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The Silent Killer: Understanding Inflation's Impact Inflation is an economic phenomenon that gradually erodes the purchasing power of money over time. While it may seem like a minor inconvenience, inflation can have detrimental effects on individual savings , investment returns, and overall economic stability. In this article, we will explore why inflation can be considered a silent killer and delve into the reasons behind the growing interest in Bitcoin as a potential defense against its effects. 1. The Hidden Damages of Inflation: 1.1 Reduced purchasing power 1.2 Diminished savings value 1.3 Income distribution imbalances 2. The Role of Central Banks and Government Policies: 2.1 Monetary policies: Central banks use various tools, such as adjusting interest rates and printing more money, to manage inflation. However, these measures can sometimes have unintended consequences. 2.2 Fiscal policies: Government spending, tax policies, and borrowing influence inflation rates by impacting the money supply and aggregate demand within an economy. 3. The Case for Bitcoin as a Hedge against Inflation: 3.1 Scarce supply: Bitcoin is a decentralized digital currency with a limited supply of 21 million coins. Unlike fiat currencies, no central authority can arbitrarily decide to print more bitcoins, reducing the potential for inflationary pressures. 3.2 Store of value: Bitcoin's limited supply and increasing demand make it an attractive store of value, especially in a world where traditional fiat currencies are prone to inflation. 3.3 Global accessibility: Bitcoin transcends geographical boundaries, enabling individuals to protect their wealth and access financial services without relying on traditional banking systems that can be influenced by inflationary pressures. 3.4 Economic uncertainty: In times of economic distress or high inflation, Bitcoin offers a potential safe haven for investors seeking to preserve the value of their wealth independently of traditional financial systems. 4. Considerations and Risks: 4.1 Volatility 4.2 Regulatory challenges 4.3 Technological barriers Inflation can silently erode the value of money, impacting savings, investments, and overall economic stability. While many traditional assets struggle to mitigate inflation risks effectively, Bitcoin can potentially serve as a hedge against inflation due to its decentralized nature, limited supply, and growing global acceptance. However, investors should carefully consider the risks and challenges associated with cryptocurrencies before making investment decisions. What do you want to learn in the next post?
COINBASE:BTCUSDEducation
by UnitedSignals
6
Full-Time Job vs. Full-Time Trading Deciding between a full-time job and full-time trading is a crucial career choice that many individuals grapple with. Both options offer potential financial benefits, but it is essential to thoroughly evaluate the income comparison and stability provided by each path. This article aims to provide an in-depth analysis of the income potential and stability associated with full-time jobs and full-time trading, helping readers make an informed decision based on their individual circumstances and preferences. 1. Full-Time Job: Income and Stability 1.1. Salary Structure: Full-time jobs typically offer a stable income stream, with salaries negotiated between the employer and employee. It provides a fixed amount earned on a regular basis, such as monthly or bi-weekly. 1.2. Growth Potential: Most full-time jobs present incremental growth opportunities through salary hikes, promotions, and bonuses. 1.3. Benefits and Perks: Besides a steady income, full-time jobs often provide additional benefits, such as health insurance, retirement plans, paid leaves, and various employee perks. These benefits contribute to overall financial security. 2. Full-Time Trading: Income and Stability 2.1. Income Potential: Full-time trading offers a potentially higher income ceiling compared to a regular job. Successful traders can earn substantial sums of money, sometimes exponentially higher than what a typical full-time job might offer. However, it is important to recognize that trading income can vary significantly based on market conditions, individual skill, and experience. 2.2. Volatility and Risk: Trading, particularly in financial markets, involves inherent risks. The income generated from full-time trading can be highly volatile and subject to market fluctuations. 2.3. Continuous Learning and Adaptability: Full-time trading requires continuous education and staying up-to-date with market trends. Adapting to market changes and acquiring necessary skills is crucial to maintain a sustainable income level. Traders must be prepared for ongoing learning and to adjust their strategies accordingly. 3. Comparing Income and Stability 3.1. Income Comparison: Full-time trading has the potential to yield higher income compared to traditional full-time employment. However, the profitability of trading is dependent on various factors such as market conditions, trading strategy, experience, and discipline. 3.2. Stability Comparison: Full-time jobs offer a more stable income and financial security, with regular paychecks and additional benefits. In contrast, full-time trading is inherently more volatile and subject to market risks, making it less predictable and potentially less stable. Choosing between a full-time job and full-time trading necessitates a thorough understanding of income potential and stability associated with each option. Full-time jobs provide a stable income stream, incremental growth prospects, and additional benefits, whereas full-time trading offers the potential for higher income but entails greater volatility and market risks. The decision ultimately depends on an individual's risk tolerance, financial goals, trading skills, and willingness to continuously learn and adapt to market conditions. It is crucial to weigh these factors carefully to make an informed choice that aligns with personal circumstances and aspirations. Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
5
Unveiling the Mysteries of Currency Pair Nicknames Currency pairs have often been assigned unique nicknames, which are widely used by traders, financial institutions, and market participants. These nicknames provide a quick and memorable way of referring to specific currency pairs, often based on various factors such as historical events, geography, or popular culture. Let's explore some of the most commonly used currency pair nicknames and the stories behind them: 1. "The Majors" or "The G7": The four most frequently traded currency pairs in the foreign exchange market are the EUR/USD (Euro/US Dollar), USD/JPY (US Dollar/Japanese Yen), GBP/USD (British Pound/US Dollar), and USD/CHF (US Dollar/Swiss Franc). Collectively, they are known as "The Majors" due to their high trading volumes and liquidity. 2. "The Fiber": The EUR/USD currency pair is commonly nicknamed "The Fiber" in reference to the transatlantic telecommunications cable laid under the Atlantic Ocean, connecting Europe (EUR) and the United States (USD). This nickname symbolizes the strong economic ties and constant flow of information between the two regions. 3. "The Cable": The GBP/USD currency pair is known as "The Cable" because, historically, exchange rates between the British Pound (GBP) and the US Dollar (USD) were transmitted across the Atlantic through a submarine communications cable called the "Transatlantic Cable." 4. "The Aussie" and "The Kiwi": The Australian Dollar (AUD) is often referred to as "The Aussie," while the New Zealand Dollar (NZD) is called "The Kiwi." These nicknames are derived from the respective national symbols of Australia (the kangaroo, also known as an "Aussie") and New Zealand (the kiwi bird). These currency pairs, such as AUD/USD and NZD/USD, are traded actively, especially during the Asian trading session. 5. "The Loonie": The Canadian Dollar (CAD) is popularly known as "The Loonie." This nickname stems from the image of a common loon, a bird species native to Canada, which is depicted on the one-dollar coin ("loonie"). 6. "The Swissie": The Swiss Franc (CHF) is called "The Swissie" in the forex market. This nickname is a shortened form of "Swissy," derived from "Switzerland." The Swiss Franc is known for its stability, and currency pairs involving the Swiss Franc, such as USD/CHF or EUR/CHF, attract considerable attention from traders seeking a safe-haven currency. 7. "The Dragon": The USD/CNY (US Dollar/Chinese Yuan) currency pair is nicknamed "The Dragon." The moniker reflects China's prominent status as an economic powerhouse and its historical association with dragons as symbols of strength and power. These are just a few examples of the fascinating nicknames given to currency pairs in the foreign exchange market. Understanding these nicknames can help traders communicate more efficiently and navigate the complex world of forex trading with ease. Please, like this post and subscribe to our tradingview page!👍
COINBASE:BTCUSDEducation
by EliteTradingSignals
7
📈Mastering Forex Trading: Your Ultimate Trade Checklist📉 ✅Entering the forex market can be an exciting and potentially profitable endeavor. However, it requires careful planning and diligent decision-making to succeed. One essential tool to streamline your trading process is a trade checklist. In this article, we will guide you through the creation and effective use of a trade checklist, providing practical examples along the way. 📌Preparing for a Trade: Before you pull the trigger on any trade, it's crucial to conduct thorough analysis and set clear objectives. Ensure your trade checklist includes the following elements: ▪️Identify the Market Trend: Determine the overall direction of the currency pair you wish to trade. Consider using various technical indicators, such as moving averages or trend lines, to confirm the trend. ▪️Define Entry and Exit Criteria: Set precise entry and exit points to minimize emotion-driven decisions. Identify key levels of support and resistance, and determine the minimum risk-to-reward ratio you deem acceptable. 📌 Risk Management: A robust risk management strategy is fundamental to long-term success in forex trading. Incorporate the following risk management elements into your trade checklist: ▪️Determine Position Size: Calculate the appropriate position size based on your risk tolerance and account balance. Consider using tools such as position calculators or risk/reward ratio formulas. ▪️Set Stop Loss and Take Profit Levels: Define stop loss points to protect your capital from excessive losses and specify take profit levels to lock in profits once your target is reached. 📌Trade Execution: Executing a trade swiftly and accurately is vital. Include the following checklist items to ensure consistent and disciplined execution: ▪️Double-check Parameters: Before placing a trade, review all the crucial parameters, including currency pairs, position size, entry and exit levels, and stop loss/take profit points. ▪️Timing Considerations: Be aware of upcoming economic releases, news events, or major market sessions that may impact your chosen currency pair, and adjust your trade execution timing accordingly. 💹Conclusion: By incorporating a trade checklist into your forex trading routine, you can significantly enhance your decision-making process and overall trading performance. Remember to adapt your checklist to align with your personal trading style and preferences, continually evaluate its effectiveness, and make necessary improvements. Successful trading is a result of thorough planning, disciplined execution, and a continuous desire to learn and optimize your approach. ☺️I hope this post was helpful to some of our beginner traders😊 Dear followers, let me know, what topic interests you for new educational posts?
COINBASE:BTCUSDEducation
by SignalProvider
9
Understanding the Differences between Traders and Investors Trading and investing are two approaches to the financial markets, each with distinct characteristics and objectives. While both involve buying and selling financial instruments, understanding the differences between traders and investors is crucial for anyone looking to navigate the markets effectively. This article will provide an in-depth comparison between traders and investors, highlighting their key differences, strategies, and goals. 1. Time Horizon: Traders: Traders aim to profit from short-term price fluctuations. They closely monitor market trends and frequently execute orders within hours, days, or weeks. Investors: Investors focus on long-term growth and may hold their investments for years or even decades. 2. Risk Tolerance: Traders: Traders are often comfortable with higher levels of risk, as they aim to profit from short-term market volatility. Investors: Investors tend to have a more conservative risk appetite. They prioritize capital preservation and are willing to ride out short-term market fluctuations for potential long-term gains. 3. Trading Strategies: Traders: Traders utilize a variety of strategies such as day trading, swing trading, and scalping. They rely on technical analysis, charts, indicators, and patterns to make rapid buy and sell decisions. Investors: Investors typically adopt a buy-and-hold strategy, focusing on long-term trends and the fundamental analysis of companies or assets. 4. Market Focus: Traders: Traders often concentrate on specific markets or asset classes, such as stocks, currencies, commodities, or derivatives. Investors: Investors have a broader focus, investing in diverse asset classes such as stocks, bonds, real estate, or mutual funds. Their goal is to create a well-diversified portfolio for long-term growth and income generation. 5. Profit Objectives: Traders: Traders aim to generate regular, short-term profits. They capitalize on market inefficiencies, fluctuations, and price movements to execute trades and make profits from both rising and falling markets. Investors: Investors are primarily focused on long-term capital appreciation and income generation. They typically seek to benefit from the overall growth of their investment portfolio over a more extended period. 6. Emotional Factors: Traders: Traders usually need to stay emotionally detached from their trades, as rapid decision-making and swift actions are often required. They often practice disciplined risk management and maintain strict control over emotions like fear and greed. Investors: Investors have a more relaxed approach and can afford to take a long-term perspective. While they still need to manage emotions during market downturns, their investment decisions are less driven by short-term market fluctuations. Conclusion: Understanding the differences between traders and investors is crucial when deciding which approach aligns best with your financial goals, risk tolerance, and time commitment. Both trading and investing have their merits, and individuals may choose to adopt either approach or a combination of both. By considering factors such as time horizons, risk tolerance, strategies, and goals, individuals can effectively navigate the financial markets and work towards achieving their desired outcomes. What do you want to learn in the next post?
