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Psycology

The Role of Meditation in Navigating the Forex MarketThe forex market, recognized as the largest financial market globally, operates around the clock, enabling traders to engage in currency exchange with a staggering daily trading volume exceeding $6 trillion. While the opportunities for profit are immense, the market's complexities can overwhelm many novice traders, leading to significant losses. This article highlights how meditation can serve as a crucial tool for traders looking to cultivate a more disciplined and resilient approach to trading. Understanding the Challenges in Forex Trading Many traders enter the forex market with the hope of quick gains but soon discover the numerous pitfalls that can hinder their success. Common challenges include: 1. Lack of Education and Understanding: Many are drawn to forex without grasping essential concepts, resulting in costly mistakes. A solid foundation in fundamental and technical analysis is critical for navigating the market successfully. 2. Poor Risk Management: Effective risk management is key to preserving capital. Traders often expose themselves to excessive risk through overleveraging, neglecting stop-loss orders, or focusing on a single currency pair. 3. Emotional Trading: Emotional responses like fear, greed, and impatience can cloud judgment, leading to impulsive decisions that stray from well-considered trading plans. 4. Lack of Trading Discipline: Success in forex requires adherence to a structured strategy, yet many traders falter by chasing losses or overtrading. 5. Unrealistic Expectations: The allure of immediate profits can create unrealistic expectations, causing frustration when outcomes do not meet anticipations. Read also: The Beneficial Role of Meditation Amidst these challenges, meditation emerges as a valuable practice for traders looking to enhance their mental fortitude and emotional resilience. Here's how it can help: 1. Enhanced Focus and Clarity: Meditation practices, such as mindfulness, enable traders to cultivate a state of heightened awareness. This clarity allows them to analyze market conditions objectively, helping to reduce impulsive trading driven by emotional responses. 2. Improved Emotional Regulation: Regular meditation can provide traders with tools to manage anxiety, fear, and impatience. By fostering a sense of calm, traders can approach the market with a balanced mindset, making decisions rooted in strategy rather than emotion. 3. Cultivation of Patience and Discipline: Meditation teaches the value of patience and self-discipline. By engaging in focused breathing or guided mindfulness exercises, traders can reinforce their commitment to adhering to their trading plans and strategies, even in volatile market conditions. 4. Stress Reduction: The forex market can be a high-pressure environment. Meditation acts as an antidote to stress, helping traders maintain composure and clarity when facing market fluctuations. 5. Increased Self-Awareness: Meditation fosters introspection, enabling traders to reflect on their behaviors and decisions. This self-awareness can highlight patterns of emotional trading and reinforce the importance of following their trading discipline. Read also: Implementing Meditation into Daily Trading Routines To effectively incorporate meditation into a trading routine, consider the following steps: 1. Set Aside Regular Time for Meditation: Allocate a specific time each day, perhaps before trading, to engage in meditation. Even just 10-15 minutes can provide a significant benefit. 2. Find a Comfortable Space: Choose a quiet and comfortable environment free from distractions. This can be anywhere in your home or even a serene outdoor space if possible. 3. Explore Various Techniques: Experiment with different forms of meditation, such as guided meditations, breathing exercises, or mindfulness practices, to find what resonates best with you. 4. Practice Deep Breathing: In moments of stress or anxiety while trading, take a moment to pause and practice deep breathing. This can ground your thoughts and help you regain focus. 5. Reflect on Your Trading Journal: After your meditation session, consider reflecting on your trading experiences and decisions. Journaling can complement your meditation practice by helping you process your thoughts and emotions. Read Also: Conclusion The forex market presents unique challenges that can lead to losses for many traders. However, by integrating meditation into their routines, traders can enhance their mental resilience, emotional control, and overall trading performance. Emphasizing education, risk management, and disciplined strategies is essential, but these efforts can be significantly bolstered through the practice of meditation. By fostering a calm and focused mindset, traders can navigate the complexities of the forex market with greater confidence and increased chances of success.
Education
by FOREXN1
1
Lesson 5: Patience – The Key to Long-Term Trading SuccessWelcome to Lesson 5 of the Hercules Trading Psychology Course—Patience: The Key to Long-Term Trading Success. Building upon the foundational traits of Initiative and Discipline covered in previous lessons, today we delve into the essential virtue of Patience. Whether you’re trading stocks, commodities, cryptocurrencies, or any other financial instruments, patience is a crucial element that can significantly influence your trading outcomes. Why is Patience Essential in Trading? Patience is more than just waiting; it’s about making informed decisions and allowing your strategies the necessary time to unfold. In the fast-paced world of trading, it’s easy to feel the urge to act immediately, but this impulsiveness can often lead to mistakes and missed opportunities. Self-Inflicted vs. External Impatience A lot of our impatience is self-inflicted, stemming from our own desires for quick profits and immediate gratification. However, some impatience arises from external factors beyond our control, such as sudden market fluctuations or unforeseen economic events. Understanding the sources of impatience is the first step toward managing it effectively. Avoiding Financial Scams Impatience can make traders vulnerable to financial scams that promise quick returns. Scammers often prey on individuals who are desperate and impatient, offering schemes that sound too good to be true but ultimately lead to significant losses. Recognizing these scams and maintaining patience can protect you from falling victim to deceitful practices. The Long Game vs. Rushing Playing the long game in trading is far more beneficial than rushing into quick trades. Patience allows you to wait for optimal trading opportunities, align your strategies with market conditions, and build a sustainable trading career. Without patience, even the best strategies can falter under the pressure of immediate results. Realistic Trading Plans For those who aren’t starting with substantial capital, patience is key to building a realistic plan for making a living through trading. Setting achievable goals, managing expectations, and avoiding the allure of “get-rich-quick” schemes are essential for long-term success and financial stability. Key Concepts in Trading Successful trading isn’t just about technical analysis or spotting trends; it’s equally about mastering the psychological aspects of trading. Two critical components are money management and trading psychology. Money Management Effective money management involves controlling your risk, setting appropriate trade sizes, and ensuring that no single trade can significantly impact your overall portfolio. It’s about protecting your capital and making informed decisions that align with your financial goals. Trading Psychology Understanding the psychological side of trading—such as initiative and discipline—is where the real magic happens. Many traders struggle with maintaining initiative, which can hinder their trading performance. Additionally, discipline helps traders stick to their strategies and avoid impulsive decisions based on emotions. The Marshmallow Test and Trading Patience The Marshmallow Test, conducted in the 1960s and 1970s at Stanford University, examined how patient children could be. Participants were given the choice between eating a marshmallow immediately or waiting for a short period to receive a second marshmallow. The results revealed that those who exercised patience tended to have better life outcomes, including higher academic achievement and better emotional control. Fast forward to today, and our culture’s emphasis on instant gratification can make it challenging to cultivate