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Trading Psychology

When trading futures pairs, ZOOM OUT!I started trading NEO perpetual futures ( BINANCE:NEOUSDTPERP ) mid to late 2020 IIRC. Binance only had so much history on the trading pair. The "start" price for the coin was $25 and I started trading this pair around the $4 to $5 range. I got comfortable with the pair at the low time frames, I never really looked above 4 hour. I remember when the price reached $19 - $26 range. I'd made decent returns scalping and swing trading at this range. Looking back, I some how shut out the idea that the coin would go any higher, I'd made my money, time to move on to another coin. I wasn't buying spot in these days, at least outside of BTC and ETH, so the thought of holding never crossed my mind. I wonder if i'd had the sense to look at NEOUSDT to see the true price history relative to current prices if I'd have a different perspective on NEO. TLDR; I was a futures scalper, I made some gainz, but futures price action history (on your exchange) starts when the coin gets listed there. that "starting" point on that chart could be a high or a low for this coin. ZOOM OUT! Find an exchange that lists the _full_ coin's price history before you convince yourself the coin has reached its max potential. Not financial advice.
Education
by b6d1016fdeb149be865b678a8ac935
14 EMOTIONAL STATES OF A TRADER1.OPTIMISM. It all starts with a positive outlook on the market situation, which leads the trader to open a trade. The trader is looking forward to future success. 2.EXCITATION. The market starts moving in the predicted direction. The trader anticipates events and hopes that success is assured. 3.TREMBLING. The market continues to move in the direction the trader needs, this is a moment of joyful fading. At this stage, the trader is completely confident in his trading system. 4.EUPHORIA. The point of maximum financial risk. Investments turn into quick and easy profit. The trader completely ignores the risk. 5.ANXIETY. Oh no, the market is turning! The first signs of movement not in favor of the trader appear. But he does not notice this and believes that the market will recover and the trend will continue. 6.NEGATION. The expected market recovery did not happen. The trader does not accept what is happening and remains in the position. 7.FEAR. Reality dictates its own rules, and the trader begins to realize that he is not as smart as he previously thought. Instead of confidence in success, thoughts begin to get confused. 8.DESPAIR. At this point, all profits are lost. The trader had a chance to take profit, but he missed it. Not knowing how to proceed further, he is trying to do everything to return at least to the break-even point. 9.PANIC. The most emotional period. At this stage, the trader feels his ignorance and helplessness and is completely at the mercy of the market. The mind is paralyzed, which sometimes leads to meaningless actions in the market. 10.SURRENDER. The trader has reached the limit of patience and closes the position in order not to increase losses anymore. 11.DESPODENCY. After exiting the market, the trader no longer has the slightest desire to conclude deals. 12.DEPRESSION. The trader begins to blame himself for stupidity, for why he did not close the deal on time. Some choose the right path and begin to analyze what went wrong. True traders are born at this stage, studying past mistakes and drawing conclusions. 13.HOPE. “I can still do it!” Eventually, the trader returns to the realization that there are indeed cycles in the market. He begins to analyze new possibilities. 14.FAITH. At this stage, the trader regains faith in his future in the market and starts trading again.
