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 👍
Learntotrade
Maybe a slight delay as our beloved Queen has passedif doesn't drop today most likely a consolidation up to and around 0.8731-0.8760 until next Thursday 15th September 2022 12:00pm but rest a sure WILL DROP!
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
GBPUSD long 500 pips!TOMORROW WE WILL HAVE LIFT OFF 12-13:00 THURSDAY 8th SEPTEMBER 2022
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
EURGBP SHORT 230 PIPS DROP!by 13:30 we will reverse and FALL
DO NOT BUY!!!!
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
EURGBP SHORT 230 PIPS DO NOT BUY!max push up to 0.8745 tomorrow will REVERSE and drop to first TP 0.8490 DO NOT GET CAUGHT UP IN THIS LONG! Look at the chart and ask yourself is it wise to buy at the top!
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
EURGBP SHORT 230 PIPS230 PIPS COMING UP THURSDAY 8th SEPTEMBER 2022 12-13:30
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
short term LONG EURGBP! Quick 40 pipsQuick pips to 0.8687
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
Fireworks coming 520 pips! GBPUSD First TP 1.1938 520 PIPS INCOMING LATER THIS WEEK! Thursday 4th September 2022 around 12-13:30
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
look into my crystal ball A STORM IS COMING Thursday 4th September 2022 12:00-13:30 we will fall First TP 0.8485
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
Nice SHORT SETUP COMING UP EURGBP DO NOT BUYFirst TP to 0.8485 be patient will FALL THURSDAY 4th SEPTEMBER 2022 between 12pm and 13:30!!
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
Learn How to Trade Fibonacci Levels | Full Guide 📚
In this short video, I will teach you to apply Fibonacci retracement tool.
We will discuss the common levels to apply.
I will show you real market examples and we will discuss important theory.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
EURGBP SHORT 80 PIPSShort for 80 pips coming up 1st TP 0.8460..... If it breaks 0.8556 then next level to short from would be 0.8578
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
EUR/USD SHORT OPPORTUNITY 0.96 INCOMINGI hate explaining myself on this bs description box but anyways ive made the word count so i dont need to explain anything now lolll. Self Explanatory Charts!
i value my time so if anyone is willing to put in the effort to learn a few things about the markets then im here to help at no costs! hit me up
EURGBP SHORT 60 PIPS DO NOT BUY!DO NOT BUY!!
SHORT FOR 60 PIPS MINIMUM ALL INFO IN IDEA
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your OWN risk management)
THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE)
FOLLOW SHARE LIKE IF YOU WANT MORE clean ideas
82FX
HOW TO SET STOP LOSS | 3 STRATEGIES EXPLAINED 📚
Hey traders,
In this post, we will discuss 3 classic trading strategies and stop placement rules.
1️⃣The first trading strategy is a trend line strategy.
The technique implies buying/selling the touch of strong trend lines, expecting a strong bullish/bearish reaction from that.
If you are buying a trend line, you should identify the previous low.
Your stop loss should lie strictly below that.
If you are selling a trend line, you should identify the previous high.
Your stop loss should lie strictly above that.
2️⃣The second trading strategy is a breakout trading strategy.
The technique implies buying/selling the breakout of a structure,
expecting a further bullish/bearish continuation.
If you are buying a breakout of a resistance, you should identify the previous low. Your stop loss should lie strictly below that.
If you are selling a breakout of a support, you should identify the previous high. Your stop loss should lie strictly above that.
3️⃣The third trading strategy is a range trading strategy.
The technique implies buying/selling the boundaries of horizontal ranges, expecting bullish/bearish reaction from them.
If you are buying the support of the range, your stop loss should strictly lie below the lowest point of support.
If you are selling the resistance of the range, your stop loss should strictly lie above the highest point of resistance.
As you can see, these stop placement techniques are very simple. Following them, you will avoid a lot of stop hunts and manipulations.
How do you set stop loss?
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
XAU/USD * Gold Next Possible MovementXAU / USD ( Gold / U.S Dollar ) Technical Analysis Chart Update
Time Frame - H2
According to Pattern in Long Time Frame #LTF it is Following Falling Wedge and Completed its Retest
In Short Time Frame #STF it is Following Bearish Trend Line very Strongly so its possible that it can Go till Upper Trend Line #UTL and if it breaks abd retest then its Again buy
It is Currently at Demand Zone and Rejecting from Fibonacci Level - 38.20%
It has Completed its Impulsion and it making its " C " corrective way in Long Time Frame #LTF - Daily
In Long Time Frame #LTF we have Buying Divergence #RSI as well
LEARN HARMONIC PATTERNS TRADING | ABCD PATTERN 🔰
Hey traders,
Harmonic ABCD pattern is a classic reversal pattern.
This pattern is composed of 3 main elements (based on wicks of the candles):
1️⃣ AB leg
2️⃣ BC leg
3️⃣ CD leg
The pattern is considered to be bullish if AB leg is bearish.