patience, especially in trading. The markets don’t cater to our need for immediate satisfaction, and many trading promotions set unrealistic expectations for quick wins. Patience helps traders resist these temptations and focus on long-term success. Forex Education and Leverage While this lesson focuses on all financial markets, it’s worth noting that trading education often emphasizes the use of leverage—a tool that can amplify both profits and losses. Leverage is enticing because it allows traders to control larger positions with a smaller amount of capital. However, without proper understanding and disciplined risk management, leverage can lead to significant losses. Many educational programs and trading platforms showcase flashy tools and promising high returns, which can mislead inexperienced traders into thinking that success is easy. True mastery of trading involves understanding the nuanced nature of market movements and the importance of disciplined strategies over flashy indicators. The Realities of Trading Many individuals enter trading with the misconception that it’s a quick path to financial freedom or a way to eliminate debt. However, the reality is that patience is crucial. Beginners may experience early successes that lead to overconfidence and excessive risk-taking, resulting in substantial losses that shake their confidence. In their rush to recover losses, some traders fall for scams that promise miraculous returns but deliver nothing. This cycle of chasing losses can lead to a pattern of deceit and continual loss, highlighting the importance of patience and disciplined trading. How Scammers Exploit Trading Desperation When traders are desperate and lack knowledge, they become easy targets for scammers. These fraudsters exploit the trader’s impatience and desire for quick profits by offering schemes that seem promising but are fundamentally flawed. One such scam is the dual line scam, which has roots in sports betting but has infiltrated trading markets as well. Scammers make outrageous claims about turning small investments into massive returns, enticing traders with the allure of easy money. They often charge hefty fees for these bogus opportunities, leaving traders financially devastated while the scammers reap the rewards. The Price of Deceitful Trading Consider the example of a trader named Marco, who manipulates the system to profit deceitfully. Marco convinces multiple individuals to bet on opposite outcomes, ensuring that he profits regardless of the market’s direction. Such tactics not only lead to significant losses for unsuspecting traders but also erode trust within the trading community. Why People Fall for Get-Rich-Quick Schemes Individuals like David, Holly, and Sergio are drawn to charismatic figures like Marco because they believe in the promise of effortless success. Despite experiencing losses, the initial taste of profit keeps them hooked, reinforcing unrealistic expectations. This highlights a fundamental flaw in chasing quick profits without understanding the underlying complexities of trading. Why Patience is Key to Achieving Success True trading success requires embracing the long game and committing to continuous self-improvement. Quick money may seem appealing, but it often leads to traps that undermine your trading career. Patience allows you to set realistic goals, persevere through challenges, and build a solid foundation for long-term profitability. Most traders struggle because they don’t maintain their goals long enough, leading to high failure rates despite significant effort. Perseverance and patience are essential to navigating the ups and downs of trading and achieving lasting success. How Can You Succeed in Trading? Success in trading doesn’t necessarily require starting with a large capital. While a substantial investment can provide more opportunities, there are pathways for those with limited funds: Trading on Behalf of Others: Demonstrating consistent wins through demo trading can allow you to manage funds for others, building your reputation and capital over time. Attracting Investors: Wealthy individuals often seek skilled traders to help them earn more than traditional bank interest rates. Showcasing your trading abilities can open doors to lucrative opportunities. Proprietary Trading Firms: These firms provide the capital you need to trade, but they require proven results and may involve upfront costs for training and desk fees. Key Strategies for Successful Trading To excel in trading, it’s essential to implement effective strategies: Find a Reliable Trading System: Look for systems with a solid track record, ideally with results spanning at least a year. Test your system on a demo account or with real money, starting with a manageable investment. Document Your Results: Market your documented trading results online to attract opportunities. Consistent documentation helps in building credibility and attracting potential investors. Engage with Trading Communities: Participate in forums, webinars, and trading groups to share experiences and gain insights. Networking with other traders can provide support and new strategies. Continuous Learning: Stay updated with market trends, new trading tools, and advanced strategies. Invest in your education to refine your skills and adapt to changing market conditions. Why Play the Long Game in Trading? Patience and a long-term perspective are crucial for overcoming obstacles and achieving trading goals. Trading is a journey filled with challenges, and maintaining a realistic timeline helps you stay proactive and committed. By embracing the long game, you recognize that success doesn’t happen overnight. Instead, it results from consistent effort, disciplined strategies, and the ability to navigate through both profitable and challenging times. Subscribing to a disciplined and patient approach ensures sustainable success and minimizes the risks associated with impulsive trading decisions. Conclusion: Embrace Patience to Transform Your Trading Journey Patience is more than just waiting; it’s about making informed decisions and allowing your strategies the necessary time to unfold. By embracing patience, you empower yourself to navigate the complexities of all financial markets with confidence and determination. In Lesson 5, we’ve explored why patience is essential, how impatience can lead to financial scams, and the importance of playing the long game in trading. These elements are vital for building a strong foundation and achieving consistent profitability across all financial markets, whether you’re a swing trader or a day trader. Action Steps: Reflect on Your Patience: Assess how patient you are in your current trading approach. Identify areas where impatience may be affecting your decisions and commit to cultivating greater patience. Develop a Comprehensive Trading Plan: Create a detailed trading plan that outlines your strategies, risk management techniques, and criteria for entering and exiting trades. Ensure that this plan emphasizes patience and long-term success. Implement Robust Risk Management: Protect your capital by setting appropriate stop-loss orders, limiting trade sizes, and diversifying your portfolio across different financial instruments. Maintain a Trading Journal: Document every trade to gain insights into your trading behavior and identify patterns that need improvement. Reflect on your trades to reinforce patience and discipline. Practice Emotional Control Techniques: Incorporate mindfulness practices, meditation, or journaling into your daily routine to manage stress and maintain emotional equilibrium. Engage with the Trading Community: Join forums, attend webinars, or participate in trading groups to share experiences and gain support from fellow patient traders. Trust in Your System: Have confidence in your trading system. Understand that success takes time and that patience is a critical component of achieving long-term profitability. By implementing these strategies and focusing on unique, relevant keywords for each lesson, you can effectively optimize your Hercules Trading Psychology Course for search engines while providing valuable and engaging content to your learners. This balanced approach ensures that your course ranks well without falling into the pitfalls of keyword cannibalization, ultimately attracting a broader and more targeted audience. Ready to take the next step? Continue your journey by enrolling in Lesson 6: Emotional Control in Trading, where you’ll learn techniques to manage your emotions, build emotional resilience, and maintain a balanced mindset, ensuring consistent trading success across all financial markets.
