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Trading Psychology

Targets Matter TooIt may not seem like it is very critical, but let's use two traders as an example. Trader #1 on the left uses targets. They know the move may be way bigger than what they target, but every time they close a position, they can re-enter again, keeping a small risk for consistent reward. Trader #2 on the right wants a home run every trade, and they do not use targets. They know big moves happen and they want it (greed) If they risk small, evetually they will get the home run trade, but at what cost? Trader #1 had a great day. They took 7 trades and lost two. Final results +135 points (150 won from 5 x 30, -15 from 2 lost) They had a consistent hit rate, closed several winners, and never had to stress about the charts because their move was over in a few minutes. No grey hairs today. Trader #2 however sees how trader #1 does things, and thinks, "that's no good. All those tiny trades and short targets, they could just make one trade and make HUGE! that's what I'll do...." They see a possible entry, and it works. Price gets jumpy and they get excited "This just has to go forever! I'm rich! Beat that other trader!" They have to go to sleep eventually and let the trade run. When they wake in the morning, they find they were stopped out. How? It left with so much momentum there's no way it would come back! :( Now trader 2 wakes up to a bad trade, which makes the rest of the day terrible. Why couldn't they catch that and close it? It's ok, I'll try again. Set another trade, watch for hours, walk away and same result. Constantly getting stressed and worrying about the stop being hit, because they don't have a target that makes sense. Maybe they do put targets in eventually, but then the "This is a home run!" sets in, and they remove the target, because hey, one trade for 300 pips is better than 10 for 30, it's just logical, right? Stop hit after stop hit, and eventually, the account goes kaput. Had trader#2 copied the target mentality, And set even a slightly beyond reason target, they still have more chance of success than the "Home run hunter" Yes, the 100 r trade is awesome, I'd like to have one. The only problem with hunting that massive winner is it will cost you a lot more than just some money. It will cost you time, stress, sanity, and make your head grey before it's time. So is the home run really worth this? I'll leave that decision to the individual, but numbers don't lie. The trader with targets is doing well. They can even raise their lot sizes with confidence, and know that when they lose 4 times, it's a bad day (Because of R:R) and stop to keep the account healthy. The trader without a target just keeps losing trades, deals with constant excitement and doubt, can't leave the charts, and can never be confident enough to trade beyond a minimum size, because they have been stopped out so many times, what if they take the risk and it (likely) fails, like all the other trades..... And they never grow the account, even if they do all the other things right. They may get profitable, but they won't ever grow exponentially, because the confidence will never agree with the trade, and they won't be able to hold it long enough to be worth it. Targets are where consistency comes from. This is especially true about scalping. DON'T BE GREEDY! Set a target and take the money. Stop letting a fast candle delete your target. Often times, price will run, you remove the target, and u-turn right to the stop loss (probably reaching the target you had). Don't delete a winner and get knocked out by a stop run over volatility. They also can not get a solid statistic for trades, and never gain the certainty in putting the risk on the line. Trader #1 can do whatever they want. They know how often they win, how well the system they use works, and they know about what to expect for a return on a good day, so they can trade any amount and let it run to the target without panic. They know out of 10 trades, they lose 4 times. Because of the R ratio, If they use the same value for the lot stops, they will make money no matter the trades play out..... Comfortable, no greed, certain, and highly profitable to a point of exponential account growth. That's how they do it.... So, pick a R ratio, 1:2-3-4. Use it consistently, and then tally the results. After some practice, you can find a good ratio that works for your trading style. The larger the ratio, the less you will win. The math is on your side though, because 1:3 only needs to win 4 out of 10 times to make money... Pick one that fits your strategy/style/level of patience, and you may find a big difference in your trading consistency. Consistency is what really makes or breaks an account. Consistently hit targets, account will grow. Consistently enter, wait days, and stop out will surely ruin the account over time. Stop the account demise with targets, and ALWAYS have a target if you find yourself breakeven or stopped out often.
Education
by ForexStoryteller
6 ways to stop loss in gold Take profit and stop loss are one of the most important links in the entire trading system. After studying this article, you will be able to thoroughly understand the stop loss method. You can bookmark it before reading it. If you feel that you have gained something, you can like it, thank you. 1. 6 stop loss methods Stop loss means that when our order loss reaches a predetermined value, we need to close the position in time to avoid greater losses. In a complete trading system, stop loss Stop loss is divided into static stop loss and dynamic stop loss. Static stop loss means that after the order enters the market, the stop loss is set at a fixed stop loss space, or the stop loss amount remains unchanged. Once the market trend is unfavorable, the stop loss will be closed when the set position is reached. For example, after an order enters the market, set a stop loss of 100 points, and close the position when 100 points arrive. Dynamic stop loss means that the standard of stop loss in the trading system is dynamic. When we hold a position, the market is constantly fluctuating, and there is no fixed point for when to stop the loss. We must observe the dynamic market changes until there is a trend that meets the stop loss standard, and then stop the order. For example, when holding long orders, the stop loss standard is that the market forms a short reverse break position structure, and we will stop the loss manually at this time. Method 1: Fixed stop loss space, or fixed stop loss amount. This is a relatively simple static stop loss method. After the order enters the market, set a fixed stop loss space, for example, after an intraday trading order enters the market, set a fixed 30-point stop loss. Or set a fixed amount stop loss, for example, if the order loss reaches 1% of the principal, the stop loss will be stopped. There are also traders in the stock market who stop loss at a fixed percentage of market retracement, for example, stop loss if the stock falls by 5%. In this way of stop loss, the space for stop loss should be determined according to the specific volatility of different varieties.is absolutely necessary, and a trading strategy without stop loss will eventually end in loss. Method 2: Stop loss at high and low points. High and low point stop loss is the most common stop loss technical standard, and it is also a static stop loss method. The market always operates in the form of waves, so there will be continuous rising or falling callback highs and lows. These highs and lows are also called inflection points. In actual combat, the starting point of the wave or the inflection point of the callback is used as the stop loss point. After the bottom of the market breaks, open a position. There are two ways to use stop loss at high and low points. One is to place it at the inflection point, and the other is to place it at the starting point of the wave. The inflection point stop loss, the stop loss space is small, the profit and loss ratio is good, but the fault tolerance rate is low, and it is more aggressive. Stop loss at the starting point of the market, the space for stop loss is large, and the profit-loss ratio is worse, but the fault tolerance rate is high and more conservative. This stop loss method is also relatively