Two New Tools to Improve Your ProcessProcess is important. It's how you stay disciplined. It's also how you focus on the ideas and strategies that you are best at. In this post, we'll show you two tools that may help your investing or trading process.
Our New Alerts
Create an alert and then sit back and wait. Get a notification delivered to your phone, email, and browser. Right-click on your chart to add an Alert or click the Alert icon ⏰ if you're on our free mobile app. Make the markets work for you by creating alerts at important price levels.
Our team is excited to show you our new alert feature that supports dynamic messages. This is a game changer for those who understand Pine Script and the importance of alerts. You can now code alerts to display messages that dynamically adjust based on price action or other factors. Our new script alerts use an `alert()` function, which works in both strategies and studies. To get started with this, open the Pine Editor at the bottom of your chart while on a desktop computer. To learn more about this, read our launch blog post here.
New Watchlist Features
We know how important your Watchlist is. That's why we recently launched Sections and made it easy to add symbols to your list. To get started, open TradingView on your desktop computer and then right-click on your Watchlist. Then select either of these two options: Add Sections or Add Symbol. Sections will create a divider on your Watchlist with a custom name. This tool will help you better organize your Watchlist. If you click Add Symbol you will be directed to add a symbol of your choice to that exact point on your list. By the way, if you're reading this from our mobile app, you can press and hold on any symbol to remove, flag or open a chart. Pro tip: your watchlist syncs perfectly between your mobile phone and computer. Take your watchlist anywhere.
We hope you enjoyed this post! If you have any questions or comments, please write them below. Our team wants to help and we listen to your feedback.
Trading Plan
Risk Management: prevent blowing a trading account
Hello everyone:
Today I want to go in depth into this particular topic as many beginner traders will make this similar mistake in trading sometimes in their trading journey.
It's important to understand that it's all part of a learning curve you must endure when it comes to consistency in trading. I myself had done this in the beginning of my trading time, and it ultimately comes down to how you manage your emotion that is going to help you to learn from this mistake and move forward. Some may go ahead and start making the mistakes that I will mention below, and accelerate into blowing their account. Some may acknowledge what's happening, and learn from their mistakes to prevent such things from happening in the future.
There are several key factors on what a trader should do and understand in order to not blow a trading account. I have made several key videos on these different topics which I will include below. I will touch on all these topics to provide a well-rounded suggestion and feedback on this matter. It's very important that you must have a good understanding of each area so it will help you to not only be consistent but to also continue to grow and compound your trading account in the future.
Few key points:
Trading Plan
A trading plan outlines your plan, rules and management for your trades. You must have a good written plan to guide you in situations. We don't make emotional decisions that may lead to many trading errors. Focus on creating one is the start. Have a few go to setups that you always look for in the market. Identify them and screenshot them so you know to take those over and over again.
Backtesting
We backtest so we are familiar with price action and the market’s movement. By backtesting, we train our brain to recognize the same/similar price action that has happened in the past. This allows us to execute without fear, or fear of missing out.
Backtest & Chartwork
Forecasting/Scanning the market:
Forecast the market is how we get a bias with the current live price action of the market. We see setups we like, and have confirmations to enter. If they don't happen or develop, no trade and move on. No need to have “ego” to prove everyone you are right.
How to scan the market
Risk management
Stick to proper risk management. 1% or a set amount is usually the best. Having a 3:1 RR is ideal when trading so even if you are less than 50% strike rate trader, you will see at least BE or small profits. Make sure you understand the exposure you are putting yourself into.
Stop Loss
When it comes to calculating your entries, you must set a Stop less on every trade. Don't just remove it in hope the price will turn around. Many new traders often don't set SL or move them as price gets close. This is how you will lose more money in the long run.
Trading Psychology: (FOMO)
Fear of missing out and fear of losing are the biggest trading psychology trader encounter. However, if you do enough backtesting, and have a plan in place, you can potentially remove these emotions. Understand that you will never capture all the moves that happen in the market, be graceful and positive on the opportunities you get.
Over Leveraged
Most new traders over leveraged their account. Having a small account with huge leverage is why traders blow their account in a short time. Leverage can work for you as well as against you. You must understand properly on leverage, margin and more. This ties you with your risk management and your SL.
Revenge trading
When new traders start losing money, they tend to want to “revenge” their losses by entering random trades, multiple trades and more. This combining with over leverage is how a new trader can blow their account in 1 day.
Journal:
Last but not least, journal down every single trade that you have taken. Whether it resulted in profit or loss. This is how you can learn from your past experiences. Do not deviate from this. Most new traders feel this is unnecessary and choose not to do it. Unfortunately, if you don't do them, your trading journey will not move forward. You will still make the same mistakes over and over again. Blowing an account is something no one wants to go through, but if a trader does not acknowledge his/her mistakes, then it is very likely to happen again and again.
