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Common Mistakes Traders Make When Placing Stop Loss OrdersLet’s discuss the four major mistakes traders often make when implementing stop losses. 😔 We consistently emphasize the importance of proper risk management, as using stop losses incorrectly can result in more losses than gains. And surely, that's not what you desire, right? 💰 Setting Stops Too Narrowly The initial and frequent error is setting stops too tightly. 🤦‍♂️ By placing extremely close stops on trades, there's insufficient "breathing space" for price fluctuations before it moves in your desired direction. Always consider the pair’s volatility and the likelihood of it lingering around your entry point before continuing its trend. 😌 Allow your trades ample room to fluctuate and factor in volatility! 📈 Reliance on Position Size Rather Than Technical Analysis Using position size as the primary determinant for stops, such as "X" or " NYSE:X amount," instead of relying on technical analysis, is ill-advised. 🚫 Position sizing shouldn't dictate stop placement; it's unrelated to market behavior. Since we're trading the market based on technical analysis, it's logical to set stops based on market dynamics. 📊 After all, you've chosen your entry and targets through technical analysis; similarly, determine your stop. This isn't to dismiss position size entirely. 🤔 Rather, decide on stop placement before calculating position size. Setting Stops Too Distantly Some traders err by placing stops excessively far, hoping that market movements will eventually align with their expectations. 😞 But what's the purpose of setting stops then? Why persist with a losing trade when reallocating those funds could lead to a more profitable opportunity? 💡 Setting stops too far increases the distance your trade needs to move favorably to justify the risk. As a rule of thumb, stops should be closer to entry points than profit targets. 🎯 Naturally, aiming for less risk and greater reward is preferable. With a favorable risk-to-reward ratio, like 2:1, profitability is more attainable, provided you're accurate in your trades at least half the time. 📈💰 Placing Stops Directly on Support or Resistance Levels Setting stops either too tight or too distant is counterproductive. So, where should stops be placed? Certainly not directly on support or resistance levels. Why not? 🤔 Despite advocating for technical analysis in determining stops, placing stops precisely on support or resistance levels isn't advisable. It's prudent to consider nearby support and resistance levels when setting stops. 📉 For long positions, identify a nearby support level beneath your entry and place your stop accordingly. Conversely, for short positions, identify the subsequent resistance level above your entry and position your stop nearby. Why avoid placing stops directly on support or resistance levels? Because there's still a possibility of price reversals upon reaching these levels. By positioning your stop slightly beyond these levels, you can confirm whether the support or resistance has been breached, allowing you to acknowledge any misjudgments in your trade idea. 🔄 In conclusion, mastering the art of setting stop losses is crucial for successful trading. By avoiding these common mistakes and adhering to sound risk management principles, traders can enhance their profitability and minimize losses. Remember to give your trades adequate breathing room, base stop placements on technical analysis rather than position size alone, avoid setting stops too far or too close, and refrain from placing stops directly on support or resistance levels. With diligence and discipline, traders can navigate the markets more effectively and increase their chances of achieving consistent success. 🚀 In the fast-paced world of trading, making informed decisions is paramount. By understanding the nuances of stop loss placement and steering clear of these pitfalls, traders can position themselves for long-term success in the financial markets. So, take heed of these insights, refine your trading strategies, and approach the markets with confidence and precision. Happy trading! 😊📈🎉 Your Kateryna💙💛
BINANCE:BTCUSDEducation
by RocketBomb
2
Maintaining Clarity in Market ViewHello, traders of the Trading View community! Today, I wanna emphasize the importance of maintaining your own perspective on the market and trading, while avoiding being overwhelmed by information noise. Here are a few strategies to help you steer clear of this trap: ✔️ Define Your Own Approach: Develop your own trading strategy and plan. Don't conform to the standards set by bloggers or experts—determine what works best for you. ✔️ Choose Sources Carefully: Select a handful of trusted information sources. Don't immerse yourself in the multitude of opinions from various authors, as this can lead to confusion. ✔️ Set a Time Limit: Allocate specific time for analyzing resources and blogs. Use this time mindfully, preventing information overload. ✔️ Fact-check Information : Always fact-check information before incorporating it into your strategy. Don't solely rely on the opinions of others. ✔️ Focus on Education : Enhance your own market analysis and trading skills. The more you understand, the less you'll depend on others' opinions. ✔️ Review Opinions Critically : If you've already gathered information from others, always conduct your own analysis before making a decision. ✔️Track Your Own Results: Remember that the results of your personal strategy are more important than others' recommendations. ✔️ Implement Information Gradually : Don't attempt to incorporate all new approaches at once. Test them gradually and cautiously. May your strategy and approach to trading be grounded in your own analysis and common sense. Maintain your market sense even in the face of overwhelming information. Share which methods help you avoid information overload. It will be very interesting to read! Don't forget to subscribe so you don't miss out. And give it a like – it motivates me to create consistent and high-quality content for you. Sincerely yours, Kateryna💙💛