TVC:GOLDEducation
by UnitedSignals
10
[Education] How Did I Evolve As a Person After I Started TradingI’m a funded prop firm trader with over 5 years in trading the forex market. I’ve tried it all, searching for the legendary holy grail. I’ve lost over 5 figures worth of money before I reached where I am today. From the usage of expert advisors, signals, PAMM, copy trading, account management, indicators, grid trading, martingale, scalping on the 5 seconds chart to swing trading, I’ve tried it all. I started out as a noob, thinking forex is a get-rich-quick scheme. Initially, my small account grew by more than 1000% as I was overleveraging with no stop losses. I thought I was a god in trading. After a few more trades, I blew my account. I topped up my account with more funds and found myself losing all my hard-earned money. I burst plenty of accounts this way. Similarly, due to greed, I found myself in the land of copy trading and expert advisors that use grid and martingale. You guessed it, I burst many more accounts thinking that these will get me my FIRE dream. I know it sucked being wrong. It sucked even more losing money to the market. I know the ins and outs of the forex market. To be a good trader, trading strategy is just 1 part of the equation. You need to take into account psychology and risk management which are equally important. I didn't get the "Aha" moment on my way to succeed. It's the gradual realization and the application of what I've learnt over the years made me successful. Trading teaches me a lot. These are the growth that I'm aware of. Teaches me discipline. Teaches me who I really am. I am not what I think I am. Think in terms of probability, law of large numbers, risk management. No more instant gratification. I’m patient. Appreciate analysis of data. Being aware of now. Better at regulating my emotions. Being strict with myself. More tolerant of others. Being humble and showing humility. More work doesn’t always translate to more result. Instant Gratification With the rise of the internet, people demand instant gratification. This is detrimental to trading where we need the law of large numbers and probability to play out over a period of time for results to show. In the beginning, take your time to learn and absorb all the knowledge. Build a strong foundation that can be used later on in your trading career. Do not rush so that you can start earning money. Many of you tried to look for shortcuts. Let me tell you, there is none. You won’t believe me now. Trust me. A few months or years down the road, you will realized that you’ve wasted all these time for nothing. It’s not about how fast you can profit from the market. It’s not about how fast you can trade live. It’s not about how fast you can do your technical analysis. Your journey will look different from mine. It can take me months to understand concepts like sell-side and buy-side liquidity, but it could take you only a few days. There is no shortcut to application. You have to put in the work to grow. You won’t see this immediately. You can only see growth over time. This is the only shortcut you have in trading. 95% of the traders out there don’t stick to a system of learning and applying what they’ve learnt. They think that by apply some RSI and EMA, they are able to make it big. If it’s so easy, why are 95% of the traders not profitable? Many traders think that a system is shit after a few losing trades. There are ups and downs in trading. You can’t win 100% of the time. Losses are felt more intensely than gains. Psychologically, 86% of the people are affected by a loss twice as much as a gain. This is loss aversion bias. To avoid a loss, people give up favorable trades. This is because most of you only focus on that 1 trade. You have to understand that trading is a game of probability. You need to have a large number of trades to allow probability to work in your favor. Take for example a 50% win rate trading strategy with a RRR of 1:2. Assuming you risk $10 per trade. Over a series of 100 trades, you are expected to have a profit of $500. . This is favorable to you as a trader! So you have to get rid of looking at a single trade. But instead, look at a series of trades to let the law of large number play out. You will come out ahead if you let your edge play out. Afraid of Losing There are 5 outcomes in trading: You win big You lose big You win small You lose small Breakeven If you can eliminate #2, you’re going to be a profitable trader. I’m a human too. I get how a losing trade can be disappointing. It’s even more disappointing if a 1% loss is equivalent to $1,000 on a $100,000 account. Think about all the good food and stuff you can buy with that amount of money. Once you’re in a bad trade, do not move your stop loss. Your stop loss is there to cut your trade once price action invalidates your trade idea. Trading is a business. You want to be in the game for as long as possible. This gives you the chance for the law of big numbers and probability to work in your favour. Since this is a business, you’re bound to incur business expenses. Losing trades are your expenses, while winning trades are your revenue. You don’t see businesses spending all their capital on 1 single product. Neither should you risk all your capital into 1 trade. By having a strict risk management in place, you can lose 10 trades in a row, and still end up as a profitable trader at the end of 50 trades. I have a 40% win rate and ~2.5 RR strategy. I got the data from my backtesting. I know how I will perform in the live market if I trade according to how I backtested my strategy. I know what to expect, what’s my potential losing streak, what’s my maximum drawdown. I don’t cling onto that 1 losing trade as I know I can lose an average of 6 trades out of 10 trades. The important thing in trading is your long-term equity. As long as you’re looking at a general uptrend, you’re already performing better than 90% of the traders out there. Afraid of failing I failed a lot. I can show you screenshots of my failed attempts with The Funded Trader challenges. These are just from 1 prop firm. But once you've found consistency, you can recoup all your losses. It doesn’t matter who you are, you have to pay the entrance fees multiple times in order to achieve success. Don’t be afraid of the entry price. You pay it, and you will earn it back. It’s just like your money. You pay for Coldplay’s concert today, at the end of the month, you will earn your money back. You will fail, and it’s fine. You will fail again and again. That happens to everyone. You will learn when you fail. Don’t trap yourself in a life you don’t want to be in. Understanding The Basics Understanding probability is the first step towards your success. There are a lot of ways to profitability. You can have a high win rate, but low risk-to-reward ratio, or a low win rate, but high risk-to-reward ratio. Before you say you want a high risk-to-reward ratio trading strategy, you have to understand how your psychology works. Are you able to execute the same trade that fits your trading strategy again and again, despite losing 10 or 20 trades in a row? Will you start to doubt your trading strategy looking at your account balance going lower and lower every time you take a trade? Next, you will need to understand risk management and probability. They both go hand-in-hand. When you’re trading live, you have to accept the risk for each trade you’re taking. You have to accept that you can be wrong more than you’re right. You cannot control the outcome of your trades. However, you can control the amount of risk you take per trade. I recommend risking 1% or lower for each trade. The goal here is to prioritize capital preservation. By limiting your risk to 1% a trade, you are able to keep your account balance relatively safe. Compare this to people who risk 20% or 50% a trade. In a few losing trades, their account balance will be very close to $0. These are the gamblers that do not have the right risk management skills. A good trader will be able to differentiate between these trades. A good trade should be a trade that follows your trading strategy, risk management and trade management plans. Even if this trade ends up losing money or closing at breakeven, it’s still a good trade as you did not deviate from your trading plans. On the other hand, taking trades that deviate from your trading strategy is a no go, even if it ends up being a winner. This could be a lucky trade. Luck is not a sustainable trading strategy. What if you did this again and the trade turns out to be a winner again? It will inflate your ego and lead to more of such trades. When you luck runs out, you will find that you lose more than you win. Relying On Others But Keeley, I can just follow signals of profitable traders or get EA and courses from people who are successful. You need to understand that there are a lot of scammers in the trading world. Scammers feed off human’s greed. Many times, they will tell you that they can help you pass your prop firm challenges, give you free signals or sell you highly profitable EAs which usually consist of very high win rate, using very low risk. If you think about it, why would you send cold messages to random people if you have such a good system? I could very easily use these systems and make millions of money myself instead of doing “sales” on these systems. Proof can very easily be falsified in the online world. Make sure they are using 3rd party verification such as myfxbook or fxblue, using legitimate brokers such as Pepperstone, Oanda or IC Market. Many scammers can use white-label brokers. They paid to get a broker name, so that they can deposit “capital” into their account with the server showing “live”. Their track record and trading privileges can be seen as verified, but their records can still be falsified. I’m not saying not to get any of the signals, EA or courses. You have to make things work yourself. Their system could be profitable for them because the trading style fits their personality. It could be a low win rate, but high RR trading system, but your trading psychology could not handle the period of drawdown. You will soon discard this trading system as it doesn’t fit your personality. Accountability Partner Having an accountability partner or a mentor is the best solution to you being profitable. Having someone there for you when you feel down and unmotivated can be motivating. It's hard to find a suitable mentor or accountability partner given the nature of the financial market. There are a lot of scammers out there selling course materials which you can find online. You need to know that the person selling the course or mentorship does not rely on sales for a living. But instead, he must be earning most of his income from trading. Look at his content, see if they resonates with you. Look at his track record, are they afraid of showing 3rd party verification? Do they only show you screenshots of trades that have already happened? Do they only show their results on excel sheet? If you're serious about bringing your trading to the next level, consider getting one. This has been a game changer for me. Remember, trading is not an easy hustle. It take years of hard work, losses and, breakeven to achieve consistent profitability. Stay consistent. Stay safe. Success is just around the corner. If you enjoy such content, feel free to click the like button and subscribe for more. Let me know what are your thoughts and learning points in the comments below so others can learn from you too! Please let me know what kind of topic you would like to read next :) Happy weekend!
TVC:SPXEducation
by Keeleytwj
6
Unveiling the Secret to Wealth: Why Patient Traders Are Rich Introduction: When it comes to investing, one of the most crucial decisions you'll need to make is how to allocate your assets. Proper asset allocation is the key to striking a balance between maximizing returns and minimizing risk. In this article, we will explore three distinct approaches to asset allocation: conservative, moderate, and aggressive, along with their respective advantages and considerations. 1️⃣ Conservative Asset Allocation: Conservative asset allocation focuses on minimizing risk and prioritizing stability over high returns. The key components of conservative allocation include: - Diversifying investments across low-risk assets, such as bonds, cash equivalents, and stable dividend-paying stocks. - Emphasizing capital preservation and income generation rather than aggressive growth. - Maintaining a higher percentage of fixed-income investments, which offer steady returns but lower potential capital appreciation. - Utilizing asset allocation tools like target-date funds or balanced mutual funds that automatically rebalance the portfolio based on the investor's desired risk level. 2️⃣ Moderate Asset Allocation: Moderate asset allocation is a middle-ground approach that seeks to balance growth potential with some level of risk. - Allocating a portion of the portfolio to relatively low-risk assets, like bonds and cash, to provide stability. - Investing in a diverse range of assets, including a mix of stocks from various sectors, to capture growth opportunities. - Regularly rebalancing the portfolio to maintain the desired asset allocation ratio. - Considering investments such as low-cost index funds or exchange-traded funds (ETFs) to achieve market-like returns while minimizing fees. 3️⃣ Aggressive Asset Allocation: Aggressive asset allocation aims to achieve maximum long-term growth while accepting higher levels of risk. The key elements of aggressive allocation are: - Allocating a significant portion of the portfolio to higher-risk, high-growth assets like stocks or venture capital. - Emphasizing capital appreciation over dividends or income generation. - Maintaining a diversified portfolio that includes growth-oriented mutual funds or individual stocks. - Staying engaged with market trends, keeping a watchful eye for potential investment opportunities. Conclusion: Determining how to allocate your assets is a crucial decision that must align with your risk tolerance, financial goals, and investment horizon. Whether you choose a conservative, moderate, or aggressive approach, each has its own merits and considerations. Remember to regularly review and adjust your asset allocation as your circumstances change and consult with a financial advisor for personalized guidance.
