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GBPJPY: Case study. From start to finish. [Trading System]I am glad I (re-) found out retail traders have a losing edge, now I don't have to pretend I care about news / fundamentals moving the market like there is a secret :D Only really important thing is getting the trend right and looking on the economic calendar at the days with a red circle next to them (unless you want a 3 ATR slippage). Trading is cool (not really), it's like you are a detective analysing cases, and then you land on the mission area and you become a sniper carefully preparing his execution, and then bam take the shot. A detective with a snipar. Grrr! In this case, first here are the support areas (every strategy expect maybe super short term and long term) need support at its core, well at least when it comes to currencies & hard commodities. Requirements: - Being aware of the high TF trend and patterns (weekly) - Knowing what the daily trend is - Having drawn the support areas via daily chart - Having checked technicals, such as EW counts, fibs, trendlines, MA's etc... - Noticing all the resistance above (low risk and buying probably gets absorbed) - Having a plan in advance (what do I expect to happen what will I look at / look for) - Being aware of events for the week (central bank decisions...) - Noticing how the price is rejecting resistance ==> High probability - Noting how far the next area of support is ==> Big reward / low risk - Preparing your evacuation plan (targets, approximate SL mostly) - Zooming in (look for a specific reaction to take the shot) - Taking the shot like a boss - Preparing for extraction (trail stop set a limit order etc) - Running away with the tears of those that went opposite, and their money. - Logging it all and analysing it... Ok the list is long actually. But it's simple. When you know it all and have a few months of correct practice under your belt. If you do not have a "strategy" / system already, note the list down, draw it if you like, add some steps / details if necessary, and follow all steps until it becomes second nature. Every week (if you trade short term like me) review your charts and note your plan/expectations, then every day every few hours look at what the price is doing, etc. Gets natural with time. Becomes a habit. Having a system like this is not an option by the way. I saw some people I think it was in prop firms they did this: they have a little paper every day where they write their expectations and plan for the day, and once the day is over (they do intraday) they note on the paper in a rectangle what happened what they did etc. This is actually awesome. Maybe I should do something pretty like this via trading view. Right now I use excel and screenshots. I watch > 20 charts thought so noting my plan for each on this site might get boring, not sure how useful it would be... I should do something more than just a few notes in excel and a post trade screenshot. I did spend an awful amount of time on my past trades thought, the only thing I really missed was what I expected before the trade setup my general bias.
Education
by MrRenev
2
Why I do not like breakouts (even if they are great)As you can see on this chart there were a couple of great breakouts, that went straight in the right direction. We also know that trying to catch tops & bottoms is a noob trap, with all the really ungifted new traders that are 95% certain to fail & quit obssessed with catching bottoms (go check the Bitcoin bull community they have a new bottom every 3 months). So why don't I like breakouts that much? Here is my list of reasons: 1- Even after a couple of years, I prefer to stick to 1 group of strategies and really perfect them, become a sniper, rather than chase opportunities all the time and risk going insane (meaning overtrading). That's definitely happening, a way or another. 2- The majority of us that do not work at citadel etc, are competing against traders with a big information and speed edge. Not only are there directly connected to the exchange and can execute faster than lightning while your order goes throught the internet, but they also have access to alot of the order flow (for forex banks legally simply just have it, and for stocks you got brokers selling their retail clients order flow in exchange for "free" commissions. Not sure about CME futures, might be the only ones "safe"). Your competition will KNOW FOR A FACT there is a breakout long before you. You might be able to set an order with your broker to buy a breakout but it's going to get executed like a turtle far after hft firms and other people using unfair advantages. When you enter on a bottom if it break below you are out and don't have to worry, but in this case, winners have this tendency to go your way very quickly and you have to react fast. And of course your orders have to be set in advance no other way no one can be fast enough. With a rounded bottom accumulation type, you have plenty of time... Feels like a race, with a big disadvantage. 