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Key Levels and US Market Review for the Asian session open 29/05European and US Indexes bounced into the weekend setting up for a strong open for the Asian session. Some debt ceiling optimism and stronger than expected economic data helped bulls squeeze out recent sellers for the drive higher. The data showed strength in inflation and the US consumer which points to a resilient economy...but it also points to sticky inflation and more interest rates rises to come. Expecting a very strong open to the Asian session with the ASX200 set to open up 70 points, the Nikkei is very extended and is set to open up 650 points while the Hang Seng has some catch up to do and open up stronger off support. I expect that there remains major concerns over the US economic slowdown brewing, and how the US is going to fund its debt with GDP easing. Longer term trends are for interest rates to level out but potentially later rather than sooner which will put more pressure on the economy. Markets covered :- DOW Nasdaq DAX FTSE ASX200 Hang Seng USD Index Gold Oil Copper ** If you like the free content then follow my profile to get more daily ideas and learning material ** ** Comments and likes are greatly appreciated. **
NYMEX:CL1!
by TradeTheStructure
Pepe about to Fall out the sky.... short it if you got itThis is for clueless haters who still don't understand how this game is actually played, Here are longer term projections incoming for Pepe, the bottom of the white lines to the downside are my measured moves, the targets are as follows, 0.000001381, then 0.000001075 followed by 0.0000008 to the downside, complete vector recovery. I'm sure once my T.A plays out like it usually does it will be crickets...for everyone who is smart enough not to be exit liquidity I say happy trading folks
Short
by Crypto_Cam_1
18
Secret of Success in Trading: Patience, Emotions, Psychology I vividly remember how I started to trade 8 years ago, how I was learning, and the things that I was doing. Contemplating my old self, I notice a dramatic shift in my mindset in regard to trading. Staring at the charts and desiring to make money on price action, I wanted to become a consistently profitable trader. Making the priorities, I decided to sacrifice my time on studying technical analysis, totally neglecting trading psychology and risk management. Learning different trading strategies, I always came to the same result: the account went blown and nothing seemed to work. Strategies of fancy traders on YouTube, strategies from best-selling books on Amazon, nothing could produce any penny. Not giving up and pursuing my ultimate goal, I came to the conclusion that I set my priorities absolutely incorrectly. To be honest, I always thought that trading psychology (like psychology in general) is s*cks. Moreover, I considered risk management to be kind of obvious, banal topic not deserving much attention. Learning risk management techniques, applying them in day trading, I finally saw a glimmer of hope. Reading a dozen of books on trading psychology, contemplating my mistakes, and observing my behavior I noticed so many wrong, incorrect things that I did on a daily basis. With time and practice, my mindset shifted. I realized that most of the strategies that I applied and that seemed losing to me, in fact, were decent. It turned out that mastery of technical analysis is not enough for profitable trading. Instead, that is just a tiny part of what must be learned. Now, when my students ask me about the most important things to learn & study in trading, I always say: trading psychology and risk management go first, technical analysis is the secondary. ❗️ Do not neglect these topics and give them due attention. They are an essential part of your success in trading. 🤔 Do you agree with the pyramid that I drew?
