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Trading Sessions in Forex | Free Market Sessions Indicator Hey traders, In this post, we will discuss trading sessions in Forex . Let's start with the definition: Trading session is daytime trading hours in a certain location. The opening and closing hours match with business hours. For that reason, trading hours are varying in different countries because of contrasting timezones. ❗️Please, note that different markets may have different trading hours. Also, some markets have pre-market and after-hours trading sessions. In this post, we are discussing only forex trading hours. The forex market opens on Sunday at 21:00 GMT and closes on Friday at 21:00 pm GMT. There are 4 main trading sessions in Forex: 🇦🇺 Australian (Sydney) Session Opens at 21:00 GMT and closes at 06:00 GMT 🇯🇵 Asian (Tokyo) Session Opens at 12:00 GMT and closes at 9:00 GMT. 🇬🇧 UK (London) Session Opens at 7:00 GMT and closes at 16:00 GMT. 🇺🇸 US (New York) Session Opens at 12:00 GMT and closes at 21:00 GMT. Asian trading session is usually categorized by low trading volumes while UK and US sessions are categorized by high trading volumes. Personally, I trade the entire UK session and US opening and usually skip Australian and Asian sessions. There is a free technical indicator on TradingView that allows to underline trading sessions on a price chart. It is called "Market Sessions". Being added, it displays the market trading sessions. What trading sessions do you trade?
OANDA:XAUUSDEducation
by VasilyTrader
2
Types of Orders in Forex Trading. Everything You Need to Know Hey traders, In this post, we will discuss types of orders that we use in Forex trading. ➖ Market order. Trading position is opened at a current price level. Buying the asset, you will open a trading position at a current ask price. Selling the asset, you will open a trading position at a current bid price. Even though market order is the most preferable type of orders among newbie traders, I highly recommend not to use that, especially if you are a day trader. ❗️The main problem is that prices constantly fluctuate and there is a certain delay between order execution and position opening. For these reasons, the position will be opened from a random price level within the range where the market is currently staying, affecting a risk to reward ratio. ➖ Limit order. Trading position will be opened only from a desired price level. With buy limit , you will buy the asset from a certain level. (current price remains above the order) With buy stop order, you will buy the asset from a certain level. (current price remains below the order) With sell limit, you will sell the asset from a certain level. (current price remains below the order) With sell stop , you will sell the asset from a certain level. (current price remains above the order) I prefer to trade with limit orders. Limit order helps you to trade from a desirable level, automatically executing the order once it is reached, letting you preliminary set it. ❗️However, remember that there is one big disadvantage of that order type: there is no guarantee that the price will reach the desired price level to activate a trading position. For that reason, occasionally you will miss the trades. Setting a sell limit order on Gold on 2049 level, the trade would be missed because the price respected 2048 level and dropped immediately then. Try these order types on a demo account to learn how they work in practice. Which order type do you prefer?
OANDA:XAUUSDEducation
by VasilyTrader
3
Harmonics don't work...Here's how I find my set ups I thought I'd share with you guys the process I use to find my shark setups, this is a strategy I've back-tested and tested several times. I must say textbook harmonic talk poop, the values I use work but the set-up I see written for the shark uses different values. I noted this and thought about it for a minute - then I said so can I break the rules or amend it, because what I see is making sense but following the book is frustrating me lol... I mean it got through to me through multiple accounts including personal and funded accounts - (side note I'm not rich) hopefully this helps to to understand how I spot moves. As long as you journal then you have a chapter to start from and that 1!!!!!
