Get started

Pyschology

THE MOST USEFUL TRADING SITES ...and how to utilize themIn this post, I will share the some of the most useful trading sites that are available to you and how you are able to utilize them to your advantage whether it's for fundamentals, charting, analysis, performance tracking, news events or just to follow your favorite professionals and their ideas & education that they share publicly. First and foremost, if you haven't made this your PRIMARY trading platform, I want to encourage you to use and SUBSCRIBE to TRADINGVIEW As we all evolve as traders, I'm sure we can all relate to one thing in common which is hard work and dedication. Trading is one of the hardest professions out there and without hard work, practice and dedication, we know that 90% of traders fail to make it in this industry. TRADINGVIEW gives you all the resources you need to be able to become one of the 10% as it enables you to become a content creator, it gives you a community to research ideas, you're able to watch livestreams, catch news flows, back test & analyze your own strategies and most importantly of all, you have direct support team to help guide you by sharing their own personal trading experiences, publicly as well as privately. Whether your choice of market is Forex, Stocks, Crypto, Bonds, Futures, Commodities or Yields, TRADINGVIEW has all the tools to be able get you well on your journey to become a professional trader. See Figure 1: Subscriptions WWW.MYFXBOOK.COM MYFXBOOK has a variety of different tools to use ranging anywhere from position size calculators, COT data (Commitment of traders), Broker spreads/quotes/volumes, news flows, correlations and most importantly, account linked performance analysis. You may be a full time trader or a part time trader with a 9-5 job, either way analyzing your entries, exits, RR ratio, drawdowns etc. are necessary to find what works and what doesn't. Trading is about probabilities and if you're not making money in 25 trades, you need to reanalyze and change your approach. Myfxbook.com allows you to link your trading platform to breakdown your performance, ultimately being your own coach to find the approach that suits you the best. See Figure 2: Performance Stats WWW.TRADINGECONOMICS.COM As many different crises happen throughout the world (especially the most recent ones within the last few years), understanding how the Federal Reserve operates to manage monetary policy is key to get an edge in your positions in the forex market. TRADINGECONOMICS gives you all the accurate information needed to be able to forecast and research throughout 196 countries like, economic indicators, exchange rates, stock market indexes, government bond yields and commodity prices. Micro and Macro economics are a big part of how this world operates and having access to all the most important information that drives the Feds decisions due to the economy being split between these two realms are valuable as they could be bridged together for more accurate forecasting. See Figure 3: Inflation Rates/GDP Growth (By Country) WWW.FOREXLIVE.COM FOREXLIVE has many different helpful resources to keep you up to date in the market no matter what time zone or trading session you take part in. As our lives are busy with family, day jobs, business endeavors or simply being in different time zones, you may not be able to watch all sessions play out and in fact, taking a break from the screen is healthy for your mind and emotions. The great thing about FOREXLIVE is that you are able to read Session Wraps to keep you up to date with a summary after each session (Asian, European, U.S) completes. Psychology is a big part of why a trader either succeeds or fails which balancing your time on and off the markets are important to detach your emotions from your positions. Set a plan for how many times you will scan the charts a day and fill that in between time with activities like exercising, reading, chores, spending time with your family, going for a walk and much more. See Figure 4: Session Wraps WWW.INVESTOPEDIA.COM INVESTOPEDIA was founded in 1999 headquartered in the heart of New York city U.S. This website provides comparisons of financial products, reviews, ratings, comparisons of different financial products and most importantly, it is a financial dictionary. With the broad range of information provided, it gives readers the confidence to manage every aspect of their financial life. Whether you're learning about money and investing for the first time or are looking to improve your knowledge and skills, anyone from an experienced investor, a business