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Toolsofthetrade

The Power of Standard Deviation (STDEV)Hello everyone, This morning was a great chance to show the power of using Standard Deviation (STDEV) for targets. I usually put it on the London session. That's what I've done here. As you can see, the levels are almost identical to the ones marked using market structure. This is another useful advanced tool that can add to your arsenal to help bring your trading to the next level. This is very easy to use, and you can use the FIB tool with these levels to make your own STDEV tool. I hope you found this insightful and useful. Happy Holidays!
CME_MINI:NQ1!Education
by The_Lioness
Calculating Lot Sizes Just Got EasyIn the world of forex trading, achieving consistent profitability requires not only sound strategy but also effective risk management. One crucial aspect of risk management is determining the appropriate lot size for each trade. In this blog post, we will explore the best methods for you to calculate lot size, emphasizing the use of tools available on TradingView, a popular trading platform. Understanding Lot Size Lot size refers to the volume of your trade and is measured in units of the base currency. It plays a significant role in determining the potential profit or loss of your trade. By selecting an appropriate lot size, you can maintain control over your risk exposure and align your trades with your overall trading strategy. Utilizing TradingView Tools TradingView offers you two valuable tools, the Short Position Tool and the Long Position Tool, which assist you in evaluating the true reward-to-risk ratio of your trades. These tools enable you to make informed decisions by considering the potential profit against the predefined risk. By assessing the reward-to-risk ratio, you can determine the viability of a trade and make adjustments as necessary. Calculating Lot Size Using TradingView's Order Panel To calculate your lot size on TradingView, you can leverage the platform's Order Panel feature. The Order Panel provides you with a convenient way to input your trade parameters and receive lot size recommendations based on your risk preferences and account balance. By using this built-in functionality, you can quickly determine the appropriate lot size for each trade without the need for complex manual calculations. Lot Size Calculation Formula Alternatively, you may choose to calculate your lot size manually using a straightforward formula. Here's the formula you can use: (Account Balance * Risk Percentage) / Stop Loss in Pips = Lot size $25000 * 1* = $250/30= 41,666 units or $4.16 per pip or 0.41 lot size To utilize this formula, you need to know your account balance, the percentage of your account balance you are willing to risk on a trade, and the distance of your stop loss from the entry price, expressed in pips. By plugging in these values, you can derive the appropriate lot size that aligns with your risk management strategy. Conclusion Calculating lot size is an essential aspect of your forex trading journey that directly influences your risk management. Simplifying this process enables you to focus more on your strategy and execution. TradingView offers you valuable tools such as the Short Position Tool and the Long Position Tool, which provide insights into the true reward-to-risk ratio of your trades. Additionally, TradingView's Order Panel streamlines the lot size calculation process. Alternatively, you can utilize a simple formula to manually calculate your lot size. By adopting these methods, you can enhance your risk management practices, leading to improved trading outcomes. Remember, successful trading involves comprehensive risk management, and calculating the appropriate lot size is a crucial step toward achieving long-term profitability. Shaquan
by ShaquanLopez
3
Most Recent Powell Appearances & PA Hello Traders, -----------> (see picture below for better view) <---------- I just wanted to take a look with you on how Powell Appearances or Fed Minutes & Press conferences have affected price action. Above is a quick look at that and a very near-term prediction of SPY. Of course, Powell is a very well spoken man, and he chooses his words very carefully. He said exactly what was expected and exactly what the markets wanted to hear, hence the rally. However, when do we move past the idea that the rallies will be followed by drops in the days following? Are we there? Are we almost there? No way to really know. Even with a strong ear to the pulse of the markets and every analysis you can think of, it can be difficult to time the markets. Luckily there are tools like you see on my chart that can help to stay consistent even when you aren't entirely sure when we've hit bottom or when the rally rug will pull. Not all technical tools are the same and there isn't a holy grail per se; but some tools of the trade are much sharper than others. For example, some tools may help you catch tops and bottoms really well when combined with a strategy. How have you been doing-- are you Consistent-- are you Confident in your trades-- do you stick to your Strategy and Stop-loss? Never stop sharpening your sword. As retail traders, we must be constantly evolving and sharpening our toolbox to compete against the institutions and whales out there. Happy trading. Cheers, Mike L. (UPRIGHT Trading) The Powell Catalyst
AMEX:SPY
by UPRIGHTTrading
Possible Long position SGIASX:SGI SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY SMP Strategy Market Direction: Long Position Chart time frame - Daily Timeframe - 1-5 days A – Activating Event Market will meet support in zone @ current levels - ... . In order to enter into this trade, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market will move towards the first Target 1 level @ 0.125 C - Fundamentals that may affect the pair N/A D - Trade Management Entered @ ..... Stop Loss @ ..... Trailing Stop Loss@..... Target 1 @ 0.125 Target 2 @ .... Risk/Reward @ 1.1 Happy trading :) Follow your Trading plan, Remain disciplined and Keep learning !! Please Follow, Like,Comment & Follow :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
SLong
by SMPTrader
Possible GES Long Positon!!ASX:GES SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY SMP Strategy Market Direction: Long Position Chart time frame - Daily Timeframe - 30 days A – Activating Event Market will meet support in zone @ current levels - ... . In order to enter into this trade, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market will move towards the first Target 1 level @ 0.04 C - Fundamentals that may affect the pair N/A D - Trade Management Entered @ ..... Stop Loss @ ..... Trailing Stop Loss@..... Target 1 @ 0.04 Target 2 @ .... Risk/Reward @ 1.4 Happy trading :) Follow your Trading plan, Remain disciplined and Keep learning !! Please Follow, Like,Comment & Follow :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