NYMEX:CL1!Education
by exlux
Mind Over Markets: Trader Fears and Psychological ReadinessTrading in financial markets is not merely a game of numbers and charts; it's a psychological battlefield where fears , doubts , and emotions can either propel you to success or drag you into failure. In this comprehensive article, we delve deep into the primary fears of traders, explore strategies to conquer them, and provide an in-depth analysis of methods to assess psychological readiness for navigating the unpredictable world of trading. Unveiling the Primary Fears of Traders Fear of Losing Money: The fear of financial loss is perhaps the most primal fear among traders. It's natural to feel apprehensive about risking hard-earned capital in the volatile world of trading. However, letting this fear dictate your decisions can hinder your ability to capitalize on profitable opportunities. Overcoming this fear requires a combination of education, risk management strategies, and a disciplined mindset. Fear of Missed Opportunities: FOMO, or the fear of missing out, is another common fear that plagues traders. The fear of watching others profit while you stand on the sidelines can lead to impulsive and irrational decision-making. Successful traders emphasize the importance of patience, strategic planning, and sticking to a well-defined trading strategy to avoid falling prey to FOMO. Fear of Making Mistakes: In a high-stakes environment like the financial markets, the fear of making mistakes can paralyze even the most seasoned traders. Whether it's misinterpreting market signals or executing trades at the wrong time, the fear of failure can lead to indecision and missed opportunities. Overcoming this fear requires a shift in mindset—viewing mistakes as valuable learning experiences rather than setbacks. Fear of Criticism: Trading can be a solitary pursuit, but the fear of being judged by peers, mentors, or investors can still weigh heavily on traders' minds. The fear of criticism can erode confidence and stifle creativity, making it difficult to take calculated risks. Overcoming this fear involves developing a resilient mindset and focusing on personal growth rather than external validation. Strategies to Overcome Trader Fears Education and Continuous Learning: The more you understand the intricacies of the financial markets, the less intimidating they become. Warren Buffett's famous advice to invest in what you understand rings true here. By arming yourself with knowledge and staying updated on market trends, you can make more informed decisions and mitigate the fear of the unknown. Risk Management Strategies: Implementing robust risk management strategies is crucial for alleviating the fear of losing money. Setting stop-loss orders, diversifying your portfolio, and adhering to strict position sizing rules can help limit losses and protect your capital during volatile market conditions. Mindfulness and Emotional Regulation: Practicing mindfulness techniques and cultivating emotional resilience can help you navigate the ups and downs of trading with greater ease. Techniques such as meditation, deep breathing exercises, and visualization can help calm your mind and prevent emotions from clouding your judgment during stressful trading situations. Community Support and Mentorship: Surrounding yourself with a supportive community of fellow traders and mentors can provide invaluable emotional support and guidance. Sharing experiences, seeking advice, and learning from the successes and failures of others can help alleviate the fear of trading alone and foster a sense of camaraderie. Assessing Psychological Readiness for Trading Before embarking on your trading journey, it's essential to assess your psychological readiness to handle the demands of trading. Here are some methods for evaluating your readiness: Interviews and Surveys: Seek guidance from experienced traders or financial psychologists through personal interviews or consultations. Completing questionnaires about your attitude towards money, risk, and decision-making can provide valuable insights into your psychological profile. Risk-Aversion Testing: Take psychometric tests designed to measure your propensity for risk and assess your reactions to potential losses and gains. These tests can help you understand how comfortable you are with making financial decisions under uncertainty. Demo Accounts: Practice trading on demo accounts to gauge your ability to manage emotions and make rational decisions without real financial risk. Monitor your performance and assess whether you're able to adhere to your trading strategy and risk management rules. Trader's Diary: Maintain a diary where you record your emotions and reactions to various trading scenarios. Analyze your psychological state over time and identify recurring patterns or biases that may impact your trading performance. Stress Tests: Participate in simulated stress tests that replicate extreme market conditions to assess your ability to make sound decisions under pressure. These tests can help you identify areas of weakness and develop strategies for coping with high-stress situations. The Reliability of Test Results While these methods provide valuable insights into your psychological readiness for trading, it's essential to recognize their limitations. Human psychology is complex and dynamic, and no test can fully capture the nuances of real-world trading. Moreover, over-reliance on test results can breed overconfidence and lead to complacency. Ultimately, success in trading requires a combination of technical skill, psychological resilience, and real-world experience. While tests and assessments can provide a useful framework for self-reflection and improvement, they should be viewed as just one piece of the puzzle. Continuous learning, self-awareness, and a commitment to personal growth are essential ingredients for mastering the mental game of trading and achieving long-term success in financial markets.
Education
by FOREXN1
1
Parallel Universe: Expert's Guide to the Art of Losing MoneyDisclaimer: Warning! The given tips are born from the minds of financial disasters and for entertainment purposes only. These are the results of the imagination of unsuccessful traders with a knack for making impressive losses. These master traders are known to make their financial mistakes by making huge losses. Unsuccessful traders are honored members of FRBF - Financial Ruins of Big Fortune with lifetime achievement of negative portfolios and returns. We do not recommend following the suggestions from the unsuccessful traders otherwise we have to add you to FRBF club. Well, well, if it isn't the tired soul tired of seeing green numbers in their trading account. Can you believe it? I always have seen a dream of world's biggest loser trader. Apparently, 99% of traders out there are making money, and we're stuck in the miserable 1% who might be losing. But hey, if you're sick and tired of making money, you've stumbled upon the perfect spot. Get ready for a wild ride as I unveil the secrets to drain your hard-earned cash and proudly join the prestigious FRBF - the Financial Ruins of Big Fortune. Buckle up, my friend! 1) Borrowing Money: You should borrow money from every possible resource. Remember that Saving money and working hard for financial stability is just for cowardly people. Debt is the only key to get success in the trading world. If you have bad luck, you can get your creditors good luck by borrowing their money. Imagine when your creditor will knock on your door, and you will be running and hiding from them! How thrilling is this! It's a surefire way to reach new heights of financial ruin. 2) Avoid Using Stop-loss: We should totally ignore those stop-loss orders. There's this fascinating study that suggests traders who actually use stop-loss orders tend to have lower losses compared to those who don't. who needs that kind of useful information? Not us! We're not beginners here, are we? If you use stop-loss, it will exit the trade when market sentiments are changed. You will never be able to make huge losses. Let's just toss those stop-loss orders right out the window and dive headfirst into the exhilarating world of uncertainty. Because what's more exciting than watching our trades go haywire with no safety net? So let's embrace the thrill, ignore risk management, and revel in the rollercoaster ride of potential financial ruin. 3) Hold Losing Positions & Never cut losses: Who needs to admit defeat when we can simply cling to hope and pray that the market will miraculously turn in our favor? It's such a fantastic strategy to hold onto those sinking ships, watching our losses pile up like trophies of our unwavering determination. Cutting our losing positions? Pfft, that's for amateurs who actually care about preserving their capital and minimizing losses. We, on the other hand, choose to ride the wave of delusion and hold onto our sinking investments with unwavering faith. After all, why learn from mistakes when we can repeat them endlessly? So let's keep clutching those losing positions tightly, and maybe, just maybe, the market will eventually bend to our will. 4) Avoid Managing Risk: Risk management will not let you become an unsuccessful trader. Forget about preserving your capital and protecting yourself from substantial losses. Let's just dive headfirst into the deep end and throw caution to the wind! So, according to your brilliant logic, let's ignore risk management and trade in five stocks with a 1:3 risk-reward ratio. We'll lose $3 in three stocks and $6 in the remaining two trades. Brilliant strategy, right? Who needs profits when we can lose money consistently? 5) Never Pay Attention to News & Events: Who needs to stay informed about current events and news when it comes to trading? Ignorance is truly bliss, especially when it comes to making informed decisions and understanding market dynamics. Let's just close our eyes and ears to all those pesky news articles, economic reports, and major events that could potentially impact the market. Who needs to know about interest rate changes, geopolitical tensions, or corporate earnings releases? They're just distractions, right? Instead, let's rely on our sheer intuition and gut feelings to guide our trading decisions. (6) Overtrade Consistently: Overtrading is the key to financial prosperity in the trading world. Forget about patience, strategy, and carefully planned execution. Instead, let's indulge in a frenzy of excessive trading and drown ourselves in a sea of transactions. Who needs quality over quantity when it comes to trades? Let's throw caution to the wind and execute as many trades as possible, disregarding any semblance of rational decision-making. Because, clearly, more trades automatically translate into more profits, right? Why bother with analyzing market trends, studying charts, or conducting thorough research when we can just click that "Buy" or "Sell" button incessantly? After all, trading is just a game of chance, and blind luck is definitely on our side. 7) Never Use Technical Analysis: Technical analysis? Nah, it's all smoke and mirrors, right? Who needs those fancy charts, indicators, and patterns to make smart trading decisions? I mean, who has time for that? Sure, by using technical analysis, you could potentially have a better sense of when to enter or exit trades and where to set stop-loss levels. You might even be able to forecast market movements using theories like Elliott wave, price action, chart pattern analysis, or volume analysis. But who needs all that when you can just wing it and tap the buy and sell buttons without any plan or analysis? Who needs strategies or insights anyway? Forget about those losers who waste their time studying charts and analyzing market trends. Real traders, the ones who consistently lose money, don't bother with technical analysis or any other form of analysis for that matter. They rely solely on their gut feelings and blind luck. That's the way to go! 8) Emotional Trading: emotional trading Is a brilliant strategy! Who needs logical decision-making when you can base all your trades on impulsive emotions? Forget about analyzing charts, patterns, or market trends. Just let your feelings guide you like a compass in a hurricane. Why bother with calm and rational thinking when you can succumb to the rollercoaster ride of fear, greed, and impulsiveness? It's truly a magnificent way to sabotage your trading success and ensure that your portfolio becomes an emotional wreck. So go ahead, throw logic out the window, and embrace the chaos of emotional trading. Because nothing says financial stability like making impulsive decisions based on fleeting emotions! Good luck on your wild emotional trading adventure! 