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Mindset

✍️WEEKLY QUOTE: How to be rigid and flexible at the same time?✍️ In what way does a trader have to learn how to be rigid and flexible at the same time? The answer is: We have to be rigid in our rules and flexible in our expectations 🟢We need to be rigid in our rules so that we gain a sense of self-trust that can, and will always, protect us in an environment that has few, if any, boundaries. We need to be flexible in our expectations so we can perceive, with the greatest degree of clarity and objectivity, what the market is communicating to us from its perspective. At this point, it probably goes without saying that the typical trader does just the opposite: He is flexible in his rules and rigid in his expectations. Interestingly enough, the more rigid the expectation, the more he has to either bend, violate, or break his rules in order to accommodate his unwillingness to give up what he wants in favor of what the market is offering. 🟢To eliminate the emotional risk of trading, you have to neutralize your expectations about what the market will or will not do at any given moment or in any given situation. You can do this by being willing to think from the market's perspective. Remember, the market is always communicating in probabilities. At the collective level, your edge may look perfect in every respect; but at the individual level, every trader who has the potential to act as a force on price movement can negate the positive outcome of that edge. To think in probabilities, you have to create a mental framework or mindset that is consistent with the underlying principles of a probabilistic environment. 💡 A probabilistic mindset consists of five fundamental truths.💡 1. Anything can happen. 2. You don't need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher probability of one thing happening over another. 5. Every moment in the market is unique. From Trading in the Zone, by M. Douglas ❤️Please, support this post with like and comments!❤️
OANDA:XAUUSDEducation
by Yelli_trades
4
Pro vs AmateurIn trading especially in retail trading we have a massive focus on entries and very little focus on the context behind the trade, we focus alot on things such as indicators, or the perfect candle set up, but we have very little look into the context, so the fundamentals or catalysts behind the move in the first place, we tend to overlook this and focus purely on probability which can take its toll on your account balance. Whereas in a professional environment they do things very differently with a major focus on the context behind the trades, and why price is going to move a certain a way, and the entry itself is actually a lot smaller part of how and why they trade, it is more the icing on the cake. So the takeaway is to realise that in a professional environment the focus is less on the indicators and moving averages ect, and more on the reasoning, so to align ourselves closer to professional trading we need to make sure there is always context behind our decision making, in the long term this is how to become consistently profitable. An interesting way to look at this, is to view the forex market like any other market in the world! it is merely a buying and selling exchange, so would you believe that anywhere else in the world for example the housing market, would a high end property developer be waiting for RSI indicator to be below 30 before buying houses? or would they wait for context like rising interest rates or declining interest rates? Would they be waiting to see if demand or supply increased before making these high end decisions? so why as a trader should our trading be any different? we need to find value and opportunity!
Education
by ZenFlo
Shocking Truths about Trading no one talks about EP1.After 5 years of self-educating myself in the art of trading while undergoing brutal consistent losses, these are the truths that set me on the path of surprising consistency after internalizing them.....I hope it will for you guys and give more inspiration to the already consistent ones. Shocking Truths no one talks about in trading: 1. You may have the best strategy, signal provider or learned everything about trading, but what counts is what happens to that knowledge 5 seconds before pressing the buy/sell button. 2. What is Mathematically optimal is Psychologically impossible. If you have a strategy that gets wins of 25R but has like 12 losses in a row, DUMP IT. Mathematically, you will make money at the end, Psychologically you will quit before you take trade 13. 3. You start winning in trading when you believe you can lose (Trading Paradox). Consistently profitable traders have one thing in common: they place their next trade like it was already a loser. 4. Extremely good analysts are most often bad traders....you can be right about the direction but fail in the critically important aspect of Entry timing and still lose the trade. 5. IT IS THE SIMPLE THINGS THAT WORK!. Most people will tell you to look for complex strategies that look for "Random walk algorithmic discrepancies that rhyme with Chaos theories....and all that blah..." But I have been on that path and I hate to break it to you that a guy/girl using only support and resistance and simple moving average crossovers with a verified and bactested edge and discipline will most likely be more profitable. 