to sell some fortune cookie strategy that will make you a sure gain over a certain period. So why do new traders frequently look for the same approach? Is it because they want to exchange the time spent on a 9 to 5 job with a time in the markets with a sure, steady income? I can’t tell, but the mindset is similar. Trading and long-term investing call for another attitude because here you don’t exchange time for money. You are not logged into markets for 4 hours and effortlessly earn yourself some dollars. Some days you win more than you have expected but in some minutes could wipe out your portfolio. What I am trying to say is that you should never consider the markets as a sure deal for exchanging time over money. Also, if you still struggle to find a flawless strategy by looking at the best technical analysis or hit rate system maybe you should reevaluate your approach. The reason one looks for a sure deal is deeply ingrained in our self-protection mechanism. First, there is this fear of getting hurt by losing a position, which each of every one of us experiences, so our mind seeks to overcome this anxiety by looking for a certain, no-risk deal. This straight line of flawless strategy can save us from being exposed to dangerous circumstances. At the first level of understanding, you search for these plans of trading, just to protect yourself from suffering. But to win, one needs guts. As the saying – No guts, no glory. Also, trading setups offer you another kind of gain which is based on momentums, that can occur under a certain period. There can be days, maybe weeks, or even months with slow trading moves and barely any opportunities, but that should not leave you defeated. Because in many situations, the honor goes to the person who is the most patient. So don’t get discouraged about not winning every day.
COINBASE:BTCUSD
by TheSimpleThinking
📖STOIC TRADING📖Stoic trading. I bet stoics didn't trade, but they knew a lot about life in general. I suggest to cultivate stoic mindset in regards to trading, and negative expectation and negative visualization in particular. You can talk about it with ChatGPT and explore yourself, but here let me explain a bit. So, instead of doing exactly what everyone else does - that is to expect your next trade to deliver big time, or to dream about a big runner, or huge profits in a day or a week, or to trade back all your recent losses with one overrisked entry - try to do something that's completely different. And by the way, that's a great overall approach to trading: find what doesn't work, and do the opposite (that's one of the main principles discussed widely by great Tom Dante). To do this, when you come to the market, visualize and expect nothing🙀. Literally tell yourself this: 1️⃣..I showed up to the charts just to observe and analyze them (by the way, did you know that speculation, from latin "specio", means observation, with no judgement) 2️⃣..I expect my setup to NOT show up today, and so today I'm not expecting any trades to have In case you'll find your setup, continue to keep the following negative mindset: 3️⃣..I followed my rules and entered a good setup, and I will follow my management rules, but right now I expect this trade to just end up as a loser If you were able to protect at breakeven later, expect it to hit your breakeven and not your take profit. For beginners, this all can sound stupid, even somewhat like a paradox🙄, but that's only because they don't understand how trading works. And trading really works in a way, that having LESS trades brings you MORE profit. Even if you're trading 1 sec. chart, and I'm not joking here. This mindset practice I described above allows you to protect your emotional capital and also enter setups with a better quality. I will talk more about this and also why so called "overtrading" is actually pure gambling, and how it destroys people's accounts in the next post. Have a good day everyone, and keep the grind, even if there's no one to appreciate or believe in you! P.S. I appreciate you and believe you will eventually do it and become consistent and profitable trader. 🙌
BITSTAMP:BTCUSDEducation
by Yelli_trades
11
How to achieve quick profits through short-term trading?Many friends enjoy short-term trading, mostly due to the short holding time, quick results, and the thrill of the process. However, short-term trading is the most challenging among all trading methods and requires careful consideration. Today, I will share my early experience of short-term trading with you. Specific methods and strategies will be provided in the later part of this article, which are closely related to practical applications and, I believe, will be helpful for you. The article is quite lengthy. If you find it helpful, please give it a thumbs-up at the end of the article. Thank you. Advantages and disadvantages of short-term trading Short-term trading does not have a strict definition standard. When the market moves quickly, positions can be closed within a day, but if the market moves slowly, it may take two or three days to close the position, all of which belong to short-term trading. On charts, I usually consider trades at the 5-minute, 15-minute, and even 1-hour level as short-term trades. The advantages of short-term trading are: (1) Short holding time and quick results. People are naturally curious about the unknown and want to know the results quickly. Short-term trading fits human nature, making it easier to control emotions. (2) High trading frequency, providing a thrilling experience. Many traders are restless and want to trade multiple times a day, short-term trading meets this human need. (3) The decay cycle of the short-term trading system is short, and the distribution of trading results is more evenly distributed, making it easier to execute. Sometimes, even with a losing streak of 5 times, the long-term trading strategy may take over a month to recover, while the short-term trading strategy may only take two or three days. Thus, short-term trading is less torturous to human psychology during a losing streak. Disadvantages of short-term trading: (1) High trading frequency requires more time and energy and is not suitable for part-time traders. (2) Frequent trading generates high trading costs. Therefore, short-term traders need to pay attention to their commission fees. I have seen many futures traders who have had their accounts charged two or three times, or even ten times, the commission fees. How can they make a profit like this? (3) Requires higher professionalism and attention to trading details. Short-term trading is more sensitive to changes in the market. Sometimes, when the market changes, you don't have much time to think and must act decisively. People with more procrastinating personalities are not suitable for short-term trading. Additionally, the margin of error for short-term trading is relatively low. Long-term trades do not require very precise entry points, and being off by 5 or 10 points does not have a significant impact on the overall trade. However, in short-term trading, being off by 5 or 10 points can be the difference between profit and loss. Therefore, short-term trading is a delicate operation, and all trading details must be clear and easy to execute. Short-term traders also need to possess qualities such as attention to detail, boldness, calmness, and decisiveness. So, how can you quickly profit from short-term trading? Next, I will share two strategies. 2.Plan One: Choosing Volatile Markets with Large Amplitude for Short-term Trading As a short-term trader, we only need to capture a small segment of market volatility, and it doesn't have to be the overall trend, as long as the market volatility is fast and the amplitude is large. The faster the market volatility and the larger the amplitude, the easier it is to make profits. For the same 100-point profit, it may take only one day to achieve it when the volatility is fast and the amplitude is large, while it may take several days to achieve it when the volatility is slow and the amplitude is small, resulting in a much lower trading efficiency and different challenges to our mentality. Therefore, the amplitude of the product is the key to making profits in short-term trading. We need to selectively engage in short-term trading and not try to swallow all profits. There are two specific strategies to consider. Strategy One: Directly select high amplitude products for short-term trading. Different products have their own characteristics when operating in the market. Some products have fast volatility and large amplitude, while others have slow volatility and small amplitude. Before engaging in short-term trading, we must select the most suitable products. For example, in the same breakout trading opportunity, products with high volatility and larger amplitude can achieve greater profits more quickly. As traders, we all understand that the faster we can lock in profits, the more confident we feel. Therefore, selecting the right products makes short-term trading easier. Moreover, if you choose a slow-moving product, your holding time will be longer, and your position may be occupied, which will reduce the utilization rate of your funds and affect the final profit. Short-term trading is about paying attention to details and maintaining a strong mindset, as even the smallest details can determine your success or failure. Therefore, do not be careless. FXOPEN:XAUUSD FOREXCOM:EURUSD
Education
by Ice_and_Fire1
5