flexible, as the volatility changes, the stop loss space will also be adjusted. Method 3: Combine technical stop loss. Stop loss combined with technical positions refers to the combination of key positions of technical indicators in actual combat, and stop loss when the market breaks through these technical positions. For example, important support and pressure levels, or technical moving average levels, etc. Method 4: Stop loss in trend reversal pattern. This is a dynamic stop loss method. After the order enters the market, the market goes out of a reverse structure or form. At this time, it can be understood that the trend has reversed and the order is stopped. In actual combat, you can combine your most commonly used criteria for confirming reversals. You can use the crossing of moving averages, or the breakout of trend lines and channel lines, etc., as long as the standards are consistent. Method 5: Stop losses in batches. In an order, set multiple stop loss standards, and stop losses in batches in proportion to different stop loss points. This is a compromise stop loss method. Set different stop loss points through different stop loss standards to disperse the risk of stop loss. In actual combat, it is often encountered that after the order stop loss, the market reverses and goes out of the original trend. At this time, because the order has stopped loss, it is very disadvantageous. The operation of batch stop loss can keep a part of the position when encountering this situation, and can continue to make profits after the market goes out of the direction again. Method 6: Moving stop loss. Trailing stop loss means that after the order enters the market, the market develops in a favorable direction. After leaving the entry point and gradually generating profits, the stop loss is adjusted from the original stop loss point to a more favorable direction. The market gradually develops and the stop loss Also adjust gradually. Moving stop loss is a bit like the left and right feet when climbing stairs. When your right foot goes up the steps, your left foot will follow. Every time the profit increases to a certain extent, the stop loss will follow. The first purpose of trailing stop loss is to preserve capital, so most of the time the first step of trailing stop loss is to move the stop loss to the cost price. In this way, even if the worst result is encountered, the order will be out of the market without loss. After setting the trailing stop loss, the order will no longer lose money, and even the profit has been locked. At this time, the psychological pressure of holding positions is very small, which is conducive to the execution of transactions. These 6 stop loss methods, you can choose the appropriate method according to your own trading strategy OANDA:XAUUSD OANDA:XAUUSD COMEX:GC1! TVC:USOIL BINANCE:BTCUSDT.P COINBASE:BTCUSD
TVC:GOLDEducation
by CheetahAttack
Simple Math Defies Logic"The ones who make the most money lose the least when they are wrong" Let's use a scalping trading style for example Say you have a set risk reward ratio of -10 pips for being wrong +30 pips for being right Start trading Loss Loss Loss Win Loss Loss Loss Loss Loss Win Loss Loss Loss Win Win Loss Loss Win Loss Loss Wow, a lot of losses, but hold on.... You have the same amount of money you started with, minus maybe a small bit on commission. How does that happen? Let's put the running total (pips) next to each trade Loss -10 Loss -20 Loss -30 Win 0 Loss -10 Loss -20 Loss -30 Loss -40 Loss -50 Win -20 Loss -30 Loss -40 Loss -50 Win -20 Win +10 Loss 0 Loss -10 Win +20 Loss +10 Loss 0 Final for the day = 0 ( -1.5 - 2.5 pips for commissions) Accuracy rate: 30% So in simple terms, by just using a simple risk management set up that allows you to win more than 1x the risk, you do not have to have a very high accuracy rate in order to make even a small profit. It is very difficult to keep your mind in check about this simple math, because we look at each trade on it's own, instead of looking at a series of trades (for a day/week/month) to judge performance. Keeping the overall picture in mind, and just making sure you do not allow more risk on a position than you planned, and most cases you will begin to see an improvement on trading. By not using stops, losses can quickly mount up, because losing streaks happen. Stick to the plan, and let your mind just sit in the corner mad about the stop rules (Ignore the feeling, like a 2 year old that didn't get ice cream, or because they weren't right, & just remember the math). *If you move your stop, one of two things apply: You are either finding more support for the idea, just a bad entry. Move the stop to what you would risk as an additional position had you taken the trade from the spot you decide to move the stop from, and count it as two trades. If you had a small stop, but not the maximum risk you allow on the idea, then move it no further than you planned to risk as a maximum for a single trade. Moving a stop because you have a reason is OK, just COUNT IT, and MAKE SURE you have a REASON to do so. DO NOT just move it because you don't want to lose, or you will take out your own account very quickly.
BITSTAMP:BTCUSDEducation
by ForexStoryteller
Scalping vs Day Trading vs Swing Trading | Learn What is Best Knowing which trading style suits you best is a difficult question to answer, but the choice you make is not permanent. In fact, many novice traders will experiment with some or all of the various styles before settling on a method and strategy that suits their lifestyle and the funds they have to risk. Scalping The first trading style of this guide is called "scalping". Scalping is a form of trading where traders aim to achieve profits from relatively small price changes. Scalpers enter and exit the financial markets within a short time-frame, which is usually a matter of a few seconds, or minutes (but the maximum is a few hours) and are known to use higher levels of leverage. Day trading Many traders think that day trading and scalping are similar. Although both trading styles do take place within one trading day, there are important differences that we need to highlight. Day traders open and close substantially less setups compared with scalpers. These traders sometimes open one setup a day, and often not more than a couple per trading day. Although they both trade intraday, the day trader's strategy is to focus on the best opportunities of the day, and to hold on for a larger profit target. Therefore, a day trader usually holds on to a trade for several hours but not more than one full trading day. Swing trading The last trading style of our guide is called swing trading, which is a style in which traders enter and exit sporadically, holding trades over a few days or weeks. Swing trading is a system whereby traders are aiming for intermediate-term trading opportunities, and is significantly different to long-term trading. Whichever trading style applies to you, it's important to find out, as the trading style you choose will have a profound effect on your trading outcomes and your ultimate profitability. ✅LIKE AND COMMENT✅ Please, like this post and subscribe to our tradingview page!👍
OANDA:BTCUSDEducation
by EliteTradingSignals
6
ELON MUSK QUOTES FOR POWERFUL THINKING Elon Musk is today's Nikola Tesla. Here are 11 Elon Musk quotes to make you start working on your dreams, no matter how impossible they might seem. “I do think there is a lot of potential if you have a compelling product and people are willing to pay a premium for that. I think that is what Apple has shown. You can buy a much cheaper cell phone or laptop, but Apple’s product is so much better than the alternative, and people are willing to pay that premium.” “When something is important enough, you do it even if the odds are not in your favor.” “What makes innovative thinking happen?… I think it’s really a mindset. You have to decide.” “I’ve actually not read any books on time management.” “It’s OK to have your eggs in one basket as long as you control what happens to that basket.” “The first step is to establish that something is possible; then probability will occur.” “I wouldn’t say I have a lack of fear. In fact, I’d like my fear emotion to be less because it’s very distracting and fries my nervous system.” “I say something, and then it usually happens. Maybe not on schedule, but it usually happens.” “If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.” “As much as possible, avoid hiring MBAs. MBA programs don’t teach people how to create companies.” “It’s very important to like the people you work with, otherwise life your job is gonna be quite miserable.” Remember that your mindset is 80% of your future success, dear traders. 🌺Hope u like my article. Please let me know what you think💋 Love, Anabel❤️ Please, support my work with like and comment! Love you, my dear followers!👩‍💻🌸