3- Which brings us to step 3. You will get scammed all the time. Currency markets are curious, they love to go test levels before continuing in a trend. Unless you want to have very wide stops and a bad reward to risk, the market will stop you out over and over and over and over and over before going in your direction. I can just look at any chart and see it all over. Rather than whine about what a scam this is, why not simply take the opposite side? If the price breaks, then you place an order very far away in case it pumps like this... As close as free money we can make it without straight up profiting of a bug with a broker. 4- If you buy bottoms with the price pumping your way you are likely to experience POSITIVE slippage, with breakouts (in particular with cotadel front running you) you are likely to experience NEGATIVE slippage. 5- You will never get the whole meat of the move (but if you go for pullbacks and bottoms, you might) Not a very important point because in practice you're not drowning in profits from giant winners with buying bottoms, but nonetheless... 6- I think it puts you in the wrong mindset, you can easilly find yourself chasing the market over and over, the strategy is literally buying into FOMO as fast as possible. Whereas if you wait for a pullback, for weeks, unless you lose patience and do something dumb, you are not going to be chasing anything but accepting what the market is going to give you. So to sum up the main reasons for me are: - I don't like the concept of buying into FOMO as fast as possible - I don't want massive slippage - I don't want to get scammed over and over with the price going against me in a minute, and my way the next
Education
by MrRenev
MATIC/BTC StrategyHi guys, here is a strategy for BINANCE:MATICBTC in 4 hour timeframe with 70% profitability so far. Built upon my private indicator Cyatophilum Altcoins Trader The input parameters are the following: Sar value : 5 Trend Detector : Disabled Security : 10% stop loss with a trailing speed of 4 (both long and short) Take profit : 6% with 1% trailing deviation (both long and short) Long & Short Trades HOW TO USE Apply the Alert Setup indicator to your chart called Altcoins Trader (PSAR Bot V2) Configure in the parameters Make sure you are on the BINANCE:MATICBTC pair in 4H (240) timeframe Create alerts using 'Once per bar close'. Use the following alerts: 'LONG ENTRY', 'LONG EXIT', 'SHORT ENTRY', 'SHORT EXIT' Backtest results below. Have a nice trading!
MEducation
by cyatophilum
BATTLE OF THE SUPERTRENDS. And The Winner Is...BATTLE OF THE SUPERTRENDS Here is an interesting comparison of many of the Top "Supertrend Strategies" that are published here on Tradingview (Including my own: "SUPER SMART ST") . Please note that all test shown here were done using Heikin Ashi candles, which seem to improve Supertrends functionality ... 15 MINUTE (BTC/USD) COMPARISONS ONE HOUR (BTC/USD) COMPARISONS FOUR HOUR (BTC/USD) COMPARISONS Recently I released several SUPERTREND based indicators, studies and strategies. In fact, I created an entire " Trading Toolkit " that incorporates Supertrend along with many other built-in Indicators, Oscillators and Technical Analysis Tools. --- SCROLL TO BOTTOM HERE FOR LINKS TO THEM ALL --- I decided to compare my "Super Smart" SuperTrend with the SuperTrend strategies others had published. As you can see in screenshots above, the results were very interesting. What follows is a summary of my experiences and journey surrounding this super topic. IT STARTED WITH BACKTESTING After a lot of thought and "playing around" with SuperTrend over the past few months, I was compelled to perform hundreds of backtests across many cryptocurrencies and all the common timeframes. I was seeking to improve upon SuperTrend (if I could) without degrading any of it's many inherent qualities. But before I jump into my personal journey toward a "Smart" Supertrend, let me share a few thoughts with those of you who are new to Supertrend... WHAT IS SUPERTREND? As the name suggests (and as many of you likely already know) , 'Supertrend' is a trend-following indicator that is notably popular. WHY? Well, it does a remarkably great job of