BITSTAMP:BTCUSDEducation
by RocketBomb
EMOTIONAL TRADING AND HOW TO STOP IT p2 EMOTIONAL TRADING AND HOW TO STOP IT This post goes as a continuation of the previous one, so if you haven't read it, I highly recommend it (link in pinned post)! The emotional trader sometimes has losses, that can costing him much more than just losing money. Having been upset, because of a particular losing trade, such a trader fall into emotions and tries to return everything, that he lost. He is ready to ignore the rules of his trading system and money management for this, eventually losing more and more. When such a trader has several profitable trades in a row, he is also unable to stop and tries to maximize the success achieved. Trying to extend the winning streak as long as possible, he begins to open trades, that he would otherwise avoid, and in the end everything ends by losing money again. This familiar trading problem is usually quite expensive and costs for a trader - time, money and self-esteem. If a trader wants to break out of this vicious circle, then he will need to deal with his feelings, thoughts or actions. Find and change the negative psychological attitude that leads to the appropriate behavior. A good starting point is to ask yourself: Why am I trading this way? Answering this question in writing (which is desirable), listing your thoughts, beliefs and assumptions, you can come across something like this list of answers: ❗️ “If I don’t end every day with a profit, then I'm a failed trader. I can’t afford losses and close the day in the red” ❗️ "If I don't fight the market to get my money back, that will mean I've given up" ❗️ “I just need to work on more deals and I will succeed” ❗️ “When I trade profitably, luck is on my side. But everything can change at any moment. So I need to make the most of the situation and open as many trades as possible while I’m lucky.” ❗️ "The market wants to ruin me" In some ways, we all remain "Pavlov's dogs" - the more and more often we repeat a certain behavior model, the better it's remembered, eventually reaching almost complete automatism. That's just a very rough list, but even looking at it, it's easy to understand how these or similar thoughts can shape certain trading behaviors. Since such a trader feels like a loser until he gets his money back, he will do everything to regain the feeling of a winner. At the same time, thanks of negative experience, such a trader doesn't believe that his trading will be consistently profitable in the long term, and therefore tries to “snatch” as much as possible from the market, which leads to even greater losses. By reflecting on and changing each of these negative beliefs, a trader will be able to understand how irrational they are. Then he can replace these psychological attitudes with more positive ones: 💙 “I don’t have to end every day on a positive note. It is more important for me to maintain a positive balance in the long term. 💛 “Admitting a loss on a particular trade is not the same as admitting defeat. Instead of trying to immediately recover losses, I will analyze my trading and find out why I took a loss. This way I can prevent this situation from happening again in the future.” 💙 “Increasing the number of deals is not the key to winning. It is much more productive to improve their quality.” “When I am trading well, it is because I am in better shape. Luck and luck play a certain role in my life, but do not determine it. As I succeed in trading, I am grateful to myself for this, and I will continue to try to make smart trading decisions in the future.” 💛 “The market does not want to kill me. He is neutral and completely indifferent to me personally and to my trading results. He has no consciousness and is not able to think independently. And he does not try to punish me at all or deliberately harm me.” If the trader in the example looks at this list every day, it will help him stabilize his emotions and make smarter trading decisions. On the one hand, these attitudes do not provoke intense and emotional trading, and on the other hand, they do not lead to the development of laziness and apathy. Have you tried to write Your thoughts?🧐 If not, try it,(it works good) If yes, please share your experience in the comments. Stay with me, subscribe, for not get lost. I will be glad to see your activity by clicking 👍 like button and writing comments!♥️ Always Sincerely Yours Rocket Bomb 🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
2
