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Mastering Trading Psychology: Overcoming Failures and Embracing Hello, friends! I'd like to discuss with you the situation of our failures in trading. What causes them and what to do about them in the future: 1) Traders that go into the market don't accept the risk they are putting on when they get into a trade. Traders who trade based on their PnL and not their strategies. Traders who are afraid to take a loss and see red in their account or their positions. When you trade from a place of fear(losing money), and not from a risk standpoint, your mind will mess with you, and it will destroy the psychology that is needed to become profitable. 2) Fear-based traders worry about their PnL more than the actual trading setups that are presented to them. They base their decisions on emotions and are the type that end up chasing moves from FOMO, whether it's long or short. They hold losers too long hoping they turn around because they're fearful that if they cut the trade, it will turn in their direction. They chase moves out of FEAR that they'll miss the move. 3) A risk-minded trader understands that they will inevitably be wrong at times and take losing trades. They respect when they're wrong and cut the position. No fear about it. Purely risk management and understanding you are not correct 100% of the time. Now, let's move on to the conclusion: You can't win or lose a trade; your task is to run a marathon. And that is the MAIN RULE! Let's talk about books now. Numerous books are available, and I select the ones I consider the best. Reminiscences of a Stock Operator by Edwin Lefevre. 100 years old this year and an absolute classic Dynamic hedging by Taleb One Good Trade: Mike Bellafiore It's a good book for beginners, emphasizing discipline, and risk management and vibe of trading journey. That's the end of this story, traders. I would like to read in the comments below your thoughts and ideas! Let's keep charting!
Education
by Ingwina
DCA bot and my experience with it!Hey there, fellow crypto enthusiasts! Welcome to my blog, where we break down the complex trading world into bite-sized knowledge nuggets. Today we're diving headfirst into the exciting strategy of Dollar Cost Averaging (DCA) and how it works with trading bots. Dollar Cost Averaging Demystified Alright, folks, let me break it down for ya. Dollar Cost Averaging (DCA) is an investment strategy that's all about taking it slow and steady. Instead of going all-in at once, DCA has you regularly buying a particular asset, like bitcoin, in small chunks over time. It's like sipping your favorite beverage gradually instead of chugging it down in one go. We want to savor those gains, people! Smooth Sailing through Market Turbulence Here's the kicker, my friends. DCA helps you ride out the crazy rollercoaster of price fluctuations. Picture this: Bitcoin's price takes a nosedive. Ouch, right? But fear not! With DCA, you're buying during the dip, baby! So when the price inevitably bounces back up, you'll sit pretty and reap the rewards. On the flip side, if the price skyrockets, well, you might have some losses when it takes a breather. But fear not again! Since you're investing small amounts regularly, you're not putting all your hard-earned cash at risk. It's like having a financial safety net during those market downswings. Sweet, isn't it? What figures and patterns do I recommend using? Firstly as a continuation pattern, I would like to search for a triangle, flags, and wedge. Also, you can catch the price squeeze and the volume spike to catch the volatility on it. For example, the last setup of that pattern was on $Matic. How I automated trading with the DCA strategy I try to be smart with my time, and after figuring out how DCA works, I regularly practice automation using this strategy. Here are my tips and personal configurations: so, if you want to trade with small leverage, 3x-6x will be enough for you. The maximum risk is 10x. Try to make simple trades, and think about trends at the beginning of your charts. And then you will start to win. Here are the results of trading with the DCA Futures bot As you can see, it's possible to make money with bots. However, it requires understanding of how they work and knowledge of coin analysis. The case is that you free up your time for other things. Also, note that my advice is not a call to action. Everyone is responsible for their own trading decisions. Questions: New trading strategies. Do I analyze myself with VSA indicators, like BOS? ( Break out structure) I often use wedge and triangle patterns with significant consolidations in my work. Once I identify these patterns, I wait for a push of the price increase resulting from the liquidity and then activate my trading bots. This way, I actively participate in the market and observe how my strategies perform. Are you interested in learning more about the settings you can use with the DCA BOT? I'll be happy to share that information with you next time. Hang tight for more mind-blowing posts where I uncover various investment strategies and financial wizardry to help you conquer your financial dreams. I wish you successful trades!