FOREXCOM:XAUUSDEducation
by VasilyTrader
7
3 Essentials to Start TradingA very warm welcome to this video which is all about the 3 Essentials to Start Trading . This is for all of you out there that may be new to trading, that haven’t got a feel for the market yet and haven’t got started and maybe you’re asking yourself ‘What is it I need to do now to get myself up and running?’ We found out of the 20,000 plus traders that we’ve mentored over the time that we’ve been running live trading seminars and running these start up basecamps, what generally tends to happen is you get traders who want to get up and running, want to start now and want to know what they need to do? So we broke it down into three essential things that you need. The first one is knowledge . You need some knowledge of what you’re going to be doing in the market. In a nutshell, what that means is you’re going to need to know exactly what to do, when to do it, what the pips pricing means, when to buy and sell, you need a profitable trading strategy – all of these things are knowledge. Knowledge can be acquired in many different ways. One of the things that we recommend strongly is reading the right kind of books. There is a fantastic list of books that you can get and these are available on our Facebook page. You’ll be able to see the types of books that we recommend you read. The other thing to be very careful of is the wealth of information out there on the Internet. What I would strongly recommend is to find a trading mentor that can guide you through on a step by step basis in a custom environment that is suited around you, ideally on a one to one basis. That would be the best way to learn and be mentored in the financial markets. You need to have the right knowledge but don’t get immersed in all of the knowledge available on the Internet because there is so much junk out there. Having seen 20 years in the markets between myself and Thiru we’ve seen all of these traders that have come to us and they’ve got all of these deeply ingrained habits in them which are so hard to shift and they think that they’ve accumulated so much knowledge but actually a lot of it is just completely useless. So you really need to work with someone who can give you the guidance that you need. That’s very important and I strongly recommend that. So that’s knowledge. Get around the right people, the right guidance and the right types of books. The second thing that you need is a broker account . With a broker account what you need there is a facility to be able to buy and sell the market. Let’s say, for example, you have invested already £15,000 into a trading account. That trading account needs to be with a broker, ideally regulated in the country in which you’re trading. If you’re not sure about how to select a broker account, check out my video on how to select a broker where we talk about three essential things that you should look for personally when a selecting a broker. That will give you the facility to be able to hit the trades, to be able to enter the market, and buy when your strategy and your set up gives you that signal to do so. Once you’ve accumulated the right knowledge you need the right type of broker account. The final thing that you need on your journey is a mentor . This is so critical and I can’t overemphasise how important it is to have the right trading mentor because the right trading mentor will make the difference between being hugely successful and just feeling demotivated. A mentor is someone who has been there, done that and got the T-shirt! That is, they have an established track record, they’re transparent in their dealings, and they’ve got logs that can verify everything and you’re comfortable working with them that they will push you to get you to the next level of goals. It is really important to work with a mentor. There are two things actually that have a deep impact on our lives. One is the books that we read, this falls under knowledge, and the second is the people that we associate ourselves with or the company we keep. In this case, that’s your mentor. You need to have someone around you who has been there, done that and who is actually living the knowledge and not just talking about it. Look for people who walk the walk. If you have these three things, you have all the tools you need to get up and running and to be successful in the markets and ingrain the right types of habits and that’s what we’d love to see for you. So give us your comments, give us your feedback and keep in touch. Until the next time, as we always say, stay disciplined, follow your plan and Trade Like a Master. Team at MastertheMarkets
Education
by masterthemarkets2010