EMOTIONAL BURNOUT OF A TRADER Hello, dear friends! This post goes as a continuation of the previous two, so if you haven't read it, I highly recommend it (link in pinned post)! Today we are talking about <>. I think it's a pretty relevant topic. Let's look at more general problem. Burnout, which is characterized by apathy, laziness, loss of interest in trading, and generally reduced vitality, probably most accurately describes state, that most of us well know. Most traders are always emotionally extremely involved in the trading process, but sometimes even the most psychologically stable can give up. About a year ago, at the very beginning of active trading, the once active beginner was full of enthusiasm and hopes for a brighter future. The head was slightly spinning from the huge financial prospects, and this gave an additional incentive to work. Such a trader at times could even forget to eat or sleep for the required number of hours. However, by the end of the first year, the results didn't live up to expectations, and on the contrary, it turned out that were more difficulties than joys. He begins to feel, that all his efforts are in vain and lead nowhere. This causes him to lose interest in trading and become more and more apathetic towards this activity. Thoughts come, does he need it at all, all this trading ... What hidden negative beliefs drive this trader's growing lack of motivation? The list might look something like this: 🔴 “All my efforts are leading me nowhere. I'm not moving anywhere: one step forward and two steps back." 🔴 "Nothing I've tried to do, didn't works, so my dreams have failed" 🔴 “A trader needs to be born or have a talent for this occupation. I may never be destined to be a trader.” 🔴 “Trading systems and strategies, that work for others don't work for me. There's something wrong with me" 🔴 "Maybe I'm just unlucky" 🔴 “Doing the same thing over and over and expecting a different result is crazy. I'll go crazy if I keep doing this." It's easy to see how a list of such or similar setups can negatively affect a trader's self-esteem and make him feel negative about his own efforts. He actually spirals into apathy, at least as far as his trade is concerned. The problem is that the more multidirectional and chaotic efforts such a trader makes in his work, the worse the result becomes and the more he is convinced of his negative statements. Of course, it is impossible to change your own thoughts in an instant, but you can start working with it systematically. Thought is the foundation and catalyst of action. By changing the paradigm of thinking, we will inevitably change the quality of our actions. 🟢 “You can quit everything, but that's not the best way. Although I feel, that I'm marking time, but during this time I have learned a lot, learned a lot and continue receive new knowledge every day. Quantity will turn into quality, and I'll be able to move more intensively towards my goal." 🟢 “While things I have tried haven't bring me a results I want, but it doesn't mean my future efforts won't get me what I want. I have a huge knowledge base compared to a year ago. It will help me succeed.” 🟢 “No one is born to be successful at anything, and trading is no exception. If I really like trading, I can find a way to get good results.” 🟢 "I'm alright. Systems and trading algorithms, that don't work for me are systems that I either misapply or may not fit my personality. But there is a trading strategy, that is perfect for me, and I will create it myself.” 🟢 “The factor of luck is certainly present in my life, but it's not decisive. After all, my hard work will help me move forward. My intellectual baggage and everything I have learned during this time will help me gain control of my life." 🟢 “Maybe I should consider some changes in my life and work, but it's not crazy, I believe, that daily hard work eventually leads to success. Anyone who has ever become an expert at something or been successful has experienced failure. In any case, I always have the opportunity to seek qualified help if I need it to move forward faster.” These new mental attitudes are much healthier and can help the trader to reconfigure their behavior. Thought is the foundation and catalyst of action. By changing the paradigm of thinking, we will inevitably change the quality of our actions. This applies to absolutely any activity. The examples discussed above illustrate how reformulation of internal dialogues can lead us to a change in the quality of attitudes, to a deeper self-awareness. It gives us an opportunity to make more reasonable and accurate decisions during trading, and in general. I hope you enjoyed this post, write in the comments what else you would like to see in my next posts! Stay with me, subscribe, for not get lost. I will be glad to see your activity by clicking 👍 like button ♥️ Always Sincerely Yours Rocket Bomb 🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
2
Accumulation and distribution zones!🥸Hello, traders! Today I wanna tell you about accumulation and distribution zones! ⚡Prices always go from balance to balance and no other way!⚡ Wyckoff said that the price always following one of the 4️⃣ phases: 💥the consolidation zone (flat), where the big player is gaining volume , is called accumulation; 💥if after exiting the flat, demand is higher than supply, then the price rises and an up-trend development is observed in the market; 💥the area of ​​consolidation (flat), where large players exit the position, is called distribution; 💥if after the release the supply prevails over demand, then a down-trend is formed. If you look at these 4 phases of the market, the key problem of forecasting further price behavior will lie in the first of them, in accumulation, when it may not be entirely clear where the price will go after. Below, based on the Wyckoff and VSA method, I'll show how to correctly assess the situation and take a position in the right direction. 🔋🔋🔋Accumulation🔋🔋🔋 🏹Phase A - Market Stop. 🏹Phase B - Supply and demand balance. 🏹Phase C - False Breakdown. 🏹Phase D - Search for entry points. 🏹Phase E - Beginning of a new trend. In the ❗distribution❗ phases, everything is similar to the accumulation phase, only upside down. Important💣💣: don't go into shorts in the accumulation zone; in the distribution area don't go into long!!!! Guys, if you liked my post, put me 👍🏻 and write a comment✍🏻 Don't forget to subscribe, if you aren't already😆 And of course, stay with me, dear💓💓💓 Your Rocket Bomb🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
