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Psychology Of A Market RallyLike many other worthy endeavors, overcoming greed requires a lot of effort and discipline. It isn’t easy, but it can be done. It’s all a matter of taming your ego. You will have to admit and accept that you won’t make the right call every time. There will be instances when you won’t catch the market’s full move, or times when you will miss a nice setup altogether. But that’s just how trading goes. When you accept that the market is bigger than you, and that you’re bound to make mistakes, then you’ll be more focused on following your forex trading plans instead of succumbing to greed. A lot of successful traders have said that they’d rather be lucky than good. For them, it’s better to attribute success to luck than their own skills. It might not be good for the ego, but it’s definitely good for your trading psyche. And that’s probably one of the secrets of trading. Don’t be a hog and you won’t get slaughtered.
Education
by tradewonk
19
How to Trade a Range and Potential BreakoutHello Traders, All of us want the price action to follow the direction of our trade but that doesn't happen always. The price action has a natural tendency to move up and down; build ranges and develop patterns. Most of the ranges and patterns are like whipsaws and many traders stuck in these situations and lose money. The most effective ways to deal with such a price action is patience and a better strategy. When I say better strategy that means the one which keeps you ahead of the others. In this backdrop, I have tried to spot better entry points in case the price action builds a range after a nice up move and we are visualizing a potential breakout on upside. The basic principle behind the strategy is to "Buy at the low and Sell at the high". It should be noted that the entry spots can not guarantee sure win but surely minimize our risk and increase the chances of reward. After an entry, stops can be placed either below the range or below the prior swing low -- whichever suits the situation. Same strategy can be applied, in opposite direction, in case the overall trend is down and we visualize a potential breakdown after a range. Notes on the chart. Hit like for better educational publications in future. Comments are welcomed. Trade safe. Best Regards Bravetotrade
Education
by Bravetotrade
3
Simple profitable trading strategy!!I am posting this chart in order to show you how easily you can take profit of the market if you keep the analysis simple. You don' t need many indicators that could make you confused. In other words KEEP YOUR CHARTS CLEAN. Then you would be able to understand in depth what you cant see in a messy chart. As you can see, first we have a strong bearish move. So then we expect a retracement that is placed exactly at 0.38. Now i want to show you the importance of 1.2 fibo extension. In my opinion it is the most important level. It is clear that the price is always lookng for that level before having a retracement. When the price is above MA50 we expect it to reach 1.2 fibo extension that could be your target level as well. DON'T FOERGET. KEEP YOUR CHART CLEAN. Thank you for your time!!
Education
by kostas24
MY TRADING ROUTINEMany of you have been asking me, what is my trading routine, so I decided to make an educational post :) Here is a break down of my trading routing: Pre-Trading Period 6:30 am weak up Quick GYM session Having a healthy BREAKFAST Once breakfast is over, I go for 15 minutes of MEDITATION After the meditation is over, and my mind and body is relaxed, I go for a VISUALIZATION secession - visualizing market’s movement and applying my trading techniques and strategies Going through my trading plan and especially focusing on the POSITIVE AFFIRMATIONS from it During Trading Period Active trading from 8:00 am till 3:00 pm Going through yesterday's news, looking for today's all important news that could affect my day trading and going through all my open trades Going through my checklist for each potential trading opportunity Going through my trading plan and focusing on the psychological part of it, in order to keep myself focused, disciplined and to perform at my best level Post-Trading Period Recording all trades that I’ve taken, in my trading journal Rewinding the tape - going through my trades, in order to find whether I've picked all potential trading opportunities, and did I make any trading mistakes WHAT IS YOUR TRADING ROUTINE? I've linked my TOP 10 Positive Affirmations that transformed my trading psychology
Education
by Aleksandar_Rose
5
from btcusd to NVO, decentralized exchange, closing in 10 daysAs I continue with the research on alternative currencies and new tech trends related to the most recent developments, I encounter this white paper, entitled 'NVO Decentralized Exchange'. N V O Decentralized Exchange, closing in 10 days and 4 hours and a few minutes. nvo.io Here is the first section of the abstract. "The key function of a decentralized cryptocurrencies exchange is crypto currencies and assets are not held by any third party. They are directly transferred from one owner to another in a P2P model. N V O decentralized exchange is operated through two components. The first one is a multi-cryptocurrencies open source wallet. All keys are created locally on user’s device and never sent to any server. (...)" nvo.io So, we first had the groundbreaking innovation of blockchain, which made bitcoin possible. Bitcoin being the first decentralized currency in a series of now over 800 different ones. coinmarketcap.com As we now move to a decentralized exchange, N V O here being one attempt, there will most likely be other ones in a near future. I wonder if eventually there will be thousands of cryptocurrencies and