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Phychology

5 tips for building a professional trading mindsetHey traders Building a professional trading mindset is crucial for success in the forex market. Here are five tips to help develop and maintain a professional approach: 1 . Develop Discipline and Patience: Stick to a Trading Plan: Develop a detailed trading plan that outlines your strategies, risk management rules, and goals. Adhere to this plan consistently to avoid impulsive decisions. Be Patient: Understand that success in trading doesn't happen overnight. Be patient and wait for the right trading opportunities that align with your plan. 2 . Embrace Continuous Learning: Stay Informed: Keep up-to-date with market news, economic indicators, and geopolitical events that can impact the forex market. Learn from Mistakes: Analyse your trades, both successful and unsuccessful, to identify what worked and what didn’t. Use this knowledge to improve your strategies. 3 .Manage Emotions: Stay Calm Under Pressure: Trading can be stressful, especially during volatile market conditions. Practice techniques to manage stress and maintain a clear, focused mind. Avoid Overtrading: Don’t let emotions drive you to overtrade. Stick to your trading plan and avoid chasing losses or getting overly greedy after wins. 4 . Implement Strong Risk Management: Use Stop-Loss Orders: Protect your capital by setting stop-loss orders to limit potential losses on each trade. Diversify Trades: Avoid putting all your capital into a single trade. Diversify your trades to spread risk across different currency pairs or financial instruments. 5 . Set Realistic Goals and Expectations: Define Clear Objectives: Set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your trading activities. Understand the Learning Curve: Recognise that becoming a successful trader takes time and effort. Set realistic expectations regarding your progress and returns. By incorporating these tips into your trading routine, you can build a professional mindset that enhances your decision-making, improves your performance, and increases your chances of long-term success in forex trading.
Education
by Costy13
6
Kira!& Captain Renzo In a bustling town nestled by the sea, there was a young trader named Kira. Her dream was to navigate the vast and unpredictable market waters, much like a seasoned fisherman seeking the best catch. Her mentor, an old trader named Captain Renzo, often spoke of the market as a treacherous sea full of challenges and opportunities. "Ahoy, Kira!" Captain Renzo would say with a twinkle in his eye. "The market is our battlefield, and our money is our ammunition. Every trade we make is like casting our net into the ocean." Kira was eager to conquer this sea of opportunities, but she soon learned that dangers lurked beneath the surface. Captain Renzo taught her about the enemies of trading: Fear, Greed, Rush, and Hesitation. "Fear can paralyze us, making us doubt our decisions," Captain Renzo warned. "Greed tempts us to chase after more, even when we've already secured a good catch." Kira nodded, absorbing his wisdom. "And Rush," she asked, "what does Rush do?" "Rush," Captain Renzo explained, "makes us act hastily without considering the currents of the market. And Hesitation? It causes us to miss out on great opportunities while we stand idle." As Kira embarked on her trading journey, she encountered these enemies time and again. Fear whispered in her ear during market downturns, urging her to abandon ship. Greed beckoned her to hold on for just a little longer, risking everything for more profit. But Captain Renzo had taught her well. He emphasized the importance of risk management above all else. "Just like a skilled sailor who knows the tides," he said, "a trader must understand risk. It's the compass that guides us through stormy seas." Kira learned to beat Fear by calculating her risks before setting sail on a trade. She countered Greed by setting clear profit targets based on risk management principles. Rush was tamed through diligent technical analysis, ensuring she weighed her risks and rewards before casting her net. One day, Kira shared her struggles with Captain Renzo. "Captain, sometimes I feel like I'm missing out on bigger opportunities." Captain Renzo smiled knowingly. "Ah, Kira, remember the fisherman's tale. If you catch a fish, be grateful for your catch. Don't throw it back into the sea in pursuit of more. Those who master this patience and discipline become the whales of the market." Kira nodded, her determination renewed. With each successful trade managed with discipline and risk awareness, she grew wiser and more confident. She knew that mastering these skills was the key to navigating the tumultuous market waters. And so, armed with Captain Renzo's teachings and her own newfound resilience, Kira set sail each day, ready to face the enemies of trading and emerge victorious in the ever-changing sea of opportunities. The Being of your story! we ask Allah reconcile and repay
BITSTAMP:BTCUSDEducation
by HamadaMark
10
Invest in yourself, Knowledge is power!Money & time spent on knowledge is well spent. Read useful books with information not twilight or Star wars. Read comments on youtube or other media platforms. Why? most of that is degenerate non sense. Yes, you would be correct. You can gauge sentiment and the herds psychology. The herd is always wrong. Hang around or work with positive people that are like minded and share similar goals. One bad apple can ruin a group of 5-6 people but one good apple can not bring 5-6 group of people up, they will most likely drag him or her down. If you think negative you will be negative. Speak positive thoughts, have a say affirmations daily. The bible says God spoke everything into existence. Speech is more powerful than you think, be careful how you use it. Realize, that you are at war from the moment you are born. This war isn't with swords and bullets. It's a multi facet and a high percentage of people never realize it. Information is the main weapon being used against you, and it's molding you into