Education
by AnabelSignals
6
Risk Management Strategies Every Trader Should KnowIntroduction Trading can be a profitable venture, but it also comes with its fair share of risks. In order to succeed as a trader, it is important to have a solid risk management plan in place. In this article, we will discuss key risk management strategies that every trader should know. These include determining your risk tolerance, using stop loss orders, implementing position sizing, diversifying your portfolio, and monitoring and adjusting your strategy. Determine Your Risk Tolerance The first step in developing a risk management plan is to assess your own risk tolerance. This is the level of risk that you are willing and able to take on for a given trade. There are several factors that can influence your risk tolerance, including your financial situation, experience level, and personal preferences. To determine your risk tolerance, consider the amount of money that you are willing to risk per trade, as well as the maximum percentage of your portfolio that you are comfortable losing. It is important to be honest with yourself when assessing your risk tolerance, as taking on too much risk can lead to significant losses. Use Stop Loss Orders Stop loss orders are an essential tool for managing risk in trading. A stop loss order is an instruction to sell a security when it reaches a certain price, in order to limit losses. By setting a stop loss order, traders can limit their potential losses and protect their capital. It is important to set stop loss orders at a level that reflects your risk tolerance and the volatility of the market. Traders should also be aware of the potential for slippage, which is when the execution price of a stop loss order is different from the desired price due to market volatility or other factors. Implement Position Sizing Position sizing is another important risk management strategy that traders can use to manage their exposure to risk. Position sizing refers to the amount of money that a trader invests in each trade, and is typically expressed as a percentage of the trader's overall portfolio. Traders can use different approaches to position sizing, including fixed dollar amount, fixed percentage, or volatility-based position sizing. Each approach has its own advantages and disadvantages, and traders should choose the approach that best suits their risk tolerance and trading strategy. Diversify Your Portfolio Diversification is a key risk management strategy that involves spreading your investments across different assets or markets. By diversifying your portfolio, you can reduce your exposure to any single asset or market, and mitigate the potential for significant losses. There are many different ways to diversify your portfolio, including investing in different types of assets (such as stocks, bonds, and commodities), or investing in different geographic regions or sectors. It is important to carefully consider the potential risks and benefits of each diversification strategy, and to choose a strategy that aligns with your risk tolerance and investment goals. Monitor and Adjust Your Strategy Finally, it is important to monitor and adjust your risk management strategy on an ongoing basis. This involves regularly reviewing your trading performance, identifying areas of weakness or risk, and making changes to your strategy as needed. Traders should be aware of the potential for changes in market conditions or other factors that could impact their risk management strategy, and should be prepared to make adjustments as needed. This may involve increasing or decreasing position sizes, adjusting stop loss levels, or re-evaluating diversification strategies. Conclusion In summary, risk management is a crucial aspect of successful trading, and there are several key strategies that traders can use to manage their exposure to risk. These include determining your risk tolerance, using stop loss orders, implementing position sizing, diversifying your portfolio, and monitoring and adjusting your strategy. By taking a proactive approach to risk management, traders can minimize losses and maximize their potential for success.
BITSTAMP:BTCUSDEducation
by JS_TechTrading
THE TYPICAL WEEK OF A TRADER 🗓 In this educational article, I will teach you how to properly plan your trading week. Sunday. While the markets are closed, it is the best moment to prepare the charts for next week. First of all, charts should be cleaned after the previous trading week: multiple setups and patterns become invalid or simply lose their significance and their stay on the charts will only distract. Secondly, key levels: support and resistance, supply and demand zones and trend lines should be updated. Similarly to patterns, some key levels become invalid after a previous week, for that reason, structures should be reviewed. Monday. Analyze the market opening, go through your watch list and check the reaction of the markets. Flag / mark the trading instruments that you should pay a close attention to. Set alerts and look for trading setups. Tuesday. Wednesday. Thursday. If you opened a trading position, keep managing that. Pay attention to your active trades, go through your watch list and monitor new trading setups. Friday. Assess the entire trading week. Check the end result, journal your winning and losing trades. Work on mistakes. Decide whether to keep holding the active position over the weekend or look for a way to exit the market before it closes. Saturday. Stay away from the charts. Meditate, relax and chill while the markets are closed. Trading for more than 9-years, I found that such a plan is the optimal for successful full-time / part-time trading. Try to follow this schedule and let me know if it is convenient for you ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
19
Trading is a game of numbers and probabilitiesFirst of all, let us clarify, that what we mean by a "bad trade" is simply a transaction that was unsuccessful . There are no "good" or "bad" trades as the whole system of trading is random and unpredictable. In other words, if we knew how to differentiate between bad and good trades, then technically, we would always choose to enter good trades, right? Or should we wait for our trades to close before we label them "good" or "bad"? Anyways, moving to the main part, we would like you all (especially beginners) to embed the following in their minds forever: trading is a game of numbers and probabilities. No, you will not have a 100% win rate. No, you won't be making 200 pips per day. Yes, you will have losses. Yes, things are gonna get emotional. The above-stated may seem bizarre to newbies. "Like, what do you mean I cannot make 200 pips per day? This Free Forex Signals group on Telegram shares 50 signals per day and promises me a 100% return per month and you are telling me I cannot make 200 pips a day? Hahaha, do not make me laugh". Been there, listened to that. At the beginning of our trading careers, we are greedy, emotional, and extremely optimistic about our skills and abilities. We get angry, question ourselves, change our strategy every second day and so forth. All that up until we get more mature and wise in the markets. With time, we gain experience and double up on our skills; and that is exactly when we become acknowledging the market for what it actually is and understand how it functions. Experienced traders think, move, and act in probabilities. They predetermine their risk, calculate all possible outcomes, execute at ease knowing that they are following their strategy. To put it into simple English, they do not get mad over one loss, because they know that their backtested and fully planned strategy is there to lead them towards long-term profitability and consistency.
