How to start Trading!We (the discord mods) are trying to get a document going where people can look for advice on how to get started in trading, its not an easy question and certainly not an easy answer, but here we go :)
Be prepared that to becoming a profitable trader you will need months (even years) of training and learning, but its worth the time!
The beauty of Tradingview and its tools (Paper trading) is that you can learn it all for free. (All you need is time). You can demo trade for free, learn and experiance how the market moves, learn what you want to do later in life and learn all the nessessary tools you will need!
We realize that certain information is maybe something that you dont agree first or you say "what? that cant be real?", but bear with us for the time being, go through this document and then decide!
So, lets start with the first question for you:
What lifestyle do you have at the moment?
Why is that important? well, for each trade you need a few hours of preparation, and if you are a daytrader (intraday trader or scalper) then you trade each day (even multiple times) and each time you need preparation, can you do that? can you sit 4-6h infront of the computer everyday to analyse a trade?
If not, we have other options for you.. for example swing trader or investor.
What type of person are you?
For example: if you decide to do scalping, be prepared to get more stressful situations then a daytrader.
So it's important to figure out how you want to trade and what you can actually handle (the psychology in trading has a HUGE impact of your trading life.)
If you go and test out some strategies and you realize that this is not for you, then you have a clear sign that you shouldnt explore this further.
What type of assets can you trade?
There are local laws that you have to follow in your country that may be restrictive to certain assets so you have to figure out what you can actually trade. There are plenty of assets outthere, you just have to explore them and search for a broker you can actually sign up with a KYC.
For this, the best option is to go to Brokers and check them out until you find one that is allowed in your country.
(Be careful with brokers not on tradingviews list, for example if you want to trade crypto but its not allowed in your country but you find some broker you can sign up, the problem comes once you want to withdraw and use the money in your country. your local bank is most likely not letting you do that.)
Basics of Trading
No matter what you decide to be (daytrader, scalper, investor..), you will need to learn the basics of all of them.
Learn all the basic Terms such as:
- Long / Short (Bullish / Bearish)
- Bid / Ask (combined with spread below)
- Crypto, Forex, CFD, Stocks, Options (Bonds, Shares, Indices...)
- Market Order / Limit Order (Stoploss (SL), Profit Target (TP), Trailing)
- Leverage
- Margin / Balance
- Spread / Slippage
- Gaps
- Ranges
- Timeframe / Sessions
And then there are the major Indicators:
- RSI
- MACD
- Stochastics
- Moving Averages (simple, exponential, smoothed, and so on..)
- Price trends
- Support and Resistance (Supply & Demand)
- Volume
I know, alot of you reading this go like "What? indicators are useless, price action is the real deal.." but thats not the point here, we are learning the basics of trading. The more you know the better you will be at trading. Knowledge is power.
Also i would advice you to study the math behind them too, while you do that you learn how and why they act the way they do!
Journal
Yes, we all hate it but we all know why its good to do! :)
The simplest method i find is to use the long/short tool of tradingview, write down the notes in a textfield and then hide it in the control-center of your drawings (rightclick into chart -> Object Tree)
Do it! you won't regret it!
Risk Reward
This topic is something so many of you ignore and its one of the most important part of trading.
You all heard the sentence "there is no trading without SL" and some of you may think "yeah, thats not true", but in the Risk Reward section you learn how and why this sentence is as true as it gets. you never, ever trade without SL because otherwise you cant calculate your risk.
There is also the golden rule "Never risk more then 1% of your Money" and with an SL you can manage this sentence, without it, how can you even begin to manage this? you can't.
(Yes, i know some of you risk 2-5%, but not me, im a firm believer you should never break this rule).
If you risk 1% and lose 10 times in a row, you lost 10%. if your RR is 1:3, you need 4 wins to regain your losses.
If you risk 2% and lose 10 times in a row, you lost 20%. if your RR is 1:3, you need 7 wins to regain your losses.
... you see where this goes, right?
For this, and any other topic above, the best thing to use is the Search function on tradingview, input the title and read it all. (yes, all, yes it will take weeks, yes tahts what its all about)
Psychology
Okey, this one is a big one. not gonna lie, that will take the most time because we are all humans.
you will experiance FOMO (fear of missing out), greed, rage, and so on... thats just normal.
Thats the biggest reason to start journaling your trades, write down what you felt, why did you take a trade that you realize you shouldnt have in the first place?
So, in psychology everyone needs to figure out how he/she is obviously, i can just tell you how i do it right now and what steps made the biggest impact:
I do only 1:2 RR trades.
