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5 Elements of a Smart Trade Plan Find out why you should have a trade plan—and the five elements that may help you put it to work successfully. Element 1: Your time horizon How long do you plan to hold a position? This will depend on your trading strategy. Generally, traders fit into one of three categories: Single-session traders are very active and look to gain from small price variations over very short time periods (minutes or hours) throughout the trading day. Swing traders target trades that can be completed in a few days to a few weeks. Position traders seek larger gains and recognize that it often takes longer than a few weeks to achieve them. Element 2: Your entry strategy Look for entry signals—for instance, divergences from trend lines and support levels—to help you place your trades. The signals you employ and the orders you use to make good on them hinge on your trading style and preferences. Element 3: Your exit plan When it comes to an exit strategy, plan for two types of trades: those that go in your favor and those that don’t. You might be tempted to let favorable trades run, but don’t ignore opportunities to take some profits. Element 4: Your position size Trading is risky. A good trade plan establishes ground rules for how much you’re willing to risk on any single trade. Say, for example, you don’t want to risk losing more than 2%–3% of your account on a single trade. You could consider exercising portion control, or sizing positions, to fit your budget. Element 5: Your trade performance Look over your trading history to calculate your theoretical trade expectancy, meaning your average gain (or loss) per trade. You start by determining the percentage of your trades that have been profitable versus those that haven’t. This is known as your win/loss ratio. Understanding what goes into a smart trade plan is the first step to prepare you for your next trade.
FXOPEN:XAUUSDEducation
by UnitedSignals
4
The Evolution of a Trader | 3 Milestones 📈 Hey traders, In this educational article, we will discuss 3 stages of the evolution of a trader. Stage 1 - Unprofitable trader 😞 The unprofitable trader has very typical characteristics: -total absence of trading skills Most of the time, people open a live account simply after completing some beginners course like on babypips website. Being sure that the obtained knowledge are completely enough to start trading, they quickly face the tough reality. -no trading plan Having just basic knowledge, of course, they do not have a trading plan. Why the hell to have it if everything is so simple?! All their actions on the market is just gambling. They open the positions randomly most of the time, simply relying on intuition. -poor risk management In 99% percent of the time, the unprofitable trader does not even think about risk management. The position sizing, stop placement and target selection are completely neglected. Trading performance of the unprofitable traders is characterized by small wins and substantial losses and negatively trending equity. Stage 2 - Boom and bust trader 😶 Usually, traders reach boom and bust stage after 1-2 years of unprofitable trading. At some moment, winning trades start to compensate losing trades, brining non-trending equity. Such traders have very common traits: -not polished trading plan Being unprofitable for so long, traders start to realize the significance of a trading plan. Sticking to the set of rules, they notice positive changes in their trading performance. However, trading plan requires to be polished and modified. It takes many years for a trader to identify all its drawbacks before it starts bringing net profits. -lack of confidence When one starts following a trading system, confidence plays a substantial role. The fact is that even the best trading strategy in the world occasionally produces negative results. In order to not give up and keep following such a system, one needs to build trust in that. The confidence that after a series of losing trades, the strategy will manage to recover. Such a trust can be built after many years of trading that strategy. Stage 3 - Profitable trader ☺️ That is the final destination. After many years of a struggling trading, one finally sees positively-trending equity. Winning trades start to outperform losing ones, leading to consistent account growth. Profitable trader is characterized by iron discipline, confidence and consistency. He knows what he is trading, when and why. His trading plan is polished, he fully controls his emotions. He never stops learning and constantly develops his strategy. Knowing the 3 stages of the evolution of a trader, one can easily identify at what stage he currently is. That will help to identify the things to be focused on to move to the next stage. At what stages are you at the moment? ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
Education
by VasilyTrader
21