COINBASE:BTCUSDEducation
by EliteTradingSignals
7
Why risking only 0.5%-2% per trade is absurd?I’ve tried everything. From scalping, intra-day to swing trading. My first mentor taught me price action and is a strong believer of swing trading. He taught me to trade on the higher timeframe, or 4h timeframe and higher. All timeframes below that are noises. I devour his trading content and backtested every single day. Back then, I was hungry for success. I have strong backtested data backing me on the live market. I traded live after this. I stick to my trading plan. I won some trades. I lost some trades. I faced another problem. I was always looking at the chart, even though I executed my trade on the daily or 4-hour timeframe. My average trade duration is a few days. I couldn’t control the price, yet I’m stalking my trade. This is different from backtesting. During backtesting, I can let my trade play out immediately using the fast forward button. In the live market, I couldn’t fast forward time! I started to mess around with my trade because I was always watching the chart. Trades aren’t playing out fast enough to meet my need to trade. I realized at that time, this kind of trading style doesn’t suit me. I felt lost even with a profitable system. I drifted a few months searching for another holy grail. I found a signal provider membership, but this guy is a mentor. My intention was to trade base off this guy’s signals. But who knows, after a few days of joining his signal, he decided to remove it. He trades live in front of his mentee. I joined his live session and saw a trading beast. He’s actually scalping on the 5s chart live in front of his mentee. Some of them took his calls and profited. At that time, I can’t believe what I was seeing. How can someone even be fast enough on their execution on a 5s chart. I joined more of his live session and realized that this guy is legit. I love this style of trading because I was impatient and love to see how my trade play out immediately. I booked several 1-1 sessions with him. I learned his way of trading. It was heaven to me. I realized that I’ve made something clicked in my head and is on my way to profitability. I backtested extensively and traded live soon after. I had decent results, passing phase 1 and 2 of MFF challenge. When I got my first live funded account, burst it. I haven’t got my psychology and emotion in control yet. I wasn’t ready. I revenge trade after a series of losses. I did not limit the number of losses I can take a day. I over-risked on some trades, believing that they are high probability trades. I lost the account without reaching my first payout. Should You Scalp Or Swing? It depends on what timeframe you're trading on. But, price is fractal. Trading on the 4-hour timeframe requires the same technical analysis skills as trading on the 1-minute timeframe. If you’re scalping on the seconds chart, you can take many trades within a day. Scalping on the lower timeframe also requires you to be accurate and fast in decision making. You can’t stop to think and go through your checklist. They have to come to you automatically. You need to focus and good at regulating your emotions as you’re more likely to get faked or stopped out. This is especially true if you’re scalping on the seconds timeframe. If you’re swing trading, it gives more room for error. Scalping are for people who are impatient, or for people who loves adrenaline. It is fast pace and you can close your trades within minutes from execution. You can end your trading day within a few minutes or hours. It’s easy to overtrade and take bad trades after a series of losses. This can increase the likelihood of revenge trading. On the contrast, swing traders are good for people who loves freedom. You don’t have be in front of your screen whole day. You can spend a few minutes a day checking the charts, and attend to them when your alert goes off. When the alert goes off, you can check the chart to see if the price is playing out according to your expectations. You can decide to take a trade, or to wait for another opportunity. This takes only a few minutes of your time and you can continue on with your life. You don’t have to rush to make a trading decision. You are able to go through your trading plan without any pressure before taking a trade. You don’t have to worry about overtrading. There are lesser opportunities in swing trading compared to scalping. Too Many Choices Making You Feeling Lost Many of you don’t know yourself. Let alone knowing what trading style fits yourself. You do not know which trading style fits your personality. Trading is like choosing what type of undergarments you want to wear. Some people like underwear. Some people like brief. Some people like boxer. Some people don’t like to wear anything. You have to consider factors like your lifestyle, personality, personal commitment, trading skill level, and psychological strength. These questions are often neglected. Solving them will cut down on your journey to be a profitable trader. For me, I used to be an impatient person. I’ve changed my lifestyle for the better. I took up breathing technique, meditation, and improved my mindset. I’ve learnt to be patient. I understand that I do not like to take swing trades even though I’m a patient one. I’m lazy, and do not like to stare at the chart for 1 or 2 hours straight. I have to focus when trading on the seconds chart. Some days I will lose motivation and not trade at all. Without trading, I won’t be able to profit from the market. If I’m lazy, I have to find another way to profit from the market. I’ve stopped scalping on the seconds chart once I’ve accepted this fact. Instant Gratification But Keeley, we need more trades to let probabilities and the law of large number for our edge to play out. If we don’t scalp, how are we going to hit 100 trades trading the live market? I also love to see high RR trades so that I can post them on my social media to make myself look good! First, trading is not a get-rich-quick scheme. You need years of consistency to achieve profitability. There is no end game here. You are always learning from the market. You can be consistent and trading your game plan for 5 years. But that one time you decide to deviate from your game plan, you can wipe out 5 years of track record. You don't magically be profitable after watching 10 videos on demand and supply on the YouTube. You need chart time. You need losses. You need stress. You need to feel like you're giving up. You need to hit the rock bottom. You need to build your trading psychology. You need to build your resilience. Trading is not easy. Next, the social media is a bad place to be looking at trading related content. You look at people posting high RR trades, earning thousands of dollars every single day. You don’t know if they are taking the trades on a demo account, or from a white-label broker. White-label brokers are their own server which they can fake their own trades. Think about why are they posting all these? Are they selling you a course? Why would they sell you a $50 course if they are earning thousands of dollars a day? Ask them for verified track record from reputable brokers. I can assure you that none of them are able to provide you that. Getting Lucky Trading involves a little luck here and there. Saying that I become consistent and profitable based on my skills alone is a lie. I do need to have a certain factor of luck. A correct analysis can lose, and a wrong analysis can win. Anything can happen in the market. As long as you're following your rules, and you have a profitable system, you will be profitable in the long run. I have a client who told me he used to flip $100 small accounts into thousands of dollars. He risked his whole account by over-leveraging and praying for the best. He earned 1,600% within a few weeks. He asked me if he should replicate this strategy using more capital. If he's able to do it a few more times, he would be a millionaire. I told him that he got lucky. He's getting cocky and greedy now. I told him that he's not going to like what I'm about to tell him. He's not going to believe me. I told him that if he's continuing this path, he's going to get burned. 1,600% is not a small amount. It's not something that you or me can do it consistently. Even the best hedge fund in the world has an average of 30% returns a year over a decade. Don't get fooled by all the Instagram posts. He didn't believe me. Guess what? He lost all the 1,600% profits. Not Using 1 or 2% Risk Per Trade A few weeks later, he came back to me. He told me he will reduce his risk this time, but with a higher capital so that he can afford more losses. He doesn't listen to me. I took a look at his backtested result and noticed that he has a high win rate, low RR trading system. The max drawdown he encountered was 3 straight losses out of the 100 trades. Not going to lie, but his backtested results looked pretty decent. He told me that by risking 10% per trade, he can earn so much more. His backtested results showed him that the max loss he will encounter is 30% using this risk setting. It looked decent, and the math shows that he can 10x his result in a short period of time. But yet again, he failed. Why? He did not take into consideration his trading psychology. Let's understand why I recommend 1% a trade. Losing 10 trades in a row, I will be down 10%. But if I risk 10% a trade, I can't afford to lose 10 trades in a row. Even with a 70% win rate strategy, it is still possible that I lose 10 trades in a row. Statistically, it's low chance, but it's still possible. You need to take into consideration your psychology after losing 10 trades in a row. If you're risking 10% per trade, you're at a risk of making revenge trades to gain back your losses. The sight of losing money can damage your ego, leading you to take trades not according to your trading plan. The Breakthrough I went to the in-between, which is intra-day. I have no idea why this did not occur to me earlier. Intra-day suited me because I have a day-job. Trading on the 15-minute timeframe isn’t as slow as taking swing trades. It’s also less stressful compared to scalping on the seconds chart. I will look at the chart before i leave for work. If there are any opportunities, I will set a limit and leave for work. My strategy is set-and-forget, so the trade will either hit the TP or SL. I do not have any MT4 or MT5 on my phone so that I won’t mess around with my trades. I finally found consistency and seen profitability in my trading. I’ve gotten my first funded account with FTMO, with a payout in April this year. In May, I got another funded account with The Funded Trader. Earlier this month, I’ve gotten another funded account with My Forex Fund. My life has started to change all because of I’ve made the decision to understand myself. Tips I came up with a framework that can help you on the right path immediately. Consider these questions. Do you stalk your trades when you’re in any position? Are you able to endure stress and pressure? Do you have a social life? Do you have a day job? Are you able to trade at work? Are you lazy to look at the charts? These questions can guide you towards understanding yourself and understand the type of trades should you take. Taking Accountability Trading alone is hard. Being consistent is even harder. It's hard to hold yourself accountable if you don't have the discipline. Having someone who has been there done that before is important. An accountability partner can provide valuable advice that can define and reach your goals faster. A mentor is helpful in guiding you too. A mentor must be able to look at any strategy and tell you what's not working and what you should stop. A mentor should not force you to use his strategy. He must be able share his mistakes. He must be able to show you solid trading results via 3rd party verification. 3rd party verification should be Myfxbook or Fxblue, not screenshots or excel worksheet. He should walk you through development as a person outside of trading. Stay consistent. Stay safe. Success is just around the corner. If you enjoy such content, feel free to click the like button and subscribe for more. Let me know what are your thoughts and learning points in the comments below so others can learn from you too! Please let me know what kind of topic you would like to read next :) Happy weekend! @MillionaireTiger @CaptainTiger @TigerStars
TVC:SPXEducation
by Keeleytwj
3
Your Trading Success – Work vs. Luck Introduction: In the exhilarating world of trading, achieving consistent returns is the goal of every investor. However, a crucial question often arises: is trading success a result of hard work and discipline, or is it merely a stroke of luck? In this article, we delve deep into the eternal debate of work vs. luck in trading, highlighting why consistent returns can only be achieved through persistent effort and disciplined strategies. While profit from luck may bring fleeting gains, it is no testament to an individual's skill. Let's uncover the truth and find out how to navigate the world of trading for long-term success. 1. The Fallacy of Relying on Luck: Luck, by its very nature, is unpredictable and random. Relying on luck in trading can lead to inconsistent results, ultimately undermining any chances of long-term profitability. While it's true that there are instances where traders may encounter windfalls due to favorable circumstances, these gains are often short-lived and can create a false sense of mastery. 2. The Importance of Hard Work: Consistent returns require dedication, perseverance, and a commitment to continuous learning. Trading can be immensely challenging, demanding immense effort and research to identify viable opportunities. Successful traders invest countless hours in analyzing market trends, studying economic indicators, and honing their analytical skills. Through intense preparation, they manage to develop strategies that provide them with an edge in the market. 3. Discipline: The Bedrock of Success: In the trading world, discipline is paramount. It serves as the bridge between a trader's intentions and their actual actions. It ensures that a trader follows their carefully crafted strategies, adheres to risk management protocols, and stays committed to long-term goals. Discipline helps traders avoid impulsive decisions driven by emotions or the allure of quick profits. To summarize, the notion that luck alone can sustain profitability in trading is a fallacy. Successful traders understand that consistent returns are the result of hard work, self-discipline, and a dedication to continuous improvement. While luck may occasionally offer temporary gains, it is the combination of rigorous preparation, analytical skills, and a disciplined approach that empowers traders for long-term success. Aspiring traders should focus on developing their skills, remaining patient, and diligently following their well-constructed strategies to achieve consistent returns that truly demonstrate their proficiency in the trading world. Remember, work trumps luck in the world of trading – steadfast effort and unwavering discipline will be your true allies in the quest for sustainable profitability. What do you want to learn in the next post?
TVC:GOLDEducation
by UnitedSignals
9
📊The Ten Commandments of Forex Trading: A Beginner's Guide📊 1️⃣ Thou shalt have a trading plan: Having a trading plan is crucial to my success in forex trading. By setting clear entry and exit points, as well as defining my risk tolerance, I am able to trade with discipline and avoid impulsive decisions. 2️⃣Thou shalt not risk more than you can afford to lose: I understand the importance of capital preservation. I never risk more than 2% of my trading account on a single trade. This ensures that I can withstand potential losses without jeopardizing my overall financial stability. 3️⃣Thou shalt analyze before executing a trade: Before entering any trade, I conduct thorough technical and fundamental analysis. By examining price charts, economic indicators, and market sentiment, I can make informed decisions based on sound analysis rather than relying on instincts. 4️⃣Thou shalt not overtrade: I resist the temptation to overtrade and remain patient for favorable opportunities. I understand that trading excessively can lead to emotional decision-making and ultimately result in losses. 5️⃣Thou shalt not chase losses: When a trade goes against me, I avoid the temptation to chase losses. I accept the loss, learn from it, and move on. Chasing losses would only lead to irrational decisions and potentially larger losses. 6️⃣Thou shalt not rely solely on indicators: While technical indicators are helpful, I do not rely on them alone. I consider various factors such as geopolitical events, news releases, and market sentiment to get a holistic understanding of market dynamics. 7️⃣Thou shalt use appropriate leverage: I use leverage responsibly, understanding its potential benefits and risks. I never exceed a leverage ratio that could expose my account to excessive risk. I am aware of the importance of managing leverage effectively. 8️⃣Thou shalt continuously educate thyself: I understand the importance of ongoing education in forex trading. I regularly read books, attend webinars, and consult reliable sources to stay updated on new strategies, market trends, and economic factors. 9️⃣Thou shalt keep a trading journal: I diligently maintain a trading journal to track my trades, strategies, and emotions. By reviewing past trades, I gain insights into my strengths and weaknesses, enabling me to refine my approach. 🔟Thou shalt not let emotions drive trading decisions: I maintain emotional discipline when trading forex. Fear and greed can cloud judgment and lead to poor decisions. By staying rational and following my trading plan, I avoid emotional biases. ⏩Remember, forex trading requires patience, discipline, and a commitment to ongoing learning. By following these ten commandments, you can lay a strong foundation for a successful forex trading journey. 😸Thank you for reading buddy, hope you learned something new today😸 Do you like this post? Do you want more articles like that?