4
⭐ PSYCHOLOGY of TILT⭐ ⭐ LOSING TILT ⭐Hi, My friends! Let's go Forward to knowledge💪🏻Today i made psychological EDU post for You😊 Psychology of Tilt: Losing Tilt Reaction 1. The desire to recoup with increased risk It's difficult to find a market player, who has never had a strong desire to recoup and didn't go on rash actions because of this. When we using the term "tilt" most often we mean precisely this reaction. We can say, that it's the main variety of tilt. And that was given the greatest attention in scientific research, including the desire to recoup is the basis of pathological gambling. Among the factors contributing to the emergence of the desire to recoup can be identified: 📌- Dispersion of the game 📌- Bet size 📌- game speed 📌- Frequency "near misses" The last factor needs clarification. “Near Missing” (near misses) is the outcome of a bet in which the player was defeated, but was close to winning. “Near misses” are less pleasant for a person, than losing without a chance of winning, but at the same time cause a desire to continue the game. 1. Explanation through the theory of perspectives According to this theory, the function of the subjective value of wins and losses has a specific form, and after losing a person falls into that area of the function, which is characterized by a desire for risk. This is easier to show on the chart. Suppose, after losing, the player gets to point A. Due to the features of the left side of the function, any further loss (further movement to the left side) will have less subjective significance for it than a gain (reverse movement to the right side) of the same size. And since potential gains become more significant than potential losses, the desire for risk increases. This function of subjective value is an empirically established pattern. Features of the perception of losses and wins are also characteristic of a person's perception of other phenomena. In other words, a person’s perception of gains and losses in the manner described by them is simply a property of the human psyche. Thus, the desire for risk after losses caused by such a perception is also simply a certain basic characteristic of a person. 2. Explanation through a player error. Player error is a common misconception in understanding random events. A person who is prone to this error believes that the more often a random event occurred in the past, the less likely it will happen in the future and vice versa. This mistake is based on the belief that random manism should not generate extended series of the same type. Due to this mistake, the player after a series of failures will consider that the probability of his future wins has increased and as a result will continue the game with special persistence. It is difficult to argue that the player’s mistake contributes to the desire to recoup with an increased risk. 3. Explanation through the threat of "I". The emerging threat of "I" causes various protective reactions. One of these defensive reactions is the desire to recoup with increased risk: quickly returning the lost money, the player will retain the idea of himself as a fairly strong plus player. It is also worth considering that the threat of “I” is a well-known trigger of anger. And anger mobilizes a person’s energy, instills in him a feeling of confidence and strength, and prepares for an attack. Summing up the consideration of various approaches to explaining the desire to recoup with an increased risk, it is worth noting that these approaches are not mutually exclusive. They rather complement each other. In other words, most people may indeed have some basic tendency to increase risk after losing, which is reinforced by the player’s mistake and perceiving the loss as a threat to “I”. Reaction 2. A sharp risk reduction Not all players are characterized by an increase in risk after a significant loss. Having suffered serious losses, some traders can continue trading, but use only the most reliable strategies, Speaking about the desire to recoup, they almost always assume that this desire is associated with increased risk. However, it is important to understand that lowering the risk does not necessarily mean a complete rejection of attempts to recoup. A reason for avoiding risk after a defeat may be a hot hand fallacy error. A “hot hand” error is another misconception in understanding random events. The essence of the error lies in the fact that after observing a long series of events of the same type, people cease to believe in random outcomes and predict that a series of events of the same type will continue. As a result of this mistake, a player after a series of defeats may begin to think that under the circumstances, his chances of winning are objectively underestimated (“they started a twist against me”) and make a logical decision about the need to reduce the risk. I hope you enjoyed my post. I tried hard for you💋 Stay with me😉 Love you♥️ Your Rocket Bomb🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
18