5. THE MORE OBVIOUS A TRADE IS THE GREATER THE CHANCES YOU LOSE IT. Most people think that if a trade has soooo many confluences it is more likely to work....well that might be true to an extent after which it is a blatant fallacy. From historical data and my own personal LIVE trading results, the probability of a trade working out reduces DRASTICALLY when the number of confluences crosses 5. I theorize that this happens because market makers will see all the orders placed at that point is soo much(cause everyone will see the opportunity with their different approaches) and take them all out. 6. No one can sell a money printer, cause it has no price. If someone offers to sell you a robot or STRATEGY that triples your money every month, laugh and pass, if you don't and end up buying that....you deserved to be scammed. Think about it the person can just take $100 and apply his/her magic to it and print out Elon Musk's networth in lower than 3 years using compounding......and he/she will sell you that for $2000?, you must be kidding me!. 7. Your consistency has nothing to do with your strategy but your mind. I can bet you my life's earnings, that there is someone out there, using your exact entry and exit rules but is profitable and you are not. A better strategy brings in more profit, but any random edge with the right mindset and risk management MUST be profitable. 8. Almost everything in life is a pyramid-scheme, & survival of the fittest and trading is not left out. No matter how much we desire to the contrary, it is IMPERATIVE THAT TRADING HAS MORE LOSERS THAN WINNERS. The winners in trading have to be relatively fewer cause they win a lot and hence they need soo many losers to give them that money. There is no bank that hands at money to you when you win, your job as a trader is to outsmart some other fellow and TAKE his/her money and once you come to terms that every dollar lost by you trading, is a dollar gained by someone else in this zero-sum game, you will realize only YOU has got your own back. 9. You can NEVER completely eliminate emotions in trading but you can set rules that allow you trade only when you are at your optimal state, and gives you a day or two vacation when you are down. 10. Reading this article will definitely NOT HELP YOU, it is remembering it the moment before you place your next trade that will. Pls LIKE and Subscribe, I want to know what you think about this article and which point you agree with the most or disagree with. Tell me whether it helped you in any way and if we get 50 likes and 20 comments I will consider making the next episode.
BITSTAMP:ETHUSDEducation
by LexyenHille
3
BTC/USDWhy is this a buyer's market? 1. Moving averages in the past were bought (200MA, 300MA) 2. Everyone is looking at 200MA. This can break down also. 3. Great support at 13-16k if capitulation is not over at 24k levels. -------------------------------------------------------------------------------- Next will analyze RSI to spot rare occasions to DCA Bitcoin. This analysis is for long-term investors not for traders. -------------------------------------------------------------------------------- Have a plan and respect it until making profits. Emotions always will fool human beings. Mindset + Patience = Succes --------------------------------------------------------------------------------
INDEX:BTCUSDShort
by cryptoforevery1
What Does Consistency Mean In Trading ? Hello traders: Today let's talk about “consistency” in trading. Many traders understand they need to be consistent, but what exactly is consistent in trading ? To me, it's not just making consistent “profit”, rather it's being consistent with your trading strategy, risk management, trading psychology, mindset and emotion. Let's take a look at a few examples of consistency in trading: Consistency in profits: More often traders think about hitting a set amount of % return in consistency. This is certainly one way to look at it, but I would say to challenge ourselves to do more. Each and every month, the market will develop differently, hence our profits are not gonna always be the “same” each and every month. Some month with more profits, some month with more losses. We need to have the ability to stay “consistent” no matter what the market condition is. Consistency in strategy and Trading Plan: Remember, there are many different trading strategies out there. The ability to stay “consistent” with your current trading strategy, and not jump from strategy to strategy. Even if your strategy right now isn't getting any entries available in the current market condition, while others are entering trade, you need to stay consistent with your strategy and let the probability play out. Understand no strategy can catch every move in the market. Some will catch this particular run, while others will catch other developments. Consistency in risk management: When you are at a series of drawdowns and losses, the ability to stay “consistent” with your risk management. Not risking more than 1%, not entering more than 2-3 trades at a time. No revenge trade, and/or over leverage trade. Respect your SL and honour the SL. More often traders fall into this stage while they take a number of losses and throw their risk management out the window. Consistency in mindset and emotion: When your strategy isn't playing out on a short term, the ability to stay “consistent” and not to start randomly taking trades based on FOMO, Greed and emotion. Sometimes traders get impatient and feel like waiting for setups to happen is a hassle and they don't want to wait. This is when they start to rush their trading journey and backfires on them. Consistency in your goal: Set goals for your result and progress. The ability to stay “consistent” with yourself and don't let external factors like social media, fake guru, scammers affect you and your goal. If you plan to have 5% per month profit, then don't let other people affect you in a negative way. Everyone trades differently, and with different strategy, method and approach. No need to compare and compete with others, rather, with yourself each and every year. Below I will forward some good educational videos on the above topics that we have discussed: Trading Psychology: Revenge Trading Trading Psychology: Fear Of Missing Out Trading Psychology: Over Leveraged Trading Risk Management: Combine everything you learn to prevent blowing a trading account
