Traderlifestyle
Improve Your Trading ConfidenceConfidence is the backbone of any successful trading experience. You will not be able to handle this risky endeavor without a proper dose of confidence at your side. If you want to excel in trading, you will have to fiercely battle against yourself, your fear, and the market.
1. Know your methodology and plan
Having a roadmap in itself will get you started off on the right foot and instill confidence before you get into the ‘heat of battle’.
There are countless ways to analyze markets with no truly right or wrong approach. The key point here is that you have a methodology, and a relatively simple one, as too much complexity, causes paralysis by analysis, an obvious enemy of confidence.
In addition to understanding your toolbox, whether it be technical, fundamental, or a combination of the two, you should have specific trade set-ups outlined that provide you with an edge or statistical advantage over time.
2. Use both winners and losers to build trading confidence
Success is the key element that drives confidence. There are no better arguments that can make you feel really confident than a winning trade, or even better, a series of winning trades.
If you’re lucky enough to keep your mind cool and not slip into overconfidence, it’s really important to reflect on your winning trades and take some notes. However, you should remember that even a considered trading plan may fail, so never believe that every trade that meets your plan’s criteria will work the same way.
Sometimes even some perfect trade setups fail. It’s just a part of an overall picture, so just accept it and move on. Learn from your losing trades, analyze what you did wrong, and use it as an experience, which you should try to avoid next time.
3. Remember what you are good at and apply it to trading
Think about what you are good at. Was your way to success easy and smooth? Never happens. You probably had to overcome some obstacles, face doubts, and pass through hurdles and uncertainty. Despite all this, you managed to succeed.
Remember that feeling of confidence you have while doing your favorite job. Did you always feel the same? Doubt it. But the experience you've got can definitely help you in trading. Using your successful experiences as a touchstone will help you to build confidence in yourself and apply it to trading.
4. Focus on the process. learn, trade, sleep, repeat
Markets are unpredictable. Don't get obsessed with the outcome of any single trade. Instead, put your energy into consistent and disciplined trading practice, which may eventually teach you to avoid mistakes and end up with a consistently profitable account.
Practice, practice, practice!
5. Fake it till you make it
Investing with confidence sometimes requires a “fake it till you make it” approach. Particularly in trading, you should learn how to act “as if” you are confident enough, even in the face of losing trades.
At the very beginning, it may be hard to fight your inner demons and defeat your strong emotional impulses. You’ll have to stand up and walk away from your computer without getting obsessed with your wins and losses. You have to learn to accept any outcome and go ahead.
In order to proceed, you’ll have to act like a “super trader” and believe in your trading skills.
In The End
Confident and successful people in general tend to have an optimistic attitude.
If you want to achieve good results, stay positive and never give up. Follow your own trading and risk management strategy and eventually, the number of winning trades will outnumber the losing ones.
Trading with confidence is easier said than done. However, it is worth trying.
🌱 If you found value and learn something new, leave me a like to show your support. 👍🏼❤️
Why is a workplace important in trading?Why is a workplace important in trading?
Trading is such a small life that you live every day by opening a chart and an exchange. And above all, you must live this life with dignity. And in order not to break down, not to burn out, to save your nerve cells, it is important to devote time, first of all, to psychology.
Your workspace
It is important that you feel comfortable working. Nothing should cause you negative emotions, remove all irritants: wipe the dust, remove all unnecessary, leaving only those things that you use daily.
You should sit down at the workplace and get maximum satisfaction, everything should be as comfortable.
You need to achieve maximum comfort, pay attention to what you are sitting on. Chair or office chair, choose it according to your height, back position, soft or hard, leather or velor.
Customize the location of the monitor, mouse, keyboard or laptop in general.
Use the speakers you need to play your favorite music in the background.
Why is it so important? Because even the slightest irritants can affect your work on the crypto exchange.
For example, you got a loss, at the same moment the cup with your cold coffee fell and now after 30 seconds - you are furious at everything around, and next time you start open random positions and get more and more loses.
How to build a workflow?