recognizing a trend (once in progress) and signaling you to when to jump into a trade after the trend is clear. However, many traders feel the greater value of Supertrend is that it helps KEEP YOU IN your position until that trend is over by ignoring minor dips and retracements along the way. Yes, supertrend has it's short comings (detailed later) , but boy... when it's right, it can be very profitable. IT SOUNDS SO EASY When you look at any Supertrend chart (in history) it looks so impressive. You begin to fantasize about gains and profits. After all, Supertrend maps out many impressive price movements. It just seems so easy, right? But you soon realize that "trusting" what Supertrend is telling you is hard... "BUY, BUY, BUY... this is a friggin' trend." But you doubt yourself and what Supertrend is telling you and you hesitate. Been there? Then you finally get in and Supertrend starts yelling... "STAY IN, STAY IN, STAY IN"... but you're up a percentage point (or two) already and you don't want to lose your profit. You exit. Usually way too soon. You're super happy until you see Supertrend continuing to track along with a monster trend. You missed out! Bummer. SECRETS OF SUPERTREND You have to remember a couple of secrets to get Supertrend to work the way you've fantasized: 1) Trust it, get in when it signals and stay in until it signals you to exit. 2) Accept the fact that Supertrend does not work well in sideways markets, so if you detect that this is what is forthcoming in the market... lay back, go do some GRID TRADING or have a beer. Wait for a trending market (unfortunately this is usually less than 30% of the time). 3) Should you enter on a Supertrend signal and discover after-the-fact you are in a flat or sideways market, exit as soon as this is clear or at the latest, when Supertrend signals an exit. Yes, you might have a loss. But don't assume Supertrend didn't work, it did work but the market did not have a trend worth following, so you'll have to enter again on the next signal. For every big Supertrend trade you nail, you'll have to wade through perhaps 6 or 7 not so great trades. 4) To improve your odds, try combining Supertrend with other indicators. Often it's a combination of things that gives you your optimal ins and outs. Speaking of combinations... STONEHENGE SUPERTREND PLUS (Toolkit) It was "Secret #4" (above) that lead me to create the " Stonehenge Supertrend Plus Toolkit. " This features THREE Supertrends: A CURRENT timeframe Supertrend, A HIGHER timeframe Supertrend and My exclusive SUPER SMART Auto-Adjusting Supertrend. In addition, it is closely integrated with dozens of other indicators and data points. BUT WHY THE FUNNY MEGALITHIC NAME? Well, it looks like Stonehenge! Check it out... it displays an array of stones arranged in a manner that does a pretty good job of predicting the future. Learn to read these stones and you can sometimes predict the future! And best of all, these Stonehenge "predictive stones" not only incorporate Supertrend data but they also enhance Supertrend as you consider entry and exit points along the way. LET ME CLARIFY 1) There is Supertrend (the standard indicator) 2) There is SUPER SMART SUPERTREND (a version I optimized) 3) Then there is STONEHENGE (a multi-indicator toolset that incorporates Supertrend and Super Smart Supertrend) LET ME CLARIFY FURTHER My indicators here have TWO parts that work together: 1) An overlay that appears on the chart with your candles. 2) A separate stand-along indicator that presents data as an array of colored "stones" which help predict future price movement. AND YET FURTHER CLARIFICATION 1) I have both free and paid versions of everything. 2) I have both Strategy and Study versions of everything. 3) Strategy versions allow BACKTESTING, while Study versions have ALARMS. IT MIGHT SOUND COMPLICATED, BUT... If you're confused, just install a free version ( part 1 and part 2 ) and explore this for a few days. If you like what you see, you might consider the more advanced STONEHENGE TOOLKIT . That's all there is to it! Now back to our regularly scheduled programming!!! WHAT'S SO SMART ABOUT SUPER SMART SUPERTREND? As I built the Stonehenge Toolkit, I kept noticing that the Supertrend part had a very annoying downside: Entry signals lagged and Exit signals came late. If those two things could be improved, Supertrend would be really "Super." After much trial and error and even more backtesting I developed a solution that achieved my goals without OVER modifying Supertrends' inherent qualities. In a nutshell, I made Supertrend smarter! MANY PEOPLE ASK... What's the best ATR