Learn Why Most of the Traders Fail The evidence suggests that only a very small proportion of day traders makes money year over year. There are certain patterns which may separate profitable traders from those who ultimately lose money. And indeed, there is one particular mistake that in our experience gets repeated time and time again. What is the single most important mistake that led to traders losing money? Here is a hint – it has to do with how we as humans relate to winning and losing. Our own human psychology makes it difficult to navigate financial markets, which are filled with uncertainty and risk, and as a result the most common mistakes traders make have to do with poor risk management strategies. Traders are often correct on the direction of a market, but where the problem lies is in how much profit is made when they are right versus how much they lose when wrong. Bottom line, traders tend to make less on winning trades than they lose on losing trades. Humans aren’t machines, and working against our natural biases requires effort. Once you have a trading plan that uses a proper reward/risk ratio, the next challenge is to stick to the plan. Remember, it is natural for humans to want to hold on to losses and take profits early, but it makes for bad trading. We must overcome this natural tendency and remove our emotions from trading. That will help you to be a consistently profitable trader. ✅LIKE AND COMMENT MY IDEAS✅ Do you like this post? Do you want more articles like that
Education
by ProSignalsFx
11
5 Easy Steps for Beginners to Start Trading in Forex 📝 Being a beginner, it is natural for you to feel overwhelmed when you first start forex trading. But that doesn’t mean that you should shy away from the market. By following the 5 steps listed below, you can start your trading journey in currencies in a smooth and efficient manner. 1. Get to know what drives the market 📈 When it comes to trading in currencies, the first ever step that you would need to make as a beginner is educate yourself about the market. Although the forex market works in a very similar fashion to the stock market, the factors behind the movement of the currencies tend to be different. 2. Choose the right broker 🤝 Selecting the right forex broker is as important as getting to know how to trade in currencies. Not all brokers offer the same level of services or are always reliable. Therefore, it is essential for you to spend some time looking into the various brokers offering forex trading services. An ideal forex broker should have an easy account opening process, a simple trading platform, offer exceptional customer support and have low transaction costs. While evaluating brokers, make sure to look into their downtime frequency. 3. Establish your financial goals and targets💰 The next step is to work on your financial goals and targets. Introspect and ask yourself what you hope to achieve by trading in currencies. Also, before you actually buy and sell currencies, it is a good idea to first determine your financial targets. For instance, you can set a target for each forex trade you make or a target for each day or month of trading. Establishing these goals can make you plan your trades much better by helping you come up with a trading plan, which will ultimately make you a better trader. 4. Practice with demo (paper) trading 📃 Through extensive virtual trading practice sessions, you can quickly get the hang of currency trading and try out new trading techniques and strategies. Since you’re not really trading with real money, you don’t have to worry about losing money on trades. Instead, you can spend some quality time learning the ropes and trying to analyze the trades that you make. This can give you some much-needed perspective on how to tackle forex trading in real-time. 5. Start slow and go easy on your trades🐢 Once you’ve gotten the hang of trading in currencies on demo account, you can slowly move onto the real thing. Now, there are a few things that you should keep in mind. The forex market’s volatility tends to be quite high and can lead to wild swings in the price. Therefore, it is a good idea to start slow by using just a fraction of your total investment amount. Now that you’re aware of the 5 steps that you need to take to start trading in forex, go ahead and begin your journey. Good luck to you! Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
6
Learn How to Improve Your Forex Trading 🔝 Whether you're new to Currency Trading or a seasoned trader, you can always improve your trading skills. Education is fundamental to successful trading. Here are some tips that will help hone your Currency trading skills. ⭐️Plan How You Will Trade You may have heard the adage, "if you fail to plan, you plan to fail." This is particularly true in Forex speculation. Successful traders start with a sound strategy and they stick to it at all times. ⭐️Most traders fail because they make the same mistakes over and over. A diary can help by keeping track of what works for you and what doesn't. Used consistently, a well-kept diary is your best friend. ⭐️Patience Once you know what to expect from your system, have the patience to wait for the price to reach the levels that your system indicates for either the point of entry or exit. If your system indicates an entry at a certain level but the market never reaches it, then move on to the next opportunity. There will always be another trade. ⭐️Discipline Discipline is the ability to be patient—to