Education
by Berzerk_invest
248
Irrational behavior: Fleeing winnersI do not know if one is born a trader but I know one can be born NEVER a trader. Those that have these bugs in their programming that make them do things that make absolutely no sense, there is no point even trying, they are set to fail from the start. I think learning about your own tender feelings is totally useless, if you have these tender feelings I am pretty sure you'll never make it no matter how many excuses how throw at reality, which is yet another irrational thing to do and so silly to expect it to make a difference 🤷‍♂️. But learning about other people tender feelings is certainly interesting. Running winners is variable the ultimate objective is not to be a robot. And the variable might be increasing right now which is a reason for me to write this little piece. First of all I think this period of the year is more lively than the winter, but also notice the pattern americans are following: "In the first round of economic impact payments, households set aside 29% of their checks for consumption. In the second round, that fell to 26%, and in the most recent round fell to 25%." The S&P 500 broke out of the Donald Trump trade war broadening wedge. It remained above, kept going up, now even broke 4000 and bears are getting slaughtered, skeptics are slowly being convinced it won't crash like 2008. You know the saying "1 by 1". Americans fear is diminishing, unless it's just they have no choice, I think their fear is reducing, and they are spending more willingly, gambling some of it on meme stocks. We saw the Yen do this thing it sometimes does. Lots of money is being printed, activity around the world is growing. I think we can expect big trends, Forex was creating depressions with how bad and tight it had gotten. Finally! Trying to run winners for kilometers in a calm market is stupid, but not as stupid and running away from winners like they are Michael Myers. Nobody makes money being a (redacted: kitty-cat). The whole idea is to catch big winners. It's the whole point of the markets. They trend. The idea is that when the market has a big move in a direction you sometimes catch it, and when it has a big move against you you NEVER catch it. Why would markets even exist? Why would anyone ever need to hedge? It's so stupid I can't believe it. Hedgers = avoid market exposure, avoid all moves. Speculators = take the risk from hedgers, want market exposure. Noobs = Only want market exposure when they lose????? Imagine this, get in the mind of losing traders: You sell, the price goes down, and down, and then there is a pullback with a perfect double top or whatever you like and would normally sell every day of the week. But BECAUSE YOU ARE WINNING YOU DON'T? Lol? And then to "go faster" they go take huge positions that destroy them, and get into day gambling and so on. These lose-loving bagholders are the reason why Bitcoin only bottomed AFTER they capitulated in March 2020 when (and weeks after) the price collapsed 60% in a few hours. Gamblers addicting to losing were constantly selling the instant Bitcoin went up and buying heavy bags as it went down which leads to more selling pressure (after a buyer buys, he becomes a potential seller). Once all the - most of them - quick quick gambling bagholders got wiped out, there was no more run-away-from-winner losers preventing Bitcoin from going up. I have been buying US indices since October and I have no intention to stop. If I have urges to "play" like day gamblers do, I'd much rather buy a bit more of S&P. Does not have to be much. 10 bucks turbos with a 2-10% KO (so 100-500 bucks worth of S&P) every day is objectively smarter than day gambling every day on it with a few hundred bucks. If it keeps going you can turn a small account into a small fortune. At some point just have to be careful the risk is limited and the exposure does not become insane. Can always sell and then buy back. Say you had a call, close it and buy a new larger one. Just to make sure if it goes 1987 or 6 may 2010 all these gains are not lost but this is not the same as just exiting and that's it, you're still under exposure to that winner, just making sure risk is limited, and profit is not. As it keeps going these profits can snowball into something so monstruous not even kidding. Start with an initial 50 bucks risk end up with a 150,000 euros win dead serious. Meanwhile some ****** idiot made 30 bucks as soon as it went up. And felt good about it. Good job man! On Bitcoin the noobiest of them all, you can see bagholders breakeven at areas where they previously bought. No one gets greedy and just wants to keep piling in into winners and bulldoze their way up?
Education
by MrRenev
2
How to stick to your trading plan / not close early trades.Once you have your strategy on how to grow your account, risk managment and your watchlist. The only problem is a traders psychology. You could have problems with closing early trades in loss/profit becase you are scared it might go south. To answer this, you have to change your mindset. Once you have done the analysis on the chart and you make that trade with the take profit and stop loss, just dont look at how much you are earning/losing. Focus on the chart and what is happeing. You didn't make the trade on numbers from your account but on candles on the chart. Make yourself think that you cant close the trade until it hits that stop loss or take profit. You WILL take loses, most day traders don't make it profitable. If you had the confidence to make that trade KEEP the confidence during your trade. If you don't belive in your own trades and that you can make it as a trader, why would anyone else? Profesional traders take loses too. No strategy works 100% of the time.