HOW TO GET RICH? 1. Money mindset is everything You need to have a positive money mindset when it comes to creating wealth. Everyone carries a money story and it’s your job to understand what yours is and if it’s holding you back. Reframing your story to a millionaire’s mindset is essential for success because rich people think differently. How to get rich can’t be a passing phase in your life; it takes work and commitment. 2. Millionaires still budget Hard to believe, but it’s true. Even millionaires follow a budget. The biggest secret on how to get rich and stay rich is spending less than you bring in. There will always be wants that exceed budget limits, even for millionaires, because there is not an unlimited supply of money. 3. Money management is key Good money management is so important to get rich and stay rich. Money management is a behavior and habit. You need to be mindful of where you are investing and spending your money. There is a specific strategy to growing your wealth and maintaining it and you must follow it like you do a workout regime. 4. Invest your money for growth Investing in assets that will appreciate over time and provide you with a return on your investment such as dividend or interest payments is smart. The goal is to build your asset portfolio and make it so strong that you can live off the passive income in your retirement. 5. Build your business around your personal financial goals As a business owner you have more control over the money you make versus being an employee with a set salary. If you want more money in your pockets, you can increase your revenue and your profit margins to ensure you are taking home more money. The more profits you have in your business the more you can pay yourself a dividend or bonus, depending on the legal structure of your business. 6. Create multiple income streams Smart business owners create more than one income streamas it protects them from fluctuations in the market. That means if one source of revenue dries up due to market conditions, other sources of income can protect you from a loss. 7. CONCLUSION: The bottom line is that knowing how to get rich is something that is learned. There are no guarantees that if you start a business that you will get rich because even the best business ideas fail due to poor execution. But if you educate yourself and get help in making your business a success, you will increase your chances of success.
Education
by ProSignalsFx
3
Trading Basics | How to Identify The Market Trend 📈📉 Hey traders, In this article, we will discuss a proven price action based way to identify the market trend. ❗️And let me note, before we start, that no matter what strategy do you use in your trading, you should always know where the market is going and what is the current trend. Your judgement should be based on strict and objective rules that proved its accuracy. There are a lot of ways to identify the market trend. One of the simplest and efficient ones is price action based method. This method relies on impulse legs. The market never goes just straight up or down, the price action always has a zigzag shape with a set of impulses and retracements. The impulse leg is a strong directional movement, while the retracement is the correctional movement within the boundaries of the impulse. 📈The market is trading in a bullish trend if 3 conditions are met: 1️⃣the price forms an initial bullish impulse, 2️⃣retraces, setting a higher low, 3️⃣then starts growing again and sets a new high with the second bullish impulse. Once these 3 conditions are met, we consider the market to be bullish, and we expect a bullish continuation in such a manner. 📉The market is trading in a bearish trend if 3 following conditions are met: 1️⃣the price forms an initial bearish impulse, 2️⃣retraces, setting a lower high, 3️⃣then drops lower and sets a new low with the second bearish impulse. Once these 3 conditions are met, we consider the market to be bearish, and we expect a bearish trend continuation. ➖The third state of the market is called consolidation. The market is trading in a consolidation if the conditions for bullish or bearish trend are not met. The price chaotically forms bullish and bearish impulses, usually trading within the range. Knowing the current trend, one always knows whether a current trading position is trend-following or counter trend, or it is a sideways consolidation trade. Learn these simple rules and try to identify the market trend with them. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
9
Astrology learning 1Venus flower and pink heart rose There are interesting mathematical relationships between Venus, Earth and the Sun. For example, for every 5 synods of Venus, 8 Earth years and 13 Venus years pass (5 x 584 = 2,920; 8 x 365 = 2,920; 13 x 224 = 2,912 days): the first 7 numbers of the Fibonacci sequence are 1, 1 , 2, 3, 5, 8, and 13. (The total is 33, the number of the perfected initiates or Solar Christs.) This relationship means that every 8 years Venus draws a fivefold flower pattern, or pentagram, in relation to Earth and the Sun (with each considered as the stationary center). Many argue that this agreement with the pentagram of Venus, such as the star and the rose, is purely coincidental, despite the fact that ancient astronomers literally based their study on the synods. The five-pointed rose is a symbol of the Rosicrucians and Martin Luther, and the inverted star represents the evil pentagram. The Virgin Mary borrowed a title from Aphrodite, Stella Maris - star of the sea, referring to the planet Venus. Mary, of course, is the five-petalled rose at the heart of the cross. (See: Mary; Aphrodite Venus The difference between the inverted pentagram and the flower of the Queen Mother is the position of Venus in the sky: the eastern star is "destined" while the western star is "fallen". (See: Virgin Mary and Venus)
