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THERE IS NO PERFECTION IN TRADINGToday, I want to provide with you an essay that will clarify just how far you should push your trading perfectionism. There is no ideal trading technique, to put it succinctly and painfully. Losses will be a part of life. Yes, there are High Frequency Trading (HFT) outfits that have been producing successful days after successful days for the past five years, but let me let you in on a little secret: you are not an HFT outfit. Additionally, these HFTs lose money; it's only that because they execute a million trades every day, their advantages soon disappear. Therefore, give up hoping and begin understanding that you will lose. The ideal trading strategy is one that generates profits over the long term; a strategy that generates profits on each trade would be utopian. Additionally, you won't begin making money until you acknowledge that you will also lose money. I know it's an old story, but this is one of the factors to consider if you aren't yet profitable. You still believe you are superior to the market, and you are still searching for a trading method that guarantees a 100% win rate, deep inside your reptile brain. Curve Fitting Is Asking For Disaster If you still want to develop your trading strategy after it has proven to be profitable, you must proceed with extreme caution. Your winrate and reward:risk ratio will change whenever you alter a parameter in a trading system because it is such a delicate construction. Your variance, average drawdowns, average updraws, and so forth will all increase. A trading system should only undergo subtle, gradual changes based on reliable data. If you keep trying to improve, curve fitting is what you'll finally do. As a result, there will be no room for any future changes in market behaviour because your approach will be too firmly tied to the past. However, markets are alive and continuously changing, as we all know. Every backtest faces the very real challenge of costing a lot of money by designing a system that is too tightly based on historical data. In addition, if you have three years of data, create your system on the first two years then test it on the third year without making any alterations, regardless of the third year's results. This is why you should always utilise an outsample while backtesting. You must eventually decide where you stand as a trader and prepare to lose. You may already be using a winning trading strategy, but are unaware of it since you constantly try to make adjustments to your system in an effort to minimise losses. This will, however, need a change to your current setup and expose it to new risks of loss. You will eventually just have to accept that your trading system will occasionally make bad trades because that is how trading works. Nobody would ever think consider trying to win every hand they play in poker; it is a stupid and insane idea. Most traders ruin good systems by striving to turn them into perfect systems. Accept this as who you are and your trading strategy, with all of its advantages and disadvantages. Accept that losses are a part of it and learn to love it. What more could you ask for when you know that you have a good outlook on life and that the system generates income for you? You already outperform around 95% of everyone who has ever entered this industry. You must aim for excellence rather than perfection. If you cannot fulfill your dream of creating the “Magic Strike Rate Trading System”, what is left? Excellence! It is your job to make sure to follow your system 100%. Not even the slightest deviation is allowed. Make sure you are always trading at the peak of your performance. Strive for excellence and make every trade count! Every trade that you take outside of your trading system is an insult to yourself, to the time and effort you put into trading, and to your self-respect. Excellence really comes down to respecting yourself in the end. Once you come to respect yourself and trust your abilities and your system, it will become easier and easier for you to follow your system. If you go on a losing streak, find out if you completed each trade well, and if so, whether the market conditions changed or something else occurred. When you are on a losing streak, it is crucial to keep going and stick to your plan while also comprehending why you are losing. It's good if there is nothing to be done. This is how a process-oriented approach should be adopted by every professional trader. You can weather the storm if you take pride in your losing streak, preserve your money, and trade expertly every time. Instead of endlessly optimising one setup, focus on mastering another setup or the market. It's really quite simple: If you follow your method perfectly for a time (let's say 50 transactions) and you are still losing money, you can say with a high degree of certainty that the system is the issue. You can then make adjustments, but if you don't use your system in the first place, you won't ever know if it works or not. Demo accounts and backtests are used for just that. And believe me, the more focus you place on strictly adhering to your system, the quicker it will become a winning system that complements your lifestyle and personality, which is crucial. But wow, if all of a sudden you are outperforming a sample of 50 trades. This might be it. You might have a successful strategy. Why make a change now? You are getting paid. Trade the system till you can follow it without thinking every day while doing flawlessly. Go for it if your trading log indicates that there is a LOT of potential in a particular location. Naturally, test the modified system first on a demo. If you are successful, though, and you can't locate any significant leaks, leave it alone. Don't curve fit once more. It's fantastic if you get bored! Monotony is a sign of successful trade. Congratulations, you have mastered your setup. You can now create a different configuration using the same technique to smooth your equity curve and diversify your revenue sources. Your equity curve will appear virtually perfect over time if you master 2-3 setups to locate trades in all market conditions, but there will still be a lot of losers among your winners, of course. Your strike rate, average risk-to-reward ratio, and risk tolerance are all important factors. Be disciplined Be flexible Never stop learning I would also love to know your charts and views in the comment section. Thank you