FOREXCOM:XAUUSDEducation
by fxAljtaric
Jalapablo's 10 Golden GuidelinesThese are some of the golden guidelines I live by when I swing trade. They've done me well over the years, they've kept me safe, and they've made me a ton of money. I wanted to share them, especially with new crypto traders just getting started. I had to figure all this stuff out on my own (and it cost me a lot of money). I believe every trader should come up with a set of his/her own personal rules like this and keep it in their trading journal. Wishing safe trading and prosperity to all! NOTE: I am not a financial advisor. Join me and trade my charts at your own risk. *If you have strong hands, patience, and like big wins and big money, follow me. I track all the USD & USDT-paired cryptocurrencies on Coinbase Pro, Kraken, Gemini, Binance, Kucoin, along with many other coins & tokens on various exchanges, and regularly seek out the most profitable swing trades available. All my charts are clean, straightforward, and easy to follow. My TA is based on Wyckoff phase analysis, Elliott wave count & Fibonacci extensions. If some of my sell zones seem conservative, it's only because I believe in exiting while still holding the fat money bags! The more intrepid traders can let the winners run a bit longer. Good luck and safe trading to all! **Unfortunately, I can not give custom entry and exit prices, stop-loss percentages, or offer advice on when and how to take profit other than my own entries and targets which are already on the charts. Thank you for understanding. Trade wins for March 2021 (Total Gains: 527.58%) 1. Filecoin: 31.92% in 14 days 2. Kyber Network: 12.09% in 7 days 3. Loom Network: 66% in 10 days 4. Ravencoin: 78.55% in 11 days 5. NMR: 19% in 2 days 6. Elastos: 178% in 15 days 7. Qtum: 66.84% in 24 days 8. Filecoin: 24% in 5 days 9. AION: 22.83% in 2 days 10. Flamingo: 28.35% in 1 Day Trade wins for April 2021 1. Kyber Network: 35.91% in 10 Days
COINBASE:BTCUSDEducation
by jalapablo
9
Four Stages Of A Trader (How To Make It To Stage 4)Most traders go through stages in their career not everyone is successful immediately. Stage 1: This trader loses money. Unfortunately 90% of ALL retail traders lose money and have an account life span of 3-18 months, they need to be educated by a PROFITABLE TRADER. Traders that take the time to educate themselves have the best chance of making it out of this stage. Issues are: No trading plan and no journeying. Not understanding risk management and price action on charts. Treats trading like gambling. Stage 2: Trader is losing LESS money. A trader is not making some of the rookie mistakes that a beginner trader makes and is losing LESS money because they have found education on you tube and or a coach they trust and get along with. Issue are: Still fights emotional control, half of trading is from neck up. Not focused on treating trading as a business not a hobby. Have Plan Trade Plan. Stage 3: Trader is consistently profitable. A trader is now consistently profitable, they might not be making as much as they'd like. Issue are: Patience in trading. Note: you make money waiting not trading. Four things to remember: Big wins, small wins, small loses, but never big loses. Stage 4: Trader makes money year over year. This is the ultimate goal for most traders. Its rare for someone to get to this stage. You consistently make money year over year. Only 10% of traders. Issue are: Keep on learning in trading. Have short term and long term trading goals. Slowly build up account and lot sizes- always risk management is #1. One thing to remember… This does not mean that these traders make money every day. They have a losing day, week or month, but know that in the long run we will be profitable.
Education
by Anbat
Risk Management: Entry in the impulsive phrase of price action Hello everyone: Welcome back to another video on risk management. Today I want to discuss a few possible entries that we can do in the market when we spot the next impulsive phrase of the market condition. I will break down the 3 types of entries that I always look for when I am about to execute a trade. Sometimes we will see all 3 entries present themselves, and sometimes we might only see 1 or 2. So let's dig into these entries. All entries are based on the continuation or reversal structure on the LTF mostly. So I need to see a LTF correction forming and potentially completing before setting any of these entries. In addition, they have to be aligned with the HTF overall direction and bias. Multi-time frame analysis is key. All my entries are stop entry order, meaning the market needs to hit a certain price before getting triggered. Buy Stop or Sell Stop order. You may see variations of these entries in different strategies or styles, but here are my take on them and my way of using them in my trading. Let me give a few examples of each on different markets and pairs to show the potential move and possible entry criteria. Below are same other Risk Management you should know in trading. Risk Management 101 Risk Management: How to set a Take Profit (TP) for your trades Risk Management: How to Enter and set SL and TP for an impulse move in the market Risk Management: How to scale in the impulsive phrase of the market condition? Risk Management: Combine everything you learn to prevent blowing a trading account Impulse VS Correction Continuation and Reversal Correction Multi-time frame analysis
OANDA:XAGUSDEducation
by jojofang0901
24