After you have prepared the workplace, you need to prepare the work itself.
First, decide on the time. You need to draw up a trading schedule. You should not sit 24/7, tremble over the charts and follow every candle, except for overtrading. Yes, it will be difficult to choose the time for yourself right away. Highly recommend you to watch my video about trading styles.
Create best workflow on exchange or trading view! Add favorite tool which you use all the time. Time charts, crypto lists colors, background, and all this small things. Ill make another video with trading view setups.
But who knows you better than yourself? That's right, nobody. Therefore, think about how you will be more comfortable.
Next, we need to determine in ourselves those things that can interfere with trade. For example: you are very sensitive to money, every penny counts. You may need to work on your relationship with money. Maybe we should not overestimate their importance. After all, this can be detrimental to emotional health in the future.
Or you are an extremely gambling person, like disputes, get adrenaline from the process itself. In this case, you should think about how you will deal with excitement while trading.
After all, I already told you that trading is a small life. The crypto exchange is not a place of fulfillment of desires. This is the battlefield.
And in conclusion, I want to add to the preparation:
Pay attention to the chart, set the colors and tools that are convenient for you in the trading view and on the exchange itself.
Get a notepad. Write everything down the first time. All observations, all transactions, all emotions, all flaws. Write absolutely everything there, every day.
Write yourself a checklist, add to it everything that prevents you from working and hang it in front of the monitor. Every morning, before you sit down for a chart, see if the conditions are right.
For example: excellent mood, no headache or other pain, slept well, concentrated. All urgent matters are done so that nothing distracts you, etc.
And most importantly, be self-disciplined.
Hope you enjoyed the content I created, You can support with your likes and comments this idea so more people can watch!
✅ Look at my ideas about interesting altcoins in the related section down below ↓
✅For more ideas please hit "Like" and "Follow"!
What to include in your Trading RoutineMost people dive straight into trading without knowing how or why. They also don’t plan ahead.
This is why most people are unsuccessful at trading.
Having a well developed plan is KEY 🔑 to trading success!
Let’s see what in must need in trading routine:
1. Trading Journal 📝
You won’t improve without a trading journal, your whole trading routine is built around your trading journal. The time you’re trading without one is wasted time period.
2. Backtest 📌
Do it every week at least once.
Backtesting increase:
- Confidence in your strategy;
- Self-confidence to execute it;
- Discipline (when you’re confident about your strategy, you are more likely to respect it.)
Tip: Journal your backtested setups.
3. Weekly mental preparation ⏳
Write down things like:
- What are the things you want to work on.
- What are the habits you want to improve.
- What are your goals for next week.
4. Technical preparation 💡
- Make your analysis.
- Study the different price scenarios.
- Prepare your trading ideas.
You can do it weekly or daily depending on your needs.
5. Weekly performance analysis 🎭
Open the psychology section of your trading journal:
- What did you do well?
- What could have you done better?
- What lessons did you learn?
- Realization about yourself, your strategy and the market.
6. Wins and Losses analysis 🌓
- Open the charts of your trades one by one.
- Read your mistakes
- Write down at least one lesson you took from each trade.
Tip: always take a screenshot at the exact entry point of each trade. This allows you to mitigate the hindsight bias and develop your pattern recognition skills.
7. Writing ✏️
Write down your thoughts and emotions on bad days.
It helps you understand your mind and gives you clarity.
It’s a great way to focus on the process and be patient.
8. Activities outside of trading 🚴🏻♀️🚣🏻♂️
You’re going to lose motivation and belief with your trading many times, you need to have extra motivational source.
If you only rely on your trading results to feed your persistence, you ganna give up easily.
If you like this content help me grow ❤️🌱
I’d be happy you add more tips to learn from each other
Bullish Bat harmonic An ascending harmonic pattern has been formed and the price has left the triangle. The price can touch the first target of 167.3 and the second target of 203.9.
US OIL BULLISHUsing Trend lines and due to the low confidence index today which caused the fall of stock I feel that there is going to be a short bullish move for the OIL
My analysis came from Fundamental impact and technical moves.