Education
by LifeWithRyFX
Best Trading Confirmation. Learn 95% Accurate Entry Signal I have analyzed 1300 forecasts and signals that I shared on TradingView last year and found 95% accurate trading confirmation. In this article, we will discuss multiple types of confirmations and their winning rate on Forex, Gold, Indexes, Crypto & Commodities. First, let me introduce you to the types of analysis that I provided. 1 - Structure based forecast I have shared more than 55 trading setup with key levels analysis: Where the price is approaching a key daily horizontal support and resistance. Here is the example of such a post. Test of a key horizontal or vertical support/resistance turned out to be a poor trading signal. Total accuracy of structure based forecasts is 38% . Please, note that if we consider the market trend in our calculations, the trend-following structure based setup will be 42% accurate, while a performance of a counter trend setup drops to 35% 2 - Structure breakout based forecast I analyzed and posted 73 posts with a key structure breakout as a confirmation on a daily. Above is the example of a such a forecast. Key levels breakout turned out to be a strong bullish or bearish confirmation with 59% accuracy. Trend direction did not affect the efficiency of a key structure breakout that much, with a 60% accuracy of a trend following setup versus 57% of counter trend. 3 - Structure based forecast with a single intraday confirmation I shared more than 500 setups with a test of a key structure on a daily and a single price action based bullish or bearish confirmation on a 4h/1h time frame. My intraday confirmation is a formation of a price action pattern with a consequent breakout of its neckline/trend line in the projected direction. Please, check the example of such a signal. Just a single intraday confirmation dramatically increases the accuracy of a structure based setup. Average winning rate is 66%. 4 - Structure based forecast with multiple intraday confirmations I spotted and posted 200+ forecasts with a test of a key structure on a daily and multiple price action based bullish or bearish confirmations on a 4h/1h time frame. Multiple confirmations imply the formation of multiple price action patterns on 4/1h t.f. Here is the example of such a setup on EURGBP. Two or more confirmations on a key structure increase the average winning rate to 72%. Among multiple confirmations, I found a 95% accurate bearish signal: The market should be in a bearish trend. The price should test a key daily structure resistance. The market should form a rising wedge pattern on a 4h/1h time frames and the highs of the wedge should strictly test the key structure and should not violate them. After a test of structure, the price should form a bearish price action pattern on the highs of the wedge. Above is a setup with the best trading confirmation. A bearish breakout of the neckline of the pattern and a support of the wedge was a 95% accurate trading signal this year. Of course, there are various confirmations, depending on a trading style. The ones that I shared with you are structure/price action based. And I am truly impressed by their accuracy. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
1
Imbalance Expert : Guide for mastering imabalance'sCryptocurrency trading is an intricate dance, where understanding and interpreting market imbalances can provide traders with a competitive edge. This comprehensive guide aims to demystify the art of trading imbalances, catering to both beginners and seasoned traders. Through a detailed exploration of strategies and considerations, we'll delve into the world of market dynamics, emphasizing the importance of a holistic approach to trading. First example has cool reason to go higher ( EQUAL HIGHS ) and big liquidity pool below Section 1: Understanding Imbalances 1.1 Defining Market Imbalances: Explore the concept of imbalances in the cryptocurrency market. Differentiate between bullish and bearish imbalances. 1.2 Reading the Signs: Learn to identify imbalances on various timeframes. Utilize technical indicators and chart patterns to confirm imbalances. Section 2: The Anatomy of Imbalance Trading 2.1 Spotting Imbalances in Price Action: Analyze real-world examples of imbalances using provided screenshots. Understand how imbalances manifest in different market conditions. 2.2 Tools of the Trade: Explore popular tools like volume analysis, order flow, and market profile to complement imbalance trading. Highlight the role of moving averages and trendlines in confirming imbalances. Section 3: Strategies for Imbalance Trading 3.1 Swing Trading with Imbalances: Discover how to swing trade using imbalances as entry and exit signals. Explore risk management techniques tailored for swing trading. 