owner, a professional, an advisor, INVESTOPEDIA has all the information to build your skills. See Figure 5: 4 Basic Things to Know About Bonds/Key Takeaways WWW.INVESTING.COM INVESTING.COM is a well known site that offers real-time market quotes, information about stocks, futures, options, analysis, commodities and most importantly an economic calendar. Keeping an eye out for the high impact news events will help you adapt and control the volatility during those peak hours. Another helpful aspect of this site is knowing what will drive the market mood for each upcoming week. The top 5 most important fundamental areas to watch for are explained and broken down to help your forecast and analysis so you can prepare your trade setups accordingly. Applying fundamental analysis along with technical analysis will help you become a better trader as when the high impact news events hit, markets get volatile which could cause a running profit turn into an absolute loss. Knowing when to be in or out of the market is valuable so you don't go into a draw down phase. See Figure 6: Economic Calendar As I only have mentioned a small number of sites that you are able to access, we all know there are so many other ones available out there, paid and free. Researching and spending the time to read to broaden your knowledge in the financial world will only help you grow as a trader and essentially improve your trading results. Check out some more free sites: www.fxstreet.com www.dailyfx.com www.forexfactory.com www.babypips.com Please share the site that most helps you in by leaving it in the comment section. I would love to see the variety of ones available. ** If you felt this was helpful in anyway, please support by hitting the LIKE button and FOLLOW me for more educational and analysis ideas ** I appreciate all the feedback! Thanks Trade Safe
Education
by ktlfx
1
CHFJPY - Look againHi team, This week my analysis on CHFJPY got stopped out. A big part of trading is being able to understand where we have gone wrong, and adapt to the market. I have re-worked my analysis of CHFJPY. Zooming out to the weekly time-frame, the wave analysis actually becomes very simple. We are currently in the final (bullish) wave of this ascending channel movement. Is is never a good idea to jump in to trades in the middle of moves, and so I will be waiting for price to reach the higher time-frame target marked here, before looking for long term sells. What are the key lessons? 1.) It is OK to be wrong - but we must discard our ego, take a fresh look, and see where we went wrong. 2.) A SL is important - better a small loss now for bigger profits later, than to sit in drawdown and hope before an inevitable huge loss. 3.) To make money, we must be patient. Discard the gambling mindset for what it is, and focus on the highest possible probability entries. i may post some short term scalps on this pair on the way up - but for now I am sitting on my hands! Good luck, Trade safe - and remember that it isn't about winning everything - it is about winning more than you lose, and maximising profit when the sun shines. Thanks guys! DrBear
by DrBear
1
U.S. Bonds & Stocks is ready for a rebound, why?One of the ways to determine U.S. stocks and indices’ direction in the long-term is to also know where the U.S. bonds markets are heading. Why? This is because the US bonds, its market capitalization can be as large as all the U.S. stocks market combined; therefore, it is also as important to also track its direction. In the macro trend over generations, the bonds move in tandem with the stocks market, meaning if bonds are heading up, the stocks market will likely follow. • Where is the main trend of the 30 Years T-Bond? • Why is the stocks market due for a rebound in the coming week? For this demonstration, I am using the CBOT U.S. 30 years T Bond Futures. If you are interested to research and explore into other treasuries tenures and the yield curve, under symbol search, Futures tab – search for Bonds, Notes or Yields. Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises.
CBOT:ZB1!Long
by konhow
2 Steps in Drawing a Downtrend Channel A buying strategy in a downtrend. How to identify buying opportunity in a downtrend? Not my preference to buy in a downtrend, but that does not mean we should avoid it when buying opportunity arises. Recognizing it is a downtrend, we keep our buy position short-term; as we are going against the trend. Discussion: Rules in constructing a downtrend parallel trendline Rule 1 – First the downtrend line Rule 2 – Then, its parallel Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises.