hundreds of decentralized exchanges and then, we can move toward decentralized brokers. But wait... I thought that blockchain and bitcoin and this entire movement existed in order to create a new way of doings things. It seems that as the major cryptocurrenciess gain interest among the general public, and traction among investors, that we are witnessing the same conclusions in the end. Is it not that cryptocurrencies are the new hot investment? You know someone who has made a fortune and now, you wish to make a fortune as well. Perhaps the majority of people now involved in online transactions of cryptocurrencies share the same basic human drive. And perhaps it has nothing to do with reinventing any society or remodeling the way we think, express our selves, make choices and create a world. Now that the infrastructure exists, which allows for new technological capabilities, we can build new structures which did not exist before. But where do most people find the inspiration in order to build new forms of doing? In all that we see around us. There is one certain reality. Three years from now, all that we have ever taken for granted, in regard to brokerage firms, transaction costs, ownership, value of items and value of information, etc. will all have been toyed with, each concept examined in thousands of new ways, and there will be hundreds of attempts at creating all kinds of things, just to see how it turns out. About 18 years ago it became the new normal to say that now all stores would be online and brick and mortar was just about dead. I look around and I see lots of brick and mortar businesses and restaurants and gas pumps and hospitals. Now, the new normal is everything decentralized and we are lead to believe that all that we have known is about to roll over. I am not so certain. There will be an important period where there is a huge impulse to reassess each and every item important in our financial and economic life. A period of massive trials and errors. And yes, outstanding fortunes will be created from all this. As well as lots of money lost. Until we arrive at the new normal, a new normal which integrates new and radical notions with many of the things which have been, for many generations, a part of our ongoing societal evolution. François Normandeau Regional Director (France) TradingView
TVC:GOLDEducation
by Pine_Academy
2
Welcome to #bigdreams and the #landofthewildToday’s society, relies upon transaction of goods and services. And this is largely dependent upon the handling, storage, safekeeping and delivery of information. One can argue that if the delivery of goods and services were to cease, civilization as we know it would be altered dramatically. In order to exchange this information, intermediaries are needed. The intermediaries create the network through which information is passed along. One day, Satoshi Nakamoto, had this disturbing, or, as we like to call it today, this disruptive thought. ‘’How can we create a new type of system, enclosed and worldwide, which will allow us to make transactions without the use of so-called trusted intermediaries, such as governments and banks?’’ Something disruptive, as we call it today, is an element which has the potential of profoundly upsetting the current order of things, in whatever domain, without causing drastic change by force. Instead, by being adopted by a large number of users, it creates a self-generating momentum which, as a result, causes changes which would be otherwise nearly impossible. A disruptive idea can be compared to a viral concept which, through propagation among users, upsets the current societal equilibrium. To achieve his vision, he made use of a novel technology, which has been around for a certain number of years, but remains unknown by most people. This technology allows for the creation of a public record of transactions, whose attributes are security, anonymity, inalterability, and unchangeability. The entirety of this public record is completely digital and never centralised in one location. In today’s world, most records are private. This new type of decentralised depository only consists of public records, visible to all users. There is the biggest difficulty in trying to understand disruptive technologies. To do so, we must truly make an effort to think differently. Some people can and some people cannot, as much and as hard as they try. Blockchain and bitcoin have this effect on a lot of people, including very knowledgeable people, well positioned in academic, financial, or political fields or professions. Because bitcoin is made possible because of blockchain, we will speak of blockchain first. Blockchain, as a depository of information, can be described not as a huge library, filled with millions of volumes, each page of each volume, filled with millions of letters, each letter filled with millions of dots. No. Instead. Picture the following. You can imagine a chain and to start it, you add the first block of information. So far, nothing dramatic has occurred. Next, you had the 2nd block of information, like in a chain, after the 1st block. And you add the 3rd block, after the 2nd, which comes after the first. And so on, and so forth. Every time that a transaction occurs and information is created and needs to be stored and accessed, this information (related to this particular transaction) is added to the chain, in the form of a block, connected to all the previous blocks, which are all one after another, placed in chronological order, and the end result is an incredibly long liner sequence of blocks of information. Each block contains a digital signature which allows anyone to verify the identity and contents, the digital signature is permanent and transparent and has very high security attributes. (...)