TVC:DXYEducation
by dr_heidary
daily chart analysis for SUMICHEMStock analysis for SUMITOMO CHEMICAL IND LTD keep watching add to watch list price falling each time when touches to upper trend line with conforming signal by RSI falling when it touch to 70 again price is testing upper trend line and RSI at 70 from here we can expect down side move in stock to lower trend line if price successfully closes above upper trend line then it may go more up side if price breakdown the lower trend line then rsi trend line will also break then will consider it more fresh selling and fall in price
NSE:SUMICHEM
by ProfitPicks
✍️WEEKLY QUOTE: Remember the errors✍️..I advocate that you focus on eliminating your biggest errors, rather than trying to acquire new knowledge.. ..It may feel like you are taking a step back, but this is a very useful heuristic for learning, because you are always acutely aware of what your biggest leaks are, and it is a much more efficient way to progress. When you constantly chop off your C-trade errors, eventually your A-trade becomes your B-trade, and you develop an entirely new, better A-trade.. When you are simply working on preventing your biggest leaks, all you have to do is make an effort to remember not to do them. If you are falling out of the Zone, it is much easier to steady the ship when you have simple reminders of what not to do, then trying to apply 10 pages of notes on complex trading concepts. This was from How to Get in the Zone More Often – Minimize Active Learning by Jared Tendler
BITSTAMP:BTCUSDEducation
by Yelli_trades
18
Trading needs to be treated like a business 🧑‍💼This is spoken about a lot but what does it mean?⁠ In starting a business you would need funding and a business plan, right?⁠ ⁠ You would have realistic goals mapped out and be focused on your cashflow.⁠ ⁠ You wouldn't blow your 'cash' in recruiting too fast, or buying too much stock or spending too much on marketing.⁠ ⁠ Yet, in trading most don't have a plan. Or focus on protecting their cash.⁠ ⁠ They also don't think long term in line with their plan.⁠ ⁠ They over estimate their expectations short term and in doing so mess up what they could achieve long term. ⁠ You just wouldn't do this in business right? No one would open or run a business you knew nothing about. Most come in to trading thinking this will be easy! It's not and we all come in knowing nothing. So again would you start any other business with no training or idea? Most can keep the trading cash flow topped up as we all start out on this journey having another job to fund trading. There is no such thing as a sure-fire way to make money online. However, if you seriously want to make money out of forex trading it needs treating like a business. In a lot of ways, being a trader is like being an entrepreneur. It takes more than just knowledge and a killer idea. It also takes hard work, discipline and mental preparation. The reason it’s a good idea to treat forex trading like a business is because as a trader, your account is your own business. Trading isn't about the quick money it's about being consistent. That consistency comes from having a plan and sticking to it much like you would a business plan. Treat losses as a cost of business and factor them into the plan. The business plan for you the trader will be the strategy and risk management you opt to run. Set realistic targets and goals this will ensure suitability, Much how good businesses set up there own goals and aims for coming year with out being to risky. If you lack on the knowledge front in certain areas invest in education and training, No successful business neglects training and learning. Invest in resources that will help your business grow. Yes TradingView is free but having a higher package and more data help me just as an example. There is no other business in the world like trading where the over heads and start up cost are low, So if paid resources can kick you on to next level factor them in as a cost of business. Keep treating trading as a hobby and it becomes an expensive one. Start treating trading as a business with the ethos and cultures applied the same as those of successful businesses and that profit starts to come naturally. Thanks for taking the time to read my idea. Hope you all have a good weekend Darren 👍 ⁠
Editors' picks
Education
by pow_removetheguesswork
60
