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Trading Plan

Trading on Financial Markets | Your Guide to Trade Planning 📝 Hey traders, In this post, we will discuss 6 crucial things in your trade planning and the main elements of trade results assessment. 1 - Before you open a trading position, make sure that you analyzed the chart. You should identify a market trend and spot major key levels. 2 - Once the chart is analyzed, you should identify the safest trading areas for your strategy (preferably the zones of supply and demand). You should patiently wait until one of these zones is tested. 3 - Once the zone is reached, you should look for a confirmation. You can either look for a reversal candlestick/price action pattern, some fundamental trigger, or some indicator. The point is that you should rely on a trigger that is backtested and that proved its accuracy. 4 - Getting your confirmation, you should have a precise entry strategy. Some traders prefer aggressive entries on spot while others are waiting for a retest of some major/minor level. 5 - You must set a stop loss. Remember that your stop-loss defines the point where you become wrong in your predictions. Be extremely careful on that step and give the market some space for fluctuations. 6- Know your exact target level(s). Know the point where you start protection of your position, where you start profit-taking. Be very strict and don't let your greed and fear intervene. Only then a trading position is opened. No matter what will be the end result of your trade, you should assess it: 1 - You should journal the trade outlining its end result, trading instrument, and your entry reason. 2 - Note any peculiar thing about this trade that you noticed. 3 - Record your gain/loss percentage. 4 - Identify whether any mistake was made and if so, learn from that. Here is your minimum plan to follow. Of course, as you mature in trading your trade assessment plan will be more sophisticated. Do not underestimate its importance and treat it as the main element of your trading routine. Do you plan your trades like that? ❤️Please, support this idea with like and comment!❤️
Education
by VasilyTrader
27
3 Mindset Tips for Elite TradingHappy Sunday Traders! In todays video we go over 3 mindset tips for elite day trading! Watch the short video below to understand this better, but here they are anyway: BE OPEN MINDED Let the market be your guide (price action) Wait until you feel the market (day trading) Be just as ready to buy, as you are to sell CONTROLED AGGRESSION Know what an A+ setup is, then develop the confidence to act big and fast Have a plan, both for the best entries and the failed trades EVERY TRADE IS ABOUT DEVELOPMENT How good/great of a trader could you become by next month if you learn from every trade you take this January?
BITSTAMP:BTCUSDEducation
by PrimedGroup
2
Why Traders Should Not Give UpTraders randomly wake up and call it quits. Well, I was this close to becoming these traders until… “Mail’s here!”… A man in orange pants and blue collars—brings a letter for me. “What could it be?”, I thought. Took a cutter out the kitchen’s cabinet and tore it open—It read, “Hey sweetie, if you’re reading this, I’m probably dead”… Tears rushed down my cheek as I said, “mom”. You probably don’t know my mom Sylvia—she’s one of the best traders that ever lived and she’s my inspiration. It was a note from her trade journal—My mom kept journals but, I never read any Cos’ personally, journals are private for a reason. If she sent me this, now, it means it’s for a reason. Though dead—it’s like she knows I’m really struggling. Turned on the reading lamp, cleaned my bulged teary eyes and read aloud… A Short Story For Traders We look at the myths related to “trading the market”—There are misconceptions that give many people—new to the world of “trading the markets” wrong impressions of this art. Causing them to miss out on the opportunities that this art can provide. The art of trading—is the world’s largest market for buying and selling. Billed as the riskiest financial career, it is involves approximately $3 trillion worth of transactions each day. Today being the end of the year, I’m tired of running away from my problems. I keep learning and learning but it seems there are guys who have some special power to trading—than I will ever have. A problem that I have failed to acknowledge because, I’m scared of the outcome—afraid to be seen as weak. My problem is the “fear of