3.2 Scalping Opportunities: Uncover strategies for intraday trading based on short-term imbalances. Discuss the importance of quick decision-making and tight risk control. Section 4: Advanced Considerations 4.1 Macro and Micro Analysis: Emphasize the need to consider both macroeconomic trends and micro-level price action. Discuss how macroeconomic events can create imbalances with lasting effects. 4.2 Market Sentiment and News Analysis: Incorporate sentiment analysis and news events into the overall imbalance trading strategy. Understand how sudden shifts in sentiment can create imbalances. Section 5: Risk Management and Psychology 5.1 Risk Management Strategies: Explore risk management techniques specific to trading imbalances. Discuss the importance of position sizing and setting stop-loss orders. 5.2 Mastering Emotional Discipline: Address the psychological aspects of trading and how emotions can impact decision-making. Provide practical tips for maintaining discipline during trading. Conclusion: The Art and Science of Imbalance Trading In conclusion, mastering the art of trading imbalances requires a combination of technical expertise, strategic thinking, and emotional resilience. Whether you are a beginner looking to enter the world of cryptocurrency trading or a seasoned trader seeking new insights, this guide aims to equip you with the knowledge and tools necessary to navigate the dynamic landscape of imbalance trading. Remember, success in trading is an ongoing journey that requires continuous learning and adaptation to evolving market conditions. 💡 Imbalances Decoded | 📊 Tools of the Trade | 🚀 Strategies for Success | 🧠 Risk Management Mastery 💬 Share your insights: What are your experiences with trading imbalances, and what additional strategies have you found effective? 🌐✨
INDEX:BTCUSDEducation
by Yaroslav_Krasko
Learn Ascending, Decending and Symmetrical Triangles | Powerful Hey traders, In this post, we will discuss 3 simple and profitable types of a triangle pattern. 1️⃣ The first type of triangle is called a descending triangle. It is a reversal price action pattern that quite accurately indicates the exhaustion of a bullish trend. Setting a new higher high the market retraces and sets a higher low, then bulls start pushing again but are not able to retest a current high and instead the price sets a lower high and drops to the level of the last higher low setting an equal low. Multiple lower highs compose a horizontal support that is called a neckline. The price keeps trading in such a manner, setting lower highs and equal lows till the price sets a new lower low. Most of the time, it gives a very accurate signal of a coming bearish move. Please, note that a triangle formation by itself does not give an accurate short signal. The trigger that you should wait for is a formation of a new lower low. Take a look at a descending triangle formation that I spotted on Crude Oil on a 4H time frame. Bearish movement was confirmed after a breakout of the neckline of the pattern. 2️⃣ The second type of triangle is called a symmetrical triangle. It is a classic indecision pattern. It can be formed in a bullish, bearish trend, or sideways market. The price action starts contracting within a narrowing range, setting lower highs and higher lows. Based on them, two trend lines can be drawn. Breakout of one of the trend lines with a quite high probability indicates a future direction of the market. Above is a great example of a symmetrical triangle. Bullish breakout of its upper boundary - a falling trend line was a strong bullish confirmation. 3️⃣ The third type of triangle is called an ascending triangle. It is a reversal price action pattern that quite accurately indicates the exhaustion of a bearish trend. Setting a new lower low, the market retraces and sets a lower high, then bears start pushing again but are not able to retest a current low and instead the price sets a higher low and bounces to the level of the last lower high setting an equal high. A sequence of equal highs compose a strong horizontal resistance that is called a neckline. The price keeps trading in such a manner, setting higher lows and equal highs till the price sets a new higher high. Most of the time, it gives a very accurate signal of a coming bullish move. 📍Please, note that an ascending triangle formation by itself does not give an accurate long signal. The trigger that you should wait for is a formation of a new higher high. Ascending triangle formation helped me to accurately predict a bullish reversal on USDJPY. Its neckline breakout was a strong bullish confirmation. Learn to recognize such triangles and you will see how accurate they are. Let me know what pattern do you want to learn in the next post?