period and multiplier setting for Supertrend? After all, there are typically only two important data points we must enter for Supertrend to work, namely the 'period (ATR number of candles or days)' and the 'multiplier (value by which ATR is multiplied).' BTW, in case you don't know, ATR signals the degree of price volatility. A common default setting is 10 for the ATR period and 3 for the multiplier. While this is good to know, Super Smart Supertrend already has well tested default settings built-in, so you can install it and use it right away, without adjusting settings in the beginning. Just plug and play. HOW IT WORKS So here's what I did. Using data from other indicators I came up with a SMART SUPERTREND that auto-adjusts as the market changes. It still has settings so you can fine tune for specific assets and timeframes (if you like) , but once the settings are entered, it auto-adjusts as the market and prices evolve. With "Super Smart SuperTrend" there is no ATR period setting (ATR is determined programmatically) and now there are TWO multipliers you can experiment with... (a lower one set at 1.7 default and a higher one at 2.5). These multiplier settings create a multiplier range that can be used programmatically to adjust the multiplier automatically as the market and prices evolve. BTW, there is also a separate STANDARD Supertrend that you can run parallel or turn on/off to compare things if you like. THE RESULTS Across all time frames and assets I've tested, I generally get better results with my "Smart" version. Better entries, better exits and well defined trends. However, when compared with a STANDARD Supertrend, "Super Smart" is not radically different, but when it does differ it is almost always better. All this is substantiated by backtesting of course. BATTLE OF THE SUPERTRENDS How good is SUPER SMART SUPERTREND? You can decide for yourself. I ran backtests on 8 Supertrend strategies I found here at Tradingview (sample results posted above). I set my charts to use Heikin Ashi candles as these seem to improve Supertrend in general. These comparisons were the best 8 I could find and I commend each author/coder for their fine work. I was not trying to out-do any one, I just wanted to improve my trading results. I'm also rather sure some other strategy will eventually out perform Super Smart Supertrend. And if they do, great! I believe in making more money, not making more indicators! I tested all of the scripts found here: www.tradingview.com I used the timeframes of 15 minutes, 1 hour and 4 hours (as published above) . And I used the default settings built-in to each script strategy and again, with Heikin Ashi candles. I fully understand that you can tweak the settings on any Supertrend strategy and get different results. I hope you have as much fun with this "BATTLE OF THE SUPERTRENDS" as I had creating it. But at the end of the day, I hope you install and try one of my indicators in the very near future and try the Supertrend indicators by these other authors (linked above). ######################################### MY SUPERTREND BASED INDICATORS ######################################### The free versions are extremely powerful and will serve you well, they will also give you a preview of the even more powerful "STONEHENGE SUPERTREND PLUS TRADING TOOLKIT." I recommend you use both Stonehenge AND a Companion overlay. ################################################### STONEHENGE SUPERTREND PLUS TOOLSET (paid versions) ################################################### DH: (Strategy) Stonehenge SuperTrend Plus Toolkit / Stones DH: (Companion) Stonehenge SuperTrend Plus Toolkit / Overlay ######################################### STONEHENGE BASIC TOOLSET (free versions) ######################################### STONEHENGE SUPERTREND BASIC (Double Stone Indicator Version) (You may use either of the SUPERTREND overlays below as a companion with this "double stone" indicator) DH: (Study) Basic Stonehenge SuperTrend - Double Stone Version SUPER SMART SUPERTREND (Overlay Companion Indicators) DH: (Study) Super Smart SuperTrend: Self Adjusting DH: (Strategy) Super SmartSuper Trend: Backtest Version ######################################### That's it. Get "SMART" Today! PLEASE HIT THE LIKE BUTTON (and follow me... lots of other SMART STUFF in the works!) As always, I appreciate your support. Please share with others. ENJOY! Dan Hollings Master Crypto Grid Trader Stonehenge Master Mason Host of the "High Leverage Lounge" Please Explore My Other Indicators, Scripts, Grids and Educational Ideas. @DanHollings on Tradingview. Additional Links Below...