failure”. Now I wake up every day, “positive mindset only”, I mutter to myself. You know—whatever happens, I’m ready to soak it in. The lies; the deceit, every time. Why do I keep doing this to myself? I wonder. My words don’t match my actions. “You can lie to everyone but—the one person you should never lie to is—yourself”. Sylvia catches me lying to that very person every-day. The one person I should love more, trust more is denied of this gratification. Disappointed doesn’t even come close to how I feel everyday. My Reality: Mind And Risk Most times, I forget that I am a mere retail trader. My thoughts exactly—I might not know of the secret ingredient to the art… but, I know that there are two ways to be very successful in it. One is owing your mind and secondly, accepting the risk. The mind is a crazy mansion—I’ll let you on a recent occurrence in my life. One faithful afternoon, the ground started spinning, my muscles were stiff and I was super confused. “What’s happening to me?”, I mulled. This lady started experiencing something she has never encountered before in her life. “Never had to faint before but—if this is the feeling, Lord, I’m not interested”, I prayed silently. Many don’t know but—I have a phobia for death. So, for the first time I’m actually sick—the phobia kicked in. Now, this fear of being sick, made me actually sick. The doctors, clueless. From malaria to typhoid, “we can’t find anything wrong with her. She needs to see a psychiatrist”, Jemima uttered to my hearing. Mind Games It’s 4am, suddenly—the air is tight—I encountered what the doctors believe is a “panic attack”. It became a challenge… controlling my mind because—that’s the only way I can avoid this attack. Why am I telling you all this? It’s because, I got to realize how powerful the mind is. The reason for your failures, your sickness, your successes is—your mind. Not even bluffing… but, this happened to me recently. The only escape is… not to think about it and channeling your mind to think positively. Jami, my friend, told me… “It is easier for one to take risks and to chase his dreams with—a mindset that he has nothing to lose. In this lies—the immense passion and the great advantage of avoiding a materialistic, pleasure-filled way of life.” So, what exactly do you think of when you trade? Traders Here’s The Trick The trick here is: think of wins only. Don’t just think, Believe! If you take a trade and all you think about is—how you don’t want to lose that trade and how successful the trade will be. Then, you have already lost before—the outcome of the trade. “It’s hard to beat a guy when he’s got his mind made up that—he’s going to win”. Finally, In terms of “risk”, I’ve never known a person who was successful… that didn’t at first—establish a mindset of success. No one and I repeat—no one, can predict his own life. Don’t let anyone deceive you—The risk-takers are the ones in flashy cars and big houses. These things take time! If losing a million/thousand dollars makes you uncomfortable, what gives you the impression that—you can make a million/thousand dollars. You are only ready to be rich when… you are ready to stop caring. This is my final piece to you—I hope you can correct the great rich quick mentality, stay consistent in all you do. Consistency, leads to growth—that germination will one day lead to you also having the lifestyle you once dreamt of. Till we meet again… Love, Mom. I turned off my reading lamp, went to my bed and wailed!
OANDA:NAS100USDEducation
by lazyluchi
8
How to analyze any market from scratch (Impulse & Correction) #2Hello everyone: I received positive feedback on the last video on how to analyze the market from scratch, and many have told me to make more of these similar contents. So here we go :) I will go through multiple examples of how I would analyze the market by following these simple steps: Multi-time frame analysis (Top Down Approach) Start from HTF to LTF Identify the Impulse Phase and Correction Phase Identify whether the Corrections is Continuation or Reversal HTF Bias > LTF Confirmation > LTF Entry Any questions, comments or feedback welcome to let me know :) Thank you How to analyze any market from scratch #1 DISCLAIMER: -My forecast and analysis are NOT financial Advice, you should not trade and invest solely on this information. -There are many scammers & fakers impersonating me, my channels/platforms to scam people. Be very careful as I will NEVER private/direct message you first no matter what.