WEducation
by Ingwina
HEX is the greatest CryptocurrencyHEX is an ERC20 token that was released December 2019 after over a year in development, with 2 Security Audits as well as 1 Economic Audit. Since the 2019 release the smart contract has worked flawlessly with zero downtime or hacks. It’s immutable code that has no admin keys and multiple front ends built by the community to access its signature feature “Staking”. The major difference between HEX and Bitcoin or Ethereum is the fact the coin inflates at a maximum of 3.69% per year, but instead of paying miners to sell the coin to pay for electricity costs, HEX pays those who Stake their coins. Everything is done from your self custodial Ethereum wallet and you pick how long to stake, from 1day up to 5555days. The longer you stake the more yield you generate, just make sure you’re truthful to the smart contract because if you end your commitment before 50% of time served you will lose some of your principal as well as interest earned. All of those who honor their commitment and end their stake on time benefit from those who ended theirs early or late. Most people have built what’s called a Staking Ladder staking different amount of HEX coins for various amounts of time (Like a traditional CD) so they always have a stake coming due. The yield isn’t paid in USD it’s paid in HEX so the price of the asset can go up substantially higher once your stake matures and then people just sell a portion of their yield and never kill their golden goose, restaking the rest! Just in its first 2 years HEX did a 10,000x at its ATH in September 2021! If you stake longer then the average stake length (currently at 6.49yrs) you will be earning over 39%APY (in HEX). This is how so many people have created life changing wealth for themselves using the staking feature no matter what price they originally bought at! Why would you buy and hodl a coin that doesn’t pay you to hold it? Why not just keep a small % liquid and stake the rest paying yourself every year for the next 15years? That way you’re earning high %APY on the longer stakes and your paying yourself yearly or whenever you want? If you keep some liquid you will always have the opportunity to capitalize on the volatile nature of cryptocurrency.
Education
by HEXICAN
1
10 TIPS TO BECOME A PROFITABLE TRADERThe tips that I am about to give you can completely change your results as a trader and it can help you to start becoming a PROFITABLE TRADER or if you already is a profitable trader it can help you to increase your "win rate". 1 - Never blindly trust in the Moving Averages or any other indicator that you have set in your chart, it only takes a big spike on Bitcoin's price, or a lack of attention of your part to a bigger trend for you to be stoped in your trade. 2 - Always check your Moving Averages and other indicators in different time frames (1H, 4H, 1D, 1W), different time frames tell different stories. 3 - Identify the trend (Up, Down, Consolidation). Always look for the bigger picture. 4 - When all the MA in different time frames are giving you the same direction it's a positive sign for you to trade in the direction of that trend (but that's not the only way to use it and you need to take other indicators in consideration). 5 - DON'T EVER get in a trade just because the price went up or down 10% - 100%, first see the bigger picture (1M, 1W, 1D, 4H), then check your other indicators. Not doing it will make you lose a lot of money (constantly). 6 - Don't "FOMO" is your trades, that will make you lose a lot of money, patience is one of the most important attributes to become a profitable trader. 7 - ALWAYS check the Bitcoin chart before getting in a trade, if Bitcoin is close to a strong support and end up not holding on it and the price goes down it's very likely that other pairs of coins will go down as well. 8 - Don't get in trades that you are not sure about it, it's not worth it, sometimes you maybe right, but in the long term you will not be a profitable trader. 9 - You need to know the "Why" you are getting in that trade, and the "When" (exact moment that you will get in or out of the trade). 10 - You don't need to get into every single trade opportunity that you see, it's better to trade less with more quality trades than to trade a lot but making poor trading decisions. The tips above are simple to understand and to apply and for some can sound really easy and common but unfortunately a lot of Traders are not practicing it or are not aware of it and not following this simple tips can lead you to failure really fast. You will not necessarily become a profitable trader just by following this tips, but learnings and applying this tips is the beginning to a glorious path! I'm using ADA/USDT as an example, the intent is not to predict if the price will go up or not, if the price goes 100% up or down tomorrow it doesn't make any difference. The purpose of the post is to open your eyes to see the big picture of things, to see that sometimes some indicators if not used correctly are not very helpful to our trades, to identify a trend despite the spikes of price, to understand that there are several thinks to be taken in consideration before getting in a trade, is for you to understand that patience is a key aspect to our success. My desire is that you understand that you need to be meticulous in all your analysis, trade less, win more.