OANDA:XAUUSDEducation
by VasilyTrader
6
Learn Best Price Action Patterns by Accuracy Last year, I shared more than 1300 free signals and forecasts for Gold, Forex, Commodities and Indexes. In my predictions, quite often I relied on classic price action patterns. In this article, I will reveal the win rate of each pattern, the most accurate and the least accurate formations of the last year. Please, note that all the predictions and forecasts that I shared this year are available on TradingView and you can back test any of the setup that I identified this year by your own. Just choose a relevant tag on my TradingView page. Also, some forecasts & signals were based on a combination of multiple patterns. Here is the list of the patterns that I personally trade: 🔘 Double Top or Bottom with Equal Highs The pattern is considered to be valid when the highs or lows of the pattern are equal. The pattern gives a bearish/bullish signal when its neckline is broken. 🔘 Double Top or Bottom with Lower High/Higher Low or Cup & Handle The pattern is considered to be valid when the second top/bottom of the patterns is lower/higher than the first one. The pattern gives a bearish/bullish signal when its neckline is broken. 🔘 Head & Shoulders and Inverted Head and Shoulders The pattern gives a bearish/bullish signal when its neckline is broken. 🔘 Horizontal Range The pattern is the extension of a classic double top/bottom with at least 3 equal highs/lows. The pattern gives a bearish/bullish signal when its neckline is broken. 🔘 Bullish/Bearish Flag The pattern represents a rising/falling parallel channel. It gives a bullish/bearish signal when its upper/lower boundary is broken. 🔘 Rising/Falling Wedge Pattern The pattern represents a contracting rising/falling channel. It gives a bullish/bearish signal when its upper/lower boundary is broken. 🔘 Rising/Falling Expanding Wedge The pattern represents an expanding rising/falling channel. It gives a bullish/bearish signal when its upper/lower boundary is broken. 🔘 Descending/Ascending Triangle The pattern is the extension of a cup & handle pattern with at least 2 lower highs/lows. The pattern gives a bearish/bullish signal when its neckline is broken. Please, also note that all the patterns that I identified and traded were formed on key horizontal or vertical structures. Remember that the accuracy of any pattern drops dramatically if it is formed beyond key levels. I consider the pattern to be a winning one if after a neckline breakout, it managed to reach the closest horizontal or vertical structure, not invalidating the pattern's highs/lows. For example, if the price violated the high of the cup and handle pattern after its neckline breakout, such a pattern is losing one. If it reached the closest structure without violation of the high, it is a winning pattern. 🔍 Double Top or Bottom with Equal Highs I spotted 85 setups featuring these patterns. Their accuracy is 62%. 🥉 Double Top or Bottom with Lower High/Higher Low or Cup & Handle 96 setups were spotted. The performance turned out to be a little bit higher than a classic double top/bottom with 65% of the setups hitting the target. 🔍 Head & Shoulders and Inverted Head and Shoulders 58 formations spotted this year. Average win rate is 64% 🏆 Horizontal Range The most accurate pattern of this year. More than 148 patterns were spotted and 74% among them gave accurate signal. 🔍 Bullish/Bearish Flag 38 setups identified this year. The accuracy of the pattern is 57% Rising/Falling Wedge The pattern turned out to be a little bit more accurate. Among 62 formations, 59% end up being profitable. 👎 Rising/Falling Expanding Wedge The worst pattern of this year. I recognized 24 patterns and their accuracy was just 51%. 🥈 Descending/Ascending Triangle 64 patterns were identified. The win rate of the pattern is 66%. The most important conclusion that we can make analyzing the performance of these patterns is that they all have an accuracy above 50%. If you properly combine these patterns with some other technical or fundamental tools, the accuracy of the setup will increase dramatically. Good luck in your trading! ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
27
Full Time Trading. Everything You Need to Know Once you mature in trading and become a consistently profitable trader, the question arises: are you ready to trade full time? Becoming a full time trade is a very significant step and my things must be taken into consideration before you make it. ✨ Becoming a full time trader implies that you quit your current job, that you give up a stable income - your salary. In contrast to classic job, trading does not give guarantees . Please, realize that such a thing as stable income does not exist in trading. Trading is a series of winning and losing trades, positive and negative periods. For that reasons, remember that in order to become a full time trader, your average monthly trading income must be at least twice as your monthly