KRAKEN:BTCUSDEducation
by DanHollings
4
The baggy dead stock bounce strategy: Best performing assetHere is a new example of the baggy dead stock bounce strategy I posted about 2 months ago (link in related ideas). MoviePass went up 777%. Gambling idiots getting excited buying after it goes up hundreds of percent in a few days. Volume is a few dozen or hundred grans a day, which is more than enough for most people. As soon as it breaks a new high it explodes up. Who is buying? Maybe gambing idiots that think the stock is going back to ath one day. Baggies "averaging down". "Investors" that lost everything and try making it back speculating (good luck with that). Or "students" following a "penny stock educator" that plays pump and dump with this crap, and they are actually stupid enough to think the thousands of them are all going to make money and scam someone, who would be losing money while they make money? No idea. Their imaginary friend maybe? Where to get out thought?
OTC:HMNYEducation
by MrRenev
Testing performance of Cyber Ensemble Strategy on a model Stock..with the Squeeze Test insensitivity increased to 40. Performs well even with 0.15% commission. For best results with my strategy scripts, the parameters needs to be optimized and back tested for a particular chart and timeframe. Default settings were optimized for Bitcoin (BTC) on the 6hr chart (but appeared to perform well at selected lower timeframes, including the 30mins timeframe). Cyber Ensemble Strategy -- Base on a complex interplay of different conventional indicators, and an assortment of my own developed filtering (prune and boost) algorithms. Cyber Ensemble Alerts -- My attempt to try replicate my strategy script as a study, that generates Buy/Sell Alerts (including stop-limit strategic buys/sells) to allow autotrading on exchanges that can execute trades base on TV alerts. This project is a work-in-progress. Cyber Momentum Strategy -- This script is based on my pSAR derived momentum oscillators set (PRISM) that I personally rely on a lot for my own trades. The "Alerts" version of this will be developed once Cyber Ensemble Alerts have been perfected. PRISM -- pSAR derived oscillator and its own RSI/StochRSI, as well as Momentum/Acceleration/Jerk oscillators.
NASDAQ:COKEEducation
by cybernetwork
Quick guide on three buy/sell position suggestion scripts.+ Cyber Ensemble Buy/Sell positions signaling is derived from an optimized scoring of a large number of conventional indicators. (Blue/Purple plus Background HeatMap) + FG-Divergence is based on my own modified version a MACD style oscillator, with its own accompanying Momentum and Acceleration oscillator. (Light Green/Red) + PRISM Signals is based on PRISM, a pSAR derived oscillator coupled with its Momentum/Acceleration/Jerk Oscillator as well as pSAR based RSI and StochRSI. (Bright Green/Red) — For best results, users can tweak the parameters and enable/disable specific tests and scoring Thresholds for a specific chart and timeframe, and checking how well they perform wrt historical trends. Timeframe specific presets will be added in the future when I have more time. Please do feel free to play around with the parameters and share them. If they are good, they may be added as a preset in future updates with you credited. These scripts are freshly made, and for now, my focus is to slowly refactor and improve on the code, and tidying up the ordering of the inputs to make them easier for users to navigate and understand what each of them do. In the future, once things are sufficiently improved, I aim to include alert features and release a proper “strategy version” as well, and I may post up a clearer user guide for each one of them.