Editors' picks
CBOT_MINI:MYM1!Education
by konhow
39
GBPUSD - Monthly Psychology 🧠If the same pattern repeats we can expect deeper sells on GBPUSD. Although, we all expect the DXY to turn around, does it need to? Sometimes our psychology or what we want to happen can have determinantal effects on our trading. Oh look the DXY is so high, that it must drop etc. NO, go with the current flow of things. Last year EVERYONE and I mean everyone expected the dollar to die and it did exactly the opposite, the same was true with Lockdowns in the UK, all investors expected GBP death and it continued to soar. The point I am trying to get across is to avoid EXPECTATION, sub-consciously seeds get planted in our brains to steer us away from the truth via news, FX websites and general social media hype. If we can take a step back and look at things logically we will have better success in the markets and avoid the herd mentality. This is my rant and thought today, I hope you are all having a great weekend team 🔥
Short
by AlkalineFX
10
3 Stages of Trading 🚨Every trader goes through these stages. I remember starting out on demo thinking this would be the easiest way to make money quickly. Oh, how I was wrong. It seems like sunshine and rainbows on a demo account but when you move onto a live account, the real problems begin. Your expectations of quick money quickly vanish due to the psychological aspects of trading. This usually results in big losses. Excitement is followed by pain, this is where most traders quit. If you make it past the pain and develop, you will reach your trading goals. Do these stages seem similar to your trading? 💬
Education
by UnknownUnicorn34088517
Price Psychology what happening with in priceThis is meant to serve as a training guide into understanding how chart patterns are ultimately formed via prices bought and sold. This is where the focus of this video is. We are always wanting to know rather than the pattern that is forming, the prices that are being bought and sold on the chart. For this we use Quarters Theory, The segmenting on the chart into equal slices to understand where prices are at and where they could go. On my highest timeframe I like to stick to 1000 pip sections the value of these sections changes this system is universal and can be used on any asset for ease of understanding it was preformed on a stock chart. Within 1000 pips we have four sections Four $100 zones Four $50 zones Sixteen: $25 zones On a monthly chart we focus on 1000 pip sections, on a weekly is 100 and on a daily its 10. Segmenting the char in this nature allows for an understanding of how price has reacted on different time frames based up the price or zone that it is in. From this point of view we may then begin to see recognizably patterns happening at specific prices that would be attributed to bar chart or price action patterns.
OTC:PUBGYEducation
by RobinhoodFX
EUR / CAD Short Position?Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :). Daily Analysis: As you can see in the chart provided down below price has been stuck in this range for quite some time now, I am waiting for a break to the down side and some more momentum for more confirmation. The previous daily candle shows me that there is more momentum to the downside as of right now, so If I can have price break down below this area and wait for more confirmation on the lower time frames, this could be a good trade for me. One thing to keep in mind, yes it is showing weakness to the upside right now but that does not really show any more momentum to the downside and there really is not enough confirmation to place a reliable trade here. With good risk management this can be a small loser or a really big winner. Hourly Analysis: Of Course, price has not reached were I would want it to for me to get into a trade so I am just going to go to sleep and not worry about it until the morning. This is what I want price to look like before getting into a trade and my entry would be at the break of the lows that were made while breaking the zone. This will just confirm that price is trying to make a lower low and at this point everything would be lined up for me and I would get in on that break. All while keeping my risk in check with only a one percent risk of my total capital on this trade. I am also pretty tired right now so I do not think it would be smart for me to try to take a trade right now, so goodnight everyone and I hope your trading week goes well. Thanks again, KeySlot
Short
by KeySlot
Insanity... the thing most traders do (intro)This is a short intro to a major problem traders face... in a longer video, coming out tomorrow most likely, I will explain more on how to stop being an "insane" trader and take control of your trading results by working on the most important person in (your) "room", which is YOU! Just how important are YOU to yourself? take any picture where you are with the people you love the most and look at it, the person you will first search in the picture is you... so I rest my case. Anyway, this video might wake you up a little, if it doesn't the full version will!
OANDA:US30USDEducation
by PrimedGroup
Pyschology Tip of the dayHi guys, I haven't posted anything but analysis of the trades I may take in the upcoming week but I have not really covered pyschology maybe as much as I should be. I think this a huge part of trading that a lot of newer members may just skip or may not pay as much attention as they should to the subject. Being angry at something in your life or being upset will effect your trading and will blow your account if you cannot control your emotions. You need to have a risk management system in place that will limit your losses and give you that edge in the market in the long run. I know its super typical for people to say but trading is only a small percentage of the job, the real job is the pyschology and being able to control your self and be smart about your decisions. For example, today I had a hard time thinking if I should take my NZD / USD trade or not, I was thinking that it is what my setup would need for me to take but the only thing is there is no clear trend but there was a rejection of the beginning of a uptrend in my mind. Since, I am still feeling a little off about this trade I am going to lower my risk for this single trade and I will require a lot more confirmation before taking this trade. If the trade goes in my direction I can always go and add more to make a full percent or even more if you move your original trade to breakeven. Do not be afraid of missing out and try risking one or two more percent the single second the trade goes in your direction, the market will always be their and there will always be a trade for you to take. If not, the hardest thing for a trader to do... is not trading, sometimes being patient and waiting for your perfect setup is better than having three losses before taking a profitable trade, this is only going to loose money in the long run and will maybe make you a breakeven trader. If you guys want to see an analysis that I do for every pair that I am interested in take a look at the link below, this will be my most current analysis at the time. Thanks again, Keyslot