the person you are. What you know what you think what you eat what you believe The war on your mind is the greatest of all battles. Making people into sick, helpless, degenerates is what the system wants you to be. Why is that? Because people don't want strong competition if any. People like to maintain power uncontested. The pen is mightier than the sword in a our modern civil society. Information is weaponized in this war Money/debt is weaponized Nutrition is weaponized psychology is weaponized What is psychology? What is your psyche? I'm willing to bet you think it's the mind. It is not your mind or the study of it. Psyche is the Greek word for soul, so , psychology is the study of the soul. so, spiritual warfare is also being forced upon u. My people are destroyed for lack of knowledge. Hosea 4:6 What critical knowledge do we lack today? well, the answer to that is very broad but let's start with monetary/financial since this is how the whole system runs. Printing FIAT currency aka money but it's not money is actually debt. So our system is a debt based system. Is it a new idea? NO. The rich rule over the poor, and the borrower is a slave to the lender. Proverbs 22:7 Have you ever heard? "there is nothing new under the sun" how about? "The more things change, the more they stay the same" and "History doesn't repeat but it often rhymes" Well, proverbs just spite you out a giant receipt. It's nothing new, In fact it's more sophisticated now, but so are we. We have access to the same tools as them, it's just a matter of interest (pun intended LOL) and learning how to wield them. so... Invest in your self. Knowledge is power. Invest in assets that don't carry counterparty risk. Keep your wealth out of counter party risk. Bitcoin although decentralized, on exchanges has counterparty risk. Gold although decentralized, in a bank vault has counterparty risk. Hold your wealth, don't let others hold it for you. Take this year and make some small strides in learning. Set small goals, very achievable. First just browse books online. Find a book that might interest you. Then read reviews on it. Then go to the store and purchase it. (wait for sale preferably) Then just read the table of context Then just read one page a week, then read more and so on and so on. Before you know it, you will be intrenched into it. You will be hooked on learning. You have a friend that always call you to complain? Cut them out cold turkey. You must understand your mindset is so strong that it can even heal you or prevent you from getting sick, but it requires strong belief. Cut out bad habits and start inserting good habits in small steps that you can achieve. Don't make the steps too big that you fail and get down on your self. So, what books should I read? that's a good question. Where is the battle being fought? We already went over that. You must also keep in mind that all books and all information is not equal. So that now poses another problem, learning to filter junk and what doesn't work. Hint, if it claims over night success, then it's probably bullshit. So... learn as much as you can but start slow, don't overwhelm your self and give your mind and body time to absorb and understand what it has consumed. Also it's not just books, there are plenty of free media creators putting out amazing free information, support them. Don't forget about right here on Tradingview there is a lot of great financial information being put out daily. Support them too. One is SPY_MASTER, he has literally been blowing up the analysis of late with some great content, give him a follow and some likes, you won't regret it. below is a link to an educational idea he put out recently. Supporting your neighbor or brethren is the only vote you get in life. Elections are joke and can easily be rigged. You want your vote to mean something support local, buy from local or small business. That is your vote and it has more pull and energy in it. It has your sweat, energy, time, blood, ingenuity in it, it's your money. They will return it back to you, Walmart won't. Ohh how about the Gold chart up top. It's a simple chart that shows double tops cup and handles and bearish divergence on the RSI. That says a gold drop is in order before the next major move up unless it maintains the upward trend in the RSI. Then the bearish divergence will be voided. Keep in mind this cold take a couple years to play out. Thank you WeAreSatoshi Have a blessed and prosperous year!
TVC:GOLDEducation
by WeAreSat0shi
14
HUGE SELL opportunity For GOLD !! 400 PIPS I have marked out the phycological stages which GOLD has reacted to well over time along with Keys stages following the graph to the beginning of COVID . there is a HUGE SELL opportunity for gold right now we are going through some consolidation after the rally over Christmas. For the trade we are looking for a reversal pattern along side Bearish candlesticks patterns such as a shooting star , and Three black crows and Evening Stars . this will give us a clean confirmation. Entry will be best at the top of the box or wait for the retest to Enter just before the big movement. in my chart all key stages and near by phycological stages are marked . For the fundamental side we are looking for some over all good about the USD or the EUR this will assist the movement to the downside! OANDA:XAUUSD CURRENCYCOM:GOLD happy to hear your views and opinions thank you!
TVC:GOLDShort
by TinotendaM
2
EURUSD| Outlook for the MorningGood morning Traders, I hope you have all had a good weekend, As I've been stating in my earlier ideas we are coming into the 1.1490 area, this will be an interesting level, given the buying power that is still within the market as price action is indicating, at this current moment. We could have price action that spills out as illustrated, If we do Id be looking at what price action is telling me at that given time, the key is always to focus on what price action is telling me in the interim as well as what the overall picture is and where price action has come from. let me know your thoughts, agree disagree or neutral. Thank you
by NK008