BITSTAMP:BTCUSDEducation
by Investroy
7
Multiple Time Frames Can Multiply Returns In order to consistently make money in the markets, traders need to learn how to identify an underlying trend and trade around it accordingly. Multiple time frame analysis follows a top-down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. After deciding on the appropriate time frames to analyze, traders can then conduct technical analysis using multiple time frames to confirm or reject their trading bias. Multiple time frame analysis, or multi-time frame analysis, is the process of viewing the same currency pair under different time frames. Usually the larger time frame is used to establish a longer-term trend, while a shorter time frame is used to spot ideal entries into the market. HOW TO IDENTIFY THE BEST FOREX TIME FRAME? Many traders, new and experienced, want to know how to identify the best time frame to trade forex. In general, traders should select a time frame in accordance with: the amount of time available to trade per day the most commonly used time frame utilized to identify trade set ups. For example, day traders typically have the whole day to monitor charts and therefore, can trade with really small time frames. These range anywhere from a one-minute, to the 15-minute, to the one-hour time frame. Day traders that identify their trade set ups on the one-hour time frame can then zoom into the 15-minute time frame to spot ideal market entries. Multiple time frame analysis usually produces high win rate, guaranteeing very limited risk. Dear followers, let me know, what topic interests you for new educational posts?
OANDA:BTCUSDEducation
by SignalProvider
10
Trade Mindfully:How Meditation Can Help You Thrive in the MarketMeditation is an incredible tool that can help a trader in many ways, both emotionally and mentally. It can bring calmness to the chaos of the stock market and provide a sense of clarity that is often difficult to achieve. When you meditate, you foster mindfulness that can carry forward to your next task. This helps you to keep a clear focus on what you need to do next, whether it is to hit the trading floor or simply take a shower. By being present in the moment, you can better focus on what you need to be in your best frame of mind for trade. Meditation can help you to control your state of mind, so you can filter out unnecessary information. You then can better concentrate on what is important, and your ability to understand the situation can be heightened. It enhances your patience and enables you to think outside the box. Most importantly, meditation puts you in a better shape to deal with the volatility of the stock market. By focusing on positivity and reducing unhealthy thoughts, meditation helps you to stay calm and collected, even in the most stressful situations. This, in turn, keeps you from having a mental breakdown after a difficult day of trading. Some days, even meditation cannot completely take away the blues, and that's perfectly okay. What matters most is that you set aside time to focus on your mental wellbeing. Meditation is a powerful tool that can help you to achieve greater emotional and mental balance, enabling you to perform your best as a trader. Now, Take a deep breath and meditate on this for a moment....
COINBASE:BTCUSDEducation
by FOREXN1
20
2 Free Online Games that Have Helped Me Become a Better Investor2 Free Online Games that Have Helped Me Become a Better Investor. So Im in the middle of reading the " A Man of for All Markets" by Edward O. Thorp, and its fascinating. Hes a mathematician who proved there was a potential edge in blackjack (21) based on the cards that were left in the deck. He also went on to be investing fund manager who focused on covered calls and warrants and had a consistent track record for 20-25% annual returns. But his logic covered in his book focused on not only the odds of winning but the sizing of bets in both playing games and investing. Risk management and bet sizing is not spoken about enough in life I believe. In the age of YOLO and wall street bets, clearly its not celebrated enough. A YOLO bet is a massive bet because 'you only live once'. how silly mathematically and how foolish from a consistency basis. Been there done that. Bet sizing is key for survival. If you cant endure and survive long enough to be massively right, then your out of the game. In the video I share 2 games that I think are awesome for practicing these concepts. I really I had learned to play and practice these concepts in games like this in college or high school. Its a math simulation. the Coin flip game is fantastic for learning how to manage risk and bet sizing. The Cashflow game by rich dad poor dad is awesome for taking investment habits and cash managements and applying them into a mini lifecycle that rhymes with real life. If youre new to investing, or just sharpening your skills, I definitely recommend both games. Have a great day, Cheers!
SP:SPXEducation
by ValuePig
5
RISKOMETER Based on Your Trading Style ⚠️ Hey traders, In this educational post, we will discuss the relation of risk to your trading style. 1️⃣ High Frequency Trading (HFT) It is a complex algorithmic approach that is used to operate on second(s) time frames. Such a style is considered to be the riskiest one. With a very high frequency of order execution and sophisticated strategies, it requires a very high level of experience and proper software and hardware for successful operations. 2️⃣ Scalping It is a manual trading style with operations on minutes time frames. With the average holding period ranging from minutes to hours, scalping requires a high degree of attention and constant charts monitoring. Being one of the most profitable trading styles for retail traders, scalping involves an extremely high risk and mental load. 3️⃣ Day trading The form of speculation in which the traders attempt to make profits within a single trading day. Occasionally, however, day traders may hold their positions overnight. Day trading is considered to be slower than scalping, with the trade execution on hourly time frames. Slower pace drastically reduces risks also limiting the potential gains. 4️⃣ Swing trading It is a style of trading that is aimed to make profits on swing moves, with an average holding period ranging from days to weeks. 4H time frame is the lowest time frame where swing traders usually operate, and a daily time frame is usually the highest one. The operations on higher time frame dramatically reduces the noise and degree of manipulations, making that style of trading relatively safe. 5️⃣Investing (Position Trading) Trading / investing style aiming to make long-term profits. The average holding time of a position trader may expand to years. In comparison to other trading styles, investing generally produces the smallest gain. That is, however, compensated by extremely low risks. Correct understanding of relations between trading styles and potential risks is crucially important for a selection of an appropriate style for you. Shorter is the holding period and operational time frames, higher is the risk, but higher are the potential gains. You should pick the style that fits your risk-tolerance and expectation. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
11