Education
by jojofang0901
45
TRADING PSYCHOLOGY | Common Traps You Must Know 🧠💭💫 Hey traders, Trading psychology plays a very important role in a learning curve of a trader. In this post, we will discuss common biases and traps that every struggling trader is occasionally facing. ⚓️Anchoring Bias People rely too much on a reference point from the past when making a decision for the future - they are "anchored" to the past. Imagine you spotted a great trading opportunity & made a nice profit. Encountering a similar setup in the future you trade it again. It turns out that you lose. Next time - same thing. The setup that initially brought you nice cash refuses to work. Even though the probabilities indicate that the identified pattern produces negative long-term returns, you keep taking that because you are "anchored" to the initial winner. 🙅‍♂️Loss Aversion This is when people go to great lengths to avoid losses because the pain of loss is twice as the pleasure received from a win. You see a great trading setup. You are 100% sure that it will play out. You open a trade and guess what? The market goes in the opposite direction. You can't believe that you are wrong. Instead, you decide to hold your position just a bit more adjusting your stop loss. And again, the market refuses to go in the direction that you projected. It is a vicious cycle that most of the time leads to substantial losses. ✅Confirmation Bias The confirmation trap is when traders seek out the information that validates their opinions and ignores any theory that invalidates them. You spotted a great long opportunity on GBPUSD. Checking the ideas of other traders on TradingView you consider only the ones that confirm your predictions completely ignoring the opposite ones. 👑Superiority Trap Many traders have lost large sums of money in the past simply because they have fallen prey to the mentality of overconfidence. Imagine that you caught a winning streak. You feel like the king of the world. You spend less and less time and reflection on each consequent trading decision that you make, you lose your focus. At some moment the reality kicks in and your gains evaporate. 🐮Herding As a trader, you should execute your own analysis & avoid the temptation to blindly follow the majority. Analyzing a EURUSD chart you make a conclusion that the market is bearish. However, then you see that 90% of the traders are very bullish on TradingView. Instead of following your own analysis, you decide to join the herd. These biases are common and most of the time we fall prey to them unconsciously. The more you self-reflect, the more you analyze your thoughts and actions, it would be easier for you to avoid them. Have your ever fallen prey to these traps? ❤️Please, support this idea with like and comment!❤️
OANDA:XAUUSDEducation
by VasilyTrader
25
A Traders Psych Evaluation 1. Asides money, why else do you trade? 2. When you’re not trading, what do you do with your free time? 3. If you bagged a million dollars in trading today… what’s your first step? 4. Your favorite trading book—if any? 5. Who do you admire most in trading? 6. What are you most afraid of in trading? 7. If you could change everything about your trading career—what would it be and why? 8. What subject in school made the most impact in you? 9. If you died today, what do you wish to be remembered for? 10. Are you addicted to trading? 11. What’s the most defining moment of your trading career? 12. Your dream destination? 13. Your favorite trading memory? 14. What do you feel most proud of? 15. Who introduced you to trading? 16. What’s your worst/best childhood memory? 17. If you had a chance to do-over in life… what would you do differently? 18. What’s your strongest quality? 19. Most embarrassing thing you’ve done in trading? 20. What’s a skill in trading you wish to learn and why?
OANDA:NAS100USDEducation
by lazyluchi
Power of multiple confluences in tradingThe rule is pretty simple: if you have many technical confluences backing your setup, the probability of your trade succeeding is really high. On the illustrated BTC chart, a number of confluences is listed. To be precise, there are 4 confluences examined, and they will be all scrutinized below: 1) The current direction of the market is bearish, meaning we are in a downtrend. As a rule of thumb, in a bearish market we look for SELL positions rather than going long (fading the short-term trade against the long-term trend). 2) A nice descending triangle pattern has been formed, indicating that a bearish breakout is highly possible, and that the price may keep dropping deeper down. 3) 60 EMA perfectly lines up with the upper boundary of the descending triangle, which is a crucial zone of resistance that the price can’t seem to penetrate. 4) A nice bearish engulfing candlestick pattern was formed before the massive drop happened, which serves as another indicator of bearish pressure. After having all confluences ready in hand, it is time to execute. The Stop Loss is place a few pips above the zone of resistance, and the Target Profit is set at 3% gains, as the risk-to-reward based method is utilised. NOTE: Even though having multiple confluences backs up your technical setup, gives you confidence, and provides your graphical setup with a higher chance of succeeding, risk-to-reward principles should be strictly followed in all cases! We cannot control the market, but we can control our capital, risk, and emotions. Have a great upcoming weekend, everyone!
BITSTAMP:BTCUSDEducation
by Investroy
17
Why Do You Want To Become A Trader? HI Traders, welcome back to another workshop. In this workshop, I'll be sharing my thoughts on various considerations before becoming a full-time trader. Most people begin their trading journey with a mindset of "How can i get rich quick?". It is often just a matter of time where reality hits them awake, then they'll notice that trading isn't an ATM. Instead, it is a money churning machine that most people just keeps throwing their hard earned savings into. To become a successful trader, it is going to take a lot more than an affirmation "I want to be rich/ I want to become a successful trader." Personally, the definition of trading success is the ability to organize your emotion and performance to achieve high performance, ultimately, scale your trading business. We don't need to make hundreds of thousands a month to become a successful trader. If you're able to just provide your family a better and more comfortable living through trading as compared to your 9-5 job, you've already achieved success. Think about it. Let me know your thoughts in the comments below. Do not forget to like if you enjoy the content, and share with someone who need to listen to this.