BITSTAMP:BTCUSDEducation
by CRYPTOMOJO_TA
7
Candlestick Mastery: Reading Price Action for Winning TradesIn the ever-evolving world of trading, mastering candlestick patterns and effectively interpreting price action can significantly enhance your ability to make winning trades. This trading idea aims to delve into the art of candlestick mastery, equipping traders with the knowledge and skills necessary to identify profitable opportunities in the market. Objective: The objective of this trading idea is to empower traders with a comprehensive understanding of candlestick patterns and their significance in analyzing price action. By leveraging these insights, traders can make informed decisions, enhance their risk management strategies, and improve their overall trading performance. Key Components: Candlestick Basics: To build a strong foundation in candlestick trading, it is essential to understand the fundamentals of candlestick charts. Dive into the various types of candlestick patterns and their characteristics. Explore patterns such as doji, hammer, shooting star, engulfing patterns, and more. Learn how to interpret the different components of a candlestick, including the body, wicks, and their sizes. Understand the significance of bullish and bearish candlestick formations in identifying market sentiment and potential trend reversals. Pattern Recognition: Mastering pattern recognition is a crucial aspect of candlestick trading. Gain in-depth knowledge of bullish and bearish reversal patterns that can provide valuable entry or exit signals. Study patterns such as the hammer, engulfing patterns, harami, and more. These patterns indicate potential trend reversals and offer opportunities for profitable trades. Additionally, explore continuation patterns like the flag, pennant, and symmetrical triangle, which suggest the continuation of existing trends. Real-life examples and case studies can help reinforce your understanding and sharpen your ability to spot these patterns in real-time. Price Action Analysis: Integrating candlestick patterns with price action analysis is a powerful approach to trading. Learn how to incorporate other technical indicators and tools into your analysis to validate and enhance the accuracy of your candlestick signals. Understand the importance of support and resistance levels, trendlines, and moving averages as they relate to candlestick patterns. By analyzing price action in conjunction with candlestick formations, you can gain deeper insights into market dynamics and improve your decision-making process. Risk Management Strategies: Effective risk management is paramount to successful trading. Develop robust risk management strategies specifically tailored to candlestick trading. Learn how to set appropriate stop-loss levels based on the structure of candlestick patterns and the surrounding market conditions. Explore position sizing methods to optimize risk-reward ratios and protect your trading capital. By implementing disciplined risk management techniques, you can safeguard against potential losses and preserve your long-term profitability. Backtesting and Paper Trading: Put your knowledge into practice by conducting backtesting using historical market data. Use candlestick patterns and price action analysis to identify potential trade setups and simulate trade entries and exits. Evaluate the performance of your strategies over different market conditions and timeframes. Additionally, utilize paper trading or demo accounts to execute trades based on your analysis without risking real capital. This hands-on experience will help you refine your trading approach, gain confidence, and validate the effectiveness of your strategies. Trade Execution and Management: Develop a systematic approach to trade execution and management. Learn practical methods for entering trades based on candlestick patterns and price action analysis. Define clear entry and exit criteria, set profit targets, and employ trailing stops to maximize potential gains. Additionally, explore techniques such as scaling in or out of positions to adapt to changing market conditions. Effective trade management strategies will enable you to stay disciplined and minimize emotional decision-making, leading to improved trading outcomes. Mastering candlestick patterns and effectively reading price action can significantly improve your trading outcomes. By honing your skills in these key components, you can gain a competitive edge and increase your chances of making winning trades in the financial markets. Thank you for reading and feel free to share your progress, ask questions, and discuss your experiences in the comments section. Let's learn from each other and continue refining this strategy together. Best of luck on your trading journey! Disclaimer: Trading carries a level of risk, and past performance is not indicative of future results. It is important to conduct thorough research, practice proper risk management, and consider personal circumstances before making any trading decisions.
BEducation
by LuminoAlgo
1
HOW TO MANAGE YOUR LIFE AND TRADINGHello traders, today we will talk about how to manage your life and trading Hey! When we all started, we encountered some trading challenges. These issues typically arise in the first year of trading. By year's end, the majority of traders had lost all of their money and had given up forever. In essence, this