6 Character Traits to Develop or Refine Your Day Trading Career It may seem as if developing a career in forex day trading is about finding a strategy, practicing it regularly, and making bundles of money. Yes, it is about that. But, where are our characteristics on that list? To become a successful day trader, you need to develop specific features to implement an effective strategy that delivers results in all market conditions. We may not be entirely aware, but we do use them daily, and maybe, at times, we notice that we should work more on developing these. These characteristics are innately a part of us. It is essential to work on developing these characteristics that guide you towards building a thriving day trading career. It is good to know that not all successful day traders inherently have the ability to succeed without hard work. For most, it takes weeks, months, and years. By continuing to read, you will realize why you should develop the skills sooner rather than later. 1. Discipline Discipline requires boundaries and mental acceptance. It’s one of the many characteristics used to achieve in day trading. Even though some beg to differ – they say that a well-developed trading plan was their way to success. But how disciplined are they to follow it? Being disciplined is vital when deciding which products to trade. Thousands of products are traded throughout the day, and It is very overwhelming with infinite opportunities thrown to you at once. Devise a schedule that revolves around the best times for you to trade. Select a product to trade and stick to both the product and your plan. 2. Patience If you haven’t started trading yet, you will soon realize that it is a “waiting game” with loads of patience needed – but with fantastic profit too. It can be challenging for beginner traders who don’t have enough patience and find it challenging to wait or watch the markets. If you enter the market at a time when nothing is happening, you may blame your luck and try to jump in or out of the tradestoo early. You may land up building resentment, and it will not suffice. 3. Adaptability Change is a characteristic that is either always welcomed or never welcomed at all. When becoming a trader, you will accept that day trading as a career is ever-changing. To be a successful trader, you will have to work through some discomfort to adapt to fluctuations quickly. It is extremely rare to have two trading days that are the same or similar to one another, which means you must adjust to different scenarios in the market. 4. Mental Strength Day trading is about gaining the mental strength that can withstand the losses that the market throws at you. Some days there can be no losses thrown at you, yet on other days, this is all you will see, and it can be soul-destroying. More positively, there will be times when you are on a losing streak, and it’s at this stage when the pro traders are looking for opportunities to bounce back. Do not be disheartened if you are disappointed after losing a trade or if your strategy isn’t delivering the results you expect. 5. Let Go Preparations for your losses don’t mean that you should continue grinding it out on the market and continue to lose your capital. If your mental strength gives you the courage to walk away from the suffering of your continuous losses – do that! Walk away! 6. Independence At the beginning of your trading career, it is a good idea to reach out to fellow traders and mentors to help you with the building blocks. These contacts will recommend trading videos, podcasts, books, forums, and articles to build your skills and confidence. However, if you want your trading career to take off smoothly, then learn some of the critical skills by yourself. Develop a sense of independence, where you do not rely on others. Having to rely on help or opinions all the time is tiresome. Once you have developed a trading strategy that works, you should not listen to every opinion from others. Be focused on doing what works for you. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Hey traders, let me know what subject do you want to dive in in the next post
OANDA:XAUUSDEducation
by TopTradingSignals
18
Scalper, Day Trader & Swing Trader | Choose Your Path There are thousands of different ways to trade the market. During the last 100 years, various trading strategies and techniques were invented. One of the ways to categorize them is to split them by types of traders. Such a category type will lean on 2 main elements: trading frequency and time frame selection. 1️⃣ - Scalper I guess 99% of newbie traders start from scalping. Trying to catch quick market moves and become rich quick, newbies are practicing different scalping strategies. What is funny about scalping is the fact that such a trading style is considered to be the easiest by the majority while remaining one of the hardest in the view of pros. The main obstacle with scalping is a constant focus and rapid decision-making. Scalpers usually open dozens of trading positions during the trading session, most of the time being in front of the screen constantly. Paying huge commissions to the broker and dealing with complete chaos on lower time frames, the majority simply can't survive the pressure and drop, leaving the pie to true gurus. 2️⃣ - Day Trader Day trading or intraday trading is the most appealing to me. Staying relatively active, the market gives some time for the trader for reflection & thinking. Opening and managing on average 1-2 trades per trading session, the intraday trader is granted a certain degree of freedom. However, with declining volatility , quite ofter intraday traders get a relatively low risk/reward ratio for their trades, 3️⃣ - Swing Trader Swing trading is the best choice for traders having a full-time job. Primarily being focused on daily/weekly time frames, swing trading is not demanding for a daily routine and aims at catching mid-term/long-term market moves. With an average holding period being around 2 weeks and opening 1-2 trading positions per week, swing trading is considered to be the least emotional and involves low risk. The main problem with swing trading is patience. Correctly identifying the market trend and opening a trading position, the majority tends to close their positions preliminary not being patient enough to let the price reach their target. Which trading type do you prefer? Let me know, traders, what do you want to learn in the next educational post?
Education
by VasilyTrader
5
Learn What is Confirmation Bias | Trading Psychology 🧠 In this educational article, we will discuss one of the most common cognitive errors of newbie traders - a confirmation bias. In order to better understand that term, I want to start with the example: Let's say that after doing some research, you are highly convinced that Bitcoin is bullish and that it is a decent investment. You decide to buy that from 50.000 level, expecting the exponential growth. Instead of growing, however, the market starts falling rapidly. Rather than closing your position in loss, you decide to do a new research and execute the analysis, you start looking for the proof of your pre-existing beliefs. You completely neglect the voices of Bitcoin sceptics and ignore bearish clues on the price chart. You consider only the facts that support a bullish outlook, not letting you accept the other point of view. You become a victim of a confirmation bias. Unfortunately, such a psychological trap frequently prevents a closing of a trading position in time, leading to substantial losses. Confirmation bias is a common psychological error that makes a subject overvalue the information that upholds his existing beliefs and undervalue the opposing one. Here are the most common symptoms of that trap: 1️⃣One is neglecting the objective facts. 2️⃣One is interpreting information in a way to support the existing beliefs. 3️⃣One is considering only the facts that conform with his point of view. 4️⃣One is completely ignoring the information that challenges his beliefs. The only way to beat a confirmation bias in trading, is to learn to analyze the market from sellers' and from buyers' perspective. Your task is to compare the view of the 2 sides, and pick the one that is stronger, holding in mind the fact that everything can change. You should always remember of the changing nature of financial markets and be ready to always reassess your views. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
13
10 Rules of Risk Management Risk management is the most important aspect of any trading plan. Apart from the mathematical and strategic methodologies to employ, there are several precautions you can adopt as a trader and consider in your decision-making process. Never risk more than you can afford to lose. Never forget Rule no.1. Stick to your trading plan. Consider the costs like spread, rollover/swap and commissions. Limit your margin use and track available margin to avoid margin calls. Always use Take Profit and Stop Loss orders. Never leave open positions unattended. Record your performance and adjust as you progress. Avoid high volatility periods like economic news releases. Avoid making emotional decisions when trading. We apply risk management to minimise losses if the market tide turns against us after an event. Although the temptation of realising every opportunity is there for all traders, we must know the risks of an investment in advance to ensure we can endure if things go sour. All successful traders know and accept that trading is a complex process and an extensive risk management strategy and trading plan allow us to have a sustainable income source. ❤️Please, support our work with like & comment!❤️ What do you want to learn in the next post?