9) Always Trust Unregulated Brokers: Unregulated brokers are the epitome of trustworthiness and reliability. Who needs regulatory oversight and investor protection when it comes to handling our hard-earned money? Why bother with ensuring the safety of our funds or verifying the legitimacy of a broker? It's so much more exciting to entrust our financial well-being to anonymous individuals operating in the shadows. Who needs transparency, accountability, or adherence to industry standards? Unregulated brokers provide the perfect opportunity to navigate the treacherous waters of the financial world without any safety nets. It's like playing a high-stakes game of roulette with our life savings! 10) Always trade on others' advice Trading on others' advice is the secret recipe for success in the trading world. Who needs to develop their own knowledge, skills, and expertise when we can rely solely on the wisdom of others? Let's throw out our own analysis, research, and intuition, and blindly follow the advice of random strangers on the internet or that "hot tip" from a friend's cousin's neighbor's dog. After all, they must be financial geniuses with impeccable track records, right? Who needs to understand the underlying fundamentals or technical aspects of a trade when we can just mimic the actions of others without question? It's so liberating to surrender our autonomy and decision-making abilities to the masses. It's a foolproof strategy that guarantees confusion, frustration, and, of course, financial ruin. 11) Never Ever Take Profit It's such an intelligent strategy to watch our gains evaporate right before our eyes. Why bother with securing our profits and protecting our capital when we can hold on to winning positions indefinitely? It's so much more thrilling to experience the roller coaster ride of market fluctuations and see our unrealized gains dwindle away. Let's ignore those pesky market indicators, trailing stops, and profit targets. After all, who needs a concrete plan when we can simply rely on greed and the hope that our winning trades will magically keep going up forever? And let's not forget the joy of regret when a once-profitable trade eventually turns into a massive loss. Who needs financial stability and consistent growth when we can embrace the unpredictable nature of the market and bask in the glory of missed opportunities? 12) Learning From Mistakes Learning from our mistakes and evolving as a trader is overrated. Who needs personal growth and improvement when we can stay firmly planted in our cycle of financial self-destruction? Let's ignore those pesky lessons that losses teach us. Why bother reflecting on our trading errors, analyzing our strategies, or seeking ways to improve? It's so much more exciting to repeat the same mistakes over and over again, expecting different results each time. Who needs progress and development when we can remain comfortably stagnant in our trading endeavors? Let's embrace the thrill of consistent failure and pretend that we're on the cusp of a breakthrough while repeating the same ineffective tactics. And why stop repeating mistakes? Let's add a touch of delusion and convince ourselves that this time, things will magically turn around. Because, clearly, doing the same thing repeatedly without learning from it is the secret to unbounded success. 13) Fall for "Get-Rich-Quick Schemes" "Get-rich-quick schemes" are the epitome of financial wisdom and stability. Who needs a long-term, sustainable approach to wealth when we can chase after elusive shortcuts to instant riches? Why bother with hard work, patience, and diligence when we can throw caution to the wind and blindly trust those promising overnight success? Let's believe in the magic of "secret formulas," "guaranteed profits," and "hidden strategies" that are conveniently packaged in flashy marketing campaigns. Let's not forget the joy of handing over our hard-earned money to these self-proclaimed experts, who undoubtedly have our best interests at heart. After all, it's not like they're preying on our gullibility and desperation for a quick financial fix, right? 14) Trade Based on Rumors Baseless rumors and gossip are the most reliable sources of information for successful trading. Who needs verified facts, data, or market analysis when we can simply rely on hearsay and unfounded speculation? Why bother with conducting thorough research or verifying the authenticity of information? Let's just blindly believe every rumor that comes our way and make trading decisions based on pure gossip. It's so much more thrilling to embrace uncertainty and place our trust in unverified whispers. Who needs to understand the impact of real market drivers or economic indicators when we can make impulsive decisions based on the latest unfounded chatter? It's like playing a game of financial Russian roulette with our hard-earned money. To be continued... :D Idea by @Money_Dictators on @TradingView Platform
SKILLING:US30Education
by Money_Dictators
8
Trading Mindfully: Letting Go of Revenge for Financial Success Sometimes the market can really wear us down mentally and emotionally. Imagine this scenario: you enter a trade feeling confident, having carefully considered and calculated everything. You're in a fantastic mood, already envisioning the profits. And then, unexpectedly, everything goes wrong. In moments like these, even if you have a solid system and strategy in place, anger and resentment can take over. You might feel the need to seek revenge on the market for what you perceive as an injustice, and impulsively open positions with the intention of punishing it. However, the outcome of such revenge trading is almost always regrettable, resulting in significant financial losses. Let's take a closer look at what revenge trading entails and why it is so dangerous. Revenge trading occurs when we believe that the market has taken "too much" from us or treated us unfairly. Instead of stepping back and regaining composure, traders act contrary to every rule and guideline, driven by anger and a desire to prove themselves. Fueled by a mixture of frustration and determination, traders tend to fall into one of two scenarios: they either open large positions that further amplify their losses, or they manage to recoup some of their losses if luck is on their side. However, the best course of action in such situations is actually to take a break and reflect on the situation at hand. Attempting to take revenge on a market that is infinitely more powerful than any individual trader is inherently irrational. Moreover, this type of trading has several other negative consequences. When you trade out of revenge, you are driven by emotion rather than logic and strategy. This approach is destined to fail and can result in even greater losses over time. At this point, you lose touch with reality, forgetting everything you know and have learned about the market. Your well-thought-out strategies and trading algorithms that used to bring you profits are abandoned. Effective money management and risk compliance become distant thoughts. You throw all your resources into the blazing fire of revenge. As a result, you find yourself trading based on intuition, which is no longer a disciplined approach but akin to gambling. How to Overcome the Urge for Market Revenge There is a simple yet crucial mechanism that can help traders overcome the desire to seek revenge on the market. The most challenging part, however, is remembering to apply it in practice. Here are some steps to follow: 1: Take a Step Back: When the desire for revenge arises, it's important to slow down your emotions and actions. Step away from the computer and engage in activities that involve fine motor skills, such as solving puzzles or engaging in a hobby. It's detrimental to continuously look at the screen that displays recent losses, as it only amplifies your emotional state. By diverting your attention to non-trading activities, you allow the frontal cortex of your brain, responsible for rational decision-making, to activate. Going for a walk or connecting with a friend can also be effective ways to shift your focus and regain composure. 2: Analyze the Situation: To regain a conscious state and process your emotions, conduct a written analysis of the situation. It's beneficial to do this manually on a plain sheet of paper, utilizing your fine motor skills once again. Describe the entire incident in detail, including your thoughts, emotions, and actions. By gaining a comprehensive understanding of what threw you off balance emotionally, you'll be better equipped to recognize and control those triggers in the future. 3: Evaluate Your Trading Strategy: Every trader relies on a specific algorithm or trading system to make decisions. Take the time to thoroughly examine your trading system and ask yourself some important questions: - Does your trading system genuinely work? - If you had followed your system entirely (which you didn't do when seeking revenge), would it have helped minimize losses? - Are the losses that angered you a result of system losses or a breach of the system's rules? In addition to studying your trading system, it's crucial to assess your money management rules and ensure you are effectively managing risks. Proper risk management acts as insurance, protecting you from substantial losses. Regardless of market fluctuations, you can confidently close trades when necessary. Effective risk management is what distinguishes profitable traders from those who suffer losses. Final Thoughts: To overcome the desire for revenge, it is essential to understand what triggers it and address the underlying reasons. When we view the market as a reflection of our self-image and attribute personal meaning to our trades, it often leads to an emotional storm. In such a state, we may disregard trading systems and risk management principles, making foolish mistakes that can devastate our trading accounts. It's important to remember that the market provides only factual information for analysis, and behind the price quotes lies nothing more than information.