sit on your hands until your system triggers an action point. Sometimes, the price action won't reach your anticipated price point. At this time, you must have the discipline to believe in your system and not to second-guess it. Discipline is also the ability to pull the trigger when your system indicates to do so. This is especially true for stop losses. ⭐️Realistic Expectations Even though the market can sometimes make a much bigger move than you anticipate, being realistic means that you cannot expect to invest $250 in your trading account and make $1,000 each trade. Although there is no such thing as a "safe" trading time frame, a short-term mindset may involve smaller risks if the trader exercises discipline in picking trades. This is also known as the trade-off between risk and reward. Trading is nuanced and requires as much art as science to execute successfully, which means that there is only a profit-making trade or a loss-making trade. Warren Buffet said that there are two rules in trading: Rule 1: Never lose money. Rule 2: Remember Rule 1. Stick a note on your computer that will remind you to take small losses often and quickly rather than wait for the big losses. Please, like this post and subscribe to our tradingview page!👍
OANDA:BTCUSDEducation
by EliteTradingSignals
6
Top 4 Secrets of Using Technical Indicators Hey traders, Technical indicators are an essential part of technical analysis . With multiple different indicators on a chart, the trader aims to spot oversold/overbought conditions of the market and make a profit on that. Though, I don't consider myself to be an expert in indicators trading, here are the great tips that will help you dramatically improve your trading with them. #1️⃣ Do not overload your chart with indicators. There is a fallacy among so many traders: more indicators on the chart lead to an increase in trading performance. Following this statement, traders add dozens of technical indicators to their charts. The chart becomes not readable and messy. The trader gets lost and makes wrong trading decisions. Instead, add 1-2 indicators to your chart. That will be enough for you to make correct judgments. Do not overload your chart and try to make it clean: your task is to analyze the price action first and only then look for additional clues reading the indicators. #2️⃣ Learn what exactly the indicator shows The data derived from technical indicator must make sense to you. You must understand the logic behind its algorithm. You must know exactly what it shows to you. Confidence in your actions plays a key role in trading. During the periods of losing streaks and drawdowns, many traders drop their trading strategies. It happens because they lose their confidence. You will be able to overcome negative trading periods only by being confident in your actions. Only knowing exactly what you do, what do you rely on and why you can proceed even in dark times. #3️⃣ Use the indicators that compliment each other Many indicators are based on the same algorithms. Most of the time, the only difference between them is a minor change in its input variables. For that reason, such indicators leave very similar clues. In order to improve your trading, try to rely on indicators based on absolutely different algorithms. They must complement each other, not show you the same thing. #4️⃣ Price action first! Remember that your trading strategy must be based primarily on a price action. Trend analysis and structure analysis must go first. You must know the way to make predictions relying on a naked chart. The indicators must be applied as the confirmation signals only. They must support the trading strategy but not be its core. ❗️Remember that the indicators won't do all the work for you. Indicator is just a tool in your toolbox that must be applied properly and in strict combination with other tools. Would you add some other tips in this list? ❤️Please, support my work with like, thank you!❤️
FOREXCOM:XAUUSDEducation
by VasilyTrader
9
Learn The Iceberg Illusion | The Fallacies & Reality We often get mesmerized by someone’s above the surface success and don’t factor in all the below the surface opportunity-costs they paid to achieve that success. This is the ‘iceberg illusion’. It’s been a fav analogy of mine for years. And yet, this just might be a better visual for sport than the ‘iceberg illusion’. You see… the hyper focus on outcomes is one of the biggest failings (or façades) that comes from social media. It creates a false impression of what leads to success. We see the success, but not the work that went into it… The unseen hours, necessary failures, setbacks, crises of confidence, the not-now’s (to the countless asks), the loneliness, the late nights and early mornings; and, all the wobbling that comes before the walking—much less running. There are no shortcuts. There are no overnight successes. The iceberg doesn’t move quickly. It’s not sped up. It just moves consistently; at often a barely discernible speed. ✅LIKE AND COMMENT MY IDEAS✅ Do you like this post? Do you want more articles like that?