Education
by jojofang0901
17
Current move in US30 - bear week <3Shared another idea ft. Nas100, but US30's price action has been smooth, lots of reentries, tight mitigations, low volume distributions and huge volumes at breakouts... loved this week and I'll seek to push those moves lowers through the start of this week. Has a lot of drawings, but overall everything I detailed this week in my charts, even after ZOOM trainings. Left my thought process because it's a rare picture perfect week, grateful this happens, hope everybody understands than this is attainable for anybody. I'm not special, I'm not better than anyone, because through hard work and experience you can match my results and exceed them. So just keep trying, I'm not at my highest level yet, so let's grind this mf'r out ;)
OANDA:US30USDShort
by SoulPlanesNFTs
A mental challenge of a trading day. Trading day. A difficult one. GLOBALPRIME:GER30 The day started. I woke up a bit too early and lay in bed for the next hour and a bit. Rolled over and had a look at the night's notifications. Nothing important. I opened my laptop. This was the first mistake. A laptop with wifi and a trackpad. Suboptimal. I found my login, successfully logged in and adjusted my lot size. Next issue. I was trying to enter “20” lots. It didn’t work. Why? Minutes later, 2 mt5 restarts later I realized; the contract size was 100: 20 lots = 1000/point. Way too big. Oops. Luckily mt5 didn’t let me enter that. I need to pay more attention to little details. I quickly downloaded the Tradingview desktop app, installed and logged in. Opened DAX chart. Waited for open. Next mistake: directly after open I placed a trade. Not even 5 minutes had passed. I placed my trades according to the premarket data and 1 min chart. Terrible way to go about the open. I was short the DAX. 20/point - 35 ish point stop - 700$ loss. 1.5%. WAY TOO BIG. However I accepted the size and moved on. Why? My ego was bolstered after the fact that my trading stats were good. I had compiled them the day before. 50-60% WR with my winners being on average 3.5x bigger than losing trades. I didn’t even think about the size. Not great. Now I was in a position, taken off the 1min chart and premarket data, with a rough assumption that the markets were supposed to be headed lower. To make things worse the trade was placed on my laptop with a trackpad. By the time I placed the trade my risk had effectively doubled. Stop went from 17 to 35 points. The market had moved 17 points lower whilst I was still to get my trade in, on an idea that I had had for the last 2-3 minutes. To sell above the bars just before open. It took me 17 points. Ok. Now I was short. Too big position due to the delayed entry, off a one minute chart and mostly premarket data. Not much backed this trade up. And I risked 1.5% of my account on it? Why? Because I thought the DAX was headed lower. Side note: the index was up 1% premarket, following a 2% bull trend day. From a longer time frame there was nothing else to do but buy. But still I was short. Why? The previous day might give us the answer: here it is: A similar scenario. I wanted to be short. However with key differences to the actual trading day: They’re similar to each other, sure. But there’s major differences. The previous chart had had a 5% bear day before. Sellers were still about. A bearish continuation was highly possible. Favored even. It played out early. A 200 point move to the downside, set off by a weak open. (Another key difference to today) today had a bull bar, albeit with tail on top as the first bar, followed by a weak bear bar with lots of tail compared to the previous day of strong bear + weak bull. This was a key difference. Price action wise there was an exit for this trade at the close of the second bar of the session. Did I take it? No. It would’ve been a small looser 6-7 points (a 10 point winner if the entry had been proper). Why did I not exit? Well, I was hoping to see something. Something that had ingrained itself into my mind. So much so that I completely disregarded what was actually in-front of me. (Weakish) bull plus weak bear. I was frustrated and wanted to see something. That something never came and I was stopped out on the massive bull bar that followed. But how did the loss feel? And how did keeping the position open feel? Strangely, I was not uncomfortable. I took the trade confidently and was confident, against all odds. Alright, the trade wasn’t taken in the best way possible. However it was a relatively decent short. Moving on. Here is where the real problems begin. The trade before just didn’t work out. Maybe I was unlucky. A very big bull bar. 50 points. Big bull surprise. Ok, the bulls won this one. It will likely be a trend day up. This is what I told myself in the moment. What do you do on a trend day? There’s so many tempting counter trend entries. It looks weak. It just feels right to get short. It looks like the wedge, or double top or similar reversal pattern will work at any second. A tiny bit of risk for a huge reward, that’s what our brain loves. We love risking little and winning big. That’s the whole concept that the lottery exploits. If lottery tickets were to cost 100K with a chance of winning 200K, do you think anyone would be buying them? No, definitely not. Even though the chances of winning would be inherently bigger. Our minds love security and just the slightest chance of a big winner. It hinders one