Psychology. Traps. The reason and the possibility of pump +8200%I made the trading idea about this coin about trading in the channel this afternoon, and I remembered the miracles on the roller coaster of 2.5 years ago on this coin. After all, such games rarely come across in the market to leave such a colorful mark in memories. You do not often see pumps at 19 and 82 x, after accumulating 88 and 100 days. The numbers are not random. Pumping was with an acceptable volume for such a coin. In my opinion, the project is scam, well, like everything in the crypto world. I absolutely do not believe in anything. I have only cold calculation in trading. No sympathy for scam. In my opinion, all crypto projects including everyone’s favorite “anonymous”, “decentralized” “Beethoven” are frauds, making real money thanks to stupid bidders. But, in addition to “making money” for those who believe that without doing anything, you can become a millionaire. I think the naive point of view is that the "big brother" wants to make all the poor and lazy people millionaires. But they believe in it, because they themselves are such. This faith and inaction will lead to sad consequences. In addition to making money on fools, the crypto market carries more interesting tasks. Which, in case of success of the experiment, will become a reality and the poor will become even poorer, states will receive unlimited power and control. But, let's get back to this coin. The legend of the project is Blockchain's solution for the global dental industry. The legend, unlike other promising projects, is supported by the principle: “Someday we will turn the mountains”, at least by their activity. Confuses a large number of blocked coins. Which at the time of "X" can bring down the price on all exchanges to zero. Therefore, this coin is not for holding, but for speculation from a good entry point to the planned exit or exit from certain situations in the market. By the way, not one "holder" could not sell not only on the 80X pump, but in general I doubt that 2-3X even on the accumulation price, although I can be mistaken, as after the pump I did not monitor the transaction. Why, I will describe below. I started trading this coin in late October or early November 2017. Started by accident. On another exchange, I fell into the "trap" that was made on this coin. A book of orders, the entire history of purchases / sales and the trades themselves in the market with bait were also very cleverly made, but here one zero in the price was superfluous. So in a second I remember about $ 600-700 evaporated. I began to understand, I understood what was happening, well, what happened, what happened. By the way, this case in the future made a lot of money, as this action began to be used en masse at one time mainly on exchanges such as Binance and HitBtc when listing coins. Each manipulation against you, with the correct understanding of the essence of the work, can be turned into a weapon against the manipulator. Everyone can be wrong, including you. Your mistakes are an invaluable experience. So the initial acquaintance with this coin was not very pleasant for me, but very useful for work in the future. Then I found where this coin is being traded with great liquidity and without "surprises." It turned out the HitBtc exchange. It was evident from the work on the coin that someone on this exchange was gaining a position on this asset. I quietly started to do it too. Immediately in my work I had not a small amount, but when I understood everything what was being done and on what scale, I substantially added money. Every day +10 20% to part of the position. Not a coin, but a cash cow. Paradoxically, no one wrote about this coin anywhere in the chats, including the exchange’s trobox. It was a taboo. I will say this, this pump at first at 1900% then at 8200% for the majority of those who stuck to this instrument of trading was a big disappointment. Before the growth, after 1.5-2 months of work in accumulation with strong volatility, I increased the initial amount of entry many times. Traded inside the day. At first I copied the actions of the “major player”, but when my position on the coin grew decently - teamwork through numbers. The work is clear, not complicated, without risk. But the elephant climbed into the market and began to tear down the walls. Perhaps this "elephant" was this major player or the exchange itself. At first, we wanted to keep the price from rising in order to keep the price in the corridor. But nothing came of it. Money forces were not equal. The biggest disappointment is when about 70% of the position was thwarted by + 300%. I didn’t think that it was possible, as the position was not small, that’s buying + 300% as an obvious not healthy thing. But what happened, it happened. but then the price was pumped up + 1900% All further price movements I had to work with those coins that remained. It is good that the high price gave a larger spread, and therefore more freedom to manipulate work within the day. Played by what was left. Gradually increasing the number of coins on rising prices. At any moment I could leave the market, like any exit price - for me there was already a profit. Above + 1000% of the accumulation zone the game stopped, I already had enough. That and the liquidity to work a large amount was not there already, the games began for the schedule, but not for earnings. Then the green light is very greedy and stupid people. Be less greedy than other people and as a result you will be richer than other people. Let me remind you that the price soared by more than + 8000%. Why did this happen? Why did manage to raise the price? Why were there mostly inadequate buyers, but no sellers? There are several reasons, I will partially describe what happened so that you see similar manipulations in the future and know what to do and what not to do. By the way, similar manipulations are now happening on some coins, I won’t write the name, how it will look like an advertisement. I don’t need that. But, or will they be able to repeat this? More likely no than yes. ___________________________________________________________________ THE REASONS FOR THE HUGE PRICE GROWTH AND THE ABSENCE OF SELLERS. 