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First become a good trader then focus on the chartsFor day traders, traders who focus on technical analysis it is very important to first master the mental aspect of trading before they move to actual charting. This blog post and video will help you understand the path you need to take if you are a new or struggling trader. The biggest challenge we see in new traders is that the new traders want to learn as quickly as possible to earn, they rush into trading live and that "rush" doesn't actually allow them to actually learn how to trade, successful trading comes in two parts, the first is mental skills and the second is a complete trading system, without having both of these traders fail. I'll quote Richard Dennis, a legendary trader, to explain the importance of mindset, I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline. Discipline and consistency are mental skills, nothing to do with the system everything to do with the mindset. Meaning that you could have at your disposal the best trading system in the world, but if you don't follow it (with consistency and discipline) you are doomed to failure. - Since you simply won't follow the system. Most of the great traders that I know or follow, who trade based on charts like us, were great traders first, now once they became great traders (mentally) then, after they because great traders they learned how to read charts and built or learnt trading systems. Trading is the hardest easy job in the world, easy because you choose everything, from exposure, to when and where you work and all the way to how much you make or lose. You are in control and always will be, but you're only in control when you manage your mindset throughout the day with discipline and consistency. The main reason we are sharing this is because we have gotten a lot of new members in our community and followers on tradingview, and we just want to help everyone new to us to master their emotions first and then focus on the profits! Now, while I mention profits above I want to explain the correlation profits have to deeds, I firmly believe in cause and effect, and I believe it works in this way: poor or average causes = poor or average results (losses, failure, stress) Good causes = good results Great or extraordinary causes = great or extraordinary results Like I mention above, you get to choose everything you do in trading, this is the main difference between actual trading and gambling. Who are you going to be today? A gambler or a trader? - The choice is always yours! WHAT WE RECOMMEND TO NEW OR STRUGGLING TRADERS: Our first recommendation is that you fully focus on yourself, find and accept your weaknesses or limitations. Weaknesses are overtrading, no patience or discipline. Find them and create plans to remove them, if you're not challenging yourself you cannot be a good or great trader. Limitations are not having much time, not having capital, not having knowledge, all of which you can work on if you're serious about trading success. Next is the system, you must find or create a complete trading system... that is the easy part, all you need is a system that governs every aspect of your trading and we have one, not to make this promotional, but you can get our day trade for a living course here and replicate our system. Now charts are important, very important so you must learn how to read charts, that will only come from practice, lots of practice! Think about it like this, if all the great businessmen/women, sports people and everyone in between practice (read, train etc) don't you think as a trader you need to do the same? In a nutshell, first develop your mental trading skills, then you can use charts to supplement your trading skills. Just know this, without trading skills your charting knowledge will not be valuable. - You need them both!
BITSTAMP:BTCUSDEducation
by PrimedGroup
8 tips to keep you sharp over the weekend!Tomorrow is Christmas eve, the general markets will be closed, of course crypto will still be rocking and rolling, but the CFD markets will be shut. In day trading it is very easy to get rusty, a few days will do the trick, so with a 3 day weekend approaching we wanted to use this time to help you stay on track so you remain "hot" for the last trading week of 2021! For those of you who will be celebrating Christmas, you will be busy Friday and Saturday, but we're sure you can find a cheeky hour on Sunday to work on yourself, since the weekend is the perfect time to grind, and do things such as reviewing your trades, seeing which assets moved the most and why (so you can take advantage of these situations in the future). Today's blog topic will be guidance on what you could work on this weekend to keep yourself hot and not get rusty! "DO OR DO NOT, THERE IS NO TRY." - YODA 1. THINK HOW CAN YOU IMPROVE YOUR PATIENCE – Having patience as a day trader will help in many ways, one of them being better entries, since entries are directly connected to our PnL it is then a vital skill to acquire, think what you could do to become a more patient trader and create a plan for the new week and apply it on your first opportunity! 2. REVIEW THE MAIN MOVERS THIS WEEK/MONTH – Every successful person, whatever industry it may-be practices a lot, the best way we trades get to practice is to review the charts and see what you could have done to profit in the new week by learning what you missed the week before 3. REVIEW YOUR RULES (PROCESS / ENTRY / EXIT / WATCHLIST) – Always helpful to read over and reevaluate your trading rules, it is a very underrate process, and because the majority of traders do not review their rules and processes they generally do not know what they are nor do they apply them! 4. VISUALIZE SUCCESS AND CHALLENGES – Visualize yourself making good/great trades. see yourself going through different scenarios and achieving the profits you seek. From seeing the perfect setup to executing the trade to exiting the trade, every aspect of trading, see it and feel it. Then also review the challenges you face as a trader, I'm sure you can think of dozens of them! 5. THINK HOW CAN YOU MAKE ONE A+ TRADE AT A TIME - Work on your entry process and criteria, know what the BEST TRADES look like, write it up! So when they show up you can execute with a larger size and maybe bank a much bigger profit than normally. 6. TALK TO EXPERIENCED TRADERS – It is very helpful to get ideas and see what these traders are doing, there is always something for you to learn, even when you become a millionaire trader, you'll still have so much to learn! 7. HOW CAN YOU IMPROVE THE RETETION OF PROFITS – If you are up on the day, set a tighter stop loss to keep your profits, that could always be a solid idea right? There are many ways to retain profits, such as lowering your size after a strong winning streak in a day... but its also your job to think about how you could do this better! 8. WORK ON YOUR PREPARATION – Preparation is Key for success! If you fail to prepare, you prepare to fail! We prepare for a solid hour before we start to trade, there is value in this... so this weekend create your "preparation process" and put it to work! Ok we are done! Thanks for reading, but before we let you go we have a small request! If you come up with any good ideas that work for you, or have them already, please share them with us we'd love to learn from you too! Merry Christmas and all the best!