Trading Psychology | How to Perceive Your Trades 👁 Hey traders, In this post, we will discuss a common fallacy among struggling traders: overestimation of a one single trade. 💡The fact is that quite often, watching the performance of an active trading position, traders quite painfully react to the price being closer and closer to a stop loss or, alternatively, coiling close to a take profit but not being managed to reach that. Fear of loss make traders make emotional decisions: extending stop loss or preliminary position closing. The situation becomes even worse, when after the set of the above-mentioned manipulation, the price nevertheless reaches the stop loss. Just one single losing trade is usually perceived too personally and make the traders even doubt the efficiency of their trading system. They start changing rules in their strategy, then stop following the trading plan, leading to even more losses. ❗️However, what matters in trading is your long-term composite performance. A single position is just one brick in a wall. As Peter Lynch nicely mentioned: “In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” There are so many factors that are driving the markets that it is impossible to take into consideration them all. And because of that fact, we lose. The attached chart perfectly illustrates the insignificance of a one trading in a long-term composite performance. Please, realize that losing trades are inevitable, and overestimation of their impact on your trading performance is detrimental. Instead, calibrate your strategy so that it would produce long-term, consistent positive results. That is your goal as a trader. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
Education
by VasilyTrader
15
Sinusoidal movement in channel, GalaIn this post, I am not referring to physics and math equations and probabilities, I'm just saying that the Display method of the probability of a numerical event is between 0 and 1, and just for easy recall in tutorials, I consider a number between 0 and 100. 0 indicates impossibility and we know that 100 indicates certainty. Therefore, will explain this price movement detection method in a simple and concise way. Consider a few general rules: 1- The price chart in a channel always tends to approach and return to the middle line of the channel. This is true for all types of the uptrend, downtrend, and neutral channels. 2- Sinusoidal movement is dynamic (of course, I mean in the financial market) and the range of movement, speed, and volume can vary. 3- the price chart after hitting the middle line, faces 3 possibilities. Usually, we consider these possibilities as 33 - 33 - 33 % 3-1- Reversal (pull-back ) to the previous direction. 3-2- Crossing the middle line and moving to hit the other line of the channel. 3-3- The price chart attached to the middle line of the channel continues to move. (I will publish the third point and its reasons in another post because this one is a complete and long tutorial for himself) 4- usually In uptrend and downtrend channels, the movement angle of 45 degrees is the most appropriate movement angle to create sinusoidal movements (consider between 30 and 50 degrees). And the 5: "Keep this last point in mind in all the training you read and learn from different people. From great masters in financial market analysis to an ordinary person like me " ** No theory, method of analysis, or analysis is ever 100% correct. In probabilities, we always have the nearest states, which means that when we say 100 for the certainty of occurrence, A probability may be up to 99.999999, but it is NOT 100%. So remember that there is always a possibility of a movement or change contrary to our analysis, rules, or imagination, and "This is one of the main reasons for placing a Stop-loss limit in trading" ----------------------------------- Please write any advice or suggestions. Dear friends, request any cryptocurrency pair, currencies pair for forex, and any index that you want to be analyzed and ask any questions. Thanks for your attention
Education
by Arash-RK
3
Decentraland (MANA) sending mixed signals for AltsMANA 1D has been forming an ascending triangle in downtrend as opposed to the more common formation during an uptrend. To form this pattern you need an initial rally where price action begins to consolidate between a flat resistance point and rising support trend line before continue on. Unlike in an uptrend, when the ascending triangle pattern develops during a downtrend it’s more likely to signal a reversal than a continuation. Very rarely will the pattern form perfectly and in the current market conditions we have seen many fake outs and overthrows across most coins so always look for confirmation. How to trade this pattern: Go long on resistance break out but only after confirmation. Go short on support breakdown but only after confirmation. With that being said it's seems more favorable for the bears that we would see a breakdown of support as the prevailing trend is downward and can often lead to resistance holding. With pattern trading or candlestick patterns its always wise to use another tool for confirmation of your analysis. Something such as the RSI can improve your odds of succes.