Education
by FOREXN1
24
BASIC TRADING BOOKIn this basic trading manual, we will address over 50 questions along with their answers, aiming to familiarize you with the concepts commonly used by traders. Through this material, we will focus on providing a more technical and formal language to enhance understanding and application of these concepts in the field of trading What is a financial market? A financial asset is a security or simply a book entry, whereby the buyer of the security acquires the right to receive future income from the seller. Stocks, currencies, bonds, cryptos, etc. 1) What financial markets exist? Direct operation market. Buyers and sellers must meet directly for the purchase and sale of financial assets. Brokerage market. There are specialized brokers that put buyers and sellers in contact with each other, charging a commission for the service. Dealer market. The dealer buys the asset and sells it to a buyer, i.e. takes positions on his own account. His profit is in the margin he obtains between the purchase price and the sale price (Spread). Blind market (market makers). The market maker publishes the prices at which he is willing to make buying and selling operations. His profit is in the margin he obtains. 2)Who regulates the trading activity? Commodity Futures Trading Commission, better known by its acronym CFTC. It regulates and supervises the options and futures market. 3)What are shares? A share in the financial market is a security issued by a corporation or limited partnership by shares that represents the value of one of the equal fractions into which its capital stock is divided. The shareholder investor expects the company to receive the maximum possible dividends and, from this, to create a generalized demand from the investing public for the paper, which produces an increasing valuation in its share price. 4)What is Forex? The foreign exchange market, also known as Forex, FX or Currency Market, is a global and decentralized market in which currencies are traded. This market was born with the objective of facilitating the flow of money derived from international trade. 5) What are futures? A Future is a transaction agreed at a given maturity (every end of the month - being the last trading day of the month) at a given price. The buyer of a future has the expectation that the quoted value or SPOT, at maturity, will be at least above the agreed future value. The seller of a future has the expectation that the price or SPOT at maturity will be at least below the agreed future value. 6)What are options? Anything publicly traded can have options. Options, like stocks, can be traded every day, and this is what "liquidity" depends on, i.e., if there are no buyers and sellers, there are no options. One option could be: Call = Buy. Symbolically "C". Put = Sale. Symbolically "V". 7) What are cryptocurrencies? A cryptocurrency is a centralized digital financial asset that uses cryptographic encryption to guarantee its ownership and ensure the integrity of transactions, and to control the creation of additional units, i.e. to prevent someone from making copies as we would do, for example, with a photo or a banknote. 8) What is a Japanese candlestick? Candlesticks are a graphical representation of the financial market price in the form of candlesticks. They represent the price action over a set period of time. They are composed of a body and 2 shadows. 9) What is a candlestick chart? In economics, the candlestick or candlestick chart is a type of chart widely used in technical analysis of the stock market. It reflects: the opening price of a security, the closing price of a security, the high and the low of that security. 10) What does it mean to trade short? To trade short is to sell an asset that you do not own in the hope that its price will go down and you can close the trade at a profit. It is also called going short, taking a short position, going short. 11) What does it mean to trade long? Trading long refers to taking a buying position in a financial asset. It is the opposite of going short. 12) What is a trend? Market trends can be defined as the direction in which a market moves in a sustained manner over a given time interval. 13)What is a range? A trading range is a band defined by two horizontal lines (one at the top as "resistance" and one at the bottom as "support"), which encompasses the price values of a tradable asset over a given period. 14) What is a spread? A spread is an injection of purchases into the market that generate a strong upward price movement. 15) What is a lot? A lot is a standardized group of assets in which an investment is made. Often, the actual value of an asset or security prevents you from trading it in units. Example: One lot of gold equals 100 ounces. 16) What is a contract? a futures contract is an agreement, traded on an exchange or organized market, that obligates the contracting parties to buy or sell a number of goods or securities at a future date, but with a price established in advance. 17) What is the expiration of a contract? Futures contracts have an expiration date, which is the date on which the contract must be settled. As the expiration date approaches, the price of the futures contract is adjusted to reflect the price of the underlying asset at that time. 18) What is a swap? A swap is a contract in which two counterparties agree to exchange obligations or cash flows in order to achieve a benefit. 19) What is a tick? A tick is the smallest price change that can occur in a market. It is represented in points and is always placed to the right of the decimal place. Each market has its own tick and this measure is widely used in the futures market. 20) What is a pip? The term pip is short for "Point in Percentage". It is the measure of the smallest movement of the exchange rate of a currency pair in the foreign exchange market. 21) What is leverage? Leverage is a tool that allows to increase the potential return of an investment by contracting a debt. In the specific case of trading, the broker undertakes to advance the trader a capital to invest in an operation, against the deposit of a guarantee, which is called margin. 22) What is a market order? A market order is an order to buy or sell immediately at the best possible price. It needs liquidity to be filled, which means that it is executed against limit orders already created in the order book. 23) What is a limit order? A limit order is an instruction given to execute a trade at a level that is more favorable than the current market price. There are two varieties of limit orders: entry orders (which consist of opening a position) and close orders (which terminate an open position). 24) What is an indicator? Trading indicators are mathematical calculations that are represented in various forms on a price chart and can help investors identify certain signals and trends within the market. 25) What is technical analysis? Technical analysis is a system for examining and predicting price movements in financial markets based on historical data and market statistics. 26) What is fundamental analysis? Fundamental analysis is a methodology of stock market analysis, intended to determine the true value of the security or stock, called fundamental value. This value is used as an estimate of its value as a commercial utility, which in turn is supposed to be an indicator of the expected future performance of the security. 27) What are chartist figures? the word chartist refers to "chart" in English, so we can specify that the chartist figures are those candlestick formations that form certain patterns that allow us to foreshadow where the trend of an asset could go. 28) What is a support? Support is a level on a market chart where the price recovers in a downtrend. Let's say an asset is falling, but there is a price beyond which it will not fall. Every time it reaches that price, buyers take control and the market goes back up, this would be a support level. 29) What is a resistor? Resistance is an area on a market's chart that is difficult to break through to reach new highs. Resistance is the opposite of support. When an asset reaches it, sellers take control and drive its price back down. 30) What is a divergence? Divergences are behaviors of other assets that act opposite or similar to the main asset. These divergences will give us extra confirmation when trading. 31) What is a gap? In the stock market, a GAP represents a gap between two successive quotations, caused by the lack of transactions in a given period: this gap can also be represented by a news item that has a significant impact on the price of the security. 32) What is market risk? Trading in the stock market must be full of Risk, Daring and Passion. As a generalized meaning, every financial operation carried out by an investor involves some risk. Financial Trading takes place in an environment of uncertainty that may generate unfavorable results or results different from those projected. This risk has two sources: uncertainty and probability. 