Education
by ClubCryptoTraders
1
How Should you SCALP a FLAT Bitcoin? DONT get stopped OUT!HEY! As we all know Bitcoin has been trading in a defined range- this gives a large opportunity for money if you know what you are doing! If NOT, you simply lose a lot of money. In this video we show you how to use the Higher Time Frames to define your scalping levels, this is a crucial step before you proceed to the minute chart. -Megaldon Stay Safe/Like/Comment and Share your Strategies BINANCE:BTCUSDT KRAKEN:XBTUSD BITMEX:XBT BITSTAMP:BTCUSD
BITSTAMP:BTCUSDEducation
by BoSukas
1
Continuation patterns - Bitcoin forming a Bear FLAGA trader can spot trend extensions with the help of bullish or bearish continuation patterns, which occur in a variety of easily identifiable shapes, some of the most popular of which are known as bull and bear flags. A bull flag is appropriately spotted in an uptrend when the price is likely to continue upward, while the bear flag is conversely spotted in a downtrend when the price is likely to sink further. (While the implication of the pattern is far more important than its name, the “flag” terminology derives from its visual similarity to the fabric you’d see hanging outside a government building.) Each flag pattern consists of two main components: the pole and flag. The “pole” represents a strong impulsive move (higher/lower) and is backed by a surge in trading volume and the subsequent pause or consolidation the “flag,” which looks like a falling or rising channel. The flag pattern can be invaluable for a trader in that there are clear points of success and failure to profit or mitigate risk from. If resistance breaks in a bull flag, the trader can be confident price will continue upwards roughly the length of the pole (popularly known as measured height method). If support of the bull flag is breached, the trader knows the pattern is invalid and continuation is unlikely. The exact opposite is the case for a bear flag. Is this method 100% safe? Bull flags and bear flags can be a trader’s friend in strongly trending markets, but they do not always perform as advertised. In some cases, the pattern can present a trap known as a “false breakout” when price breaches the boundary of the flag and quickly retraces. Waiting for a candlestick to close outside of the flag tends to add credence to the breakout, and can help the trader mitigate risk. As a trader, you would want to avoid betting or punting on an asset price if the bull flag breakout of bear flag breakout is not backed by strong volumes. A low volume move usually ends up trapping investors on the wrong side of the market. Further, using indicators like the Relative Strength Index (RSI) to gauge scope for a rally following a breakout can help boost traders’ success rates. If you like it, please support it liking and following! Thanks!
GEMINI:BTCUSDEducation
by aleex5893
7
FUN/USDT - The importance of the POCPOC or Point of Control is a critical level highlighted by the Volume Profile tool available on TradingView. It highlights the level at which most volume has been traded: be that buying or selling. What I look for when using the POC is it matching the midline - found at the exact halfway from the Entry and the Stop Loss of the setup. On my charts, the midline is usually drawn in yellow but in this precise case, you almost can't see it because the POC is over it! This is exacly what we want to see. Textbook and I thought it would be worth a share. To keep in mind, this is a second look at a setup on FUN/USDT which previously failed. Take care, Vlad The Crypto Trader
Education
by Be_Independent_Tribe
OSTBTC - How to find the breakout in a sideways marketHey everyone! One of the biggest ways to increase your risk exposure is to enter a market just a bit too early and catch that last (much needed) sweep of weak hands before finally moving up! Consolidation breaks provide great Risk-Reward-Ratio, with an impulsive break sometimes declining a second chance with a retest of what was previous resistance now turned into support and we are left with our hands empty. Well, that's not a great deal.. What we should look at is the general price action: generally, we want to look at symmetrical and ascending triangles before these long consolidation periods are broken. Then look at them more carefully: when is the main volume coming from? Are the buy legs steeper and more impulsive than the sell legs? Let's take a look at the beautiful chart above: look at those huge green candles - that's buyer interest right there. You will not see these type of volume candles in a market where sellers are in control. Also note that the top part of the symmetrical triangle is being tested and a close on a high timeframe could mean that we are ready to move further up. Hope you are able to spot this structure next time you look at a chart! Take care, Vlad The Crypto Trader
OEducation
by Be_Independent_Tribe
Can you make money by understanding indicators? -- on the core s Often hear everybody say, my skill is not good, lose money again, teacher, can you recommend a useful index? Or talk to me about a metric and how you can modify it to make yourself invincible. Whenever I hear such questions, I feel helpless. In the past, I've said more than once that making money has nothing to do with technology. Have you ever wondered if the people who invented the metrics would all be billionaires if their technical analysis skills were directly proportional to their earnings? Even if not all indicators work well, should the inventors of the magic metrics that the market is talking about be very rich? Because we all think they're good at it, they're the inventors, they're better at it, but I think the answer is no. By now, I know trading geniuses who try to sum up their experience into technical metrics, but the inventors of rare metrics become billionaires with their metrics. If so, I believe he is first and foremost a top trader. This as a good coach is not a good player of logic, the deal itself is independent of the work, he needs the quality is not based on the technical condition of the single, but a more comprehensive psychological factors, many top gambler, they are not highly educated scientists, leamer, is the most typical case, a person's intelligence and education not proportional, many successful people, not through the system of learning, of course, we don't deny the importance of system study, but first of all, if you have enough intelligence quotient, such ability. Back on technical analysis, I