- Yes, after 1:2 im out, i dont care if he goes to the moon, all i care is that im no longer in a trade (my mind plays all kinds of tricks while in a trade.)
- Big impact!
I only trade 1 asset.
- I trade EURUSD all day long for years now. No, i dont look at others while im actively trading.
- Big impact!
I set and forget.
- i put in my SL and TP and once im in the trade (or even set the limit order) im semi-afk from the charts.
- I have 2 alerts on my tradingview, one for the TP and one for the SL. thats it.
those few steps helped me a ton in my trading, and yes, they may not be for everyone but it is just a showcase of hwo you need to find something that works for you.
Start
Crypto Bear Market Bottom Breakout ConfirmedThe total stablecoin market downtrend parabola was broken this week and backtested yesterday and wicked up to form a bullish retest candle.
Crypto bear market bottom is in. Expecting bitcoin to likely lead the charge as usual until we peak out on the BTC.D dominance chart pennant pattern, then alts run.
In meantime gobbling up all my fav alts while they bottom pattern here.
DOW JONES Break down analysis 22/05/2023 dear traders dow jones has moved from weekly chart to the opposite way so as you can see in the chart you should look for buy and sell from the key level wait always for price action and good luck
How to start Trading?I'm very active in a few communities (the Tradingview official Discord for example) and one of the most asked question is: How do I start trading?
Let me try to give you a blueprint on what to do to at least get some foot in the ground!
Lets make something clear: you are learning a new job here! thread it that way and you will have the best chances!
(No job on this planet can be learned in just a few weeks, you need months and years to get on a level you can be sell-employed)
I give you a fast-track on certain things but make sure you research every point more then I provide still, this is just the blueprint.
After that, its you that has to study. no one can help you there..
--- Candles ---
OHLC (Open High Low Close) is all you need, its the founding blocks on 99% of TA out there!
Open and Close are the values when the candle opened/closed on the timeframe you are on.
High and Low is the highest and lowest value trades were happening while in the timeframe (also called: Wicks).
Volume is also something you hear a lot and is important to know, it shows how much was traded in that candle (shows the power~)
--- TA (Technical Analysis) ---
With TA we try to predict a probability in future prices to find opportunities in the market.
Across Tradingview there are thousands and thousands of indicators available to you, we just need to focus on the biggest and most common ones for the start.
RSI
MACD
Moving Averages (simple, exponential, smoothed, and so on..)
Price trends
Support and Resistance
Volume
Start with those 6 and work your way through all of them, analyse how they work, what they mean, where they come from and you have a good knowledge for future improvements.
(yes, you probably don't need all of them, its just a good base to have)
--- Trading Terms and there meaning ---
Learn the following words and what they mean in the sense of trading:
- Long / Short
- Bid / Ask (combined with spread below)
- Crypto, Forex, CFD, Stocks, Options (Bonds, Shares, Indices...)
- Market Order / Limit Order (Stoploss, Profit Target)
- Leverage
- Margin
- Spread / Slippage (related to News)
there are a lot more to learn, but this will get you suited for the next few points.
--- Find your way ---
Find what you can do and what you can't do (some of us have family, a 9to5 job, other things) that will not let you trade every way.
Make yourself a time-table, a budget plan and then research on this criteria how you want to spend your trading-time.
(If you have a 9to5 job, you probably cant watch the chart on a minute timeframe, so strategies involving this is not suited)
--- Risk Reward ---
Calculate how much you need and with that information backtest your strategy to find out how profitable it is and then set your risk:reward ratio to the calculated risk you can afford to lose to still make the profit you need in the end.
Example: If you lose 2 trades with a RR of 1:5 and win another one, you won 3R (Lost 2 = -2R, Won 1:5 so + 5R = 3R - its not precise, as there is slippage and commissions). If you are happy with 2R, then thats the way you trade from now on.
Keep this always the same as the math dont lie but your feelins will try to betray you (thats the psyochology part that comes up next)
This point is very, very important to understand and to learn and to adapt to your circumstances. if you don't do that, you will fail no matter what!
--- Psychology ---
Well, thats one of the major points and its very, very big.
Do a lot of research on this part and also use papermoney as kind of a challenge for yourself so if you lose it, you still get "mad".
baseline is: dont have feelings! it has to be all mathematical and mechanical.
--- Paper Trade ---
Yes, don't use your own money in the beginning, you can paper trade on Tradingview for free without any risk and you can test all the strategies/indicators on this planet for free and see how they perform.