expenses. ✨ Moreover, even if your trading income is sufficient to cover two months of your life, that is still not enough. You must have savings. Trading for more than 9 years, I faced with quite prolonged negative periods. One time I was below zero for the entire quarter. For that reason, supporting a family and living a decent life will require savings that will help you not to sink during the losing periods. ✨ Another very important sign is your correct and objective view on your trading. Please, realize that if you bought Bitcoin one time and made a couple of thousands of dollars, it does not make you a consistently profitable trader. Please, do not confuse luck with the skill. Your trading must be proven by many years of trading. ✨ You must be emotionally prepared for the living conditions that full time trading will bring you. Being a full time trader implies that you are constantly at home, you work from home from Monday to Friday. You do not see your colleagues, your social life will change dramatically. I know a lot of people who started to trade full time and then realized that they can not work from home for different reasons. ⭐️ So what are the necessary conditions for becoming a full time traders: you should have savings that will cover the negative trading periods, your average monthly trading income should be at least twice as your monthly expenses, your trading efficiency must be proven by objective, consistent results, and you must be psychologically prepared for working from home. When these conditions are met, you can make a significant step and become a full-time trader. Are you ready? ❤️Please, support my work with like, thank you!❤️
COINBASE:BTCUSDEducation
by VasilyTrader
22
9 Essential TIPS For Newbie Traders (Learn from my Mistakes!) In the today's article, I will reveal trading secrets I wish I knew when I started trading. 1️⃣ Forget about becoming a pro quickly Most of the traders believe, that you can learn how to trade easily and that it takes a very short period of time in order to master a profitable trading strategy. The truth is, however, that trading is a long journey. I spent more than 3 years, trying different strategies and looking for a profitable technique to trade. Once I found that, it took more than a year to polish a trading strategy and to learn how to apply that properly. Be prepared to spend YEARS before you find a way to trade profitably. 2️⃣ Focus on One Strategy While you are learning how to trade you will try different techniques, tools and strategies. And the thing is that newbies are trying multiple things simultaneously. The more strategies you try at once, the more setups you have on your chart. The more setups you have on your chart, the more complex and difficult is your trading. Remember that in this game, your attention is the key. You should meticulously study each and every trading setup. For that reason, I highly recommend you to focus on one strategy, one approach, one technique. Test it, try it and look for a new one only when you realize that it doesn't work. Here is the example how the same price chart can provide absolutely different trading opportunities depending on a trading strategy. Price action pattern trader would recognize a lot of a patterns, while indicator based trader could spot absolutely different bullish and bearish signals. Now, try to imagine how hard it would be to follow both strategies simultaneously. 3️⃣ Start with small capital that you can afford to lose You will lose your first trading deposit and, probably, the second one and potentially the third one as well. Losses are the only way to learn real trading. While you are on a demo account, you feel like a king, but once you start risking your savings, the perspective completely changes. For that reason, make sure that you trade with an account that you can afford to lose. The fact of blowing such an account should be unpleasant, but that should not affect your daily life. 4️⃣ Use stop loss I am doing trading coaching for more than 4 years. What pisses me off is that the main reason of the substantial losses of my mentees is the absence of stop loss. Why can it be if naturally everyone: from your broker to Instagram trading gurus repeat that day after day. Set stop loss, know in advance how much you risk per trade, and know the exact level on a price chart where you become wrong. Imagine what could be your loss, if you shorted USDJPY and hold the trade while the market kept going against you. 5️⃣ Forget about getting rich quick That is the iconic fallacy. I believe that around 90% of people who come in this game want to get rich quick, want easy money. And no surprise, when I share a trading setup on TradingView, and it loses I receive dozens of messages that I am a scammer. People truly believe that professional trading implies 100% win rate and quick and easy money. The truth is, traders, that trading is a very tough game. And with a good trading strategy, you have just a little statistical edge that will give you the profits that would slightly overcome your losses. 