So these are the few key areas where a trader should pay close attention to in order to not blow their trading account. The different strategies you trade aren't the issues why some blow their accounts, rather it's about their plan, management, mindset, emotion, psychology and expectations that ultimately decide the faith of the trading account.
Thank you
Jojo
USDCAD Backtesting & Chart Work session on Price Action AnalysisHello everyone:
Welcome to a backtesting/charting session on price action analysis.
Many have inquired about how to properly identify market phrases (Impulse phrase vs corrective phrase).
In addition, how to use trendline properly to identify a structure/pattern as a continuation or reversal correction.
This session will be the start to all these.
So let's take a look into this. To start, make sure you have a new chart layout just for backtesting/charting work.
his won't get overlapped on your current chart for your normal analysis.
Utilizing tradingview’s feature on “replay”, this is how we can backtest and do chart work on previous price action that has already happened.
As we already see the price moved in that period of time, we then look for potential buy/sell bias entries to get familiar with the move within the market.
1. Start from the Higher time frames, top down approach. Utilize multi-time frame analysis to your advantage.
2. Identify what market phrase you are in, is the current price in a HTF impulse phrase ? or in a corrective phrase.
3. Now that you have a more clear bias on the HTF, then go down to the lower time frame to confirm your bias.
Do we see the same bearish/bullish price action on the LTF as well ? If so then that's a good indication that both HTF and LTF have the same buy/sell opportunity.
Look for possible entries on the LTF.
4. Repeat this process with different pairs, different markets to “program” our minds into looking for the similar buy/sell setups in the current, live market.
This is how we don't get FOMO, or fear of losing. If you have done enough backtesting and charting, then you simply remove the emotion out of the equation.
You have seen the move play out over and over again, then it comes down to probabilities.
Feel free to ask me questions, comments or feedback :)
Thank you
Three Ways To Make Better Decisions in MarketsBefore we dive in, it’s important to share a few more words about who we are. We empower traders and investors with professional-grade tools, charts, news, and global data that was once only available to select groups. Our tools are available to everyone on desktop or mobile. Our goal is to empower traders and investors to grow over the long run. 💪
The key driver behind this post is that you don’t want to rush anything before understanding what's at risk, your goals and long-term plan. We realize that in spite of our efforts and intentions, sometimes people get swayed by irresponsible posts across social media, inevitably leading to unmet expectations. We want to help people avoid this. So let's talk about three ways to make better decisions in markets. Remember, this post is strictly for education in a very fascinating time in market history! Keep reading... 👇
1) Do not blindly follow someone else’s opinion without doing your own research. Use the tools available to you to learn, study, and analyze markets.
Our social network is big and growing. We encourage everyone to publish their first idea, try chats, and follow others. It's never been a better time to meet fellow traders, learn with them, and grow. But as social media converges with markets, there are several important risks to discuss. Avoid picking up bad habits, being swayed by popular opinion, and succumbing to peer pressure. Avoid doing something you have not given critical thought to, objectively analyzed or evaluated yourself. These risks can include trading before you are ready, overtrading due to the abundance of ideas, putting up bigger positions than your account can handle, and changing your mind mid-trade. Keep calm and think first. Take advantage of the tools available to you whether that's backtesting, paper trading, or looking for other opinions that challenge your thesis.
2) Do not expect easy profits just because everyone is talking about it. Instead look for peer review, meaningful connections, and ways to test your own ideas.
No matter how many likes an idea receives, no matter how confident its author may appear or how many chat messages are being shared, there is no guarantee markets will play out as planned. It makes more sense to first review, study, and research an idea yourself to see if it fits your long-term plan. The bottom line is this: someone else’s view should never be relied upon as a substitute for you doing your own analysis before making actual trading decisions. Our social network is best used for peer-review, new connections, and critical feedback to help develop your strategies and understanding of markets. We have a education section dedicated to this. We also have a community of Pine Coders coding the markets. The community here is meant to help you with feedback, ideas, and new concepts.
3) Do not ask for blind real-time signals in chats or comments aiming for easy gains. Instead focus on building your long-term strategy and maintaining a realistic approach.
As social media and financial markets converge, more and more people are expecting easy answers on when to buy or sell. In our public chats (you can find them on the right-hand side of the platform) we encourage people to keep this mind and dig deeper. You won’t learn anything from asking buy or sell questions. You have to study, research, and examine price action beforehand. Our social networking tools offer great opportunities to talk in real-time and exchange opinions, views, and research. Using them the right way will help you grow as a trader and learn from others over the long haul. But making hurried trading decisions based on flimsy trade calls is rarely a good idea. Just don’t do it!
There’s no better way to learn than by immersing yourself in an environment that exposes you to many different ideas, conversations, and strategies. We hope that our platform boosts your knowledge of markets while allowing you to perfect your craft. Insights from others can also help you make better decisions, but only if used in a thoughtful manner that focuses on patience, process, and education. In addition, always remember that you have the tools right in front of you to perform your best research.