Editors' picks
Education
by PrimedGroup
79
Sand and its recent pumpHey, we are going to talk about a pattern today, called falling wedge, as it happened few days ago in SAND I'm just gonna talk about it as a good example. Basically a wedge is a shape looking like triangle, it causes to make lower highs and higher lows which are closer to each other as we go along. we have 4 types of wedges listed below : 1. Falling wedge ( in uptrend or downtrend ) 2. Rising wedge ( in uptrend or downtrend ) well I'm not gonna tell you how to trade it as its explained in books or some youtube channels; what you'd normally find out there is that when you see Falling wedge in uptrend we are probably going to see another leg up ( what happened in SAND ) and rising wedge in an uptrend would probably cause trend reversal, but lets just say this is not true and market doesn't care about what we all think :D what I'd suggest is to treat all these shapes as kind of channels, You can buy low sell high and when the break happens get in and ride with it ( DO NOT FOMO ). But lets talk what is actually happening behind these formations, lets talk price action a bit; a wedge usually happens after a trend, we usually find it after a leg up or leg down, and basically that means market is probably going to play around the highs or lows it made for a while before making a second large move ( Correctional or not ), so it will start forming these shapes. normally when we see the price making lower highs in an uptrend ( or higher highs in a down trend ) we'd suspect a trend reversal, but in this case , the highs are really close and we are also making higher lows, this tells us, market is not going anywhere yet, because there is a fight going on between bulls and bears. eventually one of these sides will give up, and the support or resistance will break, That's the moment for us to get in and ride along the market. This is basically all you need to know about wedges. pretty simple but useful. check the price action on Sand as an example and let me know if there are any questions.
Education
by Algo_Analyst
5
8 Trading Habits of Successful TradersConsistently profitable traders have a lot of things in common. Watching how they act and following their ideas & thoughts we can spot a lot of commonalities among them. In this post, I have collected 8 trading habits that a trader should have to become successful. 1️⃣ - Realistic Expectation & Vision Many traders, most often beginners, commonly fall for the trap of wishful thinking. When analysing the charts, they usually only view the market from one bias and only perceive price heading in one direction. And this is typically the one that their own analysis is pointing towards. However, going into each trade with a realistic expectation that the market doesn't care what you think may happen, and being prepared for a trade to go wrong will help keep you level headed. 2️⃣ - Anticipation of Different Outcomes Anything can happen in financial markets and for this reason, professional traders always justify their decisions in probabilities. They understand that 100% chances do not exist so looking at all possible probabilities before entering any trades, the trader is always ready for completely different outcomes and accepts each and every move given by the market. 3️⃣ - Emotional Stability The market is a wild beast who always wants to bite us and most of the time it manages to do that e.g. drawdowns & losing streaks... Those who trade for at least 1 year know how unpredictable and unstable the market can be. A perfectly looking trading setup can easily turn into a big losing trade. Of course, that is painful and of course with more & more losses, the anxiety will begin to chase us, the stress will overwhelm us and you may begin to start second guessing yourself. Only by remaining stable and calm, you will manage to overcome the negative periods. Learn to control your emotions, learn to take losses! 4️⃣ - Continuous Learning The markets are infinitely deep in their nature. Trading & constant monitoring of the market always unveil new, uncharted elements and things. Throughout all my years of day trading, I can't help wondering how many new things I learn each and every day. With continuous learning you evolve, you become better and it improves your trading performance & results. 5️⃣ - Flexibility & Adaptivity The markets are always changing. If you were trading before COVID crisis, I guess you feel how the reality among us shifted. With fundamental changes in our daily lives, the markets changed as well. It is hard to say what exactly has altered though, however, we all can feel it. In order to survive in a constantly changing environment we must always be adapting and never stagnant. 