33) What is risk management? Risk management is a strategy that reduces risks in order to operate with peace of mind. 34) What are risk management strategies based on? In order to have a correct risk management, you must first define your monthly target. Second, we must define how much of our capital we are willing to risk. Third, look for an adequate ratio (risk/reward) that allows us to have a low percentage of success in the operations but that compensates the losses with the profits. And finally, how much we are going to risk per operation. 35) What is profitability? Profitability is the gain you make after selling an asset in which you invested money. This means that, if you buy a stock index futures contract costing $10 USD, which subsequently increases in price to $13 USD and you sell it, you would be earning a return of $3 USD. The profitability you can obtain in trading depends on several factors such as the level of risk to which you expose your operations, the capital, the type of market, the financial asset, the level of leverage you use, the experience you have and your strategy. 36) What is a trading platform? Trading platforms are tools that allow traders to trade over the network in real time. Each platform has its own features. Most of them offer information about the market, allow to schedule trades and offer different paid versions. 37) What is a timeframe? The time frame in trading is the time interval or time frame in which a price chart is analyzed and ranges from ticks to months. It is a fundamental concept in the technical analysis of the financial market, it is a period of time in which the price data of an asset is examined. 38) What is a trading strategy? Trading strategies are the action plans that traders use to trade in the financial markets. These strategies are based on technical analysis, fundamental analysis or a combination of both, and define the entry, exit, risk and capital management rules that the trader must follow. 39) Types of trading strategies There are many types of trading strategies, but they can be classified according to the time frame in which they are applied, the trading style they follow or the indicators they use Some of the most common classifications are as follows: According to the time frame: a distinction can be made between long term trading strategies (positional trading), medium term (swing trading) or short term (day trading or scalping). Each of these strategies involves a different level of frequency, duration and profit per trade. Depending on the trading style: a distinction can be made between trend trading strategies, which seek to follow the dominant market direction, or counter-trend trading strategies, which seek to take advantage of market changes or corrections. There are also neutral trading strategies, which do not depend on the market direction. Depending on the indicators: a distinction can be made between trading strategies based on technical indicators, which are mathematical tools that are applied to prices to generate buy or sell signals, or trading strategies based on price action, which are those that only use the patterns and formations drawn by prices on the charts. 40) What is stop loss? The stop loss is a type of conditional order, which executes the sale of a certain asset if its price falls below the market limit. It is the investor who sets this price level through his broker, thus establishing the maximum level of loss that he is willing to assume. 41) What is the trailing stop? The trailing stop is a type of order that makes your stop loss behave dynamically and evolve with the trend. The maximum loss tolerated is adjusted to the maximum price recorded, and is not anchored to the price of your entry. 42) What is take profit? Take profit refers to limit orders that seek to sell above the level that was bought or buy below the level that was sold. 43) What is benefit bias? Partializing profits refers to taking partial profits before reaching our take profit order. This is done to lock in profits in case our trade does not go to take profit. 44) What is breakeven? The breakeven is an operation that is performed by moving the stop loss price to a price that guarantees that if the market moves against it and the operation is exited by stop loss, no money will be lost. It is usually moved to the entry price of the trade. 45) What types of trading are there? Intraday trading Swing trade Scalping Long-term trading Arbitration Carry trade 46) What is intraday trading? Intraday trading is a short-term strategy that aims to profit from small price fluctuations during the day, rather than long-term market movements. 47) What is the swing trade? The swing trade is a type of trade that uses the charts that the price of assets draws session by session to detect trends, whether bullish or bearish, and follow the market, taking advantage of them to make money when the market rises or falls. 48) What is scalping? Scalping is a type of trading that involves buying and selling financial assets quickly. Traders who trade using this method often seek to generate small profits on each transaction and hold their positions for a short period of time. 49) What is psychotrading? Trading psychology is a term used to refer to the state of mind and emotions that can influence success or failure when investing in securities. It also represents the trader's capacity for self-control, based on the emotional component he/she employs in the decision making process. 50) What is an anchored account? Funded accounts, also called funded accounts, are used to start trading without a deposit, i.e. the company that offers them provides the initial capital so that the selected trader can invest in the markets, generally in financial derivatives. 51) What is a trade log? In trade logs, traders keep all the trades they make, with details of the trade such as date, asset, entry, stop loss, take profit, etc.
by BarboxTrading
1
EUR/CAD: pull back with hopes by technical analysisEuro/Canadian Dollar may to forming a possible bullish setup that we can to benefit for this short movement in long position. At the moment, there're some signal like RSI that form a bullish divergence forming a lower high, but there're not any signal in price action to entry in against the movement bearish when lead to bullish movement. For the moment, I will hope the confirmation of bullish pattern there. By the contrary, will be that EUR/CAD lead to $1.4410 CAD depending the type of price action we see, it's important to study it the behaviour. As 1.4410 work like resistance to short. Now, in H4 timeframe I'm looking a long position based the points that I have mark there. So guys, I hope that this analysis support you!!!
Long
by harisonhbn9718
8
GBP/CAD: bearish market structureIn this new analysis, as I was in long in GBP/CAD, I see very clear a bearish movement that may GBP difficult to climb. But in this zone, the price it's below of the EMA 200 and we can to develop a new bearish cycle based the Elliot Wave Cycle in H1 timeframe This could be the next movement in H4 timeframe based the market structure and price action. And also, this grey zone could to help identify nice entries if we develop a nice strategy in Forex market for this week in GBP/CAD Trade Information: 1) Position: Short 2) Entry Price: $1.6494 CAD 3) Stop Loss: $1.6558 CAD (64 pips) 4) Take Profit: $1.6316 CAD (177 pips) Good luck!!!
Short
by harisonhbn9718
10
USD/JPY: bearish movement toward $130 JPYU.S. Dollar/Yen Japanese look bearish in this side very clearly that could to continue drop following the speculating news that I share in my twitter. We see as first two past bearish candlestick in H1 timeframe forming like a medium bearish candlestick with a down wick and a up strong rejection wick that formed,this it's a strong indication of the bearish movement. Now, use very wide the price action and they help you to define your trade. I will put a sell order limit in $131.92 JPY, Stop Loss in $132.60 JPY and take profit in $130.00 JPY. We have a potential to get 191 pips. This it's a risk/benefit of 1:3. Tomorrow we have FED chair Powell speaks and Thursday we have U.S. Core CPI (DEC), in the past 2 month came bearish from November 2022 and we hope the following key points to watch here: Speculating News: 1) Dollar has peaked but set for last hurrah as markets underpricing FED tightening 2) According to Goldman Sachs, U.S. Dollar has peaked , but economist believe that in the coming months before resuming a steeper downtrend as Federal Reserve done for longer rate and isn't yet priced in. 3) A note from Goldman Sachs comment that Dollar isn't likely to revisit the September 2022 highs, after that Dollar has peaked. But it's still likely to experience some phases of strength in the nest 3 to 6 months. Good Luck!!!