BITSTAMP:BTCUSDEducation
by Pine_Academy
1
Support and Resistance DefinedThe Traders Decisions at S & R Areas: This is a function of how we are wired as humans. The decisions to buy or to sell are made by analyzing the current price against previous areas which cause an emotional response to traders. They fear of missing out of on opportunity so they either buy or sell at these areas of support or resistance. So the support area is basically summed up as the demand overcomes the supply limiting the price to go down any further. Then resistance, is the area with the supply has been overcome with demand which limits an upward price movement. That is were you see a ‘Barrier” form. You will sometimes notice that a support/resistance area isn’t exacly a straight line which is why it is called an area. What happens is traders will make different decisions at different prices in this area. Never assume these areas will hold, however, they should always be areas of interest and you should take note of it when you see them.
Education
by Tradingstrategyguides
2
Why You're Failing as a Harmonic TraderWhy You're Failing as a Harmonic Trader There is an overwhelming amount of traders out there who are using harmonic patterns in the completely wrong way, I would like to address these issues individually to help all of the new traders out there who may not be aware of these mistakes. 1. Using the wrong ratios for each pattern. The most common issue with harmonic patterns, using the wrong ratios. It's scary, search the pattern you're trading and I guarantee you end up with 5 different sets of ratios, and you're left asking yourself which ones are correct? 2. Contradicting signals on multiple timeframes, going against the bigger picture. Harmonic patterns, which develop on different timeframes, may show conflicting signals. You may see a bullish and bearish pattern on two immediate timeframes, this may create confusion for a novice trader. 3. Misplacing stop loss levels, therefore increasing the likeliness of being stomped out. Common stop-loss rules are prone to easy manipulation by major players and can become a major drawback, this is why I have defined my own rules for stop loss and take profit targets. 4. Wanting the market to see your pattern. In your head, you want the market to see your pattern and you force it onto your chart. You try to make it fit the market rather than letting the market fit the pattern. Please understand, the market does not care how you think or feel, when you show up you need to bring your A game. 5. Not going with key support and resistance levels. Most novice harmonic traders assume that if they find a valid pattern it will automatically reverse once it reaches the potential reversal zone, however nothing else is indicating a reversal at that level. Always go with the key level in the market, if your D point aligns with a weekly level of support or resistance this provides strong reasoning for a reversal. I am available via private message for any questions you may have. Here's to your success!!!
Education
by LewisGlasgow
13
Powerful Daily Affirmations to Transform Your TradingPowerful Daily Affirmations to Transform Your Trading Daily affirmations are a widely practised method for attaining success and accelerating your ability to achieve goals. The following affirmations are not stated for a sudden spark of inspiration, I want you all to take action and keep this positivity flowing throughout your entire trading journey. I want you to write them down, pin them to your wall or print them off right now... Make sure you place them somewhere in view of your trading desk and read them every single day. 1. I believe in my trading strategy. 2. I naturally make smart investments. 3. I am not emotionally affected by my profits or losses. 4. I have a very healthy relationship with money, I treat money with respect and handle it with confidence. 5. I will do whatever it takes to reach my objectives, my goals and my vision. 6. I will only take trades that give me a reward which clearly outweighs my risk. 7. I will surround myself with successful, positive people. 8. My finances are always in order, I am always in control of my spending. 9. I invest in my trading education and in myself. 10. I will only trade what I understand, and won't allow anyone to manipulate my trading beliefs. If you want to become a successful investor, you need to change your way of thinking. What are your daily affirmations? Leave a comment below.