6️⃣ - Trade Journaling Pro traders always assess their past performance & results. They track each and every trading position that they opened. Both losing trades and winning trades require analysis and observations. Only by studying the past results the trader can improve his trading performance and evolve. Only by identifying mistakes & peculiar commonalities, the trader learns to lose less than he makes. 7️⃣ - Risk Management 90% of traders lose 90% of their funds within 90 days and under 90 trades . This is a well known statistic in the trading industry and aside from psychological factors, it mainly boils down to incorrect risk management. If you're looking to survive in this game and have a long, prosperous career in trading. You must have your risk management locked down. One beneficial risk management habit to develop is to not enter any trades unless they have a risk:reward ratio of at least 1:3+ . 8️⃣ - Trading Plan Sticking to your trading plan is one way of promoting long-term success throughout your trading journey. Undoubtedly, you will go through many psychological ups & downs, mental battles and periods of low confidence. Abiding by your own trading plan will help assist in ensuring that you don't step out of line from your own trading rules and allow you to stop yourself from developing bad habits overtime. 9️⃣ - Constant Practice Professional traders never stop, they always watch the charts, they always monitor the prices, and follow the market. Trading requires constant TRADING. Just spending one single week on a vacation without charts, you can not imagine how hard it is to return back. The trading skills must be constantly maintained.
Education
by NimmoCapital
Lesson 2 II What is The Levreage ?Leverage is a tool provided to you by the forex company or your trading company, and this tool inflates your capital so that you can deal in the forex market In other words, if the leverage is 1:10, then every $1 in your account equals $10 in buying value in the forex market. And if the leverage is 1:500, that means that every $1 in your account equals $500 purchasing power in the forex market. Therefore, you can start in the forex market with a small capital, starting from $50, with a leverage of 1:500, which gives you purchasing power as if your capital is equal to $25,000.
Education
by Fx_Vanguard
MTG Trading Strategy Backtesting Results for ADAUSDHere are my backtesting results for the MTG Strategy. 3 years of price data was tested. With a starting balance of $1000, my final account balance was $529,684.55 after only making 26 trades. My win rate was 61.54%. The maximum drawdown my account ever experienced was 9.75%. Talk about outperforming the market! Account Starting Value 1000 Ending Account Value 529,684.55 Risk Per Trade in Percent 5 Number of Trades 26 Max Draw Down 9.75% Wins 16 Losses 9 Consecutive Losses 6 Consecutive Wins 5 Breakeven 0 Winrate 61.54% Average Win 17.68% Average Loss -3.57% Largest Win 52.50% Largest Loss 5.00%
BITTREX:ADAUSDLong
by MountainaireTrading
2
Education: Three Day Trailing Stop Rule (3DTSR)ICEUS:KC1! I learned a handy tool used to manage risk under certain circumstances - the Three Day Trailing Stop Rule (3DTSR) In this example, I actually fade the 3DTSR, but being able to execute different styles of trading strategies reflects an understanding of them, while acknowledging that no system or strategy used in markets will be perfect. Three Day Trailing Stop Rule: There is one initial criteria for the 3DTSR to become active - Either Upon Pattern Breakout - to limit initial risk/add to position at lower relative risk OR Upon Reaching 70% of Target from Breakout as a Trailing Stop In an Uptrend, to exit a position using the 3DTSR Day 1 is the High Day, defined by a new price high - at this point, we are not aware of the setup Day 2 is the Setup Day, defined by a closing price (end of day) that is below the low of Day 1 - at this point, the trigger is active Day 3 is the Trigger Day, as the stop is placed below the low of Day 2 The 3DTSR can also be used as an entry strategy, as shown in the chart here. Day 1 = High Day Day 2 = Setup Day, where price closed below the low of Day 1 Instead of placing a stop below the low of day 2, here I fade the 3DTSR by ADDING to a long coffee position, and jamming the stop to below the low of Day 2 Day 3 = The low of Day 2, or the trigger, is never penetrated, and price opens a cent higher If using the Trigger as a stop, or below the low of Day 2, and using the Triangle shown to imply a measured target, this is a whopping 20 to 1 trade setup. Do you have any profitable trading systems or strategies?