Thank you for reading! We look forward to hearing your thoughts below. 🙏
🚨 Dangers Out There For NEW TRADERS 🚨 Risk management has to be top priority of every trader. better to know more about risk management as early as possible otherwise, After taking tons of losses trader understands importance of risk management. Next up - we have lack of a proven strategy. There are a number of decent strategies out right now, but none come close to the simplicity and effectiveness of our proven and test proprietary strategy.
Following those, out next issue is brokers! Let me clarify: A certain broker WILL NOT make you a better trader than any other broker. Once you have the knowledge and skill set, you can use any broker that you like! But- Whether it be high commissions or the tools that are being offered, not all brokers are created equal!
📜 Trading Rules for Beginners:Remember guys a trader doesn’t predict the future, a trader reacts to the market following a strategy.
A winning strategy is to outline all the possibilities and have a plan for each of them!!! Always have a strategy and a plan before entering any position in the market!
A profitable trade that doesn’t follow your plan can’t be considered a good trade, by contrast a lose trade that sticks to your plan, still a good trade!
Stick to your plan and you will be a winner in the long term!!! .
What Is Price Action Trading?What Is Price Action Trading?
Hi Traders. In today's topic, I will be demonstrating Price Action trading through the illustration above. These are the summaries to price action trading
1. Price action traders usually have lighter focus on more distant price history, most typically focus on the recent price action (3-9 months).
2. Less emphasis on indicators. Price action traders focus more on the reasonings and human emotion underlying the charts. Do get me right, majority of successful price action traders do incorporate indicators into their trading to get that additional confluence.
3. Price action traders do not just recognize patterns, we study and understand them.
4. We do not just take support & resistance as levels, we view them as a 'memories' zone. Think about the logic behind support & resistance, they work so well because it creates a sudden shock or fear in the market as majority is paying attention to them and looking at them the same way.
5. Price action traders are constantly questioning themselves.
6. It is not easy to be a successful price action trader if you're lack of emotional control. A calm state of mind is vital.
Thought process (Questions)
1. What's the current market condition? (Ranging, channeling, weak/ strong trend)
2. Should I trade? Does my strategies/ setups work well in this market condition?
3. Is it buyers OR sellers territory? Who's in control?
4. Where is the area of value and sweet spot for entries? Is there any key levels that I need to be aware of?
5. Where can I sensibly place my SL? Where's majority placing their SL?
6. What's people on the sideline thinking?
7. Where's my target? Is it realistic?
8. What if it doesn't go according to my plan? What's the alternatives?
9. Am I comfortable losing this trade? Is it worth the risk?
Personally, as a price action trader, being patient is essential. Lack of patience would lead to some self-sabotaging snowball effect, waken up those negative trading habits (FOMO, over trading, revenge trading). Understand that as price action traders we're trading what we see, not what we think, never impose your personal will and expectations into the market, it is not your ATM. Sometimes the best trade is not having a trade, knowing when to not trade is as equally important to knowing when to trade. Put in the effort, practice more, and learn from mistakes. Always be a student, stay humble!
"Trading is a ruthless business that does not take any hostages, so you better come prepared." - Nico Muselle
Trade safe.
Do follow my profile for daily fx forecast & educational content.
How To Follow Earnings and News From Your ChartIn this video we show you the basics of following earnings and news from your chart. This is especially helpful for equity investors and traders, but it also applies to those interested in crypto, forex, and futures because you will learn how to follow breaking news directly from your chart. All TradingView members have access to high quality news by clicking the News icon 📰 on the right-side toolbar.
Here are the three key features we cover in this video:
1. Read breaking news about any ticker symbol by clicking the News icon 📰 on the right-side toolbar. This news is real-time and will update instantly when big events happen. Additionally, the news will automatically update and reflect the ticker on your chart. When big price movements happen, open your newsfeed to see what's happening.
2. You can chose to show the Earnings icon on your chart. This Earnings icon will reveal when a company reports earnings and some basic facts about that earnings report including date and EPS estimates. To show or hide your Earnings icon right-click on the chart, click Events, and then select "Show Earnings on Chart."
3. The Earnings Calendar 📆 is a way for you to see who is report earnings, when, and what their EPS Estimates are. Never miss another earnings report. Open your Earnings Calendar daily and quickly scan for upcoming reports so you don't get caught off guard. In the Calendar you can also see upcoming Economic Events. Pro tip: we also have a dedicated Earnings Page that gives you even more details into upcoming earnings.
We hope this video helps you get started with earnings, news, and other events! Please leave any questions or comments below. Our team appreciates your feedback, support, and questions.
Weekly Trading Recaps: AUDJPY, XLMUSD, SUGAR, BTCUSD Jan 24 2021Hello everyone
Welcome back to another quick weekly trade recap video on the positions.