1) "Killing faith" in a long downtrend. 88 days from the day of listing. The course is just down. (but only for the hamster). The main thing is to "kill faith" below, "give faith above." In the market, as a rule, those who in the “non-faith” phase say that they do not believe in perspective, in the “faith” phase they will most likely acquire. The world is cyclical, events go in cycles, the flow of the crowd is cyclical, the thinking of the governed lends itself to cycles. 2) Manipulation of the exchange with dcn / eth and dcn / btc pairs. This was the most important manipulation of the discharge of passengers. It was not possible to lower the price; nobody wanted to sell. They were not going to leave even at + 30% and above. In order to strengthen the dump, they announced a delist from the exchange of the dcn / btc pair. It’s not the understanding of people that they really do not affect the price movement, but are just fuel in someone else’s game, which makes them this fuel for movement. Whoever had a big position and the corresponding amount of BTC for the terrible visual presentation for hamsters put up walls pouring in them every time a huge sales volume with a gradual price rushing. At that time, the exchange blocked specifically on several days coins on the exchange’s account with many traders. But the panic sat on. Everyone wanted to leave the market, because it was very painful to watch how the price goes down. But they could not do anything, as for "technical reasons" the exchange blocked coins. But major market participants (perhaps the "exchange itself") held the idea of ​​"killing the faith." 3) Bad news in front of the pump . There were a lot of big transfers to the exchange from wallets, many holders also surrendered ... Let me remind you the input / output was opened, but the trading account on this coin was blocked due to the fact that the dcn / btc pair will be delisting soon (those with orders were in this pair). Then, just before the delist of one of the DCN / BTC pairs, when the price dropped significantly by the game, all the accounts of the "traders" were unlocked. Naturally, everyone tried to sell on the market, because soon they would not sell where, as on the other pair there was no liquidity at all. Those who bought up naturally put up weak buy orders, so that hamsters had no hope of a price reversal. A well-run crowd works like one very stupid person. The interesting thing is the psychology of the crowd. I’m sure who sold “To get out at any price” after less than 3 weeks they bought from + 1000% and probably many people really got apathy for trading and a feeling of “lost profit” when the price during the pump reached + 8200% (82x) . It is probably painful to realize when you sell at a loss at the lowest price before the pump, and after such a short time you see such an increase. 4) Closed the input / output of coins before pumping coins naturally for "technical reasons". So no holder, with the exception of those who transferred coins to the exchange during the dump and did not have time to sell, could not use this pumped. Holders as always in flight .. The more stupid a society is, the higher the percentage of earnings in it is for those who are smarter. Do not be one of many, be one among many. 5) After a while, the pair that was delisted from the exchange - DCN / BTC appeared again on the exchange. 6) Good news when pumping. On Twitter, the developers published the news in the manner: “DCN is the last hope of mankind” or “DCN will become the new Bitcoin” and similar nonsense in this spirit. In telegram chats, a similar FUD was also widely used. But the news has never moved or moved the price, they always move with money. News without money does not work. True, the crowd is convinced of the opposite. 6) The first pump at 1900% (19X). So called "Hamster Pump" , but my tongue does not turn + 1900% to call a hamster pump. But in this situation on this coin it was. I think any sane would go out without slowing down at such a price increase.   Then, after this pump, another pump happened, from the accumulation zone + 8200%. There were definitely no passengers on this pump anymore, therefore it was possible to raise the price in such a way by buying out own orders and making appearances of trade by luring hamsters. Your first enemy is a lack of experience and knowledge. Your second enemy is greed and a sense of lost profits. 7) The presence of a lot of money from those who controlled the price. Without a good amount, this was not possible. You also need to consider that in addition to money (btc), it was necessary to have DCN coins "two or three bags" in order to direct the price. I think you understand who in this situation is the biggest player and initially has the most coins. Without an initially large position, it is very difficult for a trader to accumulate a large position in a short time, although in exceptional cases it is possible. 8) A clear, thoughtful, phased work plan for the manipulators in advance. Good knowledge of the psychology and thinking of the crowd. This is an old thing, but it is possible for the conscious work and understanding of what is happening in reality in the bidding you will find this information useful. I think you understand that the exchange itself is partially involved in this manipulation. I do not think that exchanges will no longer sin by such manipulations. Be careful, be smart, don't be a herd. If you understand what is happening in the trade - take part in the trade, if you do not understand - watch from the side. I wish you all productive study and great profit in trade.