TVC:GOLDEducation
by UnitedSignals
5
How to succeed on the marketThere are so many opportunities in a single pair that one can maximise. The secret is to choose one or two pairs and maximize them. You are not going to miss out on anything. Many traders are psychologically affected by the following: 1. Fear of Missing Out (FOMO). Many think if I focus on only one pair I will miss out on the opportunities from other pairs. No, you won't because in one single pair if you are an intraday trader there are so many opportunities to capitalize on. FOMO cause traders to traders to jump into the markets too early and too late for the fear that they will miss out on an opportunity. There is no single opportunity in the market that will make you rich and opportunities are never going to end. Before you started out in forex trading you had missed out on so many opportunities. Remember forex did not start when you started and will not end when you stop trading. Before you were born forex was already there which means opportunities were there. So missing one opportunity today should not make you lose your mind and be hard on yourself. Think of opportunities like public buses. When you reach the bus station and find that the bus has left, do you start cursing yourself and being hard on yourself? The answer is no! You simply relax and wait for the next one. If the next one doesn't please you, you still wait for the next one. The same way you never feel bad when you miss one bus is the same way you should feel one you miss one trade. Don't feel bad. Know that another opportunity will come your way. We have been raised with the faulty thinking that money doesn't grow on trees. That's a belief so deep that when we get into the market, we want to make all the money in one trade. Our faulty thinking whispers to us that there may never be another opportunity like this so we tend to become careless and leverage. 90% of trading is psychological and only 10% is technical. Once you understand that you are dealing with a market with abundant opportunities to make you rich you will trade stress-free. Even if you take a loss, you will not take it personally knowing that as long as am using good risk management, another opportunity will come my way and I will recover my loss. Don't go into revenge trading because of one loss. Losses are part of the game. Learn to live with them and love them the same way you love take profit. Here is the truth, Losses are under your control, and profits are not. If you take care of the losses the market will take care of the profits. Causes of FOMO 1. Lack of a trading plan 2. Lack of trading discipline 3. Information overload 4. Social media influence 5. Having a scarcity mentality
Education
by EruditesAcademy
📖STOIC TRADING📖Stoic trading. I bet stoics didn't trade, but they knew a lot about life in general. I suggest to cultivate stoic mindset in regards to trading, and negative expectation and negative visualization in particular. You can talk about it with ChatGPT and explore yourself, but here let me explain a bit. So, instead of doing exactly what everyone else does - that is to expect your next trade to deliver big time, or to dream about a big runner, or huge profits in a day or a week, or to trade back all your recent losses with one overrisked entry - try to do something that's completely different. And by the way, that's a great overall approach to trading: find what doesn't work, and do the opposite (that's one of the main principles discussed widely by great Tom Dante). To do this, when you come to the market, visualize and expect nothing🙀. Literally tell yourself this: 1️⃣..I showed up to the charts just to observe and analyze them (by the way, did you know that speculation, from latin "specio", means observation, with no judgement) 2️⃣..I expect my setup to NOT show up today, and so today I'm not expecting any trades to have In case you'll find your setup, continue to keep the following negative mindset: 3️⃣..I followed my rules and entered a good setup, and I will follow my management rules, but right now I expect this trade to just end up as a loser If you were able to protect at breakeven later, expect it to hit your breakeven and not your take profit. For beginners, this all can sound stupid, even somewhat like a paradox🙄, but that's only because they don't understand how trading works. And trading really works in a way, that having LESS trades brings you MORE profit. Even if you're trading 1 sec. chart, and I'm not joking here. This mindset practice I described above allows you to protect your emotional capital and also enter setups with a better quality. I will talk more about this and also why so called "overtrading" is actually pure gambling, and how it destroys people's accounts in the next post. Have a good day everyone, and keep the grind, even if there's no one to appreciate or believe in you! P.S. I appreciate you and believe you will eventually do it and become consistent and profitable trader. 🙌
BITSTAMP:BTCUSDEducation
by Yelli_trades
11
How to achieve quick profits through short-term trading?Many friends enjoy short-term trading, mostly due to the short holding time, quick results, and the thrill of the process. However, short-term trading is the most challenging among all trading methods and requires careful consideration. Today, I will share my early experience of short-term trading with you. Specific methods and strategies will be provided in the later part of this article, which are closely related to practical applications and, I believe, will be helpful for you. The article is quite lengthy. If you find it helpful, please give it a thumbs-up at the end of the article. Thank you. Advantages and disadvantages of short-term trading Short-term trading does not have a strict definition standard. When the market moves quickly, positions can be closed within a day, but if the market moves slowly, it may take two or three days to close the position, all of which belong to short-term trading. On charts, I usually consider trades at the 5-minute, 15-minute, and even 1-hour level as short-term trades. The advantages of short-term trading are: (1) Short holding time and quick results. People are naturally curious about the unknown and want to know the results quickly. Short-term trading fits human nature, making it easier to control emotions. (2) High trading frequency, providing a thrilling experience. Many traders are restless and want to trade multiple times a day, short-term trading meets this human need. (3) The decay cycle of the short-term trading system is short, and the distribution of trading results is more evenly distributed, making it easier to execute. Sometimes, even with a losing streak of 5 times, the long-term trading strategy may take over a month to recover, while the short-term trading strategy may only take two or three days. Thus, short-term trading is less torturous to human psychology during a losing streak. Disadvantages of short-term trading: (1) High trading frequency requires more time and energy and is not suitable for part-time traders. (2) Frequent trading generates high trading costs. Therefore, short-term traders need to pay attention to their commission fees. I have seen many futures traders who have had their accounts charged two or three times, or even ten times, the commission fees. How can they make a profit like this? (3) Requires higher professionalism and attention to trading details. Short-term trading is more sensitive to changes in the market. Sometimes, when the market changes, you don't have much time to think and must act decisively. People with more procrastinating personalities are not suitable for short-term trading. Additionally, the margin of error for short-term trading is relatively low. Long-term trades do not require very precise entry points, and being off by 5 or 10 points does not have a significant impact on the overall trade. However, in short-term trading, being off by 5 or 10 points can be the difference between profit and loss. Therefore, short-term trading is a delicate operation, and all trading details must be clear and easy to execute. Short-term traders also need to possess qualities such as attention to detail, boldness, calmness, and decisiveness. So, how can you quickly profit from short-term trading? Next, I will share two strategies. 