I am currently in the mountains (lol) so may not get to my usual weekly outlook stream due to internet. But hopefully still update analysis :)
AUDJPY - Second position got out for BE. Currently in the third position in.
XLMUSD - Took out for a 1% loss.
BTCUSD - Still Holding, currently @ 3% profit.
SUGAR - Still holding, currently @ 2.5% profit.
Any questions, comments, or feedback welcome to let me know below.
Thank you
[Risk Management trick] Tilting the "Math" in your favor!We all try to find the strategies which offer best possible win probabilities.
Yet, we often overlook another crucial component of increasing your odds of winning => risk management.
Today, I am going to show you how you can use a simple risk management trick to tilt the "Math" in your favor.
Would you like to increase the output of your strategy by 25% without doing anything extra?
Imagine a 3R win suddenly increasing to 3.75R with no change in the strategy at all.
Consider this trade...
We are trying to setup a sell trade with a very defined -1R risk and +3R profit.
If we were to loose this trade, we will loose 1% of our capital - and if we win, we will make 3% in return (3RR).
Here, we assumed that we'll exit the trade when price moves -1R completely against us.
What if, we pivot our thinking and assume the trade is lost when price has moved -0.8R : because if the trade goes that much against you, there's a very high probability that it'll hit your stop loss too. There is no reason to pretend that it can still turn around at the last moment. Murphy's law truly applies here - "Anything that can go wrong will go wrong".
If we do really pivot our thinking, lets see how it works in our favor!
The Stop loss is now updated and set at -0.8R
So a win will still give us the same 3%, but the loss will only wipe out -0.8% from our account.
Now because our profit targets are still setup as per the original 1% trade, you can now see that we now get this extra reward if our trade hits its original 3R target
The moment we draw 3R as per our new -0.8R stop loss, we get this - You can see how the 3R with -0.8R stop loss is achieved much before than the 3R with -1R stop loss (obviously)!
That means, the extra reward you got when the trade reached your original 3R - is additional profit which you now have - without ever changing your trading strategy!
3/0.8 = 0.75 (which is 25% of your original 3R target)
0.75/3 = 25%
You now have extra an 25% reward for free!
New RR = 3.75
This is a very beautiful math equation for yet another reason!
Imagine you lost your trade with a -0.8R => the additional 0.75R you will achieve (for free) from another trade will extremely quickly cover up anything you lost.
As you can see, we can really use sound risk management techniques & Math to our benefit.
This is called : Tilting the "Math" in your favor!
The Broker Awards - Bringing More Transparency to MarketsOur first-ever Broker Awards are here. Together, we can bring more transparency to financial markets. Connect a broker of your choice to your TradingView account, research markets, and manage orders seamlessly based on your research. Then rate, review, and follow your favorite broker. Your reviews will help others find a perfect broker for their needs whether it's equities, forex, futures or crypto. Visit our Top Brokers page to see all of the brokers available.
We launched our Broker Awards to congratulate the best brokers based on your reviews. Real traders who write and rate brokers with verified reviews. We're creating a marketplace that brings more transparency to financial markets. By building this marketplace we can reduce bad experiences, give people a chance to share their opinions, and connect customers with the perfect broker for them. Remember - these awards are based on a combination of your reviews, ratings, comments, and overall usage.
Now let's get to the awards! 🎉
Drum roll please... 🥁🥁🥁🥁
Broker of the Year : TradeStation
Connect your TradingView account to TradeStation and access their ultimate trading services across equities, equity/index options, futures, and cryptocurrencies markets. Follow them here.
Most Popular Broker : OANDA
Founded in 1996, OANDA is a leading online trading broker, regulated in all key global markets. Specializing in Forex and CFD trading, OANDA offers tight pricing on a full portfolio of products. Follow them here.
Social Champion : FXCM
FXCM's purpose remains unchanged over its 20-year history. FXCM is a leading provider of online foreign exchange trading. Follow their social posts here.
Most Innovative Tech : TradeStation
For those who connect their TradingView account to TradeStation, you've noticed the upgrades and made that clear in your reviews.
Best Multi-Asset Broker : TradeStation
Crypto, equities, options, and futures are all available to you with a single connected account.
Best Futures Broker : Tradovate
Tradovate is a modern, cloud-based futures broker offering unlimited, commission-free trading for a flat price. No per-trade commissions, platform licensing fees or order routing fees. Follow them here.
Best Forex Broker : OANDA
With nearly 6,000 verified reviews, your votes made it clear about who you wanted to nominate as the best forex broker. Read every review here.
Best Crypto Broker : Gemini
Gemini offers an industry-leading suite of crypto-native products and advanced tools for individuals and institutions. Buy, sell, and store cryptocurrency with world-class security. Follow them here.