Education
by LewisGlasgow
28
How to Use Fibonacci RetracementsHow to Use Fibonacci Retracements I'm back with another educational post after receiving a lot of requests and today's lesson is on how to use Fibonacci retracements. I've used a recent market example with NZD/USD to break this down for you. Let's get straight into the finer details before breaking down each section of the chart shown. Fibonacci retracement levels are amongst the invisible levels of support and resistance within the market, providing objective price reference points. Essentially where the flow of buying and selling is likely to change. The main Fibonacci retracement levels used are shown below. Fibonacci Ratios 0.382 (Indicating a strong trend) 0.50 0.618 Where can I find the tool? You can find the Fibonacci retracement tool in the chart section by going to your left sidebar, third section down and the icon is three horizontal lines. Upon your first use of this tool, you will want to edit the settings and add in the three ratios stated above if they are not already there, make sure you tick the boxes to use them. How do I use it? To apply the tool on your charts click from high to low to measure the full price swing. OR Draw in your tool from low to high depending on the market situation. Breaking down the charts If you're basing your trades off Fibonacci retracements they work at best in trending markets, but if it's used as a part of your strategy it can be effectively applied to any or most types of markets. Now let's look at the chart for recent examples of price reversals using Fibonacci retracements. If you look at the example on the left-hand side, I measured from high to low and price hit bang on the 0.618 retracement level. Your question right now will be... How did you know it was going to reverse? I personally go off the retracement level that is causing the most activity within the market. Have a look at price history and see what is happening at the particular level, is there a lot of stalling? Is it a key support or resistance level within the market? If so, price will more than likely reverse there in comparison to the other retracement levels. To validate the reversal you will, of course, want to analyse price action, what are the candlesticks telling you? Any signs of indecision or stalling at a certain level will help you make a solid choice whether to take the trade or not. Now let's take a look at the right-hand side, this time I have two examples (again I measured from high to low). You can see from the top example price pulled back to the 0.382 and 0.50 retracement levels not once or twice but three times before dropping. Indicating a very strong resistance level! The bottom example is a similar situation, price spiked up above the 0.50 retracement level (all candlesticks closed below) before heading in the opposite direction. To round of this educational post, I hope you found this extremely useful and you can now use Fibonacci retracements in your own trading. I am available via private message for any questions you may have. Here's to your success!!!
Education
by LewisGlasgow
25
Inside bars and how they could help improve your trading Price Action - Inside Bars Hi i would like to run through one of my favorite price action patterns the inside bar which hopefully could help to improve your trading. They are very easy to trade, easy to see and can be very rewarding. They happen in every market and every time frame, although i find it is best to only trade them on the daily and 4hr tf's this is important and much more reliable. They can be used rewardingly as a standalone trading strategy. And for trend continuation/confirmation, position increasing which i use a lot, overcome Indecisiveness, position closing and trend reversals. I'm not going to go in to great detail as there is plenty of reading and places you could learn this pattern in greater detail than i have the time to explain. What is an inside bar and why do they happen An inside bar is basically a two bar/candle pattern comprised of bar A known as the mother bar which precedes bar B the inside bar which will be completely engulfed by bar A depicted in chart. So why do they happen well basically an inside bar tells us that buyers and sellers have been reluctant to push prices above or below the previous candle’s high or low. In a way, inside bars reflect indecision in the markets. When to trade them It is best to trade inside bars in the direction of the trend as a trend continuation pattern but they also represent potential reversals at key support and resistance zones. Here is a chart for the gbpusd that i was working on, granted it's not the best to use as an example but i trade a lot of gu and suppose it highlights even how they can be profitable in difficult trading markets. So i was expecting another push up to my resistance area within the flag before another anticipated down move. Price had a good bounce off the rising support (reversal level) followed by a moment of indecisiveness creating a nice inside bar, Great i can now put a buy order in just above the high of the mother bar with my stop at the low, always allow a couple of pips room if using stop limit orders as to avoid premature buy ins which could reverse. So my buy order is in lets see how it went In this instance there was more indecisiveness followed by another inside bar. I was prematurely triggered in but stayed well within my stop. To avoid this it is best to confirm breakouts on a smaller timeframe 4hr - 2hr where we want price to close above the breakout line and hold without using stop limit orders if you have the time, i didn't. Anyway as you can see price did break up just reaching my target resistance area and i closed this trade +230 pips. As we had another inside bar i was also able to bring my stop up to minimize the risk. So now my long had played out i wanted to get in short. price made an m pattern double top if you wish with an inverted hammer reversal top also with divergence so i got in here with a small stop at our last swing high. Yes i didn't wait for trendline breakout price action was good enough for me to enter for a small risk. Price then went down we had a good looking breakout with trend direction and an inside bar formed. I was already in the trade so i saw this as great chance to either close my short or add to it. And again this one went great for me price broke lower so i was able to stay in the market and increased my position. Hitting my target area for 540 pips + an extra 250 pips thanks to the inside bar. As price continued you can also see there are more inside bar continuations. the following inside bar had a very large mother bar we can still trade these just the same but will need to adjust stops only using a portion of the mother bar where there is some previous support or resistance areas to the left.