2.Plan One: Choosing Volatile Markets with Large Amplitude for Short-term Trading As a short-term trader, we only need to capture a small segment of market volatility, and it doesn't have to be the overall trend, as long as the market volatility is fast and the amplitude is large. The faster the market volatility and the larger the amplitude, the easier it is to make profits. For the same 100-point profit, it may take only one day to achieve it when the volatility is fast and the amplitude is large, while it may take several days to achieve it when the volatility is slow and the amplitude is small, resulting in a much lower trading efficiency and different challenges to our mentality. Therefore, the amplitude of the product is the key to making profits in short-term trading. We need to selectively engage in short-term trading and not try to swallow all profits. There are two specific strategies to consider. Strategy One: Directly select high amplitude products for short-term trading. Different products have their own characteristics when operating in the market. Some products have fast volatility and large amplitude, while others have slow volatility and small amplitude. Before engaging in short-term trading, we must select the most suitable products. For example, in the same breakout trading opportunity, products with high volatility and larger amplitude can achieve greater profits more quickly. As traders, we all understand that the faster we can lock in profits, the more confident we feel. Therefore, selecting the right products makes short-term trading easier. Moreover, if you choose a slow-moving product, your holding time will be longer, and your position may be occupied, which will reduce the utilization rate of your funds and affect the final profit. Short-term trading is about paying attention to details and maintaining a strong mindset, as even the smallest details can determine your success or failure. Therefore, do not be careless. FXOPEN:XAUUSD FOREXCOM:EURUSD
Education
by Ice_and_Fire1
5
What is the golden stop-loss rule? For trades such as stocks, futures, or forex, stop loss is a part of the trade, and it only works for investors if there is a stop loss in each transaction and it is adhered to. Today, I bring you a 3:1 gold stop loss rule, hoping to help with your investments. Stop loss is a way to minimize losses in current market trades and is frequently mentioned. However, the essence of stop loss is not just setting a stop loss price. In particular, in markets such as forex and futures where long and short positions can be taken, too many stop losses will undoubtedly cause significant loss of capital. Market leaders use people's fear to cause repeated shocks, even unilateral rises or falls to trigger short-term traders' stop loss prices, and then quickly retract. The normal daily volatility of the stock market is also around 5%, so if your stop loss is set at 5%, won't it often be hit? This requires attention to two issues: first, judging the trend of the market, whether it is a volatile market or a clear trend market; second, setting a reasonable stop loss position. First of all, it's important to understand that the most notable characteristic of the trading market is volatility, and most of the time it's in a volatile trend, regardless of whether it's in a larger time frame or a shorter time frame. Therefore, the investment strategy for a volatile market should be the preferred strategy for short-term traders. Secondly, identifying the range of volatility is crucial. Find the highest and lowest prices in recent price fluctuations. After a sharp rise or fall in the market, a corrective wave will form between these highest and lowest prices, sometimes lasting a long time. For example, commonly seen patterns such as triangle consolidation or box consolidation require a longer period of time before forming a new breakthrough. As for what prices to choose as the range, it depends on your trading period, whether it's daily, weekly, 60-minute, or even minute-by-minute. By using price analysis to determine the operational cycle, you will find a clear pattern of fluctuation range. The stop-loss price for such fluctuations should be set outside the highest or lowest points, and smaller stop-loss or trailing stop-loss should not be used. When the price breaks through the highest point, it is necessary to observe its sustainability. In most cases, it will return to the range-bound area again. However, if the sustainability is strong, it continuously sets new highs, and trading volume continues to increase, a new trend can be determined, and the stop-loss can be changed to a trailing stop. Its price should be set at a price that falls more than one time period beyond the highest or lowest price, and there is no new high or low in three consecutive time periods. At this time, it can be judged that the trend has stopped and entered a range-bound market. For example, if the time period is a 5-minute candlestick chart, then the trailing stop should be set at a price formed by a relatively large 5-minute candlestick chart. But generally, it should not exceed two candlestick chart prices, because beyond this price, the profit left is often very small. The 3:1 golden stop-loss rule in trading skills means that the profit of the take-profit point is three times the loss of the stop-loss point. For example, if you buy a stock and it falls by 7% or 8%, you should close your position in a timely manner. When your stock rises by 20% to 25%, you should consider selling some of it, and not be greedy and wait for it to rise further. Of course, the percentage values here can be changed according to the market situation, but the ratio should always be maintained at 3:1. Some investors may have doubts, what if I set a stop loss at 8% and then the stock rises significantly, even by more than 50%, after I sell it? It seems like a big mistake to sell it, and many investors may no longer believe in the 3:1 rule. Actually, the reason why we set a stop loss at 8% is to prevent it from falling by 10%, 20%, 25%, 40% or even more. You can think of it as a small insurance premium to ensure that an 8% loss doesn't turn into a 60% loss. Isn't it easier to handle that way? For most investors, an 8% loss is manageable, but a 60% loss is a burden that many cannot afford. In the market, human weaknesses will be reflected. When you hold a stock that falls, you will lose some capital, and you will fear that it will continue to fall, rather than hoping it will rebound to make up for previous losses. As a defensive measure, trading systems should still follow the 3:1 rule for stop losses. Finally, I wish everyone a happy investment journey.