6️⃣ Train your eyes Professional trading implies pattern recognition: it can be some technical indicators pattern, the price action or candlestick formation, etc. Your main goal as a trader is to learn to identify these patterns. Pattern recognition is a hard skill to acquire. You should spend dozens of hours in front of the screen in order to train your eyes to identify certain patterns. Here is how many patterns you would spot on GBPUSD chart, paying close attention. 7️⃣ Track and analyze your trades Study all the trades that you take, especially the losing ones. Look for mistakes, look for the reasons why a certain setup played out and why a certain one didn't. Journal your trades and make notes. 8️⃣ Don't use technical indicators Newbies believe that technical indicators should do the work for them. They are constantly looking for one or a bunch that will accurately show where the market will go. However, I always say to my mentees that technical indicators make the chart messy and distract. If you just started trading, focus on a naked chart, learn to analyze the market trend, key levels, classic price action patterns. Learn to make accurate predictions relying on a price chart alone. Only then add some technical indicators on your chart. They won't do the work for you, but will help you to slightly increase the accuracy of a certain setup. Above is the classic chart of newbie trader. A lot of indicators and a complete mess The same chart would look much better without technical indicators. 9️⃣ Find a Mentor There are hundreds of trading mentors. Find the one with a trading style that you like. Follow him, learn from his trading experience, listen to his trading recommendations. 9 years ago I found a guy, his name was Jason. I really liked his free teachings, and they were meaningful to me. I decided to purchase his premium coaching program. It was 200$ monthly - a huge amount of money for me at that time. However, with his knowledge I saved a lot, I learned a lot of profitable techniques and tricks that helped me to become a professional forex trader. Of course, this list could be much bigger. The more I think about different subjects in trading, the more important tips come to my mind. However, I believe that the tips above are essential and I truly wish I knew all that before I started. I hope that info will help you in your trading journey! Good luck to you. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
6
Trading on Holidays: Liquidity and Spreads When trading forex, it's essential to check spreads, especially during holidays. Trading forex during holidays can be a bit more challenging due to reduced liquidity in the market. Liquidity refers to the ease with which assets can be bought or sold without causing a significant change in price. During holidays, liquidity can be lower as many traders and financial institutions take time off, leading to fewer participants in the market. Lower liquidity can directly impact the spread, which is the difference between the bid and ask price of a currency pair. In times of reduced liquidity, spreads tend to widen, meaning the difference between the buying and selling price of a currency pair increases. This can lead to higher trading costs for traders, as wider spreads require a larger price movement in the underlying asset before a trade becomes profitable. It's essential for traders to be aware of these potential spread increases during holidays to avoid unexpected trading costs. Additionally, wider spreads can also lead to slippage , where a trade is executed at a different price than expected. This can further impact trading results, especially during fast-moving markets with low liquidity. Therefore, checking spreads during holidays is crucial for forex traders to anticipate potential increases in trading costs and adjust their trading strategies accordingly. On TradingView, you can check the spreads in the top left corner. There you can find bid, ask prices and the spread between them. It's important to factor in the impact of wider spreads on profitability and risk management when trading during these periods. By staying informed about spread changes during holidays, traders can make more informed decisions and better navigate the challenges of lower liquidity in the forex market. ❤️Please, support my work with like, thank you!❤️
Education
by VasilyTrader
4