Have You ever dreamed to become a popular trader?😊Hello, Have You ever wanted to become a popular trader? Have you ever wanted to become famous like Jesse Livermore or, say, Larry Williams? Or do you think that success loves silence? Scientists have calculated that, to one degree or another, 70% of people dream of fame (at least sometimes). That's, by the way, is a natural part of socialization. Here is what the famous American sociopsychologist Orville Gilbert Brim, who studied the nature of fame and ambition, received: 📌 2% of people dream of becoming a celebrity is their main life ambition; 📌In another 30%, the desire for fame is among the main desires; 📌 for more than 40%, the idea of becoming famous appears from time to time; 📌And only the rest (which is less than 30%) do not care about fame. So if we take three traders, then two of them will dream of becoming the "powerful trader" about whom will make legends. Is it good or bad? 🧐 Evolutionarily, the desire for broad personal fame is a socio-psychological mechanism aimed at improving the human race. Great people drive progress, and society rewards them with emotional benefits - reverence, worship, etc. In theory, everything should be cool. In reality, the pursuit of fame can take various forms: 🔎constructive ambition; 🔎non-constructive vanity; 🔎various pathologies. For example, if you wanna be one of the famous millionaire traders, ambition can be a good motivating fuel and will help you grow professionally. But the lust for fame can also ruin a trading career. The problem is, that you can't become a famous trader right off the bat. Let's be frank: worldwide fame is for few. Even in order to gain professional recognition in a narrow circle, you have to work hard. And then the subconscious begins to throw in options, insidiously whispering: "It's okay, that you lost three deposits, took five credits for trading and lose 11 times out of 10. Start a YouTube channel and tell everyone how cool you are!"😉 There is no benefit from such activities. Success is doubtful, and in the worst case, you can even earn the fame of a bla-bla man and be known as an unwise person. But even this is not the most harmful thing. The main problem is that the pursuit of fame is a waste of time and effort. 🔥 A trader chasing emotional illusions ultimately reduces his chances of becoming a professional and gaining real recognition. 🔥 The desire for fame corresponds to the fourth stage of Maslow's pyramid - this is one of the forms of the need for respect / reverence. I already made a post on this topic, I'll leave a link for those who have not seen👇 But it happens that the thirst for fame grows out of completely different needs. Such pathologies include: 🔎Lack of love, which a person tries to compensate with popularity. 🔎The conviction that fame will solve all existing financial, household, social problems. 🔎 Feelings of inferiority. 🔎 Revenge arising from feelings of inferiority. 🔎Envy. In all these cases, there is a substitution of pathological adequate ambitions in life. And the pursuit of fame in an attempt to satiate jealousy, raise self-esteem, etc., takes away resources that could be used to achieve really important goals. 🙏 "I was just doing my job" 🙏 Real recognition comes when a person is on the seventh step of Maslow's pyramid, symbolizing the need for self-actualization. Simply put, is engaged in life's work. One beats, beats to achieve fame, while the other just works quietly, creates, does something there - and recive glory on a silver platter. Although he may not have expected it at all. In general, everything is simple: do the job, and the rest will follow. By the way, psychologists warn that if the desire for fame becomes the leading motive of activity, then it's - "blocks creativity and destroys personality." This doesn't mean, that you are forbidden to dream about how you will become a famous trader. But this dream should not be the main one, or only one. By the way, how can a trader become famous? From whom take an example? After all, the paths of glory are so different. For example, you can gain fame: 🔥demonstrating inspiring examples of the play of the mind and the ability to rise after defeat, like Jesse Livermore 🔥revolutionizing stock trading like Charles Doe and Edward Jones; 🔥breaking stereotypes, like Linda Raschke, who became one of the first tough women traders; 🔥becoming a champion in trading and writing a bunch of books like Larry Williams; 🔥deceiving Hitler and becoming one of the main figures in CME history like Leo Melamed ... 🔥And some are overtaken by the glory of Herostratus - like, for example, Nick Leeson, who in one fell swoop swung over a billion and ruined Barings Bank, which entrusted him with money management. I wish each of You - happiness to do something, that really brings You joy, because: SUCCESS IS NOT THE KEY TO HAPPINESS, HAPPINESS IS THE KEY TO SUCCESS! If you love what you do, you will be successful! Always keep it in Your mind and don't forget about Rocket Bomb 🚀💣 💙💛
BITSTAMP:BTCUSDEducation
by RocketBomb
16