TVC:GOLDEducation
by Ice_and_Fire1
3
How to resolve being trapped in gold position. Given that no matter what market conditions may be, there will always be friends who find themselves trapped in a position, here are several methods for unlocking these positions: Long-term unlocking: If an investor has a clear view of the big trend (such as a bullish market), and their position is trapped in a small trend (a dip in the market), they can first stop the loss and close out the position. Then, they can enter the market again at a lower price to earn the price difference and obtain the profit from the big trend while reducing the risk of being liquidated by the small trend. Short-term unlocking: If the investor's judgment of the market is completely wrong, they should close out the position promptly to avoid suffering greater losses from the continuing one-sided trend. The longer a short-term investor holds a position in a one-sided market, the greater the loss. Light position unlocking (also suitable for large fund investors): It means adding more long positions as the market falls, using idle funds to lower the average cost, and waiting for the price to rebound. The advantage is that as long as the operation is correct, unlocking is possible as soon as there is a rebound, regardless of how deeply the position is trapped. Swing unlocking: This method is suitable for being trapped in various market stages, especially in volatile markets. It relies on the fluctuation of stock prices to unlock the position by using the price difference between high and low prices. The idea is to buy low and sell high, gradually reduce the cost, and minimize losses. The advantage is that the operation techniques are diverse and flexible, and can be adapted to different situations. If operated correctly, the unlocking speed is fast. The disadvantage is that it requires a high demand for personal time, energy, and skills, and frequent operations have a certain cost pressure. It requires professional guidance from those who have time, energy, and technical knowledge. Tips for trading gold: 1.Entry point: The entry point is crucial. Although gold and crude oil trading involve two modes, long and short, there are actually four modes: low long, low short, high long, and high short. In a one-sided trend, all four modes are feasible. However, in a volatile market, it is essential to avoid low short and high long positions. These positions are akin to chasing rising and falling markets, which often leads to losses. 2.Stop loss: Before placing a trade, determine the stop loss price and ensure it is reasonable. Immediately input the stop loss price after placing the order. The purpose of stop loss is to limit losses. Only by limiting small losses can you preserve your capital. Sometimes you need to let go to gain something. Do not assume that if you lose this time, you cannot earn it back. Manage investment risks carefully. 3.Position sizing: How you allocate your funds affects your ability to tolerate risks. Oversized positions or full positions can lead to increased losses and psychological pressure. Often, you cannot analyze market trends carefully, which can result in mistakes. 4.Take profit: Many traders struggle to take profit, causing profitable trades to turn into losses. In a one-sided trend, the push stop-loss method can be used to increase profit margins. Taking profit requires personal consideration of exit points. Not every trade needs to yield thousands or millions of dollars. Sometimes, in a volatile market, a profit of a few hundred dollars can accumulate over time. 5.Mindset: This is the most critical point and one that every investor must master. When you enter the market, it is undeniable that everyone is here to make money. However, your mindset determines how far you will go on the investment journey. The goal is to prefer small gains over losses, not to think about making more or less profit. Opportunities require us to seek them out ourselves. The moment you read this article, you have already been given an opportunity. Everyone in life experiences setbacks and failures, but the difference lies in our mindset when faced with adversity. Some people always regard setbacks as failures, which can undermine the courage to succeed. In investing, the key is to be on the right path and have the right direction. "A calm sea never made a skilled sailor," and there is no stable market environment. The purpose of investing is to make money! A clear mind is more important than a clever mind in this market. A good habit is more practical than a skilled technique. Perseverance is long-lasting, and authenticity is eternal. This is true of anything we do. I hope my article can bring you benefits and smooth sailing on your investment journey. May my investment experience benefit investors, and with you and me, an ordinary person plus an ordinary person, may we have an extraordinary investment experience and insights. Be meticulous in life and ordinary in your work. May your investment journey be smooth sailing. If my article is helpful to you, please remember to like it. If you have other questions during your operations, you can follow my homepage↓↓↓ to conveniently get the information in the first time. FXOPEN:XAUUSD TVC:GOLD COMEX:GC1!
FXOPEN:XAUUSDEducation
by Ice_and_Fire1
1
Ways to achieve greater profits It's not necessary to use heavy positions or hold onto trades in order to achieve greater profits. I want to emphasize the dangers of these two approaches again. Heavy positions - the most direct manifestation of this in the market is that even if you are in a relatively good position, once you are stopped out, the heavy position can lead to significant losses. Of course, it must be acknowledged that if you can correctly predict the direction, it can also bring significant returns. However, when weighing the two approaches, preserving capital should always be the first principle. Holding onto trades is even riskier. Once you encounter a one-way market, if you keep adding to your position, the result will be huge losses or even blowing up your account. Therefore, both approaches are not advisable. The correct approach is twofold. First, operate in markets with larger formations, using staged profit-taking and setting trailing stops to take advantage of greater market space with zero risk. By holding for the long term, you can maximize profits. Second, as the market continues to move, add to your position appropriately in situations where you already have profits, and then set stop-loss orders to protect your capital. For example, if you sell at the upper bound and the market later falls below the lower bound, the entire formation will turn downward. We understand that there is still a lot of room for the market to run, so if you have profits from your sell order at the upper bound and the formation begins to turn downward, you can use additional orders and stop-loss orders to hold onto the position with zero risk, thereby maximizing profits. Follow me for more interesting ideas that will greatly help your trading.
FXOPEN:XAUUSDEducation
by EagleEyeStrategy
Two methods to ensure no loss of principal There are only two ways to avoid losing capital: one is to have a small stop-loss space (reflected in the entry position), and the other is not to bet too much at once. For example, buying one lot with $10,000 can earn $1,000, and buying ten lots with $100,000 can earn $10,000. Although the probability is the same, the more you do, the more you earn, and the less you do, the less you earn. However, controlling losses should be the top priority. As discussed earlier, if you buy too many lots this time and get stopped out, it will result in a big loss, which violates the principle of capital preservation. Some traders become increasingly greedy after making profits and then add more positions. A typical behavior is adding positions. For example, if you bought 10 lots at first and then made a profit in the expected direction, the trader would blame himself for not buying more at the beginning. Then, he would begin to imagine that the market would continue to move in the expected direction and invest most of his capital in this product, let alone any correct practices such as taking profits in batches. After you add more positions, it means that the cost has changed. Once the market reverses slightly, you will go from being profitable to losing money. At this point, you panic, lose your ability to think, and greed slowly turns into hope. You hope that this is only temporary, but the losses increase every moment. Perhaps you will have some luck a few times, but it won't be long before there is a risk of a big loss or liquidation. It is important to understand that becoming rich cannot be achieved by just one market movement, so don't be obsessed with this one time. Greed makes people forget about risk, and don't always imagine that the market will move in the expected direction, ignoring the risk of the opposite trend. This is the key to keeping your capital out of danger. Follow me, and I will share more interesting ideas that will greatly help your trading.
FXOPEN:XAUUSDEducation
by EagleEyeStrategy