Education
by wolfstreetswinger
3
What to Keep Track of In a Forex Trading JournalHey Guys. Just wanted to make sure that everybody had the basics down when it comes to making a trading journal that can help you self police your trading. The point of a journal isn't to keep track of your trading stats, but rather to look and see how your emotions have played a role in your trading. If you feel scared, unconfident, and fearful that a trade isn't going in your direction, and you pull out early, mark it down. If it turns out that your profitability frequently suffers as a result of your fear, then you know that the next time you feel that way to control your emotions and follow a logical, rules based trading system. Use a trading journal to control your emotions and to spot negative patterns so you can self correct.
Education
by Palioxis
The Power of Compound Interest“Compound interest is the eighth wonder of the world. He who understands it, earns it... He who doesn’t... Pays it” . The idea of compound interest is simple, use your profit to make more profit instead of spending it... You can do this whilst making small regular withdrawals! BUT Too many traders try to get-rich-quick and in turn blow their trading account. Instead of focusing on medium to long term returns and make their profits do the work. Every trader knows that it is possible to turn a small amount of capital into 6 or 7 figures if they trade patiently. However, most of them always look for a faster way to become wealthy by oversizing positions to seek out a lottery win. In fact many traders repeat this process multiple times, with the exact same end result... Blowing their account. This is why I have written this post, which is primarily aimed at all of the traders starting with a small amount of capital £1,000 or less... You need to start setting monthly % targets. Everyone wants to make a million, that's a common fact but how are you going to get there? What monthly % do you need to grow your account at and over how many years? You need to start mapping out your journey, track your progress and be measurable. The illustration shown highlights the potential growth within a 12 month period using a starting capital of £1,000, growing your account by 20% per month and withdrawing £50 every single month. If you can maintain this level of growth throughout the year, you will have withdrawn £600 and have a trading account value of £6,937. And it all started with £1,000 :) To round off this post I truly hope this explained the power of compound interest. I am available via private message for any questions you may have. Here's to your success!!!
Education
by LewisGlasgow
19
USDCAD 4h Educational PostObserve the chart for a moment, and you will see the support trendline. Now, price on the 4h candles has broken below this support trendline, but has never closed below it. After the first three points on the trendline, illustrated by the first 3 circles, the trendline was established as valid. (It generally is considered that 3 points are necessary for a level to be valid) After the 3 points, the trendline was established, and even though there were 2 more circles after that, where candles went below the trendline, the 4h candles still closed above. The wicks in the last 2 points indicate that bulls reversed price in time for the 4h candle to close. This trading week closed pretty nice for this pair, the third to last candle's lower shadow is as long as the body, and the following candle is very strongly bullish. Therefore, I will be looking at a long position next week. A lesson one could take away from this is that you should never take a trade that uses an unclosed candle, because it still has time to form completely differently, and it is a mistake that is very easy to avoid. - For example, look at the two candles in the fourth circle: sure price went 30 pips below the trendline, but it did not close there. I can already tell you that there were traders that took this short position without waiting for that candle to close. Patience is key. Another lesson is that higher time frames take precedence over shorter ones. One should not trade a 5 minute double top formation on a 1h or 4h,200 pip uptrend.
Education
by MtxTrader
Intermarket Analysis for BeginnersWhat is Intermarket Analysis? Intermarket analysis is a relationship, or a measurable correlation between four major asset classes: stocks, bonds, commodities and currencies. The majority of forex traders assume that currency markets move in isolation from all the other capital markets... This is entirely wrong as the foreign exchange market underlies every other market in the world, thus creating a complex network of intermarket relationships which dictate the ultimate flow of capital from one market to another. Understanding these relationships can help you determine the stage of the investing cycle, select the best performing sectors and avoid the worst. It is an extremely valuable tool for long-term analysis! The relationship we are focusing today is the between USOIL and USD/CAD. Why does this relationship exist? Trends in commodities and the U.S. Dollar tend to be negatively correlated, this intermarket relationship implies that if the U.S. Dollar has been falling recently, that fact is seen as bullish for commodity prices (as shown on the chart). The price of oil and the value of the Canadian Dollar tend to be positively correlated. This relationship is due to Canada’s status as one of the world’s top oil exporters, selling roughly two million barrels of oil each day to the United States alone. Rising oil prices will therefore tend to reduce the USD/CAD exchange rate as the Canadian Dollar strengthens. You can clearly see from looking at the chart below that a long-term intermarket relationship is present, one which is negatively correlated. To round off this post I truly hope this explained the use of intermarket analysis, there are numerous relationships which you can exploit and use to benefit your own trading. I am available via private message for any questions you may have.
Education
by LewisGlasgow
10