Education
by KeySlot
1
NZD / USD Intraday Short Sell? Possibly?Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :). Daily Analysis For my daily outlook on this pair I noticed that price tried to break out of this range and tried to break through the resistance zone of 0.71400 and had a very hard time breaking through this zone and got rejected. I want to get in this trade for the short sell but I am a little iffy of a possible pull back before making a bigger move to the down side. I am going to wait for more confirmation before getting into this trade but if it shows momentum to the downside I may possibly get into this trade. The only reason I am looking at this as a major push to the downside to hopefully break out of this range is the past few daily candles that have had no luck at all pushing to the higher highs. To me this shows whos really in control, which is the bears in this case. Hourly Analysis On the hourly it is only confirming my trade here and shows more reason to get into this trade, it had made lower lows in the past few hours and showed more bearish momentum by breaking below these recent lows as well. I think I am going to wait for a little more confirmation before getting into any trades and I will also be watching my risk percent here since I am not one hundred percent about this trade since it still is in that range. Psychology Thought of the Day For this situation and this current account I am ever going to risk one percent of my total capital for a single trade, but I am not too sure about this trade just due to a possible pullback and can get stuck in this current range and just go back and forth. On this trade I am only going to be risking half a percent, which does not seem like a lot but think about it in percentage wise and if the trade is going back in my favor I can always add on to my position in the future. I may as well lower my risk percentage at the beginning and add on to it as it goes into profit, even if you have a smaller account do not risk too much, you are not going to become a millionaire if you blow your account on one trade. Thanks again, KeySlot
Short
by KeySlot
Developing An Unbiased, Positive ApproachFollow me to keep for more updates!!! Sometimes, your patterns of behaviour come about as a result of subtle influences. A bias can affect your judgment to such an extent that your decisions might go against all conventional wisdom.Everyone has biases. They play a massive part in everyday life. You may buy a certain product at the supermarket because it's a brand you recognise, or read a particular newspaper because it backs up what you already believe. There's no way to get rid of bias altogether, but if you're aware of how it may manifest itself, you stand a much better chance of minimising the impact on your trading. Representative bias: Let's say you've been watching a market which has recently followed an uptrend. You take a position which, on this occasion, pays off. At a later date, you see the same market following an almost identical trend. Because of representative bias, you assume that, if you make the same trade again, you'll repeat your success. But even if two trades seem similar on the surface, it's key you treat every circumstance as unique. Negativity bias: Looking back on a past trade, you might only see what went wrong. A particularly tough loss, or series of losses, will cause you to overlook any positive results you've had - and the equally positive decisions that led to them. Gambler's Fallacy: If a market goes up for three straight days, Gambler's Fallacy says that it is likely to go up on the fourth. But beyond your own imagination, there's nothing to link events of the past to events of the future. Status quo bias: Instead of looking for new ideas, you might be inclined to use those that have proved successful in the past - even if, objectively, they're no longer worthwhile. Confirmation bias: Maybe you're confident the stock market is going to rise. With confirmation bias, you see only the news and information that supports your view, and gloss over anything that contradicts it. Loss-aversion bias: You won't close an unprofitable position, holding onto the trade in the hope that it will end up paying itself off. This is similar to endowment bias, where you perceive those trades you've made as having a lot more potential than those you decided not to make. In both cases, when the price moves against you, you'll be reluctant to let go. Herd bias: It's human nature to do exactly what everyone around you is doing, and traders are as susceptible to this as anyone. You need to have the confidence to make decisions based on your own research and trading plan - and to stick by these decisions when you've made them.
OANDA:XAUUSDEducation
by ShinForex1
Meet Percy - 'YOUR' new Trading E-Mentor - he's cool......Percy is a great guy... he can be a girl too and you can call him or her whatever you wish. I just chose the name Percy, I think its quirky. :-) BUT .... Percy can help you like he helps me - Let me introduce you to him. He tells me when to enter a trade, when to close a trade, what lot size to use - he helps me stay on track when I feel like closing early (Percy hasn't closed so I shouldn't) he helps me ignore them voices of increasing my risk. Percy works incredibly hard, he has back tested over 4200 trades to help me identify my edge in the market. Percy is simply a legend, I trust him, I have confidence in him and I follow his lead. Get a Percy. Regards Darren
Education
by pow_removetheguesswork
3