Education
by ProSignalsFx
4
Unveiling the Secret to Wealth: Why Patient Traders Are Rich In the fast-paced world of finance, patience may not always seem like a virtue. However, when it comes to trading, those who exhibit patience tend to emerge as the biggest winners. In this article, we will uncover the reasons why patient traders are often richer than their impulsive counterparts. So, let's delve deeper into the mindset, strategies, and benefits that set patient traders apart. 1. Proven Strategies: Patient traders follow well-researched and proven strategies that enable them to minimize risks and maximize returns. They meticulously analyze market trends, study financial indicators, and make informed decisions based on thorough analysis. 2. Delayed Gratification: Patient traders understand the concept of delayed gratification. Rather than constantly seeking instant gratification through frequent trades, they carefully select quality investment opportunities with an extended time horizon. 3. Embracing Volatility: Patient traders are not intimidated by market volatility. They understand that short-term price fluctuations are inevitable and often present lucrative opportunities for long-term gains. 4. Long-Term Thinking: Impatient traders often focus on short-term gains, while patient traders adopt a long-term perspective. By investing in fundamentally solid companies or assets with long-term growth potential, patient traders build wealth steadily over time. 5. Risk Management: Patience allows traders to implement effective risk management strategies. Instead of making impulsive decisions driven by fear or greed, patient traders take calculated risks and set clear exit points. 6. Compound Interest Magic: Patient traders harness the power of compound interest to their advantage. By allowing their investments to grow steadily over time, they benefit from the compounding effect, where returns are reinvested and generate additional returns. 7. Psychological Benefits: Patience in trading brings about psychological benefits, enabling traders to maintain a disciplined approach. Patient traders do not succumb to impulsive decisions in response to short-term market fluctuations, which can lead to costly mistakes. 8. Financial Freedom: Ultimately, patient traders attain financial freedom. They have the luxury to wait for their investments to mature, take advantage of long-term trends, and build substantial wealth. The journey to becoming a wealthier trader lies in embracing patience. By adopting proven strategies, cultivating delayed gratification, and maintaining a long-term perspective, patient traders consistently outperform their impulsive counterparts. The compounding effect, risk management, and psychological advantages ultimately pave the path to financial freedom. So, if you aspire to be richer as a trader, remember: slow and steady wins the race! Please, like this post and subscribe to our tradingview page!👍
COINBASE:BTCUSDEducation
by EliteTradingSignals
7
🐼Mastering the Art of Forex Trading Strategies🐼 Key words: ,,,,, , ,, 🐼The world of forex trading is as fascinating as it is dynamic. To thrive in this fast-paced market, developing a robust trading strategy is paramount. In this article, we will explore the key points that can help you identify and refine your trading strategy, bringing you closer to success. 🐼Identifying Market Trends: Understanding market trends is crucial in making informed trading decisions. By analyzing moving averages, trend lines, and price patterns, you can identify the prevailing market direction and potential opportunities. 🐼Implementing Effective Risk Management Strategies: Mitigating risks is a vital aspect of any trading strategy. Set appropriate stop-loss orders, determine suitable position sizes, and manage leverage wisely to protect your capital and minimize exposure to potential losses. 🐼Incorporating Technical Analysis Tools: Technical analysis tools provide valuable insights into market behavior. Use oscillators like the Relative Strength Index (RSI) to identify overbought or oversold conditions, Fibonacci retracement levels to pinpoint support and resistance levels, and Bollinger Bands to gauge market volatility. 🐼Staying Informed about Market News and Economic Calendar Events: Keeping up with the latest news and economic events can provide valuable context for your trading strategy. Monitor economic indicators such as GDP releases, central bank meetings, and geopolitical events to understand potential impacts on currency movements. 🐼Conclusion: Crafting a successful forex trading strategy requires a comprehensive approach that covers market trend identification, risk management, technical analysis, and staying informed about market news. By incorporating these key points into your strategy, you can enhance your trading skills and increase your chances of long-term success in the forex market. Remember, forex trading is a continuous learning journey, so adapt and evolve your strategy as the market evolves. Please cheer me up with a like and a nice comment😸❤️ Please, support my work with like and comment! Love you, my dear followers!👩‍💻🌸
Education
by AnabelSignals
6
[Education] Itchy Hands Ruin Your CareerI was impatient. I've always wanted my live trades to play out as fast. As fast as I click the "forward" button in TradingView replay function. When I'm not in a trade, I'm bored. I want to be in a trade. It doesn't matter if the trade does not fit my plan. I will find excuses to justify my actions because anything can happen in the market, right? I want to feel the joy and excitement every time I'm in a trade. But every time I don't trade my plan, I see my account balance getting lower and lower. This is when I realized I was gambling, not trading. Trading should be simple, boring and mundane. You should not feel anything from it. It's like working your day job. Do you feel happy analyzing spreadsheet? My mentor suggested that I trade on the seconds timeframe. It's the closest to the speed of backtesting. I agreed. I switched over to trade using the 15 seconds chart. When I was scalping, things are moving fast. Analysis and trade management needed to be quick and there is no time for me to stop, gather my thoughts and act. I took on many unnecessary losses because I wanted to be in all the moves. At the end, my $1,000 account ended in a $600 drawdown in 1 month. This is unsustainable. Not Following Your Plan Your biggest problem is not following your trading plan. You have a profitable trading system that you have backtested a lot. But why do you not trade according to it? Discipline. There is no one to keep you accountable for the trades that you take. If you're working in a day job, you will be discipline to arrive at work on time. You must meet your KPI, and to complete your job according to all the rules. In trading, you're your own boss. No one will be telling you not to take the trade if it doesn't fit your trading plan. No one will be telling you to risk only 1% and not 10% on a single trade. No one will be here to punish you for all the mistakes that you've made. Success and failure belong to you only, no one else. Without the discipline to follow your trading rules, you will be running around a circle. You will find some small successes, only to fall back into the same spot as you did a few months later. You will be a breakeven trader, unable to achieve profitability. Even worse, you will be in a drawdown, and will be unable to pull yourself back to profit. If you want to improve your trading to achieve financial freedom, I have good news for you. I have a bespoke mentorship and is currently accepting students. Do note that slots are highly limited and not everyone who is interested can join. Check it out here. Feeling The Pressure To Trade There can only be two reasons why you feel the pressure to trade. First, you're attempting a funded challenge and you're reaching the end of the time limit. Nowadays, there are many prop firms out there without any time limitations. This is better for your psychology and it's easier for you to pass since you do not need to force any trades. You are able to trade at your own pace, taking trades that fit your trading plan. Second, you're relying on trading as the only source of income to put food on your table. Trading is the worst hustle you can rely on to put food on your table, especially if you're a beginner. Trading is already difficult and stressful to begin with. You are dealing with the fact that 95% of the traders fail. You're dealing with human's fundamental nature of greed and fear. It took me 5 years to achieve consistent profitability. What are the odds that you're a genius? What are the odds that you will be profitable when you're starting out? There is no guaranteed income in trading. Trading is a great side hustle at the start. You need consistent cash flow from your day job to put food on your table. You will most likely lose money during your first few years of trading. Get your personal finance in order first. Make trading your main source of income later. How To Curb Your Itch You can create another small account. This account is to satisfy your urge to be in a trade. This way, you do not hurt your main trading account. You are able to look at how you are performing when you’re not following your trading plan. Compare this result to the results where you followed your trading plan. You will be able to see which is performing better. If you get better results for not following your trading plan, tweak your actual trading plan. Backtest them and see whether there is an improvement by implementing these changes. If yes, good! You’ve found improvement to your profitability. If not, you should realize that you must stick to your trading plan. But Keeley, trading on a small account isn't satisfying enough. Yes I know. But don’t forget, you’re deviating from your trading plan. You do not know whether this way of trading is profitable or not. You can be lucky for the first 5 trades and think that you’re doing fine. This is when everything will go wrong. You will take the next trade on your main account. You will take the first loss. It’s ok, this is just 1 loss out of the 6 trades you took. If you’re unlucky enough, you can lose 10 more trades this way and put a dent in your trading account. This could actually be a losing strategy. By continuing to trade like this, you will lose your trading edge over the long run. Do you want to lose a small $100 account or your main $10,000 account? The answer is clear for me. Accepting Change Fear and greed are the enemy of traders. They are innate in us and it’s hard to overcome them. Do you know that 95% of the traders are unprofitable? Do you know why people love to stay in their comfort zone, unwilling to try something new? Fear. Change is the only constant in life. Why change something that is working ? Why change your lifestyle for the better when you’re not suffering? You’re not doing bad, but you’re not doing well either. Everyone must choose one of two pain. The pain of discipline, or the pain of regret. Whenever we try something new, we experience anxiety. We are afraid of the unknown. Master your emotions - Thibaut Meurisse The most dangerous addiction in the world is comfort. People who’s living your dream life is not that smarter than you. They are simply better at overcoming the fear to take that very first step. It feels good to be trapped within your comfort zone. You have certainty. Negative emotions will find it hard to penetrate your bubble. Think about it. You are in your 20s or 30s right now. When do you plan on retiring? 60? 70? That’s still a long way to go. Can you imagine yourself working for another 30 to 40 years? That’s 8 hours a working day on average. There’s an average of 260 work days in a year. Assuming you took all your 30 vacation leave and 14 sick days off. You’re still working 1,728 hours a year. What if you work for another 30 years? That’s 51,840 hours, or 2,160 days or 6 years of your life. And you don’t even work only 8 hours a day. Slogging your life in a 9 - 5 on the weekdays, only to go home and watch Netflix and play video games. The cycle repeats. Look back into the past 2 years, what have you achieved? Do you want to continue living your life like this for 30 more years? Waiting for your paycheck at the end of the month, save and invest here so that you have enough money for a 5 days vacation to escape your mundane life. Then you’re back at it again with your savings wiped out. Life always begins with one step outside of your comfort zone. - Shannon L. Alder To create an extraordinary life, take full responsibility for your actions and decisions. Stop blaming external factors, and focus on the things you can control. If you can’t control what others think about you, then don’t. What are the things that you can control? How you treat yourself, your body and your mind. How you react to people and situations. How you think. What you do with your time. The people you choose to surround yourself with. How you treat others. Where you give your time, energy and attention. The contents that you consume. When you’re trying to do the extraordinary, the ordinary will try to stop you from doing. People don’t like to see you succeed. They heard that entrepreneurship is hard and risky. You could lose a lot of money. They think that they have the best interest in you. They like to stay in the comfort zone and you should stay there with them. They tell you to be realistic. You are not someone incredible of great success. Anything can happen. Ultimately it’s up to you to take the first step. There will be a lot of what-ifs and negative scenarios playing out in your head when you’re venturing into the unknown. The unknown is scary. But what if it turns out better than expected? What if everything should go well, actually went well? That’s something you can only find out if you take the first step. Framework Many of you focused a lot on the entry and the exit of your trades. You have screenshots of your before and after of all the $Tesla Motors(TSLA)$, CSEMA:S&P 500(.SPX)$ and $Apple(AAPL)$ trades. How about the process during the trade? Trade management is crucial in your trading career and is often neglected. You're interested in how many RR the trade can give you. You're interested in sniping the best entries with minimal drawdown. You're interested in trading using the smallest stop loss for the largest gains. Understanding trade management can save you from losses. Trade management is also dependent on your personality. Do you like to manage your trade? Or do you prefer to set your limit order and continue with your life, forgetting about them? You have to find a trade management system that fits your personality. You can incorporate many trading tools into your stop loss placement. You can incorporate tools such as moving average, structural highs and lows, opposing order blocks, ATR, Fibonacci extension, using time elements, and even volume. Set And Forget I use this for myself. As I’m trading on the 15m timeframe, I know that my trade can take a few hours or even days to play out. Since I don’t have any power to control the market, I don’t manage my position. I manage my position when there are news or when my trade is aligned with the higher timeframe order flow. By using this method, you accept all the possibilities that this trade will be a loser. You know the win rate of your trading system through your backtesting. This way, you trade according to how you backtest. This method gives you a lot of free time for you to do what you love. This gives you time freedom which every traders should strive to achieve. Trailing Stop Loss When price moves in your favor, the stop loss will follow behind the current market price. This ensures that you capture all the profits. When a retracement comes, price will take you out in profit. I seldom use this method unless there is a red folder news. I will shift my stop loss to at least breakeven, and trail my stop loss to structure highs or lows. I have a few accounts with different prop firms. I can set my stop losses to different structure highs or lows to spread my risk. If one trade gets taken out, other trades could still be in. When red folder news is happening, the price can move fast in one direction. Often times, price will retrace back in my favor. This is to secure my profits, in case the price moved against me and hit my original stop loss position. Taking Partial Profits I use this whenever there is a red folder news approaching. 2 minutes before the release, I will close half of my position and shift my stop loss if my position is in a profit. I will close 75% of my position if my position is in a drawdown. There is great volatility during red folder news. If I do not close any position, I’m risking more than I want. This is due to the risk of slippage during news. I talked a lot about it here. You can consider taking partial profits when the price hits structural highs or lows. You can also use a Fibonacci extension to determine when you should be taking partials. This is up to you and your trading plan. Results If you've been following me on my journey, you would have seen my growth to be a consistent profitable trader. Imagine receiving all these profit splits every other week. It gives a boost to my confidence. It also reinforce the fact that following my trading plan is the way to profitability. I have a funded account journey where I trade a $10,000 account, showing the ups and downs of how real trading is like on my YouTube channel. I post weekly updates on my progress and show you the reality of trading. I walk the talk, being transparent with my progress with the public. I know exactly what you're struggling with and I know exactly how to fix your issues. I’m sure you will benefit a lot from my free contents. Stay consistent. Stay safe. Success is just around the corner. If you enjoy such content, feel free to click the like button and subscribe for more. Let me know what are your thoughts and learning points in the comments below so others can learn from you too! Please let me know what kind of topic you would like to read next :) Happy weekend!