Congratulations to the winners! Special thank you to all of the brokers who work with us and the community of traders who rate and review their broker. We believe this level of transparency will help more people find the perfect broker for their needs. Let's keep it going and please remember to rate and review your broker. Your reviews make a difference. ⭐️⭐️⭐️⭐️⭐️
If you would like to request a broker to add to TradingView, please write the name in the comments below and also send them a message. Your support will help us get in contact with them and let them know this is an important connection. Once again, thank you to our broker partners and the community for writing their reviews.
Intraday Trading Tips For Beginner Some tips beginners need to follow the better trading result
If you like it don't forget to click on the like button
have any query ask in the comments will answer in free time thanks :)
WHY TRADERS LOSE THEIR MONEY?Hi every one
this article is about why people lose money on trading platforms such as forex and crypto and stock markets:
1- Not having clear strategy:
+{You need to have one or more specific strategies and act on them!
You should prepare a checklist for each strategy, and this checklist should include tools specific to that strategy
And when trading, follow your strategy and the tools in your strategy}
2- Not taking lessons from their mistakes:
+{If you lose in a deal, see what you did wrong and investigate and learn from it so it doesn't happen again}
3- Not sticking to risk management rule:
+click it
A simple explanation of money management!
4- Don t cut your profit:
+{Limit your losses and let your profits run}
5- Don t over trade:
+Excessive trading has two important problems:
A-{causes a lot of stress and excitement}
B-{You have to pay more commission}
6- Don t force yourself to make money
7- change your mindset from gambling and making a million over a night
+{Forget the mentality of getting rich overnight ,Those who are patient win and those who are not patient lose}
8- make a responsible mindset and report to someone.
9- Don t trade when you are emotional.
10- Don t try to beat the market just follow the market
+{We should not move ahead of the market, we should follow the market trends, whether ascending or descending}
11- this is a serious business don't play with your money for excitement.
please take note of this article so that you would be successful in your trading life.
Who wants to trade like this now markets are back open ❓💲Hello fellow traders
Quick idea as the markets open up for the week I just wanted to show you all how I traded GBPUSD last week.
I am working the 30M time frame here using our 'EDGE' strategy.
As you will see from the chart there was four trades last week on this time frame and three were winners! 138 pips banked.
Our strategy is a follow trend strategy and can be used on any time frame but also with any instrument.
The strategy sits in your tradingview and when all confluences are met a simple alert appears on the chart. At this point we enter the trade.
When an alert presents all the trade information is presented too, take profit target, stop loss, entry points etc.
The confidence in the way we trade comes from the built in strategy tester. This enables us too back test the way we intend to trade.
No one can predict the future but this is a great marker on how trading a pair could perform going forward.
The strategy tester data for this pair can be found at the foot of this idea.
The data is based on £5000 starting capital and risking 2% a trade. Data shown is tested from Jan 2020 to present time.
The strategy tester shows gains from trading this way along with, win rate, number of trades and draw down.
Feel free to press the sub menus and in doing so you will see a performance overview and all 409 trades individually logged.
All of the above allows our traders to trade with confidence and emotions firmly in check.
For any more information on the strategy shown please feel free to drop me a message.
Five Tips for New Traders and InvestorsWhether you are new or have been trading for 20+ years, this post is a reminder about having realistic expectations when it comes to markets. Patience, the desire to learn, and a positive outlook toward the future, especially over the long run, will help you on your journey. Here are some tips to get you started!
1. Code the markets
Financial markets attract smart people who run strategies, indicators, and analytics to make better decisions. The Pine Script community is a perfect example of this - head over to the Pine Script Editors' Picks page to see for yourself. With Pine Script, you can code and create your own indicator or strategy. More importantly, you can learn the intricacies of price action and the underlying mechanics of specific indicators.
2. Paper Trade to test your ideas
All members have access to our free Paper Trading tools. This means you can trade, invest, and study your ideas in a simulated environment. Do you think you can outperform the market? Open a chart on your desktop, click Trading Panel at the bottom, and connect your account. Place trades and study your performance over the next several days, weeks or months. Let's see how good you really are before risking any real money. 😁
3. Follow others, use chats, and be open minded
Traders and investors from around the globe share ideas here. They also participate in chats and the comment sections. This is not only an opportunity to learn and meet others, but it is also a reminder of who else is participating in markets. You can get instant feedback by asking questions, following their profile or contributing to various chats. It's never been easier to network and work with others to learn about the markets. It's also a reminder that markets are competitive. So get started by exploring the community, meeting others, and learning new concepts.
4. Backtest, backtest, backtest
The Strategy Tester makes it easy to backtest your trades over a period of time. You can test different strategies in the Public Library by opening the indicators menu and selecting a strategy. Strategies are shown with a down red arrow and an up green arrow at the end of its title. It will look something like this: "Momentum Strategy 🔻▲." Add a strategy to your chart and use the Strategy Tester to follow its performance. For those looking for a simpler way to backtest, the Bar Replay tool can take you back in time to test your ideas on a specific ticker. Press the Rewind ⏪ button on the top of your chart.