Trading in December. Everything You Need to Know Because of the coming holidays, you are probably wondering should you trade in December at all and if yes, when should you stop and resume your trading. In this article, I will share with you how I trade in December. First, let me briefly explain to you how holidays, especially Christmas and New Year, affect the financial markets. In many countries, Christmas and New Year's Day are official banking holidays. 🗓 In Europe, for example, December 24th, 25th, 26th and 31st are official banking holidays. In the UK, the markets are officially closed December 25th and 26th. While December 25th is the official banking holiday in the US. When I trade I stick to the following rule: when there is a banking holiday in US, UK or EU I don't place any trade in that exact day. However, with winter holidays it is a bit different. I always skip the entire Christmas week - from 25th to 30th of December , because even though many markets remain opened, they are hardly moving and very slow. You should also be very careful, trading the third week of December. Till Wednesday, I trade in a normal schedule. The presence of various important fundamentals in the economic calendar (especially the US ones), indicates potential volatility and nice movements on the markets. With many years of experience, I noticed that trading volumes start falling since Thursday. And on Friday in many countries there are early bank closes or banking holidays like in New Zealand. So my advice is, close all your trades on Wednesday 20th in the middle of NY session and stop trading. 📝 Here is the plan: we trade in a normal schedule the first half of December and then all the trades are closed, and we are enjoying holidays. And when should you resume trading? Again, here is a constant debate among traders. My take is to resume trading from the third week of January. ❤️Please, support my work with like, thank you!❤️
COINBASE:BTCUSD
by VasilyTrader
9
Essential Tips for Newbie Day Traders: Forex and Gold Trading Entering the world of day trading can be both exciting and daunting, especially for those who are new to the game. This article aims to provide simple yet valuable recommendations for beginner day traders specifically focusing on forex and gold trading. 💼💰🚀 1. Educate Yourself: Before diving into day trading, it is crucial to understand the intricacies of the forex and gold markets. Take the time to learn about the basic terminology, technical analysis, fundamental analysis, and different trading strategies. Knowledge is your best weapon in this realm. 📚✍️📈 Start by reading books, attending webinars or courses, or even joining online trading communities to gain insight into successful day trading techniques. 2. Practice with a Demo Account: To avoid unnecessary losses, it is highly recommended to practice trading using a demo account. This allows you to gain hands-on experience without the risk of losing real money. Take the time to experiment with different strategies and understand how the market works. 📊📝💡 Tradingview paper trading offers demo accounts where you can simulate real trading scenarios and test your skills. 3. Develop a Trading Plan: A well-defined trading plan is essential for any day trader. Specify your goals, risk tolerance, and trading style. Determine the maximum amount you are willing to risk per trade and set realistic profit targets. Stick to your plan and avoid impulsive decisions. 📝🎯💼 Example: Decide on a risk-to-reward ratio, such as 1:2, which means you are willing to risk $1 to potentially earn $2, and only take trades that meet this criteria. 4. Manage Your Risks: Risk management is a crucial aspect of day trading. Never risk more than you can afford to lose and always set stop-loss orders to limit potential losses. It is important to maintain a disciplined approach to preserve your capital. 💪💸📉 Example: Let's say you have $10,000 as your trading capital. Set a maximum loss limit per trade, such as $200, and ensure your stop-loss order reflects this limit. 5. Keep Up with Market News: Stay informed about global events, economic indicators, and market news that can impact the forex and gold markets. Develop a routine of reading relevant financial news and reports to stay ahead of market trends. 🌍📰💼 Important events like central bank announcements, political developments, or changes in commodity prices can significantly affect currency and gold prices. Tradingview nicely displays the coming news on the horizontal scale of a price shart. Just click on a circle and you will see the coming related events. In conclusion, starting out as a newbie day trader in the forex and gold markets requires a combination of knowledge, practice, discipline, and risk management. By following these simple recommendations, you will be better equipped to navigate the markets and enhance your chances of success in day trading. 💪📊✨
Education
by AnabelSignals
1
The Dollar & EURUSD Are Pulling Back |Will It Last? Hi friends, the dollar index (DXY) and EURUSD are pulling back and into areas where we want to look for more trading opportunities. Since tomorrow is Friday, tomorrow's candlestick closure could be very telling about the price direction. This video shares my thoughts on the price movement on the indicie and currency pair. If you found this helpful please like and share this video. Disclaimer: This analysis is based on my eyes. Please stick to your own analysis.