What's your take on the oil
Let me know in the comment section below
BTC OVERALL CHART ANALYSISThis Chart explains the BTC Break Down.
The fall began last last year with the EUPHORIA that BITCOIN IS GOING TO GO TO 100k (remember those times? lol)
The Selloff began at the end of 2021.
Big decision tp DUMP BTC was made mid January 2022 and BTC JUMPED from the 50th floor like a sword all the way to April.
We had a brief rally to liquidate the shorts.
That rally was short lived and on May 22, 2022 the Daily Low was broken indicating a strong bias towards the downside.
BTC went into consolidation after the break. In consolidation I apply my '4 WICK DROP RULE' <pretty much self explanatory right? ......
When you apply the 4 wick Drop Formula to BTC in this phase it's lining up well.
This chart gives you the OVERALL perspective.
Never over leverage.
Trust your trade set up.
Have fun!
#TradingMadeSimple
Did she come back for the DIP?!Often times price will come back and give you another entry when you are trading with the TREND.
Like I said previously another trade set up will present itself.
The DXY has been spazzing out in consolidation on the HR TF on its way up NORTH thus the volatility.
Second chances are always a blessing.
Leverage what you know with a TIght SL.
Never Over leverage.
Trust your trade set up.
Have fun!
When She Dips she DIPS!!!!This chart is just a continuation of the ;ast EURUSD analysis.
The DXY has taken off at the top of the hour like a ROCKET!
Cause & Effect.
Cause DXY goes long.
Effect EURO DIPS!
It's also shorting inside of our descending channel. Which is a very cool confirmation of the SHORT IDEA.
Always protect your profits.
Never over leverage.
Trust your trade set up.
Have Fun!
OVERALL PROJECTION FOR THE 1ST FULL WEEK OF JUNE!!!!!!!!!!!!!!!!Overall bullish on dollar!
Bearish on all other pairs!!
Looking to get a slight pullback/retest, then continuation!!!
YEAH SMALL TAKE INTO THE WEEK, LETS SEE WHAT WE GET! GANG. HAPPY TRADING.
** IN NO WAY, SHAPE, OR FORM AM I TELLING YOU TO TAKE THESE TRADES!! THIS IS SIMPLY SOME MARK UPS I WANTED TO POST SO KISS MY TRADING ASS AND DO YOUR DUE DILIGENCE!! THANK YOU**
FOLLOW MY YOUTUBE CHANNEL 'DIVINITY UNLEASHED' ILL BE RELEASING NEW CONTENT AT THE END OF THIS WEEK ABOUT MY CURRENT JOURNEY AND WHAT IM WORKING TOWARDS WITH FOREX!!!
MUSIC BY ME! ALL PLATFORMS!
GOLD PREDICTION / May 30, 2022GOLD PREDICTION / May 30, 2022
Market Seller Domination
For that, it is expected to take an entry when the Moment is in the Resistance area
AVG Base 1854.xx
Support
1843.xx
1841.xx
Resist
1862.xx
1865.xx
This analysis accuracy is not entirely good, so keep an eye on every moment and your Money Management.
Regards
@kay_ashi
COTI Daily Analysis 5.28.22COTI is still in a trading range (Sideway) and does not follow any specific trend and we have to wait for strong movement. If each side of the trading range breaks then we will form a new direction. Keep eye on COTI.
This Analysis will be updated.
analyzed by Hossein
5.28.2022
GOLD PREDICTION / MAY 17, 2022GOLD PREDICTION / MAY 17, 2022
Weekly Rebound 1786.xx
Confirmation Candle Doji Reversal
Back to the beginning again SNR Yearly 1828-1820
For today it is predicted to be "LONG POSITION"
AVG BASE
1818.xx
1812.xx
1806.xx
RESIST
1838.xx
1852.xx
1878.xx
SUPPORT
1979.xx
1783.xx
Keep an eye on the analysis again, yes, this analysis can be ascertained the level of accuracy.
Happy Trading.
Regards
Kay Ashi