TVC:SPXEducation
by Keeleytwj
2
❌Trading Mystery: Why 95% Of You Will Fail❓ 🟥The world of forex trading holds immense allure - the promise of financial freedom and the opportunity to make money from the comfort of your own home. However, it is no secret that the path to success in forex trading is treacherous, with estimates suggesting that a staggering 95% of traders fail to achieve their desired outcomes. So, what exactly goes wrong for these aspiring traders? Let us unlock the creative narrative behind this apparent mystery and delve into the reasons that prevent them from cracking the code. ♦️Lack of Proper Education: Just as successful carpentry requires the right tools, so does forex trading. Many traders dive into the financial ocean without a true understanding of its currents, waves, and hidden dangers. They overlook the importance of acquiring comprehensive knowledge about markets, technical indicators, risk management, and strategies. Without a firm grasp of these essentials, traders unwittingly chart a course for disaster. ♦️Emotional Tempests: Imagine being a captain of a ship, navigating treacherous waters while being plagued by anxiety and fear. Forex trading is not for the faint of heart. As the markets fluctuate, traders battle their own emotions, succumbing to impulses that lead to impulsive trading decisions. Greed, fear, and overconfidence can cloud judgment, causing traders to buy or sell impulsively rather than relying on calculated analysis. Emotion-driven trading inevitably leaves traders shipwrecked amidst the unforgiving tides of the forex market. ♦️Unforeseen Volatility: The forex market is a living organism that reacts to an array of factors, from economic data to geopolitical events. These dynamics can send currency values into a frenzy, defying logic and leaving traders bewildered. Sudden fluctuations, unpredictable trends, or unexpected policy decisions can capsize even the most astute trading strategies. By underestimating volatility, traders find themselves drowning rather than riding the waves. ♦️Inadequate Risk Management: Imagine moving forward without a life jacket while navigating choppy waters. This risky endeavor can lead to dire consequences, just like trading without proper risk management. Successful traders understand the importance of setting stop-loss orders, managing trade sizes, and allocating a portion of their capital to each trade. Those who disregard risk management find themselves sinking beneath the weight of their poor decisions. ♦️Overreliance on Automation: In recent years, the rise of automated trading systems has piqued the interest of aspiring traders. While these algorithms can streamline processes and enhance efficiency, they are not a guarantee of success. Blindly relying on automation without understanding how it works or constantly monitoring its performance may result in unexpected losses. It is essential to strike a balance between human insight and technological support. 🟥The realm of forex trading is a captivating one, tantalizing traders with elusive riches. However, becoming part of the 5% who succeed requires diligence, perseverance, and a deep understanding of the whimsical nature of the market. One must embark on this journey by arming themselves with knowledge, taming their emotions, embracing volatility, implementing effective risk management, and balancing human intuition with automation. Only then can traders hope to navigate the tempestuous seas and emerge victorious in their pursuit of forex trading success. 😸Thank you for reading buddy, hope you learned something new today😸 Do you like this post? Do you want more articles like that?
Education
by ProSignalsFx
5
[Education] How I Lost Everything To TradingI wasn't always profitable. I lost a lot of money when I first started trading forex. I don't remember how I got started learning forex. But I know I started when I was serving in the army. I borrowed books from the library, watched many YouTube videos on trading. I was very knowledgeable on technical analysis. I know the concepts so well I could vomit them out to you. I didn't follow up on trading that much after my service ended. I came back to trading when I was working as an auditor. The fact that I had to work long hours with little pay brings me to look for an alternative source of income. I found out that we can make money through percentage allocation money management (PAMM). You invest your money into a trader, and whatever profit they earn, you will give them a % cut, and you keep the rest. I found this trader with a solid trade record. He has 3 years record with an average of 20% profit a month. He is trading with a $500,000 account. I thought that this trader was good. I calculated how fast my money will grow by putting money with him every month. I put in $1,000 for a start. A few months passed and it showed good results. I see the balance in my account increased too. That was when I decided to put all my savings in. I put $10,000 in, which was everything that I had. I was working overseas that day. I checked my account after work. I saw that my account balance was $0.98. I thought it was some bug. I refreshed the page a few times. I saw that the account manager has risked everything in 1 trade. I was shocked. I felt numb. What was going on? Red Flags I did some research online, found out that the broker actually fakes the trades of “top trader” over a span of 2 years. When more suckers like me put my money in these PAMM, they will burst the account with 1 stupid trade. I believe this stupid trade was not even executed, but a front for them to scam all our money. I realized that there were many red flags to begin with. None of the top traders offered any 3rd party verification through Myfxbook, MQL5, or even Fxblue. They don’t even give their investor passwords which are read-only to investors. It was a painful lesson. But it led me to the journey of trading by myself. From then on, I put in a lot of hours studying and backtesting technical analysis. Even right now, I’m not comfortable with putting my money with PAMM for diversification. I will need to know the trader, understand his trading style and the potential risk to reward of the trader. The Problem Is You Letting mathematics formulas do the compounding for your money is a bad expectation. You think trading is easy. You can trade from your room, or even overseas using your phone. Many people are posting screenshots of their profits consistently on the social media. You think that trading is the way to achieve financial freedom. This is a legit business and many people has done it. you can do it too. You start to play around with leverage, only to get your account wiped out after 4 trades. You deposit $100 more. you are on a winning streak. You have 4 wins in a row. you look at your account balance increased from $100 to $1,000. You’re unstoppable. You continued overleveraging your account. I mean, what can stop you now right? You’re basically a god of trading with 4 win streak. next thing you know, you wiped out your $1,000 balance. You repeat this cycle till you’re sick and tired. you proceed to find the next holy grail. Breaking The Loop Insanity Is Doing the Same Thing Over and Over Again and Expecting Different Results - Albert Einstein You need to break this cycle. you are only repeating what you’re losing. Relying on other sources for trading will not get you far. Yes, you might found a profitable signal provider. What if he don’t want to provide his service anymore? You will be back at where you begin, looking for another signal provider again. You will need a lot of time and waste money to make sure that the signal provider is legit. what if your profitable signal provider is experiencing a losing streak? will you continue to follow the signals? or will you start having doubt? will you take responsibility for all these losing trades? or will you blame your signal provider? To be consistently profitable in the long run, you have to trade by yourself. Everyone’s view on the market is different. You can be looking at a long on EURUSD, but I could have a bearish bias. Knowing how to trade by yourself is the key to success. You don’t need to rely on signal providers. You don't need to constantly monitoring your phone to check if there are any signals. You know the risk and reward and your expected win rate by trading yourself. It is you who put in the hard work of backtesting. You will be putting your own trades. You determine the amount of risk you will take. You take trades based on your lifestyle and personality. Do The Uncomfortable Stuff Trading involves a lot of uncertainty. This is a hustle that you can earn money without knowing what can happen next. Even though I'm a profitable trader, I do not know what will happen next. I can only guarantee that either I will lose the next trade with -1%, or a profit. I focus on what I can control, not what I expect for things to happen. When you trade according to your own plan, you understand the risk you are taking. It is scary to take your own trades at first. You don't know if your analysis is correct. You don't know if you will be successful. You don't know if you will be profitable. This is what every trader will experience. On my first trade, I was having adrenaline rush when price came back to tap my entry. I was looking at the chart for the whole day, even though I'm trading on the 15 minutes timeframe. I know and understand that I cannot control the price. But psychologically, I'm not strong enough to let my trade play out. This trade ended up with a loss. You have to start somewhere to learn how to trade by yourself. Without this, you will forever be trapped within the cycle of unprofitability. If you keep telling yourself that trading alone is hard and you are unable to be profitable, you are right. You are constantly letting your subconscious mind get used to this message. Your subconscious never rests. Even when you’re asleep, your subconscious is still running in the background. It will keep telling your body what needs to be done to keep you functioning. Being Trapped In The Loop I was the same as you. I skipped from strategy to strategy, trying to find the holy grail. I tried many things. from EA to signals to mentorship. I earned some, but I lost more. I lose before I even start. Buying EAs cost money. Subscribing to signals cost money. Signing up for mentorships cost money. I tried EAs that uses grid and martingale. I bought indicators that repaint themselves after price actions have happened. I’ve tried EAs made by creators who adjust it to best fit past data, but are actually not profitable in the live market. I’ve tried signals that gives a 20 pips TP 1, but 100 pips stop loss. They make big celebrations with fire emojis when TP 1 hits. When TP 2 of 40 pips hits, they do the same thing. Weekly result summary are also posted which includes both TP 1 of 20 pips and TP 2 of 40 pips. They remove losing signals too. This looks like it’s a profitable signals, but the risk to reward ratio for their signals are shit with low win rate. Some of the mentorships are cash grab. You pay them to give you video recordings and information. You can find them for free on Babypips. It’s debatable that all mentorships are a scam. Some of the mentorships I joined actually provided great values. I’m able to look into how profitable traders are trading. I can get insights on their thought process behind their trades. There is a platform for me to do my analysis. Mentors will comment on my analysis, telling me what I could do to improve, or even add their insights. Some also provide 1-1 calls which is what all mentorships should offer. Sometimes, it’s faster and easier to explain through a call rather than on text. Furthermore, they record the 1-1 sessions and I can watch them in the future. These 1-1 sessions can be Q&As, or even backtesting session. This is where I will do the backtest and the mentor will comment on my thought processes. I would consider myself to be lucky to have only lost $10,000. If I had more money, I’d lose way more for sure. After losing that $10,000, it led me on a journey to be a profitable trader now. I have no regrets on this journey. Mentorship Most people are unwilling to spend money for courses, knowing well that there are thousands of FREE online resources out there. But the problem lies in how do you sieve out all the unnecessary and useless information from such a huge amount of resources? Mentorships are made to solve these problems. They are built to solve and educate you on a specific skill and knowledge that you want to learn. They are built by people who have experienced the same problem as you did. This is the same as spending money on university courses. Most of you are willing to pay thousands of dollars and 3 - 5 years of your lives to get a 4 - 5 figured day job, yet you don’t bear to spend that few hundred of dollars to get the specific skillset that you need as an investment. My last mentorship costs me $2,000. I can tell you that it's the best investment I've ever made. Through the mentorship, it gives me different perspective from an active community. We look at the same chart every single day and anyone is free to critic our work. The 1-1 calls are also important to me. They gave me a good foundation, and I learnt a lot of advanced skills like psychology and risk management. I got to a point where making $916.05 is as easy as placing 1 trade, and getting 2% return on a 0.5% risk. Yes this profit comes from only 1 trade on my $50,000 account. I've covered the cost of mentorship through my funded account payouts. This return on investment will continue to accumulate. Sooner or later, I will be earning back whatever I've lost, and to quit my 9-5 job to trade full time. Stay consistent. Stay safe. Success is just around the corner. If you enjoy such content, feel free to click the like button and subscribe for more. Let me know what are your thoughts and learning points in the comments below so others can learn from you too! Please let me know what kind of topic you would like to read next :)
TVC:SPXEducation
by Keeleytwj
Breaking the Cycle: The Perils of Repeating Trading Mistakes Trading in financial markets can be a challenging endeavor. It requires a combination of skill, knowledge, and adaptability to navigate the complexities of the market. Unfortunately, many traders fall into a common trap - they repeat their mistakes, often leading to failure. This article will explore why repeating mistakes in trading can be detrimental and explain how studying these errors can pave the way for long-term success in the markets. 1. The Importance of Recognizing Mistakes: One of the primary reasons traders repeat mistakes is the failure to recognize them in the first place. 2. The Consequences of Repeating Trading Mistakes: Continually making the same mistakes in trading can have severe consequences. By understanding the negative impact of repeated mistakes, traders can be motivated to break the cycle. 3. Psychological Factors: Psychological biases and emotions significantly contribute to repeating trading mistakes. Studying trading mistakes with a reflective mindset is crucial for professional growth. Techniques such as journaling, performance reviews, and seeking feedback can help traders gain valuable insights. 5. Identifying Patterns and Developing Strategies: Mistakes often reveal patterns that can be detected and analyzed. 6. Continuous Learning and Adaptation: The key to trading success lies in continuous learning and adaptation. The pursuit of knowledge is essential to avoid repeating trading mistakes. 7. Implementing Risk Management Measures: Developing sound risk management practices helps prevent repeat mistakes and protect against potential losses. Conclusion: Repeated mistakes in trading are detrimental to success, both financially and psychologically. However, by acknowledging and studying these errors, traders can learn valuable lessons and refine their strategies. Through continuous learning, self-reflection, and effective risk management, traders can break the cycle of repeating mistakes, leading to improved performance and long-term success in the trading world. Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
8