Short
by harisonhbn9718
6
EUR/USD: Bearish expectative to reach the key level in $1.0440In this analysis, we see that Euro look in the bearish side, but I will going to explain each timeframe what happen here. In daily timeframe, we see very clear that Euro/U.S. Dollar break up the EMA 200 and market structure indicating a bull market incoming. Based in this clue to trade to long in swing trading. But if you're analyzing the H4 timeframe, it's unlike probable that Euro doesn't forming any bullish channel or market structure as it's very clear that we're in the correction yet in H4 and H1 timeframe to reach a new lover to $1.0460 USD. But there're not some bullish signal for this timeframe and H1 too. But now, we see a bearish side that we can to get this opportunity to make this trade in January 2023. Trade Information: 1) Entry Price: $1.0558 USD (Buy Order Limit) 2) Stop Loss: $1.0609 USD 3) Target Profit: $1.0440 USD 4) Pips: 117 pips
Short
by harisonhbn9718
22
EUR/GBP: Reaction point to watch in £0.8764 GBPIn this analysis, we see a nice setup that we can to prepare for both scenario here, first berish and second bullish in the smart point like sell here and buy here. But nothing will be to make a good preparation here. So, we see in H4 timeframe two scenario that it's very possible to watch in the next hour in EUR/GBP. And below of this sentence we see a explanation that we can to get a possible drop toward £0.8764 GBP and then a bullish setup from this smart point, and also another possible will be that EUR/GBP just make a consolidation and then drop, or make a consolidatio with some time and then make a cheat in the market, it's a thing to watch here and take this both scenario. But in my personal opinion, I believe that EUR/GBP will drop until £0.8764 GBP and then from this smart point will be a bullish setup. And also to take a perspective in Daily timeframe, we're bullish!!! Now, I will make a 2nd analysis there to explain why I decide to short EUR/GBP Good luck!!!
Long
by harisonhbn9718
2
EUR/GBP: Best order block to sell in the smart point!!!Euro/Pound look interesting to short in this analysis what we can to be relax to hope that Euro climb to 0.8616 GBP level and watch if this zone will be the starting of the drop in this analysis that I view. I mark the best order block to sell in the smart point in the gray rectangle that cover this zone to sell here. This could be a nice analysis that may to develop here in the next hour to wait. I hope that this analysis support you if you want to trade Euro/Pound in your trading week. Good luck!!!
Short
by harisonhbn9718
2
EUR/AUD: smart bought in the reaction points!!!Euro/Australian Dollar look bullish from this point that I identify a possible nice opportunity to get so much pips in this only trade. As first, in Daily timeframe EUR/AUD forming a bullish channel perspective that could to continue climb until $1.5920 AUD. Also, the candlestick it's appear that still bullish. In H4 timeframe we are in the smart zone in the $1.5551 AUD that price it's just make reaction in this zone to find down new buyers to long position. And also, I make some correlations that I draw a order block and a diagonal point line that work like support and maybe, if in H4 timeframe closed up with a bullish signal. We can to see a strength in this par. And finally, we're in H2 timeframe here in this analysis, and we see that that EUR look strength than Aussie. So guys, we see a nice opportunity here to bought!! Good luck!!!
Long
by harisonhbn9718
GBP/JPY: Bullish setupGreat Britain Pound/Yen Japanese look bullish, what we can to get this opportunity to the upside direction, what I look that GBP/JPY still bullish form this point over $168.12 JPY. But if the price action still bullish in the next up confirmation ,we're very sure that GBP will continue strengthen. So, this it's the idea that I decide to trade after GBP/CAD and EUR/CAD rose up and I was shorting them. But I'm sure that GBP/JPY will going to strengthen. But whatever, I will check what I fell in those trades GBP/CAD and EUR/CAD later of those review and how I can to work this trade a little more. So, I enter in the midday that I'm in long from $168.51 JPY, and I update my Stop Loss now to $167.63 JPY and take profit toward $170.00 JPY. Good luck in this long position!!!
Long
by harisonhbn9718
1
GBP/CAD: New Update!!!In H4 timeframe it's appear very clear that the price doesn't have strengthen to continue bullish clearly in H4 timeframe. What right now, we see two thing to consider. First, we see a bearish rejection in this previous higher, and then we see a weakness in the price action, it's like that the price want to drop like a butter in the air. Right now, we see a bearish setup in this side as I comment for past days that GBP/CAD may to forming a possible drop, but now it's the time to sell and closed up manually long position and change to short now!!! I'm shorting from $1.5889 CAD. Stop Loss to $1.5975 CAD. And my fix target to $1.5710 CAD. We hope this drop now as my analysis was update now to short!!! Good luck. As I closed up manually the long in GBP/CAD. I got only a small profit like 0.67% earned in this long. But now I'm shorting GBP/CAD
Short
by harisonhbn9718
3
GBP/CAD: Daily overview!!!Great Britain Pound/Canadian Dollar was in the upside and now we see a potential bullish setup that GBP/CAD do. This it's the Daily overview to update here as my analysis to recall that we're in the bullish line. But with a clear perspective that could to be a top until $1.60 CAD. So, we have 2 perspective to watch: 1. $1.6000 CAD 2. $1.6050 CAD (into this reaction to watch out) One of these perspective will need to watch out if in case that GBP/CAD break the $1.60 CAD. we can to see a possible perspective to hit $1.6050 CAD. I hope that this Daily analysis support you!!!
Long
by harisonhbn9718
EUR/USD: short position explained!!!As I was shorting Euro from $1.0321 USD. The movement was bullish early and hit too my Stop Loss, included 2 times that I enter. What I result a loss of -6.43% in both trade in the early. But as I knew very good, later to pass and hit my Stop Loss of my 2nd traded, I re-entry for third times and I enter and hold this position from $1.0387 USD. That was a good point. At the moment, I'm reduce the loss of 3.84% what I recover 2.59%. But now, I'm shorting EUR/USD when I know that we're in the smart point to sell and right now, it's gave me this opportunity to short and watching out. You will need to be very carefully as Forex market start this week so manipulative what I count it. Right now, I see a gold opportunity that if the fundamental analysis intensify this drop, we can to get a gold opportunity in this par. What Euro can to drop to $1.0222 USD, and also can to drop even to $1.0100 USD. Also, I decide to extend my target profit in $1.0100 USD fix. This could be 287 pips to earn in this short position. In H4 timeframe we can to see this perspective!!! And in Daily timeframe, we hit the EMA 200 like resistance and this sound that investor are preparing a sell-off in Daily timeframe what it's a crucial to sell. So, I still shorting EUR/USD and longing USD/CAD for now!!! Forex market started manipulated in this week. Much carefully!!!!