TVC:DXY
by ShaquanLopez
NasDaQ's New Highs & Next MoveNasdaq pushed up pass July's highest price last week. We want to keep an eye on it this week to see if there will be more buys to push price higher. The only thing that can invalidate this setup is if the inside bar's or past sellers attempt to push the market down fails. What do you think will happen next? Will the buyers keep price going or will the sellers come in strong? *I love doing these videos so like the video and boost it to let me know if you like them too.*
OANDA:NAS100USDLong
by ShaquanLopez
Learn 2 Essential Elements of Trading In the today's post, we will discuss how trading is structured , and I will share with you its 2 key milestones. Trading with its nuances and complexities can be explained as the interconnections of two processes: trading rules creation and trading rules following. 1️⃣ With the trading rules, you define what you will trade and how exactly, classifying your entry and exist conditions, risk and trade management rules. Such a set of consistent trading rules compose a trading strategy. For example, you can have a following trading plan: you trade only gold, you analyze the market with technical analysis, you buy from a key support and sell from a key resistance on a daily, your entry confirmation is a formation of a reversal candlestick pattern. You set stop loss above the high/low of the pattern, and your target is the closest support/resistance level. Here is how the trading setup would look like. In the charts above, all the conditions for the trade are met, and the market nicely reached the take profit. 2️⃣ Trading strategy development is a very simple process. You can find hundreds of different ones on the internet and start using one immediately. The main obstacle comes, however, with Following Trading Rules. Following the rules is our second key milestone. It defines your ability to stay disciplined and to stick to your trading plan. It implies the control of emotions, patience and avoidance of rationalization. Once you open a trade, following your rules, challenges are just beginning. Imagine how happy you would feel yourself, seeing how nicely gold is moving to your target after position opening. And how your mood would change, once the price quickly returns to your entry. Watching how your profits evaporate and how the initially winning position turns into a losing one, emotions will constantly intervene. In such situations, many traders break their rules, they start adjusting tp or stop loss or just close the trading, not being able to keep holding. The ability to follow your system is a very hard skill to acquire. It requires many years of practicing. So if you believe that a good trading strategy is what you need to make money, please, realize the fact that even the best trading strategy in the world will lose without consistency and discipline. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
10
Learn the 3 TYPES of MARKET ANALYSIS In the today's post, we will discuss 3 types of analysis of a financial market. 🛠1 - Technical Analysis Technical analysis focuses on price action, key levels, technical indicators and technical tools for the assessment of a market sentiment. Pure technician thoroughly believes that the price chart reflects all the news, all the actions of big and small players. With a proper application of technical strategies, technical analysts make predictions and identify trading opportunities. In the example above, the trader applies price action patterns, candlestick analysis, key levels and 2 technical indicators to make a prediction that the market will drop to a key horizontal support from a solid horizontal resistance. 📰2 - Fundamental Analysis Fundamental analysts assess the key factors and related data that drive the value of an asset. These factors are diverse: it can be geopolitical events, macro and micro economic news, financial statements, etc. Fundamental traders usually make trading decision and forecasts, relying on fundamental data alone and completely neglecting a chart analysis. Price action on Gold on a daily time frame could be easily predicted, applying a fundamental analysis. A bearish trend was driven by FED Interest Rates tightening program, while a strong bullish rally initiated after escalation of Israeli-Palestinian conflict. 📊🔬 3 - Combination of Technical and Fundamental Analysis Such traders combine the principles of both Technical and Fundamental approaches. When they are looking for trading opportunities, they analyze the price chart and make predictions accordingly. Then, they analyze the current related fundamentals and compare the technical and fundamental biases. If the outlooks match, one opens a trading position. In the example above, Gold reached a solid horizontal daily support. Testing the underlined structure, the price formed a falling wedge pattern and a double bottom, breaking both a horizontal neckline and a resistance of the wedge. These were 2 significant bullish technical confirmation. At the same time, the escalation of Israeli-Palestinian conflict left a very bullish fundamental confirmation. It is an endless debate which method is better. Each has its own pros and cons. I strongly believe that one can make money mastering any of those. Just choose the method that you prefer, study it, practice and one day you will make it. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
4