5. Make a plan
Many new traders and investors forget to make a plan. Instead, they start trading without testing their ideas or learning from others. Use the tools available to you and make a long-term plan! Draw your plan directly on the chart, use the Text Notes tool located at the bottom of the chart as a personal blog or diary, create indicator layouts, save specific chart layouts to never lose your plan, and create alerts for quick reminders. All of these tools can enhance your process and long-term plan. Visit our Help Center to learn more and everything available to you including any questions you may have about your account.
We hope you enjoyed this post and please leave any questions or comments below! Our team is always reading for your feedback. Stay tuned, we have more posts like this coming.
Meet the new Highlighter and Signpost drawing toolsWe recently added two new tools that are available to everyone. The Highlighter is an easy way to highlight price levels, notes, and events on your chart. The new Signpost is a fast way to place notes that connect to specific price levels or events. In the chart above, you can see both of these tools in action. Below, we will give you a little more detail about how to use these tools and where to find them.
Highlighter
We've all used a highlighter before to add emphasis to important words or text. Our new Highlighter tool works in the same way. You can highlight price levels, text or other objects on the chart by simply selecting the tool and then highlighting an area on the chart. To get started with the Highlighter tool, find and open the Geometric Shapes menu on the left side menu. This is the same menu where you can find the Brush, Path, and Rectangle tools. Use the Highlighter tool to add additional emphasis to your research and charting.
Signpost
You can find the the Signpost tool on the left side menu under Annotation Tools. This is the same place where Text and Arrows are found. Once you've selected the Signpost tool just click a point on the chart to place it. You can then drag the Signpost up or down and change its distance from the selected point. The Signpost is an effective way to write notes or reminders at specific price levels. You could even make your own Timeline. 😉
We hope you enjoyed this post about our two new tools Highlighter and Signpost. Please leave a comment below if you have any questions or feedback for us. Our team is always listening! Feel free to share some examples of how you use the Highlighter or Signpost tools in the comments below. You can share a link to your charts.
Setting up and utilize tradingview (layout, drawing panel)Hello everyone:
Welcome back to a quick video on tradingview setups. Many of you have asked me about how you should set up your charts, your settings, customizations, watchlist..etc. So I will make a quick explanation video on this.
Chart:
-Create a blank chart
-Save under different names for different purposes
-candlesticks
-timeframes
-screens
-syncing
Setting/customization:
-color
-appearances
Drawing Panels:
-favorite the ones you're gonna use the most.
Watchlist:
-create watchlist
-flagging
Alerts:
-set only the ones with high probability potential, do need to set like 30 alarms.
As always, any questions, comments or feedback please let me know.
Thank you
Do This Before You Think About Making Profit!Hi Traders. Today's topic is something you must experience in the path to consistent profitability. How many times have you allowed big winners rolled into a losers or break-even? If you're still having the mindset of "at least I get the direction correct", It is time for you to truly reflect on your performance and psychology, and I hope this post would give you an 'Aha moment'. Why is trade management so crucial? Believe or not, majority of traders do get their entries correct, but because of the way they manage their positions, it eventually creates frustration and lack of confidence (self-sabotaging). So, what is considered to be a proper trade management?
1. Trading plan - Majority of us jumped into the market before having a strategic plan to attack the market in a consistent approach. To be consistently profitable, you cannot allow yourself to have different perspective every time you look at the charts. A good trading plan should consists of the instruments you're trading, strategies (back-tested), entry criteria, exit plan, max daily loss, max drawdown, session & timeframe, the lists goes on. Always follow a process, if you do not have a fixed plan, you'd never have consistent action and result. You must give it enough time to develop and allow your edge to play out.
2. Emotional detachment - By managing your positions in a systematic approach, you're not getting involved too much psychologically. Execute a setup according to your checklist, if its right its right, if its wrong its wrong. The market is never against you! To be consistently profitable, you need to remain neutral bias and respect the market, and trade what you see, not what you think. The best traders out there do not have much opinion in the market, simply because they respect the market and they know the market can do whatever it wants. If your exit plan signals you that the market is not going according to your plan, cut it off without hesitation, there's no point letting it runs and drains your energy. "Markets can remain irrational longer than you can remain solvent" - John Maynard Keynes.
3. Confidence - I have received plenty of DMs regarding how to build up their trading confidence. Hesitation comes from fear, if you are hesitating before pressing that buy & sell button, simply do not trade it because you are unprepared. Practice more, appreciate your losses. Personally, I've learnt more on my losses than wins, someday when you look back at all those stupid mistakes you've made, you will realize how much you've grown as a trader and human being. Losses are nothing but a small tuition fees, stay positive. As long as the risk is well-defined, you will survive in this business. Build up the discipline to strictly comply to your trading plan, journal them, and allow the expectancy to work out.