Education
by ProSignalsFx
9
Common trading mistakes to avoid as a trader ❌ For new market traders, review these common trading mistakes so you can avoid emotional blunders with your investments and take advantage of psychological edges. The mechanics of trading are relatively simple. A click or two gets you into a trade, and a click or two gets you out. But the decision-making process behind those clicks is much more complex. And with complexity comes more opportunities to make mistakes that can affect your bottom line. Here are seven common mistakes that traders—both new and experienced—sometimes make. 1️⃣Mistake 1: Emotional trading/psychological trading Trading can bring out the best and the worst in us. For a trader, nothing is more frustrating than opening a long position and seeing the market drop, bringing the value of your long position to levels well below the price you bought it. The same can be said about missing out on a move in a stock that's been on your radar for a while. Anger, fear, and anxiety can lead traders to make quick and even irrational emotion-based decisions. The reality is that markets are cyclical, moving through ups and downs. Trading decisions based on emotions may not always give the results you want. Instead, take a step back and think through the situation logically. Every situation is different, and instead of buying or selling in a panic, think about how you can best manage risk. 2️⃣Mistake 2: Pulling stop orders When a position hits a stop order, it can often mean you're going to take a loss on it. Pulling—or canceling—a stop is often a subliminal attempt to avoid admitting you were wrong. After all, as long as the position is open, there's still a chance it could come back and be profitable. The problem is every 50% loss starts with a 5% loss. It's not magic; it's just math. And it only takes one small loss that turns into a big one to make a big dent in a portfolio. Losing is no fun, but it's part of trading. Being disciplined about managing stop orders may help you come back and trade another day. 3️⃣Mistake 3: Trading without a plan Trading plans should act as a blueprint during your time on the markets. They should contain a strategy, time commitments and the amount of capital that you are willing to invest. After a bad day on the markets, traders could be tempted to scrap their plan. This is a mistake, because a trading plan should be the foundation for any new position. A bad trading day doesn’t mean that a plan is flawed, it simply means that the markets weren’t moving in the anticipated direction during that particular time period. Every trader makes mistakes, and the examples covered in this article don’t need to be the end of your trading. However, they should be taken as opportunities to learn what works and what doesn’t work for you. The main points to remember are that you should make a trading plan based on your own analysis, and stick to it to prevent emotions from clouding your decision-making. Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
6
Top 5 Tips to Increase Your Profits in Trading 📈 In this educational article, I will share with you very useful tips how to improve your profitability in trading the financial markets. 1. Decrease the number of financial instruments in your watch list. ⬇️ Remember that each individual instrument in your watch list requires attention. The more of them you monitor on a daily basics, the harder it is to keep focus on them. In order to not miss early confirmation signals and triggers, it is highly recommendable to reduce the size of your watch list and pay closer attention to the remaining instruments. 2. Avoid taking too many positions. ❌ For some reason, newbie traders are convinced that they should constantly trade and keep many trading positions. Firstly, I want to remind you that the management of an active position is a quite tedious process that requires time and attention. Therefore, more positions are opened, more time and effort is required. Secondly, if the newbies can not spot a good setup, they assume that they are obliged to open some positions and they start forcing the setups. Remember, that in trading, the quality of the trading setup beats the quantity. I advise taking less trades, but the better ones. 3. Let winners run if the market is going in the desired direction. 📈 Once you caught a good trade and the market is moving where you predicted, do not let your emotions close the trade preliminary. Try to get maximum from your trade, closing that only after the desired level is reached. 4. Open a trade after multiple confirmations.✅ Analyzing a certain setup remember, that more confirmations you spot, higher is the accuracy of the trade that you take. In order to increase your win rate, it is recommendable to wait for at least 2 confirmations. 5. Don't trade on your cellphone. 📱 A good trade always requires a sophisticated analysis that is impossible to execute on the small screen of the cellphone. A lot of elements and nuances simply will not be noticed. For that reason, trade only from a computer with a wide screen. Relying on these tips, you will substantially increase your profits. Take them into the consideration and good luck to you in your trading journey. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