often say, analysis and trading are two levels of matter, my analysis is one of the upper level should be, but I don't think he is a good trader, because I don't have trading quality - courage, a lot of people can make money, that is not based on technical analysis, but based on their boldness, at a crucial moment can be an determination, this is one of the best traders. If you are a decisive person in daily life, learning trading skills, the success rate must be higher than technical analysis very good, but lack of courage. Therefore, in large institutions, analysts and traders are two departments of people, who play their respective expertise to achieve a win-win goal. Of course, in reality, there will be people who combine analysis and trading, but such people are rare, not everyone can do it. As far as I am concerned, I prefer to spend time on the technical analysis, because that is my hobby and expertise, and do a person want to make money, you should think about, whether I should be a focus of traders, because most people cannot be the combination of the epoxy resin, it is the best in a make a trader can you make money in this market is the key. So we can see that the level of technical analysis is not necessarily related to making money, so what is the core technology of making money? I think should be the point of view, a lot of people said that, I also know the up here, I also saw the risk, but I can not control myself, want to win so afraid to lose, is based on our state of mind, because we are born with human greed and fear, cannot be wiped out, unless you can attain buddhahood, also need not deliberately blame yourself otherwise. In my community, usually I like to say a word, is to tell you that my analysis level are not much higher than anyone, but my mood is very good, because I can stay out of my character, relatively rational and objective to analyze things, like the poem said: not looks like, the good luck body is in the mountain. Most of the time, your attitude is based on your position. It has also been said that the position determines the position, when you hold the chips, you will automatically look long, even after professional training, not anyone can do not be affected. So don't deliberately force yourself to do the impossible task, as to do their own more expertise. One of the things that I do in the community is to constantly alert people to the risks, to warn them, to control their mindset, which I think is the best help I can do, far more meaningful than a correct analysis. So I think we can also try this way, don't try to look for any advanced technology, what only makers know secrets of indicators, who is but you are not confident performance, a top traders, must first have good state of mind, can be in a bad hand, lose don't even less, while a good hand to a big win. Such a trade, in the long run is completely able to beat the market. We all know that warren buffett is a master investor, and if you look back over the last 30 years, he became a master not because he made more money in the long market, but because he lost less in the short market. The accumulation of wealth must be seen in the short board of the barrel. The hardest spear may not keep the warrior alive, but a good shield may bring a longer life. If you can look at every trade, as a turn-around, round and round, believe that you can become the winner of this market. Remember that a good trader is not necessarily a good analyst, nor is he the one who makes the most money at one time, but a person with a strong ability to make money consistently, a person who trades with a normal heart.
BITMEX:BTCUSD.PEducation
by peter-l
Where BTC goes next? Market doesn't know yet... hey traders, very interesting market sentiment on BTC. currently the market is approaching a key level of support, and reaction on this level will most-likely determine Bitcoin's future direction. for now, be focused on the narrow support area between 9000 and 9500. if bears break and close below it, I will expect bearish continuation to lower structure levels with initial target 7500 if bulls break and close below the falling vertical resistance, I will expect bullish impulse to 11000 good luck!
COINBASE:BTCUSDEducation
by VasilyTrader
1
Xlm the second countcount 21 of 2 It's still in a regular ABC correction from the 1st wave & wave 3 is about to start. Trading in a nut shell = right about direction, but stopped out repeatedly from fear, bad ta, & over leveraged before the big move. Investors scale in and beat your a$$ Previous set up was beautiful but alt szn has not started yet and btc is still dragging them around from correlation. Lets get complex and learn! Ill update a thread with intra-day trade on my twitter in tv bio
Education
by ChaseWallace
XRPBTC Consolidation - Breaking UP or DOWN?? Been observing this ticker for a few days now, notice on how the trendlines are drawn: - From higher high to lower high to lower high - From lower low to higher low to higher low The two trendlines looks like they are converging to a single point. This is a consolidation pattern of price action and price is about to break out from the pattern. On a Daily Time Frame, some of you may be able to identify the "Inside Bars". At this moment, market watchers will be asking this Golden Question - Is it breaking UP or breaking DOWN? One group of traders I know, we call them the breakout traders. They will place their Buy/Sell Stop Orders a certain price outside the two trendlines and anticipate to get in to catch the move, either up or down it doesn't matter to them. There are another group of traders who are directional, they do their analysis and "place their bet" on buying or selling the market according to their market bias. They get the best entry price but at the same time, they are exposing to the risks that are far more worst if the market goes against them. What I prefer is to wait and anticipate where price is heading and identify its turning points. Using methods such as Harmonics Patterns and Supply Demand, I am able to mark out the price area that price is likely going to turn, and it is at these areas that I am interested to take my trades to protect myself as i have a good risk management. Which are the best methods? There is no right or wrong answer, I recommend to choose the right strategy that suits your personality and your lifestyle. Do like, share and follow me for more analysis like this. We believe in sharing and build a conducive environment for all traders.
Education
by TradeEye