Always be confident! Trade safe.
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Which Trader Are you?Hello Traders, here is an educational Traders Profile
Know your Profile!
Before we start - Let me know if you have any comments or questions, Your Support is Appreciated!!
Which Trader Are you??
TRADER PROFILES & TRADE TYPES
Trader profiles are very different and will dictate what type of trader are you going to become her with Global Fx Education ©
THE SCALPER – the scalper, often keeps trades open for a brief period and trades the market in times of very high volatility.
THE DAY TRADER – the day trader closes all positions at the end of every day, with each day as a different trading day.
THE SWING TRADER – this swing trader will keep trades open for days at a time and makes a profit from wide swings in the market.
THE POSITION TRADER – The position trader who holds positions open the longest of all traders. Once an investment is made, the position could be kept open for months or even years.
Let me Explain In Detail here :
EXPLAINED 👇🏻👇🏻
THE SCALPER : Scalping is high risk, high reward trading strategy used by expert traders. The trading day is full of volatile periods which requires scalpers to continually monitor the charts for a good time to exit the trade. It is very high pace trading, with many small trades opening and closing all the time. Scalpers usually trade the openings of major markets.
THE DAY TRADER : Day trading is slightly less risky than scalping and ideal for those who like to see their profit at the end of every day. This strategy is not for newcomers, and not for traders who hope to leave their trades unattended while at work. This option is also good for traders who can not trade every day of the week but can still commit a full day to their trading.
THE SWING TRADER : Swing trading is a better setup for the beginner trader. Progress will be visible in your account over a couple of days. Swing trading is an opportunity for a trader to set up fewer but better trades, which suits a trader who is still learning. If you are making longer trades, hoping to make a profit from swings in the market, make sure you have a well-funded account so you don’t get a margin call by your broker at a time when closing your trade could mean a loss on your account.
THE POSITION TRADER : Position trading is for someone who has limited time, and more ideal for those who spend long hours commuting that can be used for research. The downside of position trading is that much of the time your capital is going to be locked up in trades, so it limited your ability to jump on explosive trends to make a quick profit.
Much Love!
#education #gfx #tradewise
The importance of having a plan and sticking to it!Hello traders
Before I log off for the day (I'm in UK and heading to bed!)
I wanted to share an idea on having a trading plan with an 'EDGE' but also having the trading psychology to stick with a trading plan.
I'm lucky enough along with our fellow traders to run a script that has given us an 'EDGE' in the markets.
This has enabled us to trade freely without emotional constraints. I simply place trades that appear on my charts then let them play out.
I do this with no anxiety, no worry and no constant checking of the charts or my trading account.
Here we have a short trade on EURAUD working the one hour time frame.
This trade present last Thursday the 7th and I simply entered. I was then alerted by TradingView when the trade hit take profit on Tuesday the 12th.
I've only just checked the charts now on how the trade played out candle by candle.
As you will you see from the chart the trade played out with a good drop towards the take profit target before retracing back to near entry.
After another little drop and another retrace to near entry the trade then headed down to take profit target.
All of this happened with out me knowing! In my opinion this how trading should be!
On this pair I have the script I use set to a take profit target of 1:3.4 and I always use a stop loss because realist among us will know not every trade lands.
The script presents all the trade information on the chart when the algorithm sees everything is met accordingly to my settings.
I simply take the trade and get on with the rest of my day.
I'm able to do this as I know trading the pair in question by the manner describe above is profitable.
How do I know this? The built in strategy tester tells me. At the bottom of this screen is the data from the strategy tester for the last 39 trades. This data is from two full years of trade data on the pair in question. Feel free to press the sub menus which show the performance overview and the list of the 39 trades. All data is based on 2% risk and a £1000 starting capital.
No one can predict the future but this level of back test data gives me the confidence to go and trade in this manner.
All of what I have described above is what has given not just me but all our traders an 'EDGE' in the markets.
With that edge has come the ability to control emotions accordingly. Sticking to a structured plan is now easy and we trade emotionless with no fears or anxiety.
I have left descriptions on the chart showing not only the entry and exit points of the trade but also a pointer where the old me would have been feeling regret, anger, anxiety and all the other bad feelings that can come with trading. Those feelings all used to come as a result of not having an 'EDGE' in the market to the level that I have now with using this script.
For any more questions on the script in use feel free to ask any questions.
How to connect a brokerage and join the Broker AwardsIn this video we show you how to connect a brokerage to your account. We also talk about rating your favorite brokerage and participating in our upcoming Broker Awards. 🏆
When you connect a brokerage you can trade, invest, and follow markets with advanced tools built directly into our platform. To get started, find and click the Trading Panel button at the bottom of your chart. Once your brokerage is connected, you can use the Order Panel to create orders and manage risk including take profit targets and stop losses. When you place an order, it will appear on your chart. This is one of the biggest advantages of trading with a connected brokerage - see your trades directly on the chart. Make a plan and then visualize the risk and reward.