DEducation
by SpartaBTC
Trading Plan that will help you become consistently profitableIn my trading career beyond having a strategy (actually multiple depending on market state and asset class) to base my trades on nothing has ever been as important as having a Trading plan. In this post I want to share with you my personal trading plan to help you create a set of rules that will help you stick to your plan and keep your emotions in check so that you can actually follow your trading strategy and become a consistently profitable trader. Something that was and still is key for me is the following realization: Never get attached to your opinion or view of why something should happen. The market is in fact always right and based on nothing but irrationality since its made by humans so the movements of the market do not have to make sense and at more times then not will not make sense. Trading is simply a mind game. Markets are a result of mass psychology which leads to exploitable edges. Mastering your own psychology is key to keep following the strategy that defines your edge. So now without further ado my trading plan template that has helped me so much over the years and I hope will help you as well: **General Rules** 1. Never enter a trade without a plan (TP,SL) 2. Once you are in a trade stick to the plan 3. Its ok to be wrong its not about being right its about making money 4. Be patient do not act on FOMO 5. Do not chase the market 6. Let your winners run and cut your losses short **The 5 fundamental truths** 1. Anything can happen. 2. You don't need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher probability of one thing happening over another. 5. Every moment in the market is unique. **Rules of consistency**I AM A CONSISTENT WINNER BECAUSE: 1. I objectively identify my edges. 2. I have predefined risk of every trade. 3. I completely accept risk or I am willing to let go of the trade. 4. I act on my edges without reservation or hesitation. 5. I pay myself as the market makes money available to me. 6. I continually monitor my susceptibility for making errors. 7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them. **Risk and Money Management** Do not increase the standard trade size before you doubled the account. 1. The maximum amount you are allowed to lose in a day is $XXX.  2. The maximum amount you are allowed to lose on any single trade is $XXX.  3. The maximum number of losing trades in a row you are allowed to have in a day before you stop trading is three.  4. The maximum number of losing trades you are allowed to have in a day before you stop trading is five. (You may have had a win or two between losses, but there is a time to stop trading.) The maximum number of losing trades in the same direction you are allowed to take in a day before you stop trading is three.  1. If you are up $XXX on a single trade, you will put a profit floor of $XXX underneath the current price to protect a portion of those profits.  2. If you are up $XXX on a single trade, you will take the money and close out the trade.  3. If you are up $XXX for the day, you will take the rest of the day off, stay away from the trading screens, and do something you enjoy doing—other than trading !4. If you are up $XXX for the month, you will put a profit floor of $XXX underneath the month's profits to protect a portion of those profits. If you are up $XXX for the month, you will take the rest of the month off, stay away from the trading screens, and do something you enjoy doing—other than trading! Take a vacation, sleep late and read books, or do something else fun.