KRAKEN:BTCUSDEducation
by TraderNeoh
3
Consistency isn't something you get, it is something you doConsistency isn't something you get, it is something you do! Consistency in trading is a vital component, yet most traders think its something you get, it is not something you get it is something you do daily! Having a trading plan is something you do and them follow (do again) Following position sizing and risk management is something you DO Executing your system is something you DO! You get the drift! Do more good!
OANDA:XAUUSDEducation
by PrimedGroup
5
Criteria that need to be met before entering a tradeHey, wizards! Happy Wednesday and welcome on another Educational Post for the week. Today, we are gonna be talking about trade entry criteria and checklist. In other words, what we should look for before opening a position. First and foremost, we should analyse multiple timeframes and identify the direction of a specific market. As identified on the table, different types of traders examine different timeframes. The most common timeframes used by scalpers are M15, M5 and M1. H1 and H30 are popular among intraday type of investors, D1 and H4/H3 are commonly used by swing traders. After analysing different timeframes and getting the overall picture of a chart, we start identifying various key zones. This could be support and resistance areas, supply and demand zones, Fibonacci retracement levels, descending/ascending trendlines and so forth. After having identified crucial key levels, we start looking for more confirmations to backup our bias. Candlestick patterns (doji, hammer, engulfing), Top/Bottom/H&S figures, Indicators (EMA, RSI, MACD etc.) can be utilised as valid instruments to confirm our ideas. All in all, going through the steps identified above are important before opening a transaction. In addition, remaining patient, keeping it simple, and following risk-to-reward principles are as equally important.
BITSTAMP:BTCUSDEducation
by Investroy
38
Your Success Formula | What Drives a Big Change 🏔️ Hey traders, There’s a well-known Chinese proverb that says, “A journey of a thousand miles begins with a single step.” The one thing that prevents you from attaining your goal is hidden in your psyche, deep inside your soul. People usually look for shortcuts and want to accomplish their goals in one night. But the thing about long-term goals is that they can not be accomplished in a single day! It’s not like they require one huge, monumental effort to be achieved. The only way you’re going to accomplish something really big and ambitious – the kind of goal that will transform your life forever – is by consistently taking one small step at a time in the direction of your dreams. The importance of small incremental steps should be recognized by everyone, life is full of challenges, ups, and downs, but one should not lose hope or give up during the process. Failure should be considered as a learning point, an opportunity for growth. Be ready for a journey of thousand miles this year. Be ready to meet the chaos and unknown. That is the only way to evolve and be better. Remember that nothing is impossible to achieve unless you decide to do it at all costs. Do you agree with this quote? ❤️Please, support this idea with like and comment!❤️
COINBASE:BTCUSDEducation
by VasilyTrader
21
What did I learn from 2021 in Trading, & what can I improve on ?Hello traders: Welcome to 2022 in trading. I am very happy to start off the year with a positive attitude and get ready for the year. This year will be my 9th year in trading, so certainly a journey thus far. What I usually will do is to look at trades that I have taken in the whole last year, to find areas to improve. What can I do better, and what can I change/modify to my trading plan that will help me to become a better, consistent, sustainable trader. I highly suggest everyone to review their 2021 trading journals, find mistakes that you made, and work on them. Revisit your trading plan to see what areas can be changed and modified. They can be entry, SL/TP, management and much more. Below are a few things that I personally find that I can improve more on: Trade Management: -Specifically, whether to take profit always at 3:1 RR, or hold onto the trade for longer -Pros and cons and no right or wrong when it comes to this part. -Sometimes holding a trade longer term may see price reverse and lose profits -Sometimes taking profit too early will see trade continue to its desire direction # of Trades Taken: -Last year was aiming for about 15 trades per month last year -The more trades we take, the more potential “Mediocre” trades we enter, those can eat up our good trades’ profit -Can argue and reduce the # of trades to even less -Instead of 1-2 same currency pairs allowed, cut down to just 1. Unless I can move it to BE Understand and Accept the Market can Change/Evolve: -Market is ever changing and evolving with no pre-determine factors. It can be a variety of factors that is out of our control as a trader -Key is to always stay in “sync” with the market and its behavior. -Never “blame” the market if your trading hits a draw down or doesn't “work out” from before. -Understand as traders we need to adapt to any type of situations to remain consistent and sustainable in the long run -Find solutions to work around it. Thank you all Treat trading like a business or you might not succeed:
OANDA:XAUUSDEducation
by jojofang0901
40
5 Fundamental aspects of day trading successHere's a quick video on a few vital skills every trader needs to acquire before he/she can actually achieve success in day trading. This is 100% from our experience, we've worked hard to achieve success in day trading so these tips come from our direct experience. Hope they help you guys: HARD WORK: hard work in trading doesn't come from actual trading, hard work in trading comes down to the preparation aspect. PATIENCE: Patience enables an excellent entry point, which allows a trader to enter a bigger position and increase the profitability factor. DISCIPLINE: Discipline is following the process day in day out without altering it because of a few red trades. Discipline is executing the process every day and on every trade. REPLAYING TRADES: Reviewing your biggest loses and your biggest winners is literally the quickest way to become a primed trader.