M
by jlouvierobv
Finding your optimal performance 🏃‍♂️Most traders spend a good bit of time looking at charts. Well here is a chart we traders should all take a look at. The chart shown is the Yerkes-Dodson Law. The Yerkes-Dodson law is a proposition that people perform best at intermediate levels of arousal, and that performance is lower at high or low levels of arousal. The theory behind this is visually represented by the graphic in this idea. No arousal levels or a bored/laidback approach to life will mean no stress but no real performance in what you are trying to achieve or do. However when arousal and stress gets too high by pushing to hard, performance starts to decrease. It's about finding the right balance to achieve an optimal performance. A certain level of stress about what you are trying to achieve motivates you to study, learn or train in order to do your best. A sportsperson has to get bumped up before an event as well as train hard, But getting to worked up and training to hard could cause a decrease in performance when it comes to the event. Pushing not hard enough to pass an exam will lead to a fail as you haven't studied or don't care, But also pushing to hard could lead to a fail as you've let stress and anxiety take over forgetting everything you studied. Moderate levels of arousal is best for overall performance. This theory can be applied to your trading. Take a non interested approach or bored approach and you performance in this area will be affected. Less potential profits etc. Get to focused on your trading or trade to hard could lead to poor performance along with a load of stress in your life. You as an individual will have to self reflect and determine where you fit on the curve in the idea graphic. If you fell more success, achievement and happiness can be had, by all means crack on and go for it! However, if you are getting to a point where you feel you might have reached your limit, it could well be time to dial it back a bit. Don’t push to hard for it that you go down the opposite side of the curve. This theory can be applied to every aspect in your life by using it to balance all aspects of your life will also help your trading as well as work, relationships and everything else we all go through day to day. Thanks for taking time to read this. Darren 🙌
Education
by pow_removetheguesswork
Ethereum forecast and signalLearn and Earn! after reaching the resistance line ( first target ), we have two scenarios, first: directly growing and hitting the last target. two: pullback and reach the stop loss. So after hitting the first target (which is a resistance line in this position too), close half of your trade and move the stop loss to the entry price. --------------------------------------------------------- Pay attention! First: Trades have a time term , and in this case, it's from now until the next 12 hours. (You can also see it in the diagram) Second: You can see the entry price in the chart. Before the price crosses the mentioned place, the trade position is not Active. --------------------------------------------------------- Please write any advice or suggestions. Dear friends, request any cryptocurrency pair, currencies pair for forex, and any index that you want to be analyzed and ask any questions. Thanks for your attention
Long
by Arash-RK
Ethereum Classic forecast and signalLearn and Earn! After breaking the price of 42 USDT and confirming the break. Confirmation of the break of resistance or support in this 1-H chart; that is, the bar (or candle) closed at the top of the resistance or support price, as well as the next candle, growing at least around 5 pip ( in forex usually call it pips ) or units ( 5 pips in cryptocurrency is around: 0.10%) more than the maximum price of the last closed candle. --------------------------------------------------------- Please pay attention! First: Trades have a time term , and in this case, it's from now until the next 24 hours. (You can also see it in the diagram) Second: You can see the entry price in the chart. So for this one, the trade is activated when the price reaches and crosses $42 (USDT) Before the price crosses the mentioned place, the trade position is not active. --------------------------------------------------------- Please write any advice or suggestions. Dear friends, request any cryptocurrency pair, currencies pair for forex, and any index that you want to be analyzed and ask any questions. Thanks for your attention
by Arash-RK