Education
by TradingPit
3
Does news events affect price action analysis in trading ?Hello everyone: Today I want to discuss news events in trading. Often when a news event comes out in the market, we get some sort of volatility and we get a strong spike/impulse. However, does news events affect our ways of understanding price action analysis ? Let's take a look at a few examples of the recent FOMC volatility that happened in the forex, indices and commodity market. Most of the market had a sharp quick move to one direction, hinting a sign of weakness in USD/JPY..etc. However, all of them ended up with a reversal impulse, and recovered all the price from the volatility. So, what can we take away from this ? News certain creates volatility, but not the overall price action trending direction. We may get a temporary short term move, but eventually the market recovers it, and resumes its original direction. Often beginner/newcomer traders will try to “jump” onto the news momentum, but usually end too late, and they will take a BE or losses. We can not control the outcome of the news or whether the news will be positive or negative towards our trades, but what we can control is our entry, SL, TP, risk management, emotions and mindset. Any questions, comments or feedback welcome to let me know :) Thank you Jojo
Education
by jojofang0901
18
Make sure to focus on improving in every aspectNote I am using GBPJPY, a favorite of high leverage day gamblers as it has the biggest range of the 30 leverage pairs. I am not "spreading FUD", if day gamblers want to lose their money I do not care. Actually I like it. Finding success is satisfying but additionally watching others fail has an added sweetness that is irresistible. This is simply a reminder to be logical, and since we try to always better ourselves we have to make sure to better ourselves on all aspects. It sounds simple like this but I assure you it is simple when you are told it, like hindsight. People think they are supermen that think of everything, never miss anything, and are going to buy at bottoms and sell at tops. Well to people that think that: good for you. I am no superman. And believe me I'm not being humble I hold myself to high standards and have a big pride. Warren Buffett is no superman either. Neither is George Soros. Nor Jim Simons, he made real money decades after buying his first future contract and needed to hire someone to help him out with stocks which he did not know that well. You may ask "But MrRenev how do I improve on myself and my trading? I do not even know where to start, I do not even know what to improve in". Well you force yourself to have a rational organised mind, write it down; and you take your chart screen, sit in front of it, and stay there for the next 50 years. ==> Read, read, read. Watch videos, read articles like this one or (I'm not sure if I can mention potential competitors), go on forums, read books if you want. I would call this part the "fun" part, or the leisure part. Watch videos you find interesting, even read memeposts on the internet, as long as you can tell what is bs what is not, even absolute trash will teach you how others think or will make you think or will show you others mistakes. ==> The second part, the laborious one (it's okay when you get into it you won't see the hours). You open excel, you open tradingview, you get a tool to save screenshots automatically, you open the calculator, you open a CME window, you open notepad/sublimetext. And you grind. You take in vast amounts of data, process it, look at the stats, and you learn. You ask questions such as "what are other participants doing? What are their holding periods" and so on. So here is the secret holy grail: R.D. Wyckoff started as a stock runner for a New York brokerage at 15 years old. He started speculating at least 10 years later, after having learned much from the charts and his clients mistakes. W.D. Gann is the son of a cotton farmer and started hearing and learning about markets at a young age. He then went to a business school (useless) and worked for a broker, like Wyckoff he learned from his clients mistakes and then started proprietary trading. George Soros started in 1954 as a clerk, then arbitrage trader, in 1959 he was an analyst for euro stocks, until 1963 when he became a VP. He started a fund in 1966 with his employer money (correct me if I am wrong) to try out his trading strategies - developed during his 12 years in the business. Don't just "try to make money", improve on everything and it will come with time. Remember, the most toxic tryhards are the best players in sports and video games. Same thing here. If your goal is not to be "the best I can" and just "make money", McDonald's has job offers available, good luck as a burger flipper, and I'm not sure I'd want to eat those.