CBOT_MINI:YM1!Education
by PrimedGroup
The Art of setting a Target ProfitHey, wizards! Happy 2022 and welcome on the first Educational Post by Investroy for the new year. Today we are gonna be talking about different ways of setting a Target Profit (TP), and scrutinizing the benefits and drawbacks of each. Though there are many ways to set targets, as it varies depending on ones trading plan and strategy, here are 3 of the most popular ways of placing a TP. 1)Confluence based Reading the chart and analyzing different timeframes of a certain security, we can use different confluences to spot potential zones of price reversals. On the graphical illustration demonstrated on the chart, we can observe that a rectangular range has been formed and the price is sitting at the lower boundary, in other words at the crucial zone of support. It is highly likely that traders will start going long on this setup and anticipate for the price to keep rising and reach the area of resistance. On the other hand, it is never 100% sure that the price will be able to bounce off the local zone of demand, and therefore risk management should be strictly followed. 2)Risk-to-Reward based (Fixed) The other name of this method is “set and forget”. One group of traders prefers to follow same risk-to-reward ratios for all positions opened (For ex. 1:2 or 1:3 fixed). Another group favors setting different RR ratios for different trades and let the positions run until they hit TP. All in all, the technique implies setting a certain RR Target Profit and letting trades run. On the figure displayed on the screen, it can be inferred that the sentiment of the market is clearly bullish and the price is expected to keep rising. One of the disadvantages would be the following: sometimes due to greed, traders set their targets too high and the price results in not reaching the intended TP. 3)Intuition/Logic based As strange as it may sound, there is actually a number of traders implementing this approach when setting a Target Profit. Moreover, it requires experience to sense where the market is about to move. As illustrated and interpreted on the graph, the market repeats historical actions from time to time. Experienced investors tend to notice some specific patterns and make decisions out of it.
BITSTAMP:BTCUSDEducation
by Investroy
35
Performance Anxiety In Forex & TradingPerformance anxiety starts with your belief… Where do you stand presently in—trading? In previous years, I have witnessed people having mind attacks—because they tell themselves convincing stories of how they can’t achieve stuff. You’re probably wondering what these mind attacks are? Well, mind attacks as the name implies is—when your mind overcomes your consciousness. Monte sahaja referred to it as, “an opportunity to check in yourself”. The ideal question here is, who is attacking your mind? I want to believe that—the mind is actually the most convincing liar that ever existed. Well, a topic for another day! There’s a lot to talk about and I wouldn’t want to complicate things. So, mind attacks leads to anxiety, which leads to doubt and we gradually build the P.A. My early days of high school, I would seat at talk-shows—then go home to talk to mirrors and shadows. But, when invited to speak, I freeze. “There’s a problem”, I thought. What could it be? Jane will say, “you can do it”… But, I know it’s easier said than done. After-all, more is said—than done, sometimes. A boy from the audience, can’t really remember his name shouted, “Anx-boy”. The others would laugh. “What is anx-boy?”, I asked. “It’s a boy who suffered from anxiety”, Jane muttered. What, I don’t have anxiety or do you think I do?… I mean—it’s because I’m new right?… Funny how you convinced yourself into believing that lie. Pfft, rubbish! “Shut up Judith!”, Jamal mouthed. Agh… I hate her she doesn’t just know when to shut-up. Everyone just thought I was weird but, you need to meet Judith she’s annoying. Only Jane understood. The rest, well, I was this mad guy that speaks to himself or better yet—anx-boy. Performance Anxiety And It’s Meaning Each time I try to do something, I become anxious and I mull over different possibilities. Judith left me a funny note one day. It read, “Hey, nut job—what’s faster than light?”. Heh! she’s rude. Anyway, I pondered as to why she asked that but, couldn’t figure it out. Every time I see this yellow and green vehicle—I let out a huge sigh, yet another day of bullies. Anyway, I had an assignment from Judith. The sun pale; the wind on my face feels like burger and cheese—maybe I was just craving it. “We’re here!”, Jane brings me back to reality. “I’ll meet you in chemistry”, I told Jane—as I hurriedly left for the library. The mid-day high’s library was the biggest in England—You could get lost in books over there. Haha! I love playing with words. Strolling down mid-day’s library, I picked up every book I could find on—“what’s faster than light?”