As a TradingView member with a connected brokerage you are allowed to rate and review your favorite brokerage. Your reviews will help others find the perfect brokerage for their needs. Together, we can build a transparent marketplace with real reviews by real traders. Get started by visiting our Top Brokers page.
Remember, your reviews are important because they will determine our first-ever Broker Awards. Here are the awards we will be giving out based on what you say:
• Broker of the year
• Most popular broker
• Social champion
• Most innovative tech
• Best multi-asset broker
• Best futures broker
• Best forex broker
• Best crypto broker
If you have any questions or comments, please leave them below. We look forward to seeing your reviews and announcing the awards on Jan 20, 2021.
How To Properly Trade The 'Grinding' Market ConditionHow to identify the strength of a market, properly time your entry with a sensible stop in a trending environment, when it is just grinding lower without any clear static support & resistance zones? This is when dynamic support plays an important role. In this lesson i'll be using USDCAD as an example with the Exponential Moving Averages (EMAs - 18, 50, 200 period) & Relative Strength Index (RSI - 70/ 20) both momentum indicators for demonstration purposes. As a price action trader, sometimes I do use indicators to identify the momentum of a trend & repeatable patterns.
- If you look at the previous data, you'll notice that whenever price crosses the 50ema, it usually followed by 2-4 days of rotation before further bearish pressure steps in
- Price has respected the 200ema multiple times which could be used as a filter before you place the next short position
- Whenever price approaches 200ema it always coincides with the RSI overbought condition (70 upper band), followed by bearish continuation
Hope this gives you better perspectives and how to be flexible with your trading plan by ticking the boxes, without often missing out the entire 'meat' during a trending environment if you're constantly looking for deep pullback which might never come.
Trade safe.
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Thought Process Before You Pull The TriggerHi Traders. Today, I would like to discuss about a topic that's quite commonly neglected by beginner traders "Thought Process". Do get me right, no one can guarantee 100% accuracy in every position, but having a proper thought process almost always guarantee a better long-term performance, especially getting you mentally prepared in advance. To better demonstrate the topic, I've given an example above, something worth considering. These are several questions I ask myself before I even think about getting into a position.
1. Who's in control? - Charts only move up and down. Before you even dig into deeper analysis, first ask yourself who's territory are you currently looking at? Buyers or sellers? This is why multiple timeframe analysis is so important that gives you a better clarity of the current market condition. If the first thing do when you wake up is pulling up the 5m chart and begin trading, believe or not, there will be plenty of time where you get caught on the wrong side.
2. Market condition - Strong trend, weak trend, channel, or range bound? By identifying the market condition it avoids you from over trading and putting on unnecessary risk. Eg. If your strategies are mostly momentum ignition type, range bound condition wouldn't give you the ideal risk-to-reward, switch off the charts and come back later.
3. Area of value - It's never easy to catch the top & bottom, but you could always Identify zones where you'd like to make a deal and better time your entry. Eg. During a trending environment, If the market respects the 50ema very well, then use it as a filter every time price pullback towards it, adding up other confluences such as trendline, candlestick pattern and static support & resistance zone to provide additional reasons for you to pull the trigger with confidence. There are many other great momentum & volume indicators available on TradingView (Eg. Bollinger Band, VWAP, RSI, Stochastic, etc.).
--> Utilizing the above chart as an example, what should you do during a consolidation (exhaustion) phase after an impulsive move? Believe or not, majority of beginner traders would begin selling immediately when they notice the pullback due to the sense of urgency to take action, but if you take step back and re-evaluate it, placing a buy order in this scenario makes more sense isn't it? Unless you have specific mean reversion strategies that are back-tested, avoid going against the trend without at least 3-4 confluences. Simply buy at the support with a sensible stop below it, you now have an additional force supporting your thesis because the market is telling you that buyers are still interested and agree to hold the price above that level.
4. Stop loss & target - Always ensure you have a SL & target in your mind before you even place an order. One common trait about new traders is that they always try to maximize their position size by tightening their stops (greediness) OR having their target too far, do not try to enforce your will into the market, let the market does whatever it wants and respect it. SL is nothing but a trigger that invalidates your initial thesis, stop treating it otherwise, and always place it reasonably.
5. Trade management - Have you ever cut off an amazing position due to fear & overthinking, only to realize it eventually goes into your intended direction? This is why an exit plan is crucial, list down a set of rules and illustrate various scenarios. Agree with certain rules beforehand that you will cut off the position without hesitation, it helps you in better managing your emotion by being more systematic.
"The outcome of a trade cannot be controlled, but the mind can be organized to control its performance" - Rande Howell.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