BITSTAMP:BTCUSDEducation
by cybernetwork
7
How to be a Successful Forex Trader Segement 5Methodology v Strategy Some traders use the words interchangeably, I do not. A strategy is a set of conditions that signal you to enter the market, for example, A moving average crossover, RSI going into oversold/overbought and then reversing, Divergence, etc. and combinations thereof. A Methodology, on the other hand, is a systematic approach to the market that a trader does on a daily basis. It is this process that leads to trade set-ups. The following is how I approach the market each day: First, I do a top down analysis starting with the monthly moving to the daily and then the 60 min Timeframe. Second, I do a strength and weakness analysis of each of the following currencies AUD, CAD,CHF, EUR,GBP,JPY,NZD and USD. From this I derive their relative strength from the previous day. This gives me a) A directional bias and b) the best pair to trade (Strongest v weakest) Third, in the hour before the European open, I analyze the 60 min chart, primarily focusing on how they correlate with Ichimoku theory. Fourth, I drop down to the 15 min chart, which what I trade off of. I look for top down alignment on each pair. The pair with the best alignment is the one I will trade. Fifth, using Ichimoku and alignment, I either confirm, or change the directional bias from strength/weakness analysis. Sixth, I mark the most recent Support/resistance, which I call the Asian box. Seventh, From all of the above, I now have the best pair, direction and usually both a breakout entry or pullback entry. Eighth, correlation, I look for all of the same currency to move together, For instance this morning, as shown in the chart above, only GBPAUD was a Buy breakout, while all the other GBP pairs were sells. Hence the reason I did not post or take the GBPAUD trade. (which would have gotten about 10 pips before crashing). Ninth: Execute, collect your money, go to the Beach. If you like this idea, please push like and follow me, it motivates me to post ideas more often. Stay green my Friends Allen
Education
by AGold54
15
Strategy Builder - What can we do with it ?Hi y'all After publishing this Strategy-Builder-Crypto-Single-Trend-Plots/ I got asked a lot of questions privately challenging me to showcase what a more advanced version can do (please see in this idea what it can do) I use a custom algorithm and that's the whole point of the tool. You can define yours and it will be truly YOURS. In this case, I added secondary signals to allow me to enter more often because it suits my psychology and capital and this configuration mixed with the m30 timeframe allows to : - only take trades with STRONG trends - I'm not interested in < 10% move with this algorithm - avoid many fakeouts due to low timeframes To give a bit more details, I'll trade only the diamond and the first or sometimes second triangle signal of a given bullish/bearish sequence. As explained here Strategy-Builder-Crypto-Single-Trend-Plots/ , if in front of a resistance/support, I'll define a pullback in the indicator and track the signal via alert (why staying in front of the charts seriously) Also I'll exit a position when a trend signal (those small red and blue labels) in the opposite direction will appear. This will invalidate a potential loosing position and will allow me to exit with a small loss Quick FAQ What is the winning rate ? Depends of your configuration and psychology. Even with the good signal, if you buy a resistance without analyzing, no indicator/bot/god will help Without being focused and rigourous, win rate is negative ... but with a bit of determination, you'll explode your own track record and will showcase to your contacts how great of a trader you are Is it time consuming to find a configuration ? YES quite a bit at the beginning but once done... it's done. In a few hours/days you'll get a first proper version See what I mean ? You won't have to monitor the charts too much anymore and track visually the convergence of all your indicators leaving completely exhausted/stressed at the end of the day You can even publish your signals to brag on Tradingview/Twitter/Facebook/Instagram/... Are there any other benefit(s) ? Well you're a bit greedy to ask me this friend but yes ... you'll understand after using it. You'll find configurations you wouldn't be able to think of without this tool It will help enhance your analysts skills and give you a new perspective... the perspective of ALGO TRADING Why did you make it ? I made it for me to trade cryptocurrencies and being using it for over 4 years. I optimized it constantly for the last 4 years (we should be at the version 376 on Tradingview now). I wanted to remove the noise from Twitter and be only focus on TA as I'm convinced that TA will tell you everything you'll need to know Some friends asked me to try it and now they're only trading with it because it freed them so much time. And they can create their algorithm for all assets class for all timeframes (scalping, intraday, swing) and matching their capital and psychology So... I'm sharing it with the community and hope you'll like it as much as my small community likes it Please shoot in the comments or in the indicator comments any question that you might have. For more personal question, shoot me a DM. I'll try to reply within a day Enjoy my dear apprentice algo traders Dave