. “This girl (Judith) must be joking asking me that”… “Maybe she wanted me to figure something out”, I gasped. All books I read, said—nothing was faster than light; that’s the speed of the universe. She must have lost her damn mind. Moving away from the library, I stumbled over a book with an interesting title, “Our thoughts and mind are faster”. Hmm… Okay this looks interesting. Hovering over the lines for 2 hours, I figured out Judith’s riddle. “It’s my mind”… I remembered “anx-boy” then, it occurred to me that Judith was only trying to help. “Thanks Judy”, I smiled. Pulled out my backpack, took my pen and wrote, “New mission, what is anxiety and why do I have it before a task”. Terrible memories in England’s mid-day and the only thing that didn’t suck were—the school’s WIFIs. Yep! those bronskies were really fast. Pulled out a computer-chair, started my research. What Is Performance Anxiety? Well, I had no idea what anxiety meant, I started my research with the little computers we’ve got. The dictionary definition of “anxiety” is—worrying excessively about an uncertain outcome. Heh, made it easier for myself. It made sense now why I was called that. I just worried so much about futuristic plans and my perfectionist self—just couldn’t stand it going wrong. So, that means there are different kind of anxieties. I randomly just typed, “What is the anxiety you get when you want to do something? And… Performance anxiety popped up. Woah, just realized not all anxieties are from doing stuff. What then is performance anxiety? It’s the fear someone experiences before or during a specific type of performance. When someone has performance anxiety, they fear that the performance will be a failure even if they are well prepared. Usually—occurs when fear of outcome, interferes with the process of doing. It’s Meaning… If we can train ourselves to not overreact to negative outcomes, then we won’t have to deal with P.As. It occurs when we become so worried or concerned about the outcomes of our performance that our nervousness interferes with the performance itself. “Damn you PA!” I can’t believe you’ve ruined my life. Uhm—What else do they have on this anxiety? Classic examples include “freezing up” when giving a public speech. Under conditions of performance anxiety, people will make decisions to manage their emotional states—rather than to properly manage their reality. Very often, these guys will have good ideas but will never participate due to—fear of failure. “Well, that’s true”. You know, anxieties are just stories we tell our minds… It’s one of the paradoxes of performance; we are ready to win when we are no longer threatened by our failures. For real? I mean that’s true though cos’ I be imagining different possibilities of failure. Then, I come up with the conclusion that maybe that’s what I am. “Anx-boy the failure!” Why Traders Suffer From PA? Sorry! I zoned out a little. The story I was telling, is actually going to be told in my book (coming soon). Back to the actual first sentence—Where do you stand presently in—trading? Traders who suffer from PAs, are mostly seen as perfectionist or fear holders. What kind of fear am I speaking of?—It’s our very own, “atychiphobia”. But, you’re probably wondering why—I’ll help you. When you trade to not lose, instead of win, you find yourself in the bubble of performance anxiety. You start avoiding future performances—because you believe failure will/might result in humiliation or rejection. I keep coming for the media traders! People of this generation, actually love the idea of social gratification—that they believe anyone who post cars and money. Why? I mean who doesn’t like the goodies of life… It’s just that most times, these goodies aren’t really what you need as a beginner. Yeah-yeah, we all love a good motivation but—we get in the game (trading) without realizing that—it’s not as easy as it looks. The simple reason traders suffer from PA is—they avoid losses so much that, it actually takes their willpower of actually making trade orders. The other day, I was at a seminar and this guy said, “the only skill a trader needs to be successful is—to know how to click you mouse”. If you think about it—it’s true. Anyone can tap a buy or sell and be in profit. In one of my podcast episodes, I spoke about the difference between being a trader and being profitable. So, to me—PAs are just signs of ego and the fear of rejection. The One That Fears Rejection Day 53 of personality exploration… What if I fail, don’t get it right or they don’t like me?