7
How to Trade the Pin Bar Pattern on Forex and Gold 🕯 The pin bar is a powerful price action setup that tells a fascinating story concerning price momentum and the possibility of an imminent reversal in price direction. A pin bar is a Japanese candlestick that has a long wick on one side and a small body. Understanding the story behind the pin bar is essential. 📚What does the pin bar candlestick pattern tell us about market psychology? 📉This pin bar followed a strong downward trend, and the presence of a long tail below the body tells us that the market rejected any attempt by overly exuberant sellers to move the price lower. The length of the tail speaks to the strength of the rejection. 📈The pin bar followed by a strong uptrend, and the presence of a long tail above the body tells us that the market rejected any attempt by overly exuberant buyers to move the price higher. The length of the tail speaks to the strength of the rejection. ⭐️The best pin bars are bearish pin bars that form at the top of an extended move up, and bullish pin bars that form at the bottom of an extended move down. ✅Entry and exit is very simple. If you are going short on a bearish pin bar, enter short when the next candle opens and ticks below the low of the bearish pin bar. If you are going long at your fx broker, enter long when the next candle opens and ticks above the high of the bullish pin bar. ❗️Keep in mind that these are general trading concepts that build on the collective experience of traders. Even though a lot of traders believe that these chart patterns have a bearing on the future direction of the price there are no guarantees in trading. Forex & gold trading is risky and you should never speculate with funds you cannot afford to lose. Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
10
Top 8 Rules of a Pro Trader Hey traders, Consistently 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 article, I have collected 8 trading habits that a trader should have to become successful. 1️⃣ - Continuous Learning 📚 The markets are infinitely deep in their nature. Trading & constant monitoring of the market always unveil new, uncharted elements and things. With 8 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. 2️⃣- Emotional Stability 🙏 The market is a wild beast who always wants to bite us. And most of the time it manages to do that: drawdowns, losing streaks... Those who trade for at least 1 year know how unpredictable and unstable the market is. A perfectly looking trading setup can easily turn into a big losing trade. Of course, that is painful, of course with more and more losers, the anxiety will pursue us, the stress will overwhelm us. Only by remaining stable and calm, you will manage to overcome the negative periods. Learn to control your emotions, learn to take losses! 3️⃣ - Constant Practice 💪 Pro 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. 4️⃣ - Trade Journaling 📝 Pro trders 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. 5️⃣ - Anticipation of Different Outcomes 👁 Everything can happen in financial markets. Pro trader always reasons in probabilities. He knows that 100% chances do not exist. Accepting the probabilities the trader (even while opening the trade) is always ready for completely different outcomes and accepts each and every move of the market. 6️⃣ - 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, one should adapt . One should look for ways to be one step ahead. To beat an evolving market, the traders should constantly polish their trading strategies, drop the things that don't work anymore, and adopt the new, reliable ones. That is the only way to stay afloat. 7️⃣ - Selection of Right Markets 📈 The trader always knows what to trade and he always has a reason. He admits that some financial instruments are appropriate for his trading style while some are completely not. Pro trader does not wander around aimlessly from one market to another. He has a plan to follow and rules to rely on. 8️⃣ - Realistic Expectations ⭐️ Many newbie traders drop trading just because of wrong expectations. The desire to get rich quick, to catch 20/1 risk to reward trades without substantial losses is playing a dirty trick with them. The true trader is not greedy, in contrast, he is humble and the only thing that he wants is simply to win more than he loses and make that amount sufficient enough to have a good living. Adapting these 8 habits, you will see dramatic improvements in your trading. And even though most of them require a substantial effort and many years of practicing, trust me, it is worth it and it will help you in your daily life as well. Would you add some other habits to this list?🤓 Let me know in a comment section. Let me know, traders, what do you want to learn in the next educational post?
