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Full Time Trading. Everything You Need to Know Once you mature in trading and become a consistently profitable trader, the question arises: are you ready to trade full time? Becoming a full time trade is a very significant step and my things must be taken into consideration before you make it. ✨ Becoming a full time trader implies that you quit your current job, that you give up a stable income - your salary. In contrast to classic job, trading does not give guarantees . Please, realize that such a thing as stable income does not exist in trading. Trading is a series of winning and losing trades, positive and negative periods. For that reasons, remember that in order to become a full time trader, your average monthly trading income must be at least twice as your monthly expenses. ✨ Moreover, even if your trading income is sufficient to cover two months of your life, that is still not enough. You must have savings. Trading for more than 9 years, I faced with quite prolonged negative periods. One time I was below zero for the entire quarter. For that reason, supporting a family and living a decent life will require savings that will help you not to sink during the losing periods. ✨ Another very important sign is your correct and objective view on your trading. Please, realize that if you bought Bitcoin one time and made a couple of thousands of dollars, it does not make you a consistently profitable trader. Please, do not confuse luck with the skill. Your trading must be proven by many years of trading. ✨ You must be emotionally prepared for the living conditions that full time trading will bring you. Being a full time trader implies that you are constantly at home, you work from home from Monday to Friday. You do not see your colleagues, your social life will change dramatically. I know a lot of people who started to trade full time and then realized that they can not work from home for different reasons. ⭐️ So what are the necessary conditions for becoming a full time traders: you should have savings that will cover the negative trading periods, your average monthly trading income should be at least twice as your monthly expenses, your trading efficiency must be proven by objective, consistent results, and you must be psychologically prepared for working from home. When these conditions are met, you can make a significant step and become a full-time trader. Are you ready? ❤️Please, support my work with like, thank you!❤️
COINBASE:BTCUSDEducation
by VasilyTrader
22
Expanded Wedge Strategy(tested)"This strategy incorporates an Elliott Wave base, but I've simplified it. Typically, it forms at the end of an upward or downward movement. When you connect the lows and highs and observe the expanding WEDGE pattern: wait for the candle to close above the upper SIDE. If it retraces below, specifically closing below the upper SIDE, it's a signal to sell. The stop-loss is set above The highest HIGH. The target is the distance between the lowest and highest points of the pattern. Have you encountered this strategy before??!
Education
by King_shark
1
9 Essential TIPS For Newbie Traders (Learn from my Mistakes!) In the today's article, I will reveal trading secrets I wish I knew when I started trading. 1️⃣ Forget about becoming a pro quickly Most of the traders believe, that you can learn how to trade easily and that it takes a very short period of time in order to master a profitable trading strategy. The truth is, however, that trading is a long journey. I spent more than 3 years, trying different strategies and looking for a profitable technique to trade. Once I found that, it took more than a year to polish a trading strategy and to learn how to apply that properly. Be prepared to spend YEARS before you find a way to trade profitably. 2️⃣ Focus on One Strategy While you are learning how to trade you will try different techniques, tools and strategies. And the thing is that newbies are trying multiple things simultaneously. The more strategies you try at once, the more setups you have on your chart. The more setups you have on your chart, the more complex and difficult is your trading. Remember that in this game, your attention is the key. You should meticulously study each and every trading setup. For that reason, I highly recommend you to focus on one strategy, one approach, one technique. Test it, try it and look for a new one only when you realize that it doesn't work. Here is the example how the same price chart can provide absolutely different trading opportunities depending on a trading strategy. Price action pattern trader would recognize a lot of a patterns, while indicator based trader could spot absolutely different bullish and bearish signals. Now, try to imagine how hard it would be to follow both strategies simultaneously. 3️⃣ Start with small capital that you can afford to lose You will lose your first trading deposit and, probably, the second one and potentially the third one as well. Losses are the only way to learn real trading. While you are on a demo account, you feel like a king, but once you start risking your savings, the perspective completely changes. For that reason, make sure that you trade with an account that you can afford to lose. The fact of blowing such an account should be unpleasant, but that should not affect your daily life. 4️⃣ Use stop loss I am doing trading coaching for more than 4 years. What pisses me off is that the main reason of the substantial losses of my mentees is the absence of stop loss. Why can it be if naturally everyone: from your broker to Instagram trading gurus repeat that day after day. Set stop loss, know in advance how much you risk per trade, and know the exact level on a price chart where you become wrong. Imagine what could be your loss, if you shorted USDJPY and hold the trade while the market kept going against you. 5️⃣ Forget about getting rich quick That is the iconic fallacy. I believe that around 90% of people who come in this game want to get rich quick, want easy money. And no surprise, when I share a trading setup on TradingView, and it loses I receive dozens of messages that I am a scammer. People truly believe that professional trading implies 100% win rate and quick and easy money. The truth is, traders, that trading is a very tough game. And with a good trading strategy, you have just a little statistical edge that will give you the profits that would slightly overcome your losses. 