Make challenges for yourself (so psychology is also trained).
Don't underestimate this point, paper trade for at least 6 month every day 6h to really grasp what you are up to, what you are doing, how to improve everything and to get the feeling for everything!
Once you went through those points you are given a toolbelt with a lot of tools, now its time to figure out what tool to use in what situation.
Research a lot of strategies and find something that works for you.. and then melt it into something useful!
ETH Moves against BTCAmong bullish news from on-chain progress on ETH 2.0 and the London hard fork, ETH has broken out against Bitcoin and has seemingly confirmed a trendline break. Either way, if BTC continues its consolidation while ETH continues to move or BTC makes a move towards higher levels and by convention moves ETH towards a higher level. Wait for daily close for confirmation.
TRXC start of a growth cycleFrom monthly chart supported by ichimoku, MACD and RSI and all the good news recently it appears to me that we have finally entered the growth cycle of TRXC, which might end at around 40-50$ range by the end of this year perhaps even much sooner, due to historically sharper and shorter growth cycles. I will definitely play this stock for the time to come.
GBP/AUD- FUNDAMENTALS WEEK BUT ALWAYS WITH TECHNICALHello Traders,
I have already buy this currency pair in order to catch the movement to the upside. The structure looking good and strong for at least 100 pip movement on daily and also on 4H time frame. However my prediction is that GBP/AUD will reverse to the downside soon with head and shoulders pattern, but these is not a realistic trading idea. It's just a scenario that my experience of 4 years of day trading can occurs.
Please because they have close my previous accounts on trading view from mistake and they dont even answer to me the MODS, give like or comment to give me motivation to continue more strong again from the beginning.
Step by step if I see that you are interested for learn my personal trading strategies I will create telegram group for FREE.
Thank You , Follow me for more ideas soon.
TRAIN YOUR MIND AND MANAGE YOUR RISKCombine emotional intelligence and risk management. Without the mastery of these two principles is not possible to succeed in the market.
Not managing emotions means that you'll always make irrational decisions that will eventually blow up your account.
Risk Management is what you will give you the edge to succeed in the market in the long run.
If you are a newbie spend time learning these principles.
ENJBTCLooking at ENJ on the daily chart
* Hitting location on the .618 fib
* Nice double bottom
* OBV showing a bullish div
* Histogram showing a bullish div
* Willy showing a bullish div
* Low volume, so I would like to see the bulls step up and take control
* Still a big notch in VPVR that needs filling in at some stage.
I've all this is a very bullish chart and I like what I see
* Don't forget to hit that like button and follow me on Trading View and Twitter for more chart analysis :)
NEO looking sexyLooking at NEO in the daily
Sitting at the .886 fib of entire range
Completing an AB=CD objective
200 and 50 MA close to a golden cross
OBV is happy and healthy
Histogram looking healthy making higher lows
Would like to see will a bit more stupid
Low volume so would love to see the bulls step in and crate this bottom
Price sitting right at the POC
Notch in VPVR in value low (If price break below value this will fill that notch in value low)
If price holds value we could see a run up to the 50% level which also line us with value high
I will be looking at a smaller time frame to properly set my bids
* Don't forget to hit that like button and follow me on Trading View for more chart analysis :)
[ONT/BTC] FOLLOWING THE MARKET (POSITIVE SIGNS)• ONT Finding clear support at .0005300-.00005400 which coincides with a FIB retracement of 61.80%.
• RSI, which is bottomed-out or "oversold" at the moment, is showing signs of beginning its upcoming bullish rally very soon .
• Daily trade volume is still not showing much improvement.
• Bollinger Bands: Currently leaving the bottom band and in-route to middle B Band.
• MACD is about to crossover into bullish territory.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only. it should not be considered financial advice***
VIA - Viacoin falling wedge Looking at the Daily time frame we see a falling wedge pattern + MACD cross.
(This is not financial advice, this is a volatile market where anything can happen)
This sure does look like a great STARTing point.
Pretty sure the title and chart tell this tale.
Happy trading!
START on 10,000% Profit Potential - Med Term (MEDIUM RISK)NOTE - this is just my private thought, posted to be able to keep track of it and for you to be able to track this coin as well
MACD looks very promising on 1 D 2D 5D 1W Charts
PERSONAL THOUGHT
We personally do not believe in this coin's mission or project, this is more of a pump and dump coin in our view, however after doing some analysis on this coin, we see good profit potential in this coin.
INVEST WHAT YOU CAN AFFORD TO LOSE