BITSTAMP:BTCUSDEducation
by Daveatt
How to: "Auto-Trendline Strategy"RULES: -----------------Auto-Trendline Strategy ------------------------ For LONGS: 1- 3 Green squares on the Trend meter (Oscillators) 2- Green Trend line price Break 3 - Price above 10 EMA 4- Watch for support/resistance Gap in between. 5- Open 1:1 Risk reward ratio Long based on the largest wick of last 8 candles. For SHORTS: 1- 3 Red squares on the Trend meter (Oscillators) 2- Red Trend line price Break 3 - Price below 10 EMA 4- Watch for support/resistance Gap in between. 5- Open 1:1 Risk reward ratio short based on the largest wick of last 8 candles. In our case rule 1,2 and 3 are coded in the triangles so you only need 2 indicators (Auto-trendline strategy) (Support/Resistance zones) You only need to follow rule 4 and 5. DO NOT WAIT FOR FULL TP, THIS IS A SCALPING STRATEGY DONT GET GREEDY when alt season begins this strategy is gonna be golden =) enjoy
COINBASE:BTCUSDEducation
by AndresVasconez
56
Alternate trading strategyIn this video we use the APO-Absolute Price Oscilator in conjunction with the 21 day EMA and the 200EMA as aditional confirmations to enter and exit trades safely. We do give up some profit for security of strong trends instead further strengthening the avoidance of bad trades. While you can use this technique on shorter time frames, time is valuable. You could just check your positions 15min per day instead of staring at the screens all day and do something else like enjoying life and freedom. Enjoy and trade safe... M~
TSXV:LITHEducation
by mnovo
So what is the secret? Part 2. Going from begginer to pro.Hello, so first of all I mentionned in this idea what I think are the most important rules to keep in mind, and a guideline on how to build a system / a career: In this idea I would like to show what I think is the end goal, and how I would advice someone getting there. I saw a nice chart on the internet "How traders think versus How trading actually works", I modified it a bit, this is my view on the subject: I would not know how to explain to a complete beginner, but I think I understand the beginners that already read a bit about all this. Let me explain what is in this pie: About the watching the markets... some... people... still deposit money to cryptopia. Exchange went bankrupt. "It's just FUD", "don't look at the news they might convince you not to H0DL". Crypto community is the perfect example of what not to do, just unbelievable. Complete bunch of idiots. People that deposit money to a broker/exhange that went down have nothing to do in this business, stick to watching tv. If I had to guide someone I think going throught these steps would be what I would choose: 0- If they are eager to buy and sell with real money, go on a small account and sizes as small as possible. If they are already not able to control themselves, no point even trying. Cannot advance they have to be able to control themselves first. 1- Start just reading, watching videos. There is alot of nonsense, trolling, and just dumb ignorant people that give their opinion. So do not take anything for granted and absorb it all. There are some warning signs. Kid that went huge leverage and made 10,000% returns at once and starts calling himself the legend, the master of charts... Most people can tell this is dumb, right? I am not sure to be honest. Well at least 1/3 can I imagine. If you can't, go to step -1 and build your understanding of the world, common sense, some mathematics too especially probabilities. 2- I would make a feedback on what the person knows, I do this myself all the time. Re-learn everything make sure the foundations are solid and that it is all natural don't need to overthink it. But with experience it will really become natural. Decide what you like more (this will change with time) and start going in that direction. Also check if what you like (catching the falling knife bottom right before the trend reverses and riding it to the top) is possible (no) or just silly (yes). 2- Write a plan or a set of rules. How do you want to do this? Any system can do. Have a system that tells you what to look for and then detail it a bit. Say the rules are 1- Define the trend 2- Find out what is driving it and where it could end 3- Risk factors 4- Should I hop on & when? 5- How to set stop loss 6- Exit For each number from 1 to 6 you write how you do this. Does not have to be perfect. 