Education
by MrRenev
3
Expanding Structures/Patterns in Price Action AnalysisHello everyone: Welcome back to another price action structures/pattern educational video. Today I want to discuss the expanding structure that I always see in the market. These structures/patterns are a bit more advanced, as they are not so clear on whether it's a continuation or a reversal correction. Lets dig into some typical forms that I always see in the market, and discuss the possible opportunities we can get from them. Expanding structure can come in all sorts of sizes and shapes. They are not the typical channel, flag, pennant/triangle, Head and Shoulder that we usually encounter. The key here is to identify them and observe if we are going to get trend continuations, or trend reversal after the correction finished. Any questions, comments or feedback welcome to let me know below. I will include all other types of price action structures/corrections that I have discussed in the past below, for everyone’s references. Thank you Jojo Impulse VS Correction Continuation and Reversal Correction Multi-time frame analysis Continuation Bull/Bear Flag Reversal Ascending/Descending Channel Reversal Double Top/Bottom Reversal Head & Shoulder Pattern Reversal “M” and “W” style pattern Reversal Impulse Price Action
BITSTAMP:BTCUSDEducation
by jojofang0901
41
Trading Full-Time As a Career - What You MUST Know?Hi Traders, apologize for the recent delay in educational content publishing due to my schedule. Today's topic is regarding " Trading as a full-time career ". I believe if you're here reading this, most likely you're either a full-time trader or someone who's looking to pursue your passion as a full-time trader. Let's talk about what are some of the considerations and mindset that you must possess prior stepping into this milestone. Consistency • Do you have a trading plan that has been tested and worked profitably for a long period of time? • Emotional detachment is the key trait I find in all successful traders. Always be a student of the market, admit your mistakes, have less opinion in the market, and draw yourself out of the negative emotions. • Do you have a consistent plan of action? Do you have some back-tested strategies that has been proven with a positive expectancy in the long-term? • Are you a consistently profitable trader yet? If you're still juggling around maybe it's not the best time yet to consider trading full-time. • Do you know your numbers? What's your maximum drawdown period? What's your average return? Mentality (Are you prepared?) • Trading full-time requires an undivided passion and attention, take it as a business not an interest nor hobby. • Money comes and goes fast in trading. If you're not being humble, its just the matter of time where the market humbles you. • You must understand what brings you to this stage. It is the amount of relentless effort behind the scene. Avoid being outcome-oriented and set unrealistic monetary goals (eg. I want to make $ XX amount per month). • Trading isn't a 9-5 job, understand that there will be drawdown periods where you lose money or breakeven. Avoid seeing them as setbacks or obstacles, take them as lessons to improve yourself instead. Trading is all about emotional discipline and having an edge in the market. Back-up plan • Never ever put a large portion of your savings into your trading capital, understand that anything could happen. Set aside a minimum of one year of living expenses, invest the remaining. • You MUST have a plan B. What if you found out trading isn't your passion later on? What if things aren't according to your expectation? Always have the worst case scenario in your mind, in that sense you're always being resilient and well-prepared. • Majority of the profitable traders have other supplemental income sources to carry off the burdens during their drawdown period. Acquire other high income skills and monetize them. • Despite the importance of diversification, ensure you've mastered your trading skills before you jump onto another things. Remember that an overly wide diversification is only required when investors do not know what they are doing. "In trading/ investing it's not about how much you make, but how much you don't lose." - Bernard Baruch Comment down below what's your trading goals in 2021! Trade safe as usual. Do follow my profile for daily fx forecast & educational content.
KRAKEN:BTCUSDEducation
by TraderNeoh
13
Music For Trading and InvestingWe teamed up with a behavioral psychologist to look into the science behind the best song choices for trading and investing. We identified a formulae based on the five essential components of music — Tempo (BPM), Tone (T), Length and Volume (LV), Lyrics (L) and Mood (M). We then used these formulae to create two specialized playlists: Playlist #1: Zero In - Songs that aid concentration and can be used when researching your next moves. Playlist #2: All Out - Songs that encourage you to be decisive and a confident to take action. You can find both of these playlists free and open to everyone on Spotify . We'll be updating them as we go. In addition, please feel free to share your favorite songs for trading in the comments below. Now let's dive into the calculations behind each playlist. You may find this part especially interesting if you're passionate about music or looking to learn more. You may also realize that markets and music have a lot in common. 🎯 Zero In — Time To Focus and Concentrate Focusing = “BPM (50 – 65) +TM +LVL (+ or -) -LN +M” BPM: find songs with a tempo of 50-65 beats per minute TM: select a mellow tone that soothes and relaxes LVL: longer songs make for better concentration LN: choose a track with few or no lyrics M: a slow, less melodic mood will help the brain focus on the task at hand, and not the music 💥 All Out — Building Confidence To Make That Final Leap Action = “BPM (65 – 85) +TU +LVS (+ or -) -LS +M” BPM: find songs with a tempo of 65-85 beats per minute TU: select an upbeat tone that positively enhances cognitive function LVS: shorter songs with a faster tempo will keep you motivated when performing a task LS: During Activation of a task, having lyrics in your playlist, is less important, so choose songs with some lyrics that motivate M: an upbeat, lyrical mood will give you a boost of dopamine, helping you feel brave and confident Thanks for reading and we look forward to hearing your feedback. Go ahead and give these playlists a try. Let us know how they help you prepare and take action. Please also share your favorite songs for trading in the comments.
NYSE:SPOTEducation
by TradingView
131