—That was all I was thinking about. I mean, no friends, bullied, just plain rejection or at least, that’s what I “thought”. You know—mama would say, “Humans are like shells, we seek to protect our interior from any potential harm” Heh, or is it crabs? She definitely used an animal. It’s funny how most times—fear can only be an “illusion” that we created by “ourselves” using our own minds. It may be due to loss, trauma or just experience itself. Most people don’t realize how powerful they are—because they’ve lived their life in a bubble, they created. You know what I think, Fear is only an illusion. A dream only comes true if you believe it. Have you ever imagined the life you want and I don’t mean the, “Oh! I want to succeed” kind of imagination. I mean in details! The moment I realized how much I can do with my mind, that’s when I started journaling every single move, decision, and step I made. Every failure and successes in our life, started with a single thought. Now a thought is just a noun but—it becomes a verb when you believe it. Similarly, performance anxieties are created from just a single thought of, “What if”… Here’s a riddle I created for you: When is a thought not a thought? Answering that alone, would make you as powerful as, God himself. I mean—we’re made from his own image right? You only take the image of a god—when you realize just how powerful you are. Trader Lydia’s Story A friend once said, “Thoughts have no power till they have your attention”. The fear of rejection tends to affect our ability to succeed in personal and professional areas of our lives. Sylvia, my mom, told me of a trader who was so lonely that—she sought after validation from others. Ergo, she chose perfection over progression. Never wanted to be seen as weak in front of other traders, never acknowledged her losses—in-fact, she was embarrassed by them. How else was she going to be accepted—by the rest of the traders, in a pack? Lydia was scared of rejection! This affected her performance as a trader. She was never able to trade properly as she now developed performance anxiety (PAs). Funny, she had an edge, the right knowledge of the markets but, she just couldn’t pull the trigger. Many will say, “she’s a coward” but—I just think Lydia needed acceptance. You see, once you learn to accept certain truths—life won’t have to be difficult; trading won’t have to be difficult. Traders have grown to believe you need a team to succeed—I just want to let you know that, “There’s no T-E-A-M in Trading, There’s an I.” Her story changed when she realized, she only had herself to impress. The One With Ego Day 54 of personality exploration… Every morning I wake up I tell myself, it’s okay to be proud of yourself but, mom would say, “too much of everything is bad”. Heh, everyone has an ego. I just think ego means knowing yourself well enough to know what you’re worth. It’s knowing that your unique and can stand up for yourself. There’s something funny about the ego though—egos live in the past and the future, they don’t believe in acceptance as well, attachments come easily to them. It’s 9:00 am and all I’m thinking about is my pitch. I remember what happened when I was 15—there was panic, people laughed, most wooed. I wonder if it will happen again? Did you notice what I did there? That was my ego speaking. Ego thought of the past and the future in just a single sentence. That’s what happens when we do too much of everything. Mom would say, “On the highest throne in the world, we still sit only on our own bottom”. Having PAs that day was because—my ego is sometimes the bad guy. When you live in the past and future you give “ego” a power to ruin your entire life. Before I close off, Maxime said I should let you know that you should, “Destroy your illusions so you can see reality. Destroy your fears so you can take risks. Destroy your ego so you can see life”. So, where do you presently stand in—Trading?… ‘Wake up Jam’, Jane screamed… it’s your turn to give your pitch.
OANDA:NAS100USDEducation
by lazyluchi
2
Your only as good as the assets you tradeThis is just a short blog post of a much longer idea! In a recent post we spoke about focusing only on assets that are in play for the day, even tough with day trading you can still make solid profits, especially on the tick charts, trading ranges, a trend will generate you much bigger and more importantly, easier profits. This is why it is vital to focus on assets which could generate momentum, because at the end of the day in day trading you are only as good as the assets you trade. Below you will find a chart of NASDAQ (left) and a chart of XAUUSD (right), one has moved significantly upwards while one was stuck in a whipsaw range which ended up breaking to the down side towards the end of the day on December 31st. Choosing to trade XAUUSD would be much easier to make a profit.