ICEUS:KC1!Education
by jBTCkingaling
3
Insanity... the thing most traders do (intro)This is a short intro to a major problem traders face... in a longer video, coming out tomorrow most likely, I will explain more on how to stop being an "insane" trader and take control of your trading results by working on the most important person in (your) "room", which is YOU! Just how important are YOU to yourself? take any picture where you are with the people you love the most and look at it, the person you will first search in the picture is you... so I rest my case. Anyway, this video might wake you up a little, if it doesn't the full version will!
OANDA:US30USDEducation
by PrimedGroup
​​YOUR PROFIT FORMULA | Three Essential Ingredients 🤔💭💫 Hey traders, We must admit that it is phenomenally difficult to become a consistently profitable trader. This journey requires years of practicing and training, constant losses, and nervous breakdowns. If you are a struggling trader, if you are still looking for your way to succeed in this game, here is the formula that will help you to chase consistent profits. 💰Consistent profits = 📝Trading Strategy + 🤬Emotions + 📈Market Sentiment Let's discuss each element separately. 📝Trading Strategy: To be in profit in a long run requires an understanding of what do you actually trade. You must have strict and objective entry conditions. You must rely on the objective & verifiable rules for the execution of market analysis. You must have a plan to follow. A plan that is backtested and proved its efficiency. 🤬Emotions: Even the best trading plan, the most accurate trading strategy can be easily beaten by emotions. Emotional decisions such as revenge trading and early position close can easily blow the account of any size in a blink of an eye. The most disappointing thing to note right here is the fact that you can be taught how to execute technical analysis but you can not be taught to control your emotions. Your main enemy here is yourself and being in a constant battle with your greed and fear it is very easy to go broke. Only by being humble, disciplined and patient, you can successfully apply a trading strategy. 📈Market Sentiment: Mastering your emotions and having studied a trading strategy, it looks like it is finally the time to make money. However, occasionally the market tends to be irrational. Being chaotic and unpredictable, sometimes the market neglects every technical and fundamental rule. Crisis, euphoria: the reasons can be different. The fact is that such things happen. And it is your duty to learn to deal with unfavorable market conditions. 💰To become a consistently profitable trader, you must become the master of these three elements. Only then the doors to freedom and independence will be opened to you. ❤️Please, support this idea with a like and comment!❤️
Editors' picks
COINBASE:BTCUSDEducation
by VasilyTrader
51
XAU/USD - CHART ANALYSIS - NFP ! The gold market still has a path to $2,000 in the second half of the year as the precious metal is undervalued in a world awash with liquidity, according to the latest research from Bloomberg Intelligence (BI). In a report published Wednesday, Mike McGlone, senior commodity strategist at BI, said that within the metals complex, gold appears to have the most potential when compared to other assets like copper and aluminum. "Copper and aluminum are reaching upper range price caps, but we see gold as a discounted bull market with improving fundamental underpinnings," he said in the report. "The copper-to-gold ratio has reached the highest level in about seven years and a rare disparity vs. declining U.S. Treasury bond yields, which we expect will be resolved by a resumption of the precious metal outperforming the industrial. Looking at aluminum, McGlone said that tightening supply and demand fundamentals are helping to push prices to $3,000 per tonne; however, similar to copper's run to $10,000, he added that aluminum’s rally appears to be unstable. He said that the industrial metal complex faces some challenging near-term hurdles. "Supply elasticity is proving strong for copper, indicating headwinds for the industrial-metal sector, but ESG, electrification and decarbonization trends should maintain the group's upper hand vs. most other commodities, with the exception of precious metals," he said. "Among the most supply-constrained commodities, gold and silver have the relative advantage heading toward the end of 2021 of having experienced sharp corrections within more enduring bull markets, as we see it." While there is plenty of bullish sentiment surging through precious metals markets, gold prices continue to struggle to find consistent momentum. The precious metal is holding support above $1,800 an ounce, but it has been unable to push above $1,820 an ounce. December gold futures last traded at $1,810.80 an ounce, down 0.29% on the day.