TVC:USOILEducation
by VasilyTrader
9
Why 90% Of Traders Lose Money? Trading is a tough business and most people who start in the business lose money. And these numbers aren't small at all, really. In fact, they might even be scary to look at. Therefore, in this article, we will look at some of the most popular reasons why more than 90% of new traders will lose their money in trading. ____ The most common reason why many traders lose money is simply that they want to become professional traders without learning more about it first. They trade without even learning the differences between assets and how trading works. Other people start trading after seeing the hyped stories of millionaire traders on television. ____ Some traders just follow the recommendations of others and do not conduct technical analyses of their own. Traders should review the prices, analyze the volume, check the prior trends and analyze other technical indicators before placing their intraday orders. Rushing just to place buy or sell orders is one of the biggest mistakes intraday traders make. One should conduct proper technical analysis and then start trading. ____ The phrase- “Trend is your best friend” always works in the market. Not following the trend is another biggest mistake that day traders make. Unless a trader has many years of experience and understanding of the market, traders should try to avoid going against the trend. If the market is in a strong uptrend, then one should try to trade in the up direction only unless there is any strong resistance or chart pattern breakout. ____ Some traders follow rumors and recommendations which are spread by the media houses and brokers. This is another big mistake that intraday traders make. One should not blindly follow the intraday trading tips and rumors without their own analysis. Going by these recommendations without conducting your own analysis can cause huge losses. As we have discussed above traders should conduct proper research before following any recommendations or intraday tips. As we all know that the intraday trading is a mixed bag of losses and gains. Not every trade goes right or is profitable. Thus traders should put a stop loss of their trades when doing intraday trading to protect their capital from losses. Please, like this post and subscribe to our tradingview page!👍
OANDA:BTCUSDEducation
by EliteTradingSignals
5
Common Fears in Trading and How to Overcome Them As we discussed many types, psychology plans a crucial role in trading. Even the best strategy in the world, can be screwed by emotional decisions. In this educational articles, we will discuss 5 common fears in trading and the ways to overcome them. 1️⃣Fear of the Unknown. Lack of experience make many traders face "unusual" situations on the market: the setups, patterns, fluctuations and formation that they have never seen before. Such events cause inaction and paralyze. Not knowing how to deal with such situations, newbies make irrational decisions that most of the time incur losses. ✔️Solution: The best way to beat the fear of the unknown is to keep learning: reading the books, watching the charts, studying the historical data will help you to be prepared for various situations. Also, your mindset plays an important role here: your adaptability, your willingness to accept the changing nature of the market are essential for your success in trading. 2️⃣Fear of Being Wrong. Testing multiple strategies and trading techniques, the only way for the newbie traders to prove their efficiency is to try them, try them on real market. And of course, the majority of the stuff that you will try won't work. In trading, each mistake costs money, hence, losses will be inevitable. The fear to make a mistake will be chasing you. ✔️Solution: The best way to overcome the fear of being wrong is to build a confidence in your actions. After trying multiple strategies, you will certainly find the one that works. More you will trade with that, more winning trades you will catch, more confident you will become in your system. 3️⃣FOMO - Fear of Missing Out There are thousands of instruments to trade. Many markets are opened 24 hours a day. Of course, you can not monitor them all, and even if you have a fixed watch list of the instruments that you trade, you can not monitor them 24/7. Some opportunities will always be missed. Some trading setups will form while you are sleeping, and accurate patterns will form on the instruments that are not in your watch list. Realizing the fact, that something will always be missed, is painful. For that reason, newbie traders are trying to be present everywhere at anytime. But the paradox is that more options breed more confusion. ✔️Solution: Always remember the fact that patience always pays. Opportunities will always come, but in order to catch them, you need focus. And fewer instruments you have in your watch list, more attention you pay to them. 4️⃣Fear of Losing Money The biggest risk in trading is the fact that your entire trading account can be blown in a glimpse of an eye. Moreover, trading can be learned only by trading. And losses are inevitable, no matter how good you are. That makes newbie traders be scared of opening just one single position. ✔️Solution: I always give my students the recommendation to trade with the amount that they can afford themselves to lose. Consider your trading account as an investment. With each single trade, you are investing in your skills, in your knowledge. You pay the market to teach you. 5️⃣Fear of Not Taking Profit at the Right Time Imagine you opened a trade and the market suddenly starts moving in the direction that you expected. It is coming closer and closer to your target... A few seconds after, however, the market rolls over. You see how your profits start evaporation. Probably you chose incorrect take profit level? Maybe it is the moment to close the trade manually? You are scared that all the profits will be gone. ✔️Solution: Take profit level selection is a very hard element of each trading strategy. The only way to not let your emotions intervene is to build the solid system that proved its efficiency and learn to be disciplined to follow that no matter what. Always remember that no one can teach you how to deal with yourself. How to deal with your emotions. You should go through all these fears by your own and find the way to beat these dragons. The solutions that I shared helped me to beat my dragons, I hope that they will help you to beat yours! ❤️Please, support my work with like, thank you!❤️
FOREXCOM:XAUUSDEducation
by VasilyTrader
5