Maybe it's time to get out of comfort zone?🧐 Have you noticed, that one of the most comfortable sleeping positions is curled up in a ball. The legs are pulled up to the stomach, the head is lowered, the arms are hidden on the chest, the back is slightly arched. Cover yourself with a blanket and sleep. Warm, dark and calm. A sense of safety arises. And the secret of this protective posture is in subconscious imitation of the fetus in the mother's womb. There, in the warmth of the mother's womb, is the first comfort zone, that a person leaves when he is born. Subconscious memories of how comfortable, calm and good it was, remain with us for life. If you wanna live, you have to be born. For a baby, this jerk is extremely uncomfortable. You find yourself in a cold and unfamiliar place, and some monster slaps on your 🌰🌰 🤣🤣 After a while you want to eat and drink, and you have to do it yourself, and everything around is so huge, loud...really don't wanna repeat that. Therefore, subconsciously, we always resist leaving our comfort zone. The experience has already been. Didn't like it! But the stress mechanism, that is triggered during childbirth (and then every time you leave your comfort zone) is a protective function of the body. Stress activates the reserves of the body and brain, forces us to act more actively, to fight the aggressive world. However, nature also took care of the reward. If stress doesn't become constant, but is a one-time surge, that activates forces, relaxation and satisfaction follow. So, we figured out the physiology of the comfort zone. Why going beyond it guarantees stress is understandable. Now the question is: <> The birth of a trader In fact, everything new, unknown and unusual is outside the comfort zone. Even if we go to the store in a new way - that's a mini-stress for our brain, forced to work out a different route instead of saving resources while the body is moving on autopilot. Any change of scenery, new job means going beyond the familiar world. And the higher the unknown, the more uncomfortable the path. For most people, trading is terra incognita. Trading isn't taught at school, it's not taught at universities. Trading forces you to take responsibility. Most importantly, trading is always associated with risk. Risk is danger and uncertainty, and the brain reacts accordingly. He begins to ask insistently: "Do you really need this? No, are you sure?" Leaving the comfort zone and becoming a trader is also hindered by social stereotypes. First, society reacts negatively to any attempts to break the system, that is, to do something that goes beyond the standard life path: creativity, politics, business. Secondly, trading is one of the areas, that make most people wary (and statistics, according to which only 5% of traders achieve success, reinforce this feeling). So if you want to become a trader, you are already challenging society. That's why the birth of a trader so often becomes a struggle with the usual way of life, basic attitudes, other people's opinions and yourself. What happens, when you become a trader ? Think your comfort zone problems will end? Nothing like this. Two ambushes await the trader. The first is the inability to cope with responsibility for your life. The second ambush is stagnation. After overcoming difficulties, learning to trade and starting to receive a stable profit, the trader finds himself ... Right, in a new comfort zone! After all, what is it? The comfort zone is above all stability. But the calmness puts you to sleep. Periods of economic stability in history often turn into a stage of stagnation and stagnation. The same in human life. Psychologists Robert M. Yerkes and John D. Dodson established as early as 1908 that performance doesn't improve in a state of comfort. Motivation falls asleep. In order to become a successful trader, it is not enough to leave your comfort zone. You may have to struggle with its attraction more than once. Therefore, leaving your comfort zone, take care of your psyche: ✔️Pump up motivation. Be clear about why you are breaking the wall and whether you need it. ✔️Work through your fears so that the body does not engage in self-sabotage mode. ✔️Develop resistance to stress and brain flexibility. Choose non-standard routes more often - in the broadest sense of the word. ✔️Take care of insurance, think over different scenarios for the development of the situation. If you feel that getting out of your comfort zone is difficult for you, do not take a running ram. Take small steps. Have you ever tried to leave your comfort zone? Stay tuned by Rocket Bomb🚀 💣
BITSTAMP:BTCUSDEducation
by RocketBomb
19
Fibonacci Levels - Rocket Bomb's EDU post 🔥Hi guys, as I promised, this post is about Fibonacci Levels for YOU!🧡 Leonardo Fibonacci is a great mathematician who lived in the XI century. The scientist deduced a number of natural numbers, which later began to bear his name. Each number in the series was the sum of the two previous numbers: 1 + 1 = 2; 1 + 2 = 3; 2 + 3 = 5 etc. The result is a series of numbers: 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc. Fibonacci numbers have some properties: 📌Division of any number of the series into the subsequent tends to 0.618 (the golden ratio in ancient Greek and ancient Egyptian cultures); 📌dividing any number of the series by the next + 1 tends to 0.382; 📌dividing the subsequent number of the series by the previous one tends to 1.618; 📌division of the number of the series by the second number preceding it tends to 2.618. Fibonacci numbers are often used not only in technical analysis , but also in physics, astronomy and other disciplines.