I want to share with you some points about Risk ManagementThis topic is so important, that´s why I wanted to share it with you and hope I can reach as much people as possible. Hope it will help some :) I saw in the last years many who crashed their accounts very hard, they lost a lot of money and for some it was very dreadful! It is hard to watch this people how they burn money and bring even his own family in financial danger. That´s why risk management in trading is so heavily important, to keep yourself and your life in balance. May be some will find very helpful, or some will remember this rules again :) I will keep it a bit shorter here as in my book, but the main points are still mentioned! I can´t say it often enough, always keep your rules during trading. Trading is not the way to get rich quick, it is a serious and hard business! It take a lot of time to learn, it requires a lot of patience and it will happen a lot of failures. This failures are even more important than your success! Success will not open up how it will not work, failures will. But let´s talk about risk management! For each investment you have to consider you take for each trade the risk to lose money, that´s why it is mandatory to handle each investment with a good risk/reward distribution. You have to keep in mind, the determined risk/reward is only theoretically and can result complete different. But with knowledge you can dedicate a good entry for your trades to keep your risk as low as possible. Determine important support and resistance levels and think about all situations what could happen and what will you do, if you are going into the red or into the green? Which levels are the best entries and exits? This all will help you to determine your riks/reward ratio. What is the Risk/Reward Ratio? Successful day traders are generally aware of both, the potential risk and potential reward before entering a trade. The goal of a day trader is to place trades where the potential reward outweighs the potential risk. These trades would be considered to have a good risk/reward ratio. A risk/reward ratio is simply the amount of money you plan to risk, compared to the amount of money you believe you can gain. For example, if you think a potential trade may result in either a $400 profit or $100 loss, the trade would have a risk/reward ratio of 1:4, making it a favorable setup. Contrarily, if you risk $100 to make $100, the trade has a risk/reward ratio of 1:1, giving you the same type of unfavorable odds that you can find in a casino. Which ratio should you desire? Like described above, finding trades with high risk/reward ratios (1:2 or higher), will help you maintain higher average profits and lower average losses, making your trading strategy more sustainable. The common suggestion between traders is a distribution of minimum 1:2 ratio. In reality there are often even better ratios available, if you do your technical chart analysis or financial stock analysis. But what should you do if you have to cut losses? We have to place our stop loss right below our support or other important levels we determined before. The purpose is to cut losses before they grow too large. Stopping out of a losing trade can be one of the hardest things for traders to do consistently. However, failing to take stops can result in margin calls, unnecessarily large losses, and ultimately account blowouts. How big should I enter a position? To lower your risk I recommend to think about your size to enter a position. Overall you shouldn´t risk money you need, only deposit money in your broker you can afford. Entering small can be the smartest way to safe your account. I suggest that because of four reasons: 1. You don´t risk to much of your funds and your stop loss should be tight anyway. 2. You can average down if the price is going in the other direction, but consider this option only if you are sure what you are doing. 3. You can buy the dips/pullbacks if the trend is strong and still heading in your desired direction. 4. Your emotional control is stronger if the price movement is heading in the wrong direction. This brings us to the next topic. Should you use leverage? Yes I know, big leverage will give you big gains...but as a beginner you will not have the experience to know which trade has a very big potential or not. Even experienced traders use only a small amount to enter a position and not the whole fund. If you use leverage the losses can be much higher and the problem with that is, if you lose money, your leverage will also decrease significantly and the losses are harder to recover after each loss. So what is the answer of the question, should you use leverage? For beginners we can easily answer: Take your hands of a big leverage! You can so hardly blow up yourself with that tool, it is ridiculous. Your way back into the profit zone will probably take years. But you have to save yourself and after a period of time, a period of taking profits and cutting losses you will gain knowledge until you feel much more comfortable on the market and you understand how trading really works, then you can consider to use leverage. Conclusion: As I said, I want to share only some big points about this topic, simple and understandable, because I think many new investors don´t understand how important that topic is! Safe yourself and have fun in trading and learning! Sincerely, TradeandGrow Trade safe!
Education
by TradeandGrow
3
Unveiling the Advantages of Trading a Single Currency Pair Introduction: In the world of foreign exchange (forex) trading, traders have an array of currency pairs to choose from. Among the various strategies employed by forex traders, a popular approach is to focus on trading a single currency pair. While some may argue that diversification across multiple currencies is more beneficial, trading one currency pair comes with its own set of advantages. In this article, we will explore these benefits and shed light on why concentrating on a single currency pair can maximize your trading potential. 1. Increased Specialization: By focusing on a single currency pair, traders gain the boon of deep specialization. They can dedicate their time, energy, and resources to thoroughly studying and understanding the dynamics, trends, and drivers specific to that particular currency pair. In-depth knowledge allows traders to make more informed decisions, leading to higher chances of profitability. 2. Clarity in Market Analysis: Trading a single currency pair enables traders to develop a comprehensive understanding of the factors driving that particular pair's movement. They can delve into technical analysis, monitor news releases, and study relevant economic indicators with greater precision and efficiency. This clarity in market analysis helps traders identify patterns and make accurate predictions, consequently enhancing their trading strategies. 3. Enhanced Risk Management: Concentrating on one currency pair enables traders to manage risk more effectively. They can closely track and analyze historical data, volatility patterns, and overall market behavior. 4. Time Management Advantage: Trading a single currency pair allows traders to manage their time more efficiently. Instead of spreading their attention across multiple pairs, which require continuous monitoring and analysis, traders can focus on one pair and streamline their research efforts. This time management advantage permits traders to conduct thorough analyses, develop effective trading strategies, and implement risk management techniques without being overwhelmed by the sheer volume of currency pairs. 5. Optimized Trade Execution: Trading a single currency pair empowers traders to execute trades with greater precision and speed. Being highly specialized in a particular pair enables traders to spot opportunities promptly and take advantage of favorable trade setups. Conclusion: While diversification has its merits, trading a single currency pair offers unique advantages that can significantly impact a trader's success. Increased specialization, clarity in market analysis, enhanced risk management, time management advantage, optimized trade execution, and the potential for becoming an expert are some of the key benefits that traders can enjoy by focusing on one currency pair. As with any trading strategy, it is essential to conduct thorough research and practice disciplined risk management to realize the full potential of your trading endeavors Please, like this post and subscribe to our tradingview page!👍
BITSTAMP:BTCUSDEducation
by EliteTradingSignals
12
❌ The Significance of Stop Loss:Essential for Successful TradingThe Significance of Stop Loss: Essential for Successful Trading and Consistent Profits The majority of seasoned forex traders unanimously emphasize the significance of implementing stop losses in all trading strategies. Unfortunately, beginners and newcomers tend to overlook this essential rule initially, but eventually, they either grasp its importance or cease trading due to consistent losses. Let's delve into the reasons why a stop loss is crucial for achieving successful trading and consistent profits. Understanding Stop Loss In Trading The Stop Loss is a specialized order that serves as a safeguard against trading losses by automatically closing positions when a specific price level is reached. Seasoned traders widely regard the Stop Loss as a pivotal element for successful and profitable trading. This viewpoint is difficult to dispute, especially considering the unfortunate outcomes that often befall beginners who underestimate its importance. Interestingly, even experienced traders, who have achieved remarkable heights in their trading careers, continue to utilize Stop Losses as a testament to their effectiveness. From a technical perspective, a Stop Loss order can be likened to a typical pending order, triggered when the price reaches a predetermined value. However, the crucial distinction lies in the fact that a Stop Loss order closes an existing position rather than opening a new trade, as is the case with a pending order. Undoubtedly, the key advantage of this tool is its automated order closure, eliminating the need for constant monitoring of open positions. Stop orders frequently prove invaluable in mitigating substantial losses when the market behaves unexpectedly. Why Use Stop Loss In Trading A widely recognized trading advice emphasizes the importance of cutting losses in order to allow profits to grow. Many traders have personally experienced the significance of timely closing unprofitable positions. In today's trading landscape, the Stop Loss has become a standard approach for mitigating losses. It is actively incorporated into numerous trading strategies. However, there are some traders who completely dismiss the relevance of this tool and choose not to use it at all. They justify their stance by pointing out instances where prices initially triggered Stop Losses, closed a losing trade, and then abruptly reversed and moved in the desired direction. While it's understandable to consider such viewpoints and frustrations, this argument revolves more around the skill of utilizing the tool, the proximity of Stop Loss levels to price or other critical boundaries, as well as random events that don't reflect systematic negative performance. Given the market's volatility, accurately predicting future outcomes and safeguarding one's position without incurring capital losses is exceedingly challenging. Therefore, it is prudent to err on the side of caution and employ Stop Losses as a form of insurance. Benefits Of Using Stop Loss Unfortunately, many novice traders tend to join the minority and avoid using Stop Losses. This hesitation often stems from the fear of experiencing premature losses. However, any doubts about the usefulness of Stop Losses can be dispelled by considering the following advantages: 1) Limiting losses per trade: The primary advantage lies in the ability to set a predetermined value for the potential loss, thus defining the risk for a specific position. This creates a foundation for effective money management strategies, adding flexibility to trading and safeguarding accounts against excessive drawdowns. 2) Protection against unforeseen events: Traders who actively employ Stop Losses can attest to how this tool has saved their accounts from catastrophic losses during sudden and significant market fluctuations. While opening a trade in the right direction is important, it is equally crucial to protect oneself from unforeseen market situations to prevent substantial losses. Instances where the market swiftly dropped by 50-100 points in a matter of seconds are not uncommon. 3) Stop Losses serve as profit protectors: By being able to limit losses, Stop Losses automatically become mechanisms for securing profits. It is crucial to differentiate this from another commonly used tool in forex and stock markets, known as Take Profit. 4) Psychological factor: The psychological aspect also plays a significant role. Many traders have experienced deep drawdowns where thoughts of financial doom dominate their minds. At such moments, there is often a willingness to spend countless hours in front of the monitor, hoping for the position to return to profitability, even if it's just a few dollars. However, self-confidence alone cannot solve the problem, and the situation continues to deteriorate. As losses accumulate, regret sets in for not closing the order earlier when the losses were smaller. Profitability becomes secondary, and the focus shifts to minimizing losses as much as possible. Instead of closing the unsuccessful position, traders often find themselves waiting for a rebound, exacerbating their losses. To avoid such losses, nervous tension, and emotional exhaustion, all that was needed was the implementation of a Stop Loss. This scenario perfectly illustrates the importance of always using a stop loss. Consider the GBP/USD currency pair, where we plan to enter a trade based on a rebound from the support area marked by the blue rectangle. We decide to take a long position, with an expected profit of $100. However, to manage our risk effectively, we set a stop loss that allows for a maximum loss of $100. Now, let's see what unfolded. The price unexpectedly dropped below our support area, surpassing our predetermined stop loss level. If we had not set the stop loss, the losses could have potentially escalated to a staggering minimum of $700. Can You Trade Without Stop Loss ? To fully grasp the importance of using stop orders and make an informed decision on whether to incorporate them into your trading strategy, it's crucial to understand how neglecting stops can lead to drawdowns: 1) Lost connection: Imagine a scenario where your internet connection suddenly drops, and at that very moment, the market experiences the activity you were anticipating. When the connection is restored, you might find your trade in a significant drawdown, potentially resulting in substantial losses. 2) Unfavorable market development: Sometimes, the market situation evolves in a way that works against the trader's position. In such cases, a properly placed stop loss would automatically close the trade, mitigating the risk of further losses. 3) Ignorance regarding stop loss closing: Some traders refrain from setting a stop loss due to a lack of understanding about when it should be triggered. Consequently, they end up closing the position out of desperation, often incurring losses of 20-40%. This approach leads to a focus on profit fixation, wherein the trader attempts to close other trades that have even minimal profits in order to compensate for losses on losing trades. Ultimately, this only adds more strain and results in new losses. 4) Constant monitoring requirement: Traders without a set stop loss are compelled to remain near their computers at all times to monitor market conditions. This not only leads to inefficient allocation of resources but also creates unnecessary stress and strain. Why Are We Afraid To Accept Losses? Many traders perceive losses as personal insults or signs of incompetence. This approach not only leads to significant stress but also impacts the maintenance of a trading journal. Subconsciously, we tend to equate a trader's journal with a school diary. Just like receiving a "D" grade at school made us hesitant to show the diary to the teacher, we adopt a similar mindset in trading. Conversely, we eagerly anticipate the teacher rewarding us with an "A" grade. However, in trading, there is no teacher to scold us for a "D" grade. Yet, the behavioral pattern remains ingrained, and our subconscious continues to deceive us. We convince ourselves that if there is no "F" grade in the journal, it's as if it doesn't exist, and there won't be any consequences for it. The stop loss is a vital tool that gives traders an edge in the market by allowing them to manage risk effectively. It is essential to approach a losing position with complete acceptance. Whatever has transpired is in the past and cannot be changed. Your focus should be on recording the trade in your trading diary, allowing for future analysis and drawing valuable insights. Remember, prioritizing capital preservation is far more crucial than denying the evident or attempting to prove oneself to the market.