OANDA:XAUUSDEducation
by PrimedGroup
3
Make 2022 Great Again!!!Top 10 Things To Work On in 2022 Related To Forex Trading: 1) Price Action is #1 2) Risk Management (will help you or hurt you)- always trade only 1% to 2% of account on one individual trade. Lot sizes, stops, targets etc... 3) Always use a stop loss ( let trade breath give it room for price action to go wrong way, before price action does what your trading plan says it would) 4) Use major supply or resistance or demand or support areas to set up trades (check into using pivot points- especially if day trading or scalping) 5) Remember these four things: Right pair, Right price, Right session(s) and Right Time 6) High liquidity and volume are from Tokyo end to London end (12 hours)- consider only trading between these hours. Other time, have some fun!!! 7) Use ATR (average true range) of all pairs you trade to determine- entry, stops and targets 8) If day trading or scalping (under 50 pips per trade)- look for engulfing, harami and pin bar set ups at key psychological price levels to set news trades up. 9) Keep your charts as naked or clear of indicators as possible, more clutter on charts in Forex trading is actually a bad thing. Keep trading simple!!! 10) Finally, no place for both emotions and greed in Forex trading- take your little piece of pip pie (profit) and move on to next trade. Always remember in Forex trading and Life the following: Yesterday is history, today is a present and tomorrow is a gift!!!
Education
by Anbat
7
Know Your LevelsTodays daily primer is all about key levels, Don't make trading harder than it needs to be. Know your levels, keep track of them, have a system that says BUY or SELL as quickly as possible and then just execute your trades! All you needed to do was follow up, know the key levels and execute. It makes this job much easier when you are prepared and this type of preparation is easy. We are looking for an edge and keeping track of levels is KEY at making easy money (at least for our day trading system). Every Sunday I sit down and map out important levels, I also review my trades for the previous week, for development purposes, and during that review of past trades I specicially check these levels and how price behaved at them. I'd like to show you just how important levels are, but you should also checkout our VWAP video released just before this video.
OANDA:XAUUSDEducation
by PrimedGroup
2
Risk Management: the Beauty and the Main Principles of itHey, magicians, hope you are all doing great and enjoying the holiday season! After receiving multiple requests from you, we are back with another Educational Post and the topic is the following: Risk Management and its Principles. As we have already discussed in some of the previous educational posts, Risk Management, alongside with other componenets, is one of the most important elements that need to be followed in the world of Trading. If one wants to be successful and profitable in this journey, obeying the fundamentals of Risk Management is a MUST. We have created a visual illustration which will explain how Risk Management really functions, and how one can be successful by implementing it in a correct way. In order to better understand the table, let us make the following assumptions: -We are journaling our last 28 trades -We have risked 1% on each transaction (trade) -Our win rate is only 50% -We do not have any BREAKEVEN trades, meaning we have left all our positions run open till TP/SL As we can notice from the graphical illustration, most of the trades have different Risk-To-Reward ratios (for example: 1:3, 1:2, 1:1.8 etc.). With only 50% win rate, our Winning Trades will make us a nice +35.2% return, while the losing trades will set us back by -14%. If we do quick maths, we will see that the total return from our last 28 trades will constitute 21.2%! There is no "Holy Grail" in trading, but following the principles of Risk Management can lead one to the door of consistency and profitability. Of course, Risk Management is not the only element, as psychology, patience, mindset, and some other factors should be considered and mastered as well. We will be looking forward to covering other psychological aspects of trading in the next few educational posts! Until then, stay safe and happy, and if you have any requests or proposals, feel free to let us know in the comment section below! Investroy would like to wish you all a Merry Christmas and a happy upcoming New Year!
BITSTAMP:BTCUSDEducation
by Investroy
26
Quarters Theory 1000 pip range (Simplify Trading)Quarters Theory should be done on all trading charts and related to all types of Forex trading... 1000 PIP Range between the Major Whole Numbers 1.7000 and 1.6000 Divided into Four Equal Parts or Four Large Quarters of 250 Pips. Yes, this is for trading on daily charts or swing positions related using either daily or higher time frames but............just downsize your quarters into small sections of price action. that is why for either day trading or scalping, you scale down these 1000 pip areas and 250 pip quarters to 100 pip areas and 25 pip quarters instead. If you keep trading Forex simply you will win more related less emotions and greed and using a more mechanical robotic system. This can be part of your edge. If you google: The Quarters Theory PDF- download, save and read- free 227 page book by Ilian Yotov- you can be part of the 5% of winners in Forex, by just keeping trading simple. Forex trading does not need to be complicated. Just price action, quarter lines, pivot points- especially if you day trade or scalp.
Education
by Anbat