OANDA:XAUUSDEducation
by globalsymmetrygroup
📚13 Topics You MUST Study in Trading👨‍🎓👩‍🎓 Hey traders, I receive dozens of questions each and every day concerning the topics to study to become an expert in technical analysis. Here I have collected the main subjects that, in my view, are essential for successful trading. *the order of the topics is spontaneous and there is no logical sequence 1️⃣ - Candlestick patterns To me, candlesticks are very important for understanding market behavior. A single wick quite often can tell you a story. Mastering different candle stick patterns, you will be impressed by how much data and information you may derive from analyzing them. 2️⃣ - Price action patterns At first glance price chart is complete chaos. The market looks irrational and it feels like there is no way to read it. Price action patterns are the language of the market. With them, the price fluctuations start to make sense. 3️⃣ - Support & resistance All my predictions, all my trades & signals are always based on support & resistance levels. These are the levels that make the market change its direction, they influence the market so much, therefore you should learn to identify them and constantly hold them on focus. 4️⃣ - Supply & demand zones The only difference between support & resistance and supply & demand zones is the fact that the first ones are represented as levels while the second ones are represented as the zones. The identification of these zones is very important for proper market analysis. 5️⃣ - Key levels Key levels are the strongest supports and resistances. Of course, spotting various supports and resistances on the chart, we can not say that they all are equal in their significance. There is a strong (however subjective) hierarchy of them. The most significant are called key levels and from them, the most significant moves are always expected. 6️⃣ - Trend analysis When I teach my students how to analyze the price chart, I always start with a trend analysis topic. Knowing where exactly the market is going, having specific and objective rules for the trend identification are necessary for successful trading. 7️⃣ - Top-Down analysis Multi-time frame analysis is my passion. I am constantly combining the signals & observations from different time frames to make my trading decision and predict future market moves. It proved to be a very efficient method of trading various markets. 8️⃣ - Financial instruments Though to many it may sound obvious, in practice I know that a lot of people are struggling with a simple question "What to trade?". You must learn to properly build your watchlist and you should have strong reasoning behind the selection of each unite that is inside. 9️⃣ - Trend following trading As we know, the trend is our friend. And even though the phrase itself is very simple and straightforward, it takes so much effort and time to learn to follow the trend properly. 1️⃣0️⃣ - Counter trend trading Occasionally the market reverses. Properly identifying early reversal signs and then catching a sharp counter-trend move, huge profits can be made. Even though such a style of trading is considered to be extremely risky, being applied properly will generate a lot of cash. 1️⃣1️⃣ - Risk management Losses are inevitable. They are part of the game and we can do nothing about that. The only thing that we can do, however, is to control the losses. Calculating the risk for every single transaction is essential to avoid a margin call. 1️⃣2️⃣ - Leverage trading Leverage selection, margin are the things that are tightly connected with risk management topic. These are the terms that you must know how to operate with. 1️⃣3️⃣ - Trading psychology Playing with real money, occasionally losing significant portions of your trading account can be a tough game. It takes time to build a strong psyche to deal with the irrationality of the market. Which topic to start with? Pick any, learn it, study it. They all are equally important so at the end of the day you need to cover them all in order to become successful. ❤️Please, support this idea with a like and comment!❤️
Editors' picks
Education
by VasilyTrader
105
What Does the Ichimoku Cloud Tell You?The technical indicator shows relevant information at a glance by using averages. The overall trend is up when the price is above the cloud, down when the price is below the cloud, and trendless or transitioning when the price is in the cloud. When Leading Span A is rising and above Leading Span B, this helps to confirm the uptrend and the space between the lines is typically colored green. When Leading Span A is falling and below Leading Span B, this helps confirm the downtrend. The space between the lines is typically colored red in this case. Traders will often use the Ichimoku Cloud as an area of support and resistance depending on the relative location of the price. The cloud provides support/resistance levels that can be projected into the future. This sets the Ichimoku Cloud apart from many other technical indicators that only provide support and resistance levels for the current date and time. Traders should use the Ichimoku Cloud in conjunction with other technical indicators to maximize their risk-adjusted returns. For example, the indicator is often paired with the relative strength index (RSI), which can be used to confirm momentum in a certain direction. It’s also important to look at the bigger trends to see how the smaller trends fit within them. For example, during a very strong downtrend, the price may push into the cloud or slightly above it, temporarily, before falling again. Only focusing on the indicator would mean missing the bigger picture that the price was under strong longer-term selling pressure. Crossovers are another way that the indicator can be used. Watch for the conversion line to move above the base line, especially when the price is above the cloud. This can be a powerful buy signal. One option is to hold the trade until the conversion line drops back below the base line. Any of the other lines could be used as exit points as well.
Education
by MonoCoinSignal
3
The best types of trades you can take!Hey all! In this video we go over the best types of trades you can take and explain why when technical analysis is connected to momentum and/or fundamental analysis you can make big returns relatively easy... Easy meaning you follow your process/system not dive deep into FOMO land! If you like the video give us a like and/or comment! Related to this video is a chart of XAGUSD which we are long on since the early London trading session
OANDA:WTICOUSDEducation
by PrimedGroup
2