majorly in a trend day. What you should do is the opposite. Use a wider stop and just go with the trend. If it’s a strong trend, started by a bar like the above you can buy anything. Bull bars, bear bars, opens, retracements. The worst entries will become profitabel since the markets will creep their way up. I was aware of this. I knew what I had to do. LONG. Initially I opened a long on the close of that big bull bar. I closed it on the bar with the long tail. 15 point profit. Why? Because I saw a wedge on the 1 min chart. It was a good sell signal. Imagine this: a wedge (reversal signal), your risk would be about 10-15 points with a target of 30-70 points, depending on how long you want to be in the trade. Would you take it? I did. And the markets just went higher. This happened twice. I tried selling into the trend and was consequently always stopped. I was comfortable keeping the shorts. They felt good. This is another indication that something is wrong. Futures trading should feel uncomfortable. This was already said by Charlie D, portryed in the book "The legendary Bond trader". This is one of the most important parts: (This is taken from Tom Hoougard, an exceptional trader that has helped me massively, especially in the mental department): After two losses I realized. The pain had caught up with me. It was delayed. I went long. I added on the retracement. But then I left with stops at BE. I returned to being stopped out, after a three legged trend move up. 2 bulls flags. Unfortunate, however, I'm proud of that part. I stayed in. I overcame my instinct to take profit. It didn’t pay off this time, but it will eventually. I will be in on the next 200 point rally. This is one of the hardest mental games to play. If you're just slightly off, you won't win. How do I go about fixing this and making sure it doesn't happen again? A few suggestions: Take a step back. Stand up and leave the room, walk around and come back. You will have a brand new perspective on the matter at hand. Another idea: focus on the process: focus on what you see at hand. We all want one outcome: profit and winners. However we don't get that by imagining that outcome. How do we get it? We need to stay in the moment, we need to stay in the process. We need to see what is presented to us and act accordingly. This may be difficult to do in the moment, however one needs to be able to think clearly and execute on those thoughts in the trading moment.
G
by fxwithfreddi
Why Less Trading Gives Better Results!Hey hey traders! We're coming to you with a nice and short video on why trading less is actually better for you, atleast based on our experience! Being a full time day trader I found it hard to actually be at my best and trade all day long... at the end of the day trading is a means to an end, its only purpose is for you to exchange your knowledge, effort and focus for money, yet you do not need to sit there all day to do that, 60mins of focus is better than a whole day of nothing. Try what we preach for the rest of the week and you'll be amazed at your performance! Good luck trading!
OANDA:DE30EUREducation
by PrimedGroup
4
Trader comfort zone journey 🥴➡️😊Let's end the week on a thoughtful note. On the chart is a visual I see the other day that I feel relates to trading massively. It's called the comfort zone map. This can be applied to many situations in a person's life as a generic visual map. But I really do think it represents the journey every trader must take in order to become successful. COMFORT ZONE It's where we all start any journey Sat in the comfort zone not wanting to leave as we dont want to fail or get hurt. Some will stay in this zone forever but will never progress. If you are on TradingView looking at this idea then chances are leaving this zone is already being explored. We all like this zone put you have to take the leap of faith in order to progress. As traders we all have to leave our comfort zone in order to start our trading journey. FEAR ZONE This is the worse zone for any human on any sort of journey but more so for traders. Things are really uncomfortable in this zone and pain will be felt. Mistakes will made, as traders money well be lost but key bit is learn from those mistakes. Plenty of people will turn their backs at this point and jump back into the comfort zone. Those who carry on trying to achieve will have other people questioning what are they doing. Don't let opinions sway you and find a way to find your feet in this zone. You will lack knowledge, You will lack skills at the start but traction comes with hard work and persistence. LEARNING ZONE The traction gained and hurdles overcome in the fear zone leads you to this zone. Once in this zone it's now all in the eye of the beholder. This is now the new comfort zone but don't drop the ball you can end up dropping back in this zone. Now's the time in this zone to really kick on but it can take time. You are now laying the foundations of an exciting future. Take the base knowledge gained and gain even more in this zone. Problems are no longer holding you back as you are able to overcome. You enjoy the challenges and tackle them head on while still learning. Putting the time in here takes you to the next step but also stands you in good stead for rest of lives hurdles. GROWTH ZONE This where the fruits of your labour are felt but not just in trading profits. Mindset and contentment are on point. Due to the above continued learning never stops. Objectives are now smashed. Purpose and fresh identic is now found within yourself. Continued Personal growth as well as financial growth is now a element of life. In this zone the end game is infinite but shouldn't be taken for granted. Hard work has got you here but don't get complacent. Treat everyday as an opportunity to fulfil your life even more in many ways not just money. You earnt the right to be in this zone so enjoy. But be grateful in this zone and take nothing for granted. Stay level headed and with the right mindset this becomes your new comfort zone to enjoy forever. Enjoy the weekend folks and see you next week 👍 Darren✌️