6️⃣ Train your eyes Professional trading implies pattern recognition: it can be some technical indicators pattern, the price action or candlestick formation, etc. Your main goal as a trader is to learn to identify these patterns. Pattern recognition is a hard skill to acquire. You should spend dozens of hours in front of the screen in order to train your eyes to identify certain patterns. Here is how many patterns you would spot on GBPUSD chart, paying close attention. 7️⃣ Track and analyze your trades Study all the trades that you take, especially the losing ones. Look for mistakes, look for the reasons why a certain setup played out and why a certain one didn't. Journal your trades and make notes. 8️⃣ Don't use technical indicators Newbies believe that technical indicators should do the work for them. They are constantly looking for one or a bunch that will accurately show where the market will go. However, I always say to my mentees that technical indicators make the chart messy and distract. If you just started trading, focus on a naked chart, learn to analyze the market trend, key levels, classic price action patterns. Learn to make accurate predictions relying on a price chart alone. Only then add some technical indicators on your chart. They won't do the work for you, but will help you to slightly increase the accuracy of a certain setup. Above is the classic chart of newbie trader. A lot of indicators and a complete mess The same chart would look much better without technical indicators. 9️⃣ Find a Mentor There are hundreds of trading mentors. Find the one with a trading style that you like. Follow him, learn from his trading experience, listen to his trading recommendations. 9 years ago I found a guy, his name was Jason. I really liked his free teachings, and they were meaningful to me. I decided to purchase his premium coaching program. It was 200$ monthly - a huge amount of money for me at that time. However, with his knowledge I saved a lot, I learned a lot of profitable techniques and tricks that helped me to become a professional forex trader. Of course, this list could be much bigger. The more I think about different subjects in trading, the more important tips come to my mind. However, I believe that the tips above are essential and I truly wish I knew all that before I started. I hope that info will help you in your trading journey! Good luck to you. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
6
SASKEN: Favorable Technical Indicators Point Towards a PotentialIn recent developments, SASKEN is showing promising signs as it approaches a crucial resistance trendline. Notably, the stock has received support from a reliable support trendline, accompanied by healthy trading volumes. Additionally, there has been a positive crossover observed in the MACD indicator, further strengthening the bullish sentiment. An encouraging factor is that SASKEN is currently trading above its 50-day moving average (DMA), indicating upward momentum. Moreover, the stock has been consistently finding support from this moving average, adding to its bullish prospects. Given these factors, I am inclined to recommend a BUY position with a stop-loss (SL) set at the 50DMA level. #SASKEN #StockAnalysis #TechnicalIndicators #BreakoutPotential #BullishSentiment #MACD #MovingAverages #TradingInsights
NSE:SASKENEducation
by LiveTradingBox
High & Low Resistance LiquidityLOW RESISTANCCE LQ 1.No liqidation Available SSLQ generated at weak low = low resistance lQ 2. Price is more likely to pullback to the nearest POI 3. high resistance LQ left at new strong high 4. price will move impulsively past low resistance lows to target available SSLQ HIGH RESISTANCCE LQ 1. Strong liquidation Signals potential institutional backing Leaves high resistance LQ 2. Often price will then pull back much deeper (or potentially reverse) 3. The end of the pullback often forms through a liquidation, leaving high resistance LQ at what then becomes the new strong / protected high 4. Price meets some resistance at the sweep zone to the left rather than smashing straight through the weak lows when there's low resistance LQ
EIGHTCAP:XAUUSDEducation
by quangcttn
1
Trading logic in multiple time frames of the SMC methodAfter the price breaks through the Swinghigh of the large time frame to create a BOS signal We look for sell down or buy up signals according to the following structure: Swing high(Weak) H4 => 1/5M pullback => break Swinglow 1/5M => 15M pullback => break Swinglow 15M => Pullback 4H => Order block 4H=> Pullback 1/5M => break Swinghigh 1/5M => Pullback 15M => break Swing 15M = > Pullback 4H => break Swinghigh 4H => Create new Swing High (Weak) and Swing Low (Strong)
CAPITALCOM:DXYEducation
by quangcttn
The EWT Explanation as to why I'm BullishThe elliot waves i have explained on the chart, with fib extenion levels of .127, 1.36, 1.50, 1.62, 1.78, with 1.5 being the mean. there are numbers up to 2.44 and higher... As i have explained before at any instant there is a 50/50% chance of going up or down, all other indicators i have seen, except Squeeze pro, and EWT 80% chance of success. So be ready for a download too, 20% hance think like Sun Tsu we are on deadly ground using out level 3 platforms, the Brokers probably have level 7 screens by now it used to be level 5 screens. If Paper wants to rip a hole in our little bullish world of chop and begin the MAXIMUM PROFITS downslide downtrend we all dream of finally being short As hell andmaking huge profits shorting all day long from R5 down to S6 or S7 I have been trying to teach everyone how to spot EW 4 and stay in a trade w/o paying hundreds of dollars a day in commissions, after wave 4 you get a rocket ship on steriods, impuslive, complex and in the TREND UP.