Education
by FOREXN1
5
How I Lost Everything Trading ForexI wasn't always profitable. I lost a lot of money when I first started trading forex. I don't remember how I got started learning forex. But I know I started when I was serving in the army. I borrowed books from the library, watched many YouTube videos on trading. I was very knowledgeable on technical analysis. I know the concepts so well I could vomit them out to you. I didn't follow up on trading that much after my service ended. I came back to trading when I was working as an auditor. The fact that I had to work long hours with little pay brings me to look for an alternative source of income. I found out that we can make money through percentage allocation money management (PAMM). You invest your money into a trader, and whatever profit they earn, you will give them a % cut, and you keep the rest. I found this trader with a solid trade record. He has 3 years record with an average of 20% profit a month. He is trading with a $500,000 account. I thought that this trader was good. I calculated how fast my money will grow by putting money with him every month. I put in $1,000 for a start. A few months passed and it showed good results. I see the balance in my account increased too. That was when I decided to put all my savings in. I put $10,000 in, which was everything that I had. I was working overseas that day. I checked my account after work. I saw that my account balance was $0.98. I thought it was some bug. I refreshed the page a few times. I saw that the account manager has risked everything in 1 trade. I was shocked. I felt numb. What was going on? Red Flags I did some research online, found out that the broker actually fakes the trades of “top trader” over a span of 2 years. When more suckers like me put my money in these PAMM, they will burst the account with 1 stupid trade. I believe this stupid trade was not even executed, but a front for them to scam all our money. I realized that there were many red flags to begin with. None of the top traders offered any 3rd party verification through Myfxbook, MQL5, or even Fxblue. They don’t even give their investor passwords which are read-only to investors. It was a painful lesson. But it led me to the journey of trading by myself. From then on, I put in a lot of hours studying and backtesting technical analysis. Even right now, I’m not comfortable with putting my money with PAMM for diversification. I will need to know the trader, understand his trading style and the potential risk to reward of the trader. The Problem Is You Letting mathematics formulas do the compounding for your money is a bad expectation. You think trading is easy. You can trade from your room, or even overseas using your phone. Many people are posting screenshots of their profits consistently on the social media. You think that trading is the way to achieve financial freedom. This is a legit business and many people has done it. you can do it too. You start to play around with leverage, only to get your account wiped out after 4 trades. You deposit $100 more. you are on a winning streak. You have 4 wins in a row. you look at your account balance increased from $100 to $1,000. You’re unstoppable. You continued overleveraging your account. I mean, what can stop you now right? You’re basically a god of trading with 4 win streak. next thing you know, you wiped out your $1,000 balance. You repeat this cycle till you’re sick and tired. you proceed to find the next holy grail. Breaking The Loop Insanity Is Doing the Same Thing Over and Over Again and Expecting Different Results - Albert Einstein You need to break this cycle. you are only repeating what you’re losing. Relying on other sources for trading will not get you far. Yes, you might found a profitable signal provider. What if he don’t want to provide his service anymore? You will be back at where you begin, looking for another signal provider again. You will need a lot of time and waste money to make sure that the signal provider is legit. what if your profitable signal provider is experiencing a losing streak? will you continue to follow the signals? or will you start having doubt? will you take responsibility for all these losing trades? or will you blame your signal provider? To be consistently profitable in the long run, you have to trade by yourself. Everyone’s view on the market is different. You can be looking at a long on EURUSD, but I could have a bearish bias. Knowing how to trade by yourself is the key to success. You don’t need to rely on signal providers. You don't need to constantly monitoring your phone to check if there are any signals. You know the risk and reward and your expected win rate by trading yourself. It is you who put in the hard work of backtesting. You will be putting your own trades. You determine the amount of risk you will take. You take trades based on your lifestyle and personality. Do The Uncomfortable Stuff Trading involves a lot of uncertainty. This is a hustle that you can earn money without knowing what can happen next. Even though I'm a profitable trader, I do not know what will happen next. I can only guarantee that either I will lose the next trade with -1%, or a profit. I focus on what I can control, not what I expect for things to happen. When you trade according to your own plan, you understand the risk you are taking. It is scary to take your own trades at first. You don't know if your analysis is correct. You don't know if you will be successful. You don't know if you will be profitable. This is what every trader will experience. On my first trade, I was having adrenaline rush when price came back to tap my entry. I was looking at the chart for the whole day, even though I'm trading on the 15 minutes timeframe. I know and understand that I cannot control the price. But psychologically, I'm not strong enough to let my trade play out. This trade ended up with a loss. You have to start somewhere to learn how to trade by yourself. Without this, you will forever be trapped within the cycle of unprofitability. If you keep telling yourself that trading alone is hard and you are unable to be profitable, you are right. You are constantly letting your subconscious mind get used to this message. Your subconscious never rests. Even when you’re asleep, your subconscious is still running in the background. It will keep telling your body what needs to be done to keep you functioning. Being Trapped In The Loop I was the same as you. I skipped from strategy to strategy, trying to find the holy grail. I tried many things. from EA to signals to mentorship. I earned some, but I lost more. I lose before I even start. Buying EAs cost money. Subscribing to signals cost money. Signing up for mentorships cost money. I tried EAs that uses grid and martingale. I bought indicators that repaint themselves after price actions have happened. I’ve tried EAs made by creators who adjust it to best fit past data, but are actually not profitable in the live market. I’ve tried signals that gives a 20 pips TP 1, but 100 pips stop loss. They make big celebrations with fire emojis when TP 1 hits. When TP 2 of 40 pips hits, they do the same thing. Weekly result summary are also posted which includes both TP 1 of 20 pips and TP 2 of 40 pips. They remove losing signals too. This looks like it’s a profitable signals, but the risk to reward ratio for their signals are shit with low win rate. Some of the mentorships are cash grab. You pay them to give you video recordings and information. You can find them for free on Babypips. It’s debatable that all mentorships are a scam. Some of the mentorships I joined actually provided great values. I’m able to look into how profitable traders are trading. I can get insights on their thought process behind their trades. There is a platform for me to do my analysis. Mentors will comment on my analysis, telling me what I could do to improve, or even add their insights. Some also provide 1-1 calls which is what all mentorships should offer. Sometimes, it’s faster and easier to explain through a call rather than on text. Furthermore, they record the 1-1 sessions and I can watch them in the future. These 1-1 sessions can be Q&As, or even backtesting session. This is where I will do the backtest and the mentor will comment on my thought processes. I would consider myself to be lucky to have only lost $10,000. If I had more money, I’d lose way more for sure. After losing that $10,000, it led me on a journey to be a profitable trader now. I have no regrets on this journey. Mentorship Most people are unwilling to spend money for courses, knowing well that there are thousands of FREE online resources out there. But the problem lies in how do you sieve out all the unnecessary and useless information from such a huge amount of resources? Mentorships are made to solve these problems. They are built to solve and educate you on a specific skill and knowledge that you want to learn. They are built by people who have experienced the same problem as you did. This is the same as spending money on university courses. Most of you are willing to pay thousands of dollars and 3 - 5 years of your lives to get a 4 - 5 figured day job, yet you don’t bear to spend that few hundred of dollars to get the specific skillset that you need as an investment. My last mentorship costs me $2,000. I can tell you that it's the best investment I've ever made. Through the mentorship, it gives me different perspective from an active community. We look at the same chart every single day and anyone is free to critic our work. The 1-1 calls are also important to me. They gave me a good foundation, and I learnt a lot of advanced skills like psychology and risk management. I got to a point where making $916.05 is as easy as placing 1 trade, and getting 2% return on a 0.5% risk. Yes this profit comes from only 1 trade on my $50,000 account. I've covered the cost of mentorship through my funded account payouts. This return on investment will continue to accumulate. Sooner or later, I will be earning back whatever I've lost, and to quit my 9-5 job to trade full time. Stay consistent. Stay safe. Success is just around the corner. If you enjoy such content, feel free to click the like button and subscribe for more. Let me know what are your thoughts and learning points in the comments below so others can learn from you too! Please let me know what kind of topic you would like to read next :) Happy weekend!