Education
by pow_removetheguesswork
52
Affirmations! how to use them Powerfully What up everyone. This is a great mindset training on Affirmations & How to Affirm yourself. I have shared my list of Affirmation to assist you in your journey to greatness. I encourage you to write your own AFFIRMATIONS. In the mean time you can borrow the ones I'm sharing with you today. you all are amazing see you on the next video I am a winner I am focused I am a leader I am persistent I am consistent I am reliable I am coachable I am teachable I am always learning I am a man of my word I am raising my standards every day I am speaking with conviction I am love I am learning every day I am a 13 figure earner in trading I am comfortable with earning 13 figures I am unstoppable I am profitable in winning 100% of my trades I am 100% healthy I am using 100% of my brain with Control & precision I am relentless I am a force to be reckoned with I am obsessed I am making my dreams a reality I am a doer I am trustworthy I am a fighter I am taking massive actions I am Drive I am Limitless I am Nickylimitless I am a legend I am the worlds greatest I am the best Trader in the world I am joyful I am a man of God I am wise I am wisdom I am blessed I am honest I am courage I am excussless I am a problem solver I am on point I am all in I am sharp I am witty I am funny I am likable I am lovable I am fierce I am operating on a high frequency I am a high-performance trader I am a great husband I am a great father I am breaking all walls down in my life I am breaking all chains to move forward I am breaking through all obstacles I am an overcomer I am me I love me I respect me I respect my family I respect my team I respect the markets I respect my business I respect life I respect God thank you father in Jesus mighty name “Amen”
BITFINEX:BTCUSDEducation
by NickyLimitless
How to continue in trading during uncertainty timeHello traders: Recently I received many messages from traders about taking many losses during this uncertain time. What's going on globally right now may have a different impact on all the different markets. Many have told me of your frustration, stress, and negative emotion on losing money and continue to feel defeated. Today I will explain a few things that you can implement into your current trading plan, approach and perspective during this period of time. First, you must acknowledge risk management. Too many traders ignore this key important aspect of trading. Especially during this time where the market can be volatile and irregular. It's in your best interest to understand how to manage your risk. You should have a plan that lists out how your approach would be. For example for my risk management right now: -1% per trade of account capital. -No more than 1 trade on the same currency, unless the first trade is secure in profit. -No more than 2 trades open during a day, max drawdown 2% per day -10-15 trades per month -3 trades maximum per week -Minimum 3:1 RR allow before entry -Will Take profit on average when in profit 3:1 RR. Second, learn to control your mindset and emotions. More often when traders approach me these days, they are telling me they are taking too many trades, chasing profits and revenge trading their losses. All these arise from the mistakes of FOMO, get rich quick mindset, enter multiple trades. IF a trader can truly understand the fact that the market will always be there tomorrow, next week, next month..etc, then it's an easier thing to deal with on a psychological level. You will no longer stress about trying to enter too many trades, worry that the market may not be available tomorrow. Third, less social media exposure. In today’s world, unfortunately in trading, most of the things you see on social media are fabricated and fake. Their sole purpose is to sell you a dream, lifestyle, and easy money concept. ITs always during this uncertain time, you will see more and more of these “gurus” who will show you how much $ they made during this time. Now, I am not saying all are fake or scam, I am sure small # of them are doing well. But, most of the things you will see in your social media feed, are likely to be photoshopped, faked, fabricated to make you believe whatever you are doing is wrong, and you tend to “compare” your result with these people. This ended up becoming very negative and stressful to continue. ITs important to understand trading is one of the toughest professions out there. IT requires so much emotion control, clear mindset, and proper psychology on a regular basis. If you are struggling, it's usually not to do with your trading strategy, but rather your approach, perspective, and perception. So, eliminate as many unrealistic things you might see, and focus on yourself and your journey. Any questions, comments or feedback welcome to let me know. Thank you
Education
by jojofang0901
38
wedge top's 🔝 in a bear sell offhi there my friend to day I want to discuss about wedges (on of the most powerful setup's). true but there is always some details about it that make us so confuse, some of them that I just learned in past few years are. 1.the might be more than 3 wave's 2.35% of the times wedges will fail 3.if u want to be sure about the pattern wait until a fake breakout happens. I'm sure that u guys might know something else and I'll be happy if you just share them with me. cheers 🥂.
Education
by trader2613