3- I would suggest starting with a risk reward ratio not too high I just do not think it is a good idea to have a reward much greater than risk at this point. Try being right about the trend as much as possible, avoiding the really bad days, not to gamble, not to chase losers, understanding more how markets move. Stick to 1 or 2 (2 may be preferable to not get bad habits) markets. Maybe Bitcoin (and some alts) since it is very popular and also very educational, as well as gold, or indices if you prefer. Indices good. I think this is what I learned the first. Story time I remember (I think) the first chart I analysed was Bitcoin in 2014. It had no support till 100 to 250$ yikes. I was already a bear before I was a trader back in 2014. First markets I learned about and watched were the stock markets. Every one was always super serious about how many points were up or down and afraid of a big crisis, even when I was 8 or so I was thinking "oh calm down dude". 4- Time for a break. Might as well do that after a lose spree. 5- Review past trades. What was good? What went wrong? What happened that day? Why? Why did the price go up? Down? Following people on various sites helps for this rather than just being isolated, well I think it does, but careful there are plenty of idiots let's call them that, that just attribute price action to the dumbest things. When you start breathing talking finance, it becomes easier. At that point you may be 1 year in, you should start to get a feel of the markets and understand better how they move. Focus on working on your strong points weak points average points :p 6- You should have refined your trading, and try having a profitable or at least break even strategy over a great enough number of trade that you know it is probably not just a lucky - on unlucky - run. Being non delusional is important. If you kept winning in a raging bull market, be aware of that. You are on your own and there is no one to tell you that. Well there is MrRenev but people do not listen. I think now you should focus on avoiding really risky trades such as have the potential for massive slippage or just ahead of some important report, weed out the bad ones. Also, you get better at holding when you should hold, and exiting when you should exit. 7- Now is the time to increase that risk to reward ratio. The best, the really top trades, they all have high risk to reward ratios. It is broken. It is like hacking. You can get very profitable this way. There are some opportunities where the odds are high even thought the risk to reward is big. One of the reason why I do not recommend this earlier is you lose 5 in a row you do not know if you made a mistake or it is all normal. Better have plenty of winners and try looking "ok so did I enter too early or not how far did they go" etc. You just have more to work with. I don't think going high reward/risk from the start is really a good idea. Once you are good at picking winners, and weeding out the really bad ones, you can focus on raising your RR while trying to maintain a decent winrate. If you manage to get a high RR, above 5, then maybe you can focus on increasing winrate a bit again. It might be time to start looking at a new market too, if you are comfortable with the 1/2 you started with. 8- Permanent learning improving, adjusting to new conditions. At that point you know what to do and it gets more specific. * You can use an indicator if you like it, but chill out with the indicators my gawd. Most of them don't even tell anything you cannot see on the chart for yourself when you have some screen time.
TVC:USOILEducation
by MrRenev
2
How I trade outside bars - Trading Strategy - FMTA simple trading strategy. Here we have a stripped back version of my trading strategy. I simply use outside bars to indicate momentum and turning points in the market. The first highlighted bar from April 2018 shows an outside bar completely engulfing the previous weeks price action. From here the market moves over 400 pips north. The second highlighted bar shows a reversal from our previous move up. Again the price action completely engulfs the previous weeks. We could then gain another 400+ pips. This repeats it self on the the third and forth bar. We only trade outside bars from the extremities of the Bollinger bands. When entering a trade I place a pending order on a 50% retracement from the high (or low) of the outside bar. Stops are usually placed just above the high or low of the outside bar. You won’t catch every pip and your pending order won’t activate on every trade but this is a simple yet powerful trading system which can be used on various time frames. I tend to stick to the daily, weekly and monthly charts. On the lower time frames (1hr/4hr) I will use the RSI(2) for further clarification on oversold and overbought markets by only trading outside bars if the RSI is above 95 or below 5. If you have any question feel free to ask.
Education
by FollowMyTrades
3