💪🏻 Fibonacci levels are a tool that sets horizontal support and resistance levels on the price chart based on price movement. It's important to understand, that Fibo levels work well when there is a trend in the market. How to determine Fibonacci levels? To determine Fibonacci levels, you need to find the recent significant high and low of the last price movement. When plotting levels for a downtrend, the first point should be at the maximum and the second at the minimum. For an uptrend, you need to do the opposite. Click on the low of the price swing and drag the cursor to the high. In this case, the construction of levels always occurs from left to right. How to trade by Fibonacci levels? The basic variant with an upward movement: we determined the minimum and maximum, set the levels, waited for a rollback, entered the market. The price continues to move - we drag the levels to a new maximum, wait for our rollback level, and enter the market. In a downward movement, we do the same, entering a movement on a pullback. The technical analysis usually uses the number 0.618 or 61.8%, 0.382 or 38.2%, as well as the psychological half (middle) of 50%. ✔ Very often, based on these coefficients in the technical analysis of the market, Fibonacci lines, Fibonacci levels and Fibonacci periods are built. Fibonacci lines are built relative to significant highs / lows and represent support or resistance lines, from which they make a purchase or sale. Fibonacci numbers - the magic of numbers that works in trading and in everyday life . 💥You can simply draw arbitrary horizontal lines on the chart, and ... oh that's mystic... they will also be worked out both in the past and in the future.💥 We can make some conclusions: 🔵Fibonacci tool draws support and resistance lines on the chart based on price movement; 🔵the Fibonacci tool is always applied on the price chart from left to right, both in the case of long positions in an uptrend, and in the case of short positions in a downtrend; 🔵the levels marked between the beginning and the end of the price movement are correction levels, they show which levels the price is likely to return to; 🔵the most common Fibonacci retracement levels are 38.2%, 50% and 61.8%, they are often used to enter the market; 🔵there are two ways to use correction levels to enter the market: aggressive (entry at each of the levels) and passive (waiting for the price to correct in the originally observed direction); 🔵It's important to note that Fibonacci levels are not a trading system, they are an additional tool that only suggests possible correction levels; it should be used only in combination with a trading system or as part of a trading system. I hope everything was clear for You, and You found this post as helpful🙏🏻 I really wanna be useful to you, guys! I make every post with love and it brings me extraordinary pleasure!🙏🏻 Thank you for staying with me💋 Always sincere with You🧡 Your Rocket Bomb🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
30
Wedges Pattern by Rocket Bomb 🚀💣Hello, my dear friends! As I promised, today we are talking about Wedges Patterns! Link on a good view👇🏻 Wedges are some of the main classical figures in technical analysis . There are two types of wedges: - Rising Wedge pattern - both sides of the figure are directed up; - Falling Wedge pattern - both sides of the figure are directed down. ✔A rising wedge pattern is formed when price increases slow and a tapering pattern forms. Price can't go longer rise further, but at the same time, as if they continue to gradually update local highs. That's suggests, that the pressure of sellers (bears) is gradually increasing in the market. ✔A downward wedge pattern is formed when price decline slows down and a tapering pattern is formed, and volume indicators gradually decrease. Prices are no longer able to decline further, but at the same time, as if they continue to gradually update local lows. That's suggests, that the pressure of buyers (bulls) is gradually increasing in the market. 💡My picture shows, that the “Wedge” directed 👇🏻 down is a bullish 🐃 model, since the trend is up and the price has broken the resistance line (went up). And the “Wedge” directed up ☝🏻is a bearish 🐻 model, as the trend is directed down and the price has broken through the support line (went down). These signals are strong and YOU can trade on them. 💣But if the price in both cases would go in the opposite direction (the opposite direction to the trend), then this would be a weak signal. Trading in this case is not recommended, as it's too risky. 🙅🏻‍♀️ Guys, thanks for reading me!🙏🏻 Subscribe and stay with me forever🧡 I'm appreciate Your support🥰 Your Rocket Bomb🚀💣 PS : 👇🏻👇🏻👇🏻Below I put links on my previous ideas 👇🏻👇🏻👇🏻
BITSTAMP:BTCUSDEducation
by RocketBomb
8
Holy Grail Trading System Hello, my lovely friends!!!💓 🔥Today I have something spesial for you today! 🔥 That's Holy Grail Trading System !!! By “Grail” in trading we mean a unique trading system, that can continuously generate profits. According to the legend of the Holy Grail, those who drink from this cup receive immortality. The idea of ​​this scheme is simple. Only by applying of those three conditions You'll become possible to significantly increase capital💰 🧐Let's go briefly through all elements. The first element, trend trading, I think, doesn't need unnecessary comments. Trending strategies for a trader are the best way to make money. But why is this element alone not enough? Even if a trader has an ideal trend trading system, in the absence of a trend, he will lose money. The trader should be where there is volatility, because volatility = profit. The ship in full calm stands still, no matter what sails he had. There is an element of luck. Yes, there is place for external circumstances on the market - there is nothing to be done with it. Not everything is controlled by the trader. It's especially important for risk-averse traders to learn not to get into the market during periods of low volatility . At the last stage, trader need to find balance between the desire to squeeze as much as possible out of the market and the ability to calmly, without nerves, sit out corrections. When the market turns against the position, the trader still doesn't know whether that's a correction or a trend reversal. While sits in position and makes a decision, this movement eats up part of the floating profit or creates a loss. If the trend doesn't resume, a late trader has to close a losing position. The risk should be approximately, that trader can make such a mistake a sufficient number of times and still be afloat💪🏻 Guys, I try very hard for you💓, I carefully select the material, I want to express my thoughts as clearly as possible! 