Short
by harisonhbn9718
Overcome Fear of Missing Out 🤮MAIN TALKING POINTS: What is FOMO in trading? What characterises a FOMO Trader? Factors that can Trigger FOMO DailyFX analysts share their FOMO experiences Tips to overcome FOMO WHAT IS FOMO IN TRADING? FOMO in trading is the Fear of Missing Out on a big opportunity in the markets and is a common issue many traders will experience during their careers. FOMO can affect everyone, from new traders with retail accounts through to professional forex traders. In the modern age of social media, which gives us unprecedented access to the lives of others, FOMO is a common phenomenon. It stems from the feeling that other traders are more successful, and it can cause overly high expectations, a lack of long-term perspective, overconfidence/too little confidence and an unwillingness to wait. Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Common emotions in trading that can feed into FOMO include: Greed Fear Excitement Jealousy Impatience Anxiety WHAT CHARACTERIZES A FOMO TRADER? Traders who act on FOMO will likely share similar traits and be driven by a particular set of assumptions. WHAT FACTORS CAN TRIGGER FOMO TRADING? FOMO is an internal feeling, but one that can be caused by a range of situations. Some of the external factors that could lead to a trader experiencing FOMO are: Volatile markets. FOMO isn’t limited to bullish markets where people want to hop on a trend – it can creep into our psyche when there is market movement in any direction. No trader wants to miss out on a good opportunity Big winning streaks. Buoyed up by recent wins, it is easy to spot new opportunities and get caught up in them. And it’s fine, because everyone else is doing it, right? Unfortunately, winning streaks don’t last forever Repetitive losses. Traders can end up in a vicious cycle: entering a position, getting scared, closing out, then re-entering another trade as anxiety and disappointment arise about not holding out. This can eventually lead to bigger losses News and rumours. Hearing a rumour circulating can heighten the feeling of being left out –traders might feel like they’re out of the loop Social media, especially financial Twitter (#FinTwit). The mix of social media and trading can be toxic when it looks like everyone is winning trades. It’s important not to take social media content at face value, and to take the time to research influencers and evaluate posts. We recommend using the FinTwit hashtag for inspiration, not as a definitive planning tool. As well as affecting traders on an individual level, FOMO can have a direct bearing upon the markets. Moving markets might be emotionally driven – traders look for opportunities and seek out entry points as they perceive a new trend to be forming. DAILYFX ANALYSTS SHARE THEIR FOMO EXPERIENCES Traders of all levels of experience have dealt with FOMO, including our DailyFX analysts: “Trade according to your strategy, not your feelings” – Peter Hanks, Junior Analyst “Strategize. Execute. Stick to the plan and don’t be greedy. All types of traders make money; pigs get slaughtered” – Christopher Vecchio, Senior Strategist “Trade decisions are not binary, long vs. short. Sometimes doing nothing is the best trade you can make” - IIya Spivak, Senior Currency Strategist “If you don’t deal with and temper FOMO in trading – it will deal with you” – James Stanley, Technical Strategist “No one trade should make or break you. With that said, if you miss an opportunity there is always another one around the corner” – Paul Robinson, Currency Strategist TIPS TO OVERCOME FOMO Overcoming FOMO begins with greater self-awareness, and understanding the importance of discipline and risk management in trading. While there is no simple solution to preventing emotions from impacting trades and stopping FOMO in its tracks, there are various techniques that can help traders make informed decisions and trade more effectively. Here are some tips and reminders to help manage the fear factor: There will always be another trade. Trading opportunities are like buses – another one will always come along. This might not be immediate, but the right opportunities are worth the wait. Everyone is in the same position. Recognising this is a breakthrough moment for many traders, making the FOMO less intense. Join a DailyFX webinar and share experiences with other traders – this can be a useful first step in understanding and improving trading psychology. Stick to a trading plan. Every trader should know their strategy, create a trading plan, then stick to it. This is the way to achieve long-term success Taking the emotion out of trading is key. Learn to put emotions aside – a trading plan will help with this, improving trading confidence. Traders should only ever use capital they can afford to lose. They can also use a stop to minimise losses if the market moves unexpectedly. Knowing the markets is essential. Traders should conduct their own analysis and use this to inform trades, taking all information on board to be aware of every possible outcome. FOMO isn’t easily forgotten, but it can be controlled. The right strategies and approaches ensure traders can rise above FOMO. Keeping a trading journal helps with planning. It’s no coincidence that the most successful traders use a journal, drawing on personal experience to help them plan. Overcoming FOMO doesn’t happen overnight; it’s an ongoing process. This article has provided a good starting point, highlighting the importance of trading psychology and managing emotions to prevent FOMO from affecting decisions when placing a trade. TURN YOUR FOMO INTO JOMO Now you know how to spot and stop FOMO in its tracks, find out how to embrace JOMO in trading and change your mindset for greater success. Source: DailyFX
OANDA:XAUUSDEducation
by Hsan_BenAhmed
2
USD/CAD: bought by fundamental news!!!The U.S. Dollar look bullish by sense in the fundamental news what I read in my own opinion. What as I share what I found out. 1) U.S. Dollar rose against the basket of currencies, as investor kept their focus on the Federal Reserve's interest rate hiking path after a policymaker said too much of last week's cooler U.S. inflation data 2) Governor Christopher Waller told on this Sunday that FED could now start thinking about hiking at a slower pace as inflation print was just one data point that they're similar readings would needed to show convincingly that U.S. inflation was slowing. 3) Adam Button (Chief Currency Analyst at Forex Live in Toronto, Canada) put in note that investor hopes how far the FED make recalibration to rethink it needs some time to digest the enormous. He comment too, that he's expect that market to consolidate and digest some of these moves. 4) The release of cooler than expected U.S. Consumer Price Index for October on Thursday prompted a sharp retreat in the Dollar on raised expectations that FED will decide to temper its aggressive monetary tightening with another potential to hike 50 bps in December. 5) Governor Christopher Waller attempted to punture this optimism, saying in an interview over the weekend that the markets shouldn't get carried away over just one a data point to hike slower pace as inflation began to slow. 6) Federal Reserve will likely soon slow its interest rates hikes. Signalizing that U.S. Central Bank tries to figure out how high borrowing cost need to go and how long they should stay there to bring down inflation. Now, fundamentally the fundamental news sound bullish for USD as we see that first, investor kept their focus on the Federal Reserve's interest rate hiking path after a policymaker said too much of last week's cooler U.S. inflation data. This sentence it's appear that indicate that U.S. Dollar it's entry in demand as investor still watching the Federal Reserve's focus about interest rate hikes in December 2022. Another fundamental news are talking that FED it's seem to starting to slow pace the interest rates hikes, and economist believe that FED may to hike not 75 bps, did you know 50 bps after inflation it's hot and also, it's very necessary to know if U.S. Central Bank will bring down inflation as there're economic data that appoint that Federal Reserve may be less aggressive to hike interest rate and may to change their monetary policy in US. Now, based in our technical analysis, we see this: I see an ABCD harmonic pattern what we can to get a nice opportunity to bought USD/CAD. And I draw a fibonacci level, with expection in two important point in 0.382% and 0.618%, What mean that we can to find up targets in one of those zones. And also the MACD it's almost oversold. Now, in H1 we see in this chart that USD/CAD formed a little symmetric triangle, and seem that they (institutional) move the Dollar to the upside. So, I put a buy order in $1.3300 CAD, Stop Loss in $1.3250 CAD and take profit $1.3440 CAD. This it's a risk/benefit 1:3. This could be a nice trade in this week. Good luck!!!
Long
by harisonhbn9718
4
EUR/CAD: Update; break evenEuro/Canadian Dollar rose to the bullish side as in this moment it's in the run toward my target profit that have less 61 pips more. What in this moment, I will put a break even to protect my earns from now in $1.3546 CAD, in case that EUR/CAD go back to the previously level, I'm protecting with 41 pips earned from by break even. But in my trade, I have 89 pips earned. But EUR/CAD continue up. Now, it's very important to look this reaction if EUR/CAD may to continue up, in case of any bearish rejection from this reaction, it's a sell signal and obviously, it's necessary to pick up our earns. At the moment, we're in course lead by fundamental news very well in this trade. Good luck!!!
Long
by harisonhbn9718
3
AUD/CAD: ReviewThis it's one of the difficult trade, but in this trade I earned 7.90%, Not bad, but very good percentage in the risk/benefit Trade Australian Dollar/Canadian Dollar. Well, first we see that AUD look in the weakness level, but the price it's forming lower high each time and well, as we formed this bullish channel flag in H1 timeframe, and send a message that AUD goes strengh and CAD weak, what I change my short to long position, and I catched this trade to long very good. So in this trade I GET 7.90% in profit and sum with 12.66% between GBP/CAD and EUR/CAD it's a total of 20.56% in earnings. That was amazing and very good earnings in this week. So guys, I will link to related idea this past trade in AUD/CAD to study it and review it very good. ***I will add each Saturday my review of each Forex par that I trade each week and evaluate my progress and performance
Long
by harisonhbn9718