BITSTAMP:BTCUSDEducation
by Keeleytwj
2
Mastering Engulfing Candle Trading 📚Engulfing candles are an essential feature of technical analysis in forex trading. An engulfing pattern happens when a larger candle engulfs the entire body of the previous candle, signaling a potential reversal of the current trend. Engulfing candles, which can be either bullish or bearish, are trusted by many traders for their reliability in predicting future price movements. However, to become an expert in engulfing candle trading, one needs to learn how to identify the best ones and leverage their body size effectively. In this article, we will look at the crucial steps to master this trading strategy. 🔎Identifying the Best Engulfing Candles One of the key aspects of trading using engulfing candles is knowing how to spot the strongest signals. The best engulfing candles should be resistant to the noise and inconsistent movements that can often occur in the forex market. The first step towards identifying the best engulfing candles is to focus on the size of the preceding candles. Candles with small bodies and long wicks produce too much noise and can lead to false signals. Instead, seek engulfing candles that develop after a significant price move, ideally with a larger body and shorter wick. Higher timeframe charts - like the 4-hour and daily - offer better accuracy in identifying reliable engulfing patterns. 💪Leveraging Body Size for More Efficient Trading The size of an engulfing candle’s body plays a crucial role in determining the strength of a trend. A larger body indicates more significant price movement and more active participation from traders. The size of the engulfing candle can also help ascertain the potential strength of the new trend. Bigger body sizes usually signal a stronger trend, whereas smaller bodies usually represent a more moderate price move. Traders can leverage body size to adjust their trading strategy – for instance, employing wider stop losses for more significant movements or using tighter take profit targets for moderate trends. I have collected couple of good engulfing candles that we were trading with our team. Take a closer look at their body sizes and the previous candles. Such candles alone can provide fantastics trading opportunities. 🔔Conclusion Engulfing candles are an essential tool in forex trading, and their size can significantly help traders identify the best entry signals. Traders who master engulfing candle trading can develop a more accurate technical analysis strategy that yields high returns. By continually analyzing candlestick patterns and using other technical analysis tools, traders can build robust investment strategies that enable them to become profitable forex traders. What do you want to learn in the next post?
TVC:GOLDEducation
by UnitedSignals
9
[Education] Falling In Love With The Wrong One Is CostlyTrade what you see, not what you feel. Human are emotional creatures. Believe it or not, I had attitude problems in the past. I get angry easily and this is a bad trait to be a trader. In the beginning when I was still a noob, I would fund a live account without learning how to trade properly. I buy and sell base off moving average, RSI, MACD, and signals. You guessed it, I burst plenty of accounts. Even if I win some trades, I would lose many more next. Whenever I lose a trade, I will feel angry. When I feel angry, can you guess what I do next? I revenge trade. I don't believe that gold will not go higher. Let me take another long position. Wait what the.. my trade got taken out again? I think this is a stop hunt. Last try. This time the price will sure go higher. "Opens another long position with larger lot size". And you guessed it. I wiped out my account trying to catch a falling knife. Ditch Your Emotions Keep your feelings and emotions and aside when trading. The market doesn't care if you're happy or sad today. It will do what it wants to do. You can't control how the price move. Neither do I. Unless you have in control billions of dollars. If you do, why are you even reading this? The problem is not with the market nor your trading strategy. The problem lies in YOU. You are the common factor here. All strategies can be profitable with the right execution, trade and risk management. But why can someone else be profitable but not you? It seems like everything is profitable until you put your own money in isn't it? When you allow your emotions to take over, you won't be rationale. You will take actions based off your emotions. If you feel doubt, you will look for confirmation not to take a trade. If you feel angry, you will take revenge trades. If you feel happy, you will feel like you won't lose your next trade and get complacent. If you feel overconfident, you will risk more on your next trade. If you feel fear, you will close your trade early for small profits. If you feel tired, why the heck are you still on the chart? Feelings are subjective and the market has no interest in it. The Downward Spiral Trading based off feeling is like gambling. Gambling belongs in a casino, not the financial market. Let's say, you feel like the market is heading towards a recession. Would you blindly short the market if the price did not give you any confirmation? This is the problem with you. You let emotions take over your decision making skills. This is why you cannot achieve profitability. You might be in a trade, price goes against you and you’re in drawdown. You fear that the price will take you out. You cut your trade. Price reverse and hit your profit target. You could have won the trade by following your plan, but you let your emotions take control of your decision. When this happens too many times, your profitability decrease significantly. This makes a profitable strategy becomes unprofitable because your trade management sucks. Not only will you lose money trading like this, but also precious time. How long did it take you to backtest that trading system? 1 day? 1 week? How many times are you going to repeat this and waste even more time? Even if I give you the holy grail trading strategy, you will still not achieve profitability. It's not the system. It's you. You will NOT achieve success in trading if you cannot master your emotions. Say goodbye to your financial freedom and a life of enjoyment. The only thing you can enjoy is the occasional small wins that you cut before the trade becomes a runner. You will still be unprofitable. Follow Your Plan If I have to summarize how I became profitable, it will be to follow your plan. Trade what you see because only you know your own analysis. You've backtest enough to see how your edge will play out over a large number of trades. Do not let other people’s analysis interfere with your trades. They could be looking at the 1 minute timeframe, but you're trading on the 15 minute timeframe. Price is fractal. If price is bullish on the 1 minute, it can be bearish on the 15 minute. Why do you want a second opinion on your trade? When price shows you what it’s doing, react to it. Do not anticipate what the price will do and assume that price will do exactly that. But Keeley, it’s so boring to wait for price to come back to my entry. I might miss the trade. I will take a short here because I’m expecting price to go lower and tap into my long order. People want to be in the action. How many times do you expect price to make a bearish retracement and tap you into your long position? How many times did you actually open a short position and expect your long to get tapped in? If price did not give you any confirmation, don't take the trade. The market will do what it wants to do. You can't expect the market to do exactly what you anticipate it to do. Experience When I was scalping on the seconds chart, I was loving every moment of it. I was constantly in a trade, catching all the movements. If I lose, it’s fine. I would always think that I have more opportunities coming soon. I would expect price to do what’s playing out in my mind. This was not sustainable as I was taking too many trades within a short period of time. Even on a tight spread account, spread on lower timeframe accounts for a chunk of my risk management. Your trading psychology should be strong when scalping on the lower timeframe. Scalping a few pips per trade is doable but it's stressful. I thought my trading psychology was good, until I experienced a losing streak. The more losses I experienced during the day, my psychology got affected more. This goes the same for losses in the same trading session. I’d do stupid things like risking more than normal, taking trades that I don’t usually take. I also take trades without confirmation. I used my feelings to trade as I expected price to play out what I wanted. Eventually, the win’s going to come right? This happened for a few weeks and I burst quite a few challenges. I lose quite a lot of motivation and called quits. I’m quite a lazy person. I do not like to sit in front of my laptop stalking TSXV:SPDR S&P 500 ETF Trust(SPY)$ , $Tesla Motors(TSLA)$ or $Apple(AAPL)$ and trade for a few hours straight. I took a few weeks off from charts and reflected. I look deep into myself for answers. I got the answers. I will try to be sufficient just by trading the higher timeframe. This way, I do not need to sit in front of my laptop for a few hours. I have the freedom to do what I like without sticking to my charts. This sits well with me too as this trading style fits my lifestyle. This way, I can avoid overtrading. I can easily see what I trade because each candle took 15 minutes to be completed. This kept my trading psychology at tip top condition. Framework PBJ Framework No this is not peanut butter and jelly. Let's breakdown the following: Plan: Know what to look out for. Know what to do before, during and after trading. Before entering a trade, know how much you’re risking. Know your entry signal, confirmation, and stop loss placement. Do you take partial profits? If yes, where will you take the profits? How much position will you take at each partial profit targets? If the price did not meet any of the condition, DO NOT take a trade. Be in the moment: During the trade, know how you’re going to manage your trade. Do you shift your stop loss to breakeven? Do you take partial profits? Do you scale into your trade? Check your emotions. Are you feeling anxious? Angry? Confident? Tired? Excited? Your emotions have no say when you're trading. Journal: After closing the trade, journal your trade. Write down how you feel before, during and after the trade. Write down how did you manage the trade. Give it a score from 1 - 5. This will help you in the future when you’re reviewing your trades. When you have 100 trades recorded, you can finally do your analysis. Look at the times when you trade based on feeling. How do they play out? Are those trades profitable? Look for the common factor on all your winners and losers. The more information you record on your journal, the more analysis you can perform. Achieving Profitability Using the PBJ Framework, I see great improvement in my trading skills. I started to be more present and conscious of what I'm feeling. I recorded almost everything. From my pre-trading ritual to post-trading ritual, I have all the data I need. I know how my emotions change throughout the trading session. I know how often my edge will play out. I know which days are profitable. I know which trading sessions are profitable. I know which months are profitable. I know which are my most profitable pairs. I find peace with losing. Why? I have all the data. I have evidence that my edge will be profitable if I take all the trades that appears in front of me. I avoided trading on days and session where I have the least profitability. Not only did this increased my win ratio, but profitability too. I was once unprofitable. Since then, I found consistency and manage to get funded with FTMO and The Funded Trader. My first payout was small. It's only USD$200 on a $10,000 account. Even so, this is one big step ahead in my milestone. I was targeting one payout for 2023 and I've achieved this target in May. I got my second payout in June. My goal was to get $50,000 funding by end of this year, but I've already achieved it in May. I've now stretched my goal to $200,000 funded by end of this year. The Ordinary Life Life always begins with one step outside of your comfort zone. - Shannon L. Alder To create an extraordinary life, take full responsibility for your actions and decisions. Stop blaming external factors, and focus on the things you can control. Take full responsibility of your trades, your mindset, and your emotions. If you can’t control what others think about you, then don’t. What are the things that you can control? How you treat yourself, your body and your mind. How you react to people and situations. How you think. What you do with your time. The people you choose to surround yourself with. How you treat others. Where you give your time, energy and attention. The contents that you consume. When you’re trying to do the extraordinary, the ordinary will try to stop you from doing. People don’t like to see you succeed. They heard that entrepreneurship is hard and risky. You could lose a lot of money. They think that they have the best interest in you. They like to stay in the comfort zone and you should stay there with them. They tell you to be realistic. You are not someone incredible of great success. Anything can happen, especially in the market. You can win with a wrong setup, and lose with the right setup. It’s up to you to take the first step. There will be a lot of what-ifs and negative scenarios in your head when you’re venturing into the unknown. The unknown is scary. But what if it turns out better than expected? What if everything should go well, actually went well? That’s something you can only find out if you take the first step. Guidance Trading is the easy part for many people. All trading strategies are profitable if you backtest them enough. The hard part of trading is actually coming up with an exact trading plan and risk management system. Many of you drown when it comes to a trading plan. Not know where to start when creating one is also a very big issue. You need to train and strengthen your psychology and discipline yourself. But you need a coach to guide you to the correct path. This is why even world class athletes like Usain Bolt has a coach. A coach gives guidance and a holistic review on your You can choose to grow alone. But having a coach an an accountability partner will help you achieve your goals faster. Imagine spending a year learning psychology and risk management, only to find out you were on the wrong track. If you had a coach and mentor, you would have saved yourself one year of trial and error. You could be profiting from the market so much earlier. Remember, trading is not an easy hustle. It take years of hard work, losses and, breakeven before you can achieve consistent profitability. Stay consistent. Stay safe. Success is just around the corner. If you enjoy such content, feel free to click the like button and subscribe for more. Let me know what are your thoughts and learning points in the comments below so others can learn from you too! Please let me know what kind of topic you would like to read next :) Happy weekend!
TVC:SPXEducation
by Keeleytwj
2
From Novice to Veteran: An Inspiring Journey of a Trader Introduction: Embarking on a trading journey may seem daunting at first, with its complexities and uncertainties. However, the story of a trader's transformation from a beginner to a seasoned professional is undeniably captivating. In this article, we delve deep into the narrative of one such trader, exploring their challenges, successes, and the invaluable lessons they learned along the way. Follow this remarkable journey as we witness the growth and evolution of a novice trader, ultimately transforming into an accomplished pro. 1. #PersistencePaysOff: - The trader's first steps began with researching and learning the basics of trading. - Setbacks and failures tested their resolve, but their unwavering persistence fueled their progress. 2. #MasteringEmotions: - Early on, the trader faced emotional hurdles, succumbing to fear and anxiety during market downturns. - The realization of the importance of emotional discipline led to the development of robust risk management techniques. 3. #AdaptandConquer: - As the trader gained experience, they discovered the necessity of adapting to the ever-changing market conditions. - Initially following a single strategy, they learned to diversify their portfolio and identify new opportunities. 4. #MakingLemonadeOutOfLosses: - Reflecting on their early trading losses, the trader realized the importance of risk management and cutting losses swiftly. - Developing a meticulous trade plan and adhering to strict stop-loss levels helped minimize losses and protect capital. Conclusion: The journey from a beginner trader to a professional requires dedication, perseverance, and a commitment to continuous improvement. By focusing on persistence, emotional mastery, adaptability, and learning from losses, our trader protagonist grew into a seasoned professional. Their transformation serves as an inspiration, demonstrating that success can be achieved through hard work, relentless self-reflection, and a passion for learning. Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
8