CME_MINI:MNQ1!Education
by dryanhawley
Learn FAKEOUT, BREAKOUT, RETEST | Trading Basics Hey traders, In this post, we will discuss 3 very important market situations that every trader must be able to recognize: breakout, retest, and fakeout. ❗️ Please, note that the essential element of all these terms is structure: vertical and horizontal key levels. 📍 Breakout is a situation when the market breaks the identified horizontal support or resistance, or a vertical trend line. Breakout is a very important event that signifies the willingness of buyers/sellers to violate the structures. Violation of support signifies a strong selling pressure, while a violation of resistance signifies a high buying momentum. Usually, the structure breakout is confirmed with a candle close. For confirmation of a breakout of support, a candle close below that is needed. For confirmation of a breakout of resistance, a candle close above is required. Take a look at a bearish breakout of a key support on Gold. After the breakout, the broken support turned into a resistance and was respected multiple times. It was broken by the buyers then and turned into a support again. 📍 Retest is the situation when the price returns to broken horizontal support or resistance, or a vertical trend line after a confirmed breakout. For a structure breakout, high trading volumes are needed. Usually, after a breakout, the market participants are locally exhausted and a correctional movement follows. That may lead to a retest of a broken structure. Most of the time, after a retest, a strong impulse follows. For that reason, for many traders, the retest is applied for trading entries. Here is how nicely the price violated a key support on Gold. After a violation, the market became oversold and the price retested the broken structure. 📍 Fakeout or false breakout is the situation when the price has not enough strength to maintain its direction after a retest of a broken structure. Instead, the market returns below/above the broken resistance/support. Above, is the example of a false breakout on EURUSD. Fakeout is one of the main reasons why structure traders lose money. One of the ways to avoid fakeout is to monitor trading volumes during a structure breakout. A volume spike is needed to confirm the strength of the market participants, while low volumes most of the time signify a manipulation. Learn to spot breakouts and false ones, and try to trade on a retest. Hey traders, let me know what subject do you want to dive in in the next post?
Education
by VasilyTrader
6
The overall shape is curved like a arcA Trader looks at both sides and does not have an opinion on are we going bear or bull today, up or down. We could go up 100 points now to match the actual ATH, or we could continue rolling over in thi arm, spending more time in the S3 area, more selling than before, we will see what unfolds. Nobody knows the probazbly future in advance if they can't read elliot waver charts. This rally on the right could actually be a 4th wave counter trend complex 5 waves, that would be ideal to fall back into the new trend down or like i said go up 100 points to math /ATH? like a goal
CME_MINI:MNQ1!Education
by dryanhawley
SP500 Entanglement of Price Action IIThe price touched the line with specific angle that covers ATH and (current) Lower High. I consider it as a point of reference because current observable price can be explained with that vector. The line separates 2 outcomes: Continuation of the uptrend Rejection Significant reversals that caused the structure to look the way it looks are: "ATH" 4 JAN'22 13 OCT'22 Lowest (> 2 years) 27 JUL'23 Lower High Those dates initiated longer term movements, hence defining the entanglement. The angle of general direction can be defined by the Fibonacci Channels of macro-fractal which emerged from Covid Low: It kinda exposes their domestic "spin to the side". Another example: Since the angle of -27.47% drop (ATH and Lowest >2yrs) are more perpendicular to the direction of time scale, the derived fibonacci would define periods of waves. Matches angle of -10.93% drop from 27 JUL'23 to 0.382 fib of the domestic structure. But, since after such drop, it didn't fall further but in reverse grew back, it must be defined with upward direction vector, the fibs of which would cover that low with cold colors. The fact of growing at higher levels after just 10% drop, deserve to get filtered with upward fibs. In respect to 31% growth the current price resides at 0.618. Further interconnectedness of points: 1.236 fib confirms that price is indeed at crossroad and in case of violating it, the price would set its tendency to move to next (1.382) fib line and reverse there under heavier pressure. Currently price is still under pressure because the market has grown to levels of domestic resistance. The curve shows mathematical function that mimics highs before reversing. Hence, it can be used to refer deviation where the price can end up after escaping ATH-LH-Current_Price vector. Otherwise, with failing to breakout now, it might go for correction in short-term perspective as soon as players notice that market is at already saturated levels.
AMEX:SPYEducation
by fract