The pattern is considered to be bearish if AB leg is bullish.
AB leg must be a strong movement without corrections within.
A is its initial point and B is its completion point.
BC leg is a correctional movement from B point after a completion of AB leg. The price may fluctuate within that.
B is its initial point and C is its completion point.
CD leg must be a strong movement without corrections within.
C is its initial point and D is its completion point.
❗️ABCD movement is harmonic if the length and the time horizon of AB and CD legs are equal.
By the length, I mean a price change from A to B point and from C to D point.
By the time, I mean a time ranges of AB leg and CD leg.
If the time and length of AB and CD legs are equal, the pattern is considered to be harmonic, and a reversal will be expected from D point at least to B point.
🛑If the pattern is bullish, stop loss must be placed below D point.
🛑If the pattern is bearish, stop loss is placed above D point.
Initial target level is B point.
Usually, after reaching a B point the market returns to a global trend.
What pattern do you want to learn in the next post?
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
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.
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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.
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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
Learn Ascending Triangle | Classic Price Action Pattern 📚
Hey traders,
In this educational video, I will teach you how to identify an ascending triangle.
We will discuss the structure and the bias of this patter
and how to apply that in analysis.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
What is Spread in Trading | Trading Basics 📚
Hey traders,
It turned out that many newbie traders completely neglect spreads in their trading.
In this post, we will discuss what is the market spread and how it can occasionally spoil a seemingly good trade.
💱No matter what financial instrument we trade, in order to buy the asset we need to have a counterpart that is willing to sell it to us and vice versa, if we want to sell the asset, we need to have someone to sell it to.
The market provides a convenient exchange between buyers and sellers. The asset price is determined by a current supply and demand.
However, even the most liquid markets have two prices: bid and ask.
🙋♂️Ask price represents the lowest price the market participants are willing to sell the asset to you, while 🙇♂️bid price shows the highest price the market participants are willing to buy the asset from you.
Bid and ask price are almost never equal. The difference between them is called the spread.
📈The spread size depends on liquidity of the market.
📍Higher liquidity implies bigger trading volumes and greater number of market participants, making it easier for them to make an exchange.
On such markets we see lower spreads.
📍From the other side, less liquid markets are categorized with low trading volumes, making it harder for the market participants to find a counterpart for the exchange.
On such market, spreads are usually high.
For example, current EURUSD price is 1.0249 / 1.0269.
Bid price is 1.0249 - you open short position on that price.
Ask price is 1.0269 - you open long position on that price.
The spread is 2 pips.
❗️Spreads must always be considered in a calculation of a risk to reward ratio for the trade. For scalpers and day traders, higher than usual spread may spoil a seemingly good trade.
Always check spreads before you open the trade.
In 2020, for example, we saw unusually high spreads on Gold during UK/NY trading sessions. Spreads were so high that I did not manage to open a trade for a couple of days.
Not considering spreads in such a situation would cost you a lot of money.
Do you consider spread when you trade?🤓
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Is mindset holding you back 🤔Trading can be a rollercoaster of emotions.
Many traders are unaware of when their state of mind leads to underperforming trades and why it happens.
We are all different and unique when it comes to trading, and understanding the type of trader you are is essential to your success.
Traders can spend a lot of time studying technical indicators and strategies, but understanding the psychology driving your trading decisions is just as important.
The first starting point of getting on the right path in regards to trading psychology and emotions is by having the right one of two mindset choices.
There's two mindsets which will effect your trading results and progress massively.
They are 'Growth mindset' and 'Fixed mindset'
Of those two mindsets there is only a place for one when it comes to trading and that is 'GROWTH MINDSET'
The graphic on chart shows the difference between the two mindsets.
If you can't ditch the 'Fixed mindset ' you will never be able to progress in trading.
No matter how great of a trader you think you are, or how well you think you handle your emotions.
It's impossible to remove them from the equation completely when trading.
When emotions are combined with a 'Fixed mindset' mentality however you are going to feel emotional pain and loss of money when it comes to your trading.
Once you have learned to recognise your mindset, you can then begin the next important step of switching to the ' Growth mindset '
People with a ' Fixed mindset ' believe they are born with a certain amount of intelligence and that it is fixed for the rest of their lives.
People with a 'Growth mindset ' however know that intelligence is not fixed and that you can in effect grow your brain.
They see their traits as just a starting point and know that these can be developed by hard work, effort, dedication and challenge.
Having a growth mindset can improve your progress and attainment and this is crucial in being successful as a trader.
The brain can be developed like a muscle, changing and growing stronger the more it is used.
Your abilities are also very much like muscles they need training in order to perform at their peak.
You can learn how to do anything you want to do and you can get better at whatever that is with time and consistent practice.
Even if you have what you perceive to be a talent or ability for something, if you never practice that talent or ability you simply will never improve.
Applying this theory to your trading game will help you grow not just your accounts but as a person also.
Get that 'Growth mindset' and start believing in your ability to change.
Thanks for looking.
Darren 🙌