GLong
by SMPTrader
Book Review: Price Action Breakdown by Laurentiu DamirWhen I started trading I was extremely excited about the possibilities that lay before me… The dream of changing your work ethic from “working for your money” to “putting your money to work for you” was intoxicating. I took every class, read every book, followed every “guru” I thought would help me get that ‘edge’, that secret sauce, to make me a great trader. Once I discovered what actually worked, and actually *did* the work of putting that knowledge into practice, I found that trading, like so many other things, follows an 80/20 rule, where 80% of your results come from 20% of your actions. I asked myself what was really important in trading, and I distilled it down to 2 points: Psychology, and Price Action. Notice, I put Psychology first. After reading about, backtesting, sim trading, and live trading so many techniques by so may experts I have distilled (culled?) the instruments in my trading toolbox to a select few. Like that scene in Gran Torino when Clint Eastwood is teaching his young asian friend how to “be a man” and learn to fix things, he gives him Duct Tape, WD-40, a pair of pliers, and said “This will help you fix half of your problems.” www.youtube.com Similarly, I now only have 2 books that I read or listen to a LEAST once per quarter. This advice in them takes care of 90% of my trading needs. This also helps me stick to the basics. Repetition is the mother of skill and we need to constantly be reminded of (and practice) those basics. Today I wanted to share with you one of those two books: Price Action Breakdown, by Laurentiu Damir. This book is going to put you to work. Trading, like any other skill, is something you learn by DOING. You can’t learn carpentry by simply reading a book. You can’t learn painting by only reading a book… you have to take a chisel to wood or a brush to canvas to put that theory into PRACTICE. Likewise, Laurentiu puts you to work trading, lesson by lesson, concept by concept. He simply and demonstrably shows the aspiring trader that all the information we need to decide to buy or sell is right there on the chart. No indicator, oscillator, or other doo-dads are needed. As he puts it, "The best indicator you can have is your brain analyzing the raw price movements.” He breaks down the specific patterns that we as traders need to look at to “see the opportunity” on the screen, notably value areas, excess price, control prices, and rejection areas. There is no mention of chart patterns (head and shoulders, triple bottom, cup and handle, ascending triangle, blah, blah, blah…) or candlestick patterns (bearish engulfing, dojo, shooting star, hammer…) - It’s all about price action. When you look at a chart and see who is buying what and where, you can make an educated decision on where to buy and sell right alongside the institutional market makers who are moving price. Quote: "Throughout this book, whenever I will discuss about buyer and seller behavior, I am talking about the long term traders. They are the ones who move the markets, it makes all the sense in the world to study their behavior, observe how price moves as a result of their actions, and formulate concepts, rules and strategies to follow what they do, to be in the same boat as them. We have to discover their footsteps and follow them." I’m a Kindle guy, and my trading partner bought the hardcopy on my recommendation. The hardcopy is a unique piece of work in terms of its layout, font choice, and stark coloring. I don’t know if it was intentional, but the fact that it is so physically *different* from other books almost makes you give what you are reading that extra bit of attention. My friend, too, owes much of his success to the techniques in this book so I never hesitate to recommend it. I hope if you decide to get this book that you will put all the necessary WORK in that is required to put concepts into practice… to imbed it into your nervous system so you can “see the money” on the chart just like Neo could see The Matrix and easily defeat what was previously an undefeatable opponent. youtu.be In a later article I will talk about backtesting - something that every trader needs to do to build up his skill, to test a trading methodology (such as price action!), and to help keep you “in the zone” (teaser for my next book review!) so as you develop and hone your trading skills, that you will keep that skill and sharpen your trading saw day by day and enjoy the benefits of being a professional financial trader. I would say 'good luck', but luck has nothing to do with developing the skill of trading just as it wasn't 'luck' that made Michael Jordan the best basketball player or Tiger Woods the golfer in the world. It was perseverance, grit, and repetition. Happy trading! smile.amazon.com
Education
by ocaptain
21
Possible SGD/JPY Short Position!!SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 4-12 Hours Actions on - A – Activating Event Market will meet resistance in zone @ 79.5 - .... and fall to the 79.15. In order to enter, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market move towards the first Target 1 level @ 79.15 FX:SGD/JPY Trade Management Entered @ ..... Stop Loss @ ..... Target 1 @ 79.15 Target 2 @ .... Risk/Reward @ 2.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
Possible AUD/USD Short Position !!SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 4-12 Hours Actions on - A – Activating Event Market will meet resistance in zone @current levels - .... and fall to the 0.696 . In order to enter, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market move towards the first Target 1 level @ 0.696 AUD/USD Trade Management Entered @ ..... Stop Loss @ ..... Target 1 @ 0.696 Target 2 @ .... Risk/Reward @ 4.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
5
Possible NZD/USD Short Position !!SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 3-5 Days Actions on - A – Activating Event Market will meet resistance in zone @current levels - .... and fall to the 0.65 . In order to enter, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market move towards the first Target 1 level @ 0.65 EUR/USD Trade Management Entered @ ..... Stop Loss @ ..... Target 1 @ 0.65 Target 2 @ .... Risk/Reward @ 4.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
1
Litecoin Short term Pull Back!!SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Litecoin Short term Pull Back!! BITFINEX:LTCUSD will pull back at these levels before heading further south. When it breaks @32.200 level it will move heavily south again to at least the @21.400 level. From my experience stay on the sidelines. Follow your Trading plan, remained disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only! Update idea
BITFINEX:LTCUSDShort
by SMPTrader