💋I like to teach, I get special pleasure of it !!! Support my enthusiasm with like! Write in the comments : It was clear for you of not? Maybe you have any questions! I'm glad of your feedback !!! Always Yours Rocket Bomb🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
22
Hope. 🙏🏻 Fear. 😱 Greed. 🤑Welcome, guys! 😊Today I wanna talk with you about our feelings and emotions! Fear of falling prices provokes a sell, and the opportunity to lose chance to make monney leads to an unreasonable buy.💥 ⚡Such pernicious emotion like greed is a manifestation of the trader’s arrogance and his thirst for a good income as soon as possible, which also provokes the unfoundedness of transactions.🤷🏻‍♀️ Many psychologists and scientists do a lot of research in the study of human emotions and feelings, the results of which show the ability to control their emotions. 💪🏻 In trading, managing emotions is a very necessary.💪🏻 Let's consider three seemingly simple emotions on which a trader’s work in the market depends in more detail: 📌Fear 📌Hope 📌Greed 😱The role of fear in trading 😱 In fact, fear plays a significant role in the market. Fear often deprives the trader of the opportunity to earn money, but also saving him from making fatal decisions. The emotion of fear often serves as a kind of "brake" for the trader. A frightened trader is obsessed with the adverse aspects of trading. Fear of losing money generates a lot of other negative emotions in your head. 🤑Trader's greed would destroy.🤑 Greed is a disastrous and dangerous feeling, especially for a trader. The prevalence of greed rarely can help to achieve the desired result. It depriving people of the ability to think soberly and objectively. Often, having felt success, a trader wants to earn more and more by making the following mistakes: ❗ Untimely exit from the transaction ❗ Hold position more then you need ❗ Overstatement of risks 🙏🏻Hope is the last thing to die🙏🏻 Of all three emotions, most market participants live with hope. This emotion is completely opposite to fear, because its presence affects the positive thinking of the outcome of the trade. In moments of hope, the thinking of market participants is aimed at making profit, not losing it. People trade in order to achieve success and financial stability, taking income from the market. The circle of such people was divided into optimists and pessimists, absorbed in hope, fear and greed, only to different degrees. One way or another, an overabundance of these emotions can lead to losses . The best option is to find the “golden mean” and learn how to manage your emotions.💪🏻💪🏻💪🏻 😊😊I hope you enjoyed my post, don't forget to support me with like 🌞, subscribe,for don't get lost!💋 Below are links to my previous ideas👇🏻👇🏻👇🏻 Stay with me🌞 Your Rocket Bomb🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
9
TRADING PLAN by Rocket Bomb 🚀💣Hello, friends! Let's talk about Trading plan today! The basis of any action on the market is a well-designed trading plan (TP). The basic rule is never trade without a plan, and when you have done TP, never break it. Work without a plan leads to randomness and spontaneity of actions subject to emotions.🙅🏻‍♀️ ❗❗Before opening a position, you must determined :❗❗ 📌position opening price 📌open position size 📌stop loss order 📌take profit order 👉🏻That's necessary in order to determine the possible risk / win ratio. ⭐⭐A trading plan should uniquely determine the actions of a trader in two scenarios: 1. Price moves opposite the open position 2. Price moves towards an open position ❗A trading plan is drawn up before a position is opened, when a trader is in a balanced emotional state and can adequately think. ❗ After opening a position, you should follow the trading plan very accurately and not allow yourself to make changes to it during the course of trading. ❗ After closing the position, an analysis of the results is carried out, the optimality of actions is evaluated, and conclusions are drawn for the future. ❗ Trading does not end when you close your position. ❗You must analyze it and learn from it. ❗ After closing a position, many players forget about it and start looking for the next deal. ⚡Don't miss the essential elements of the path to the level of a professional trader - analysis of the past and introspection.⚡ Write down your trading plan. Write down the reasons for the exit and what you did right and what is wrong. You will receive a history of your transactions and thoughts in pictures. This journal will help you learn from past experiences and discover gaps in your thinking. 💪🏻Don't forget about self-development!!!!💪🏻 💙If my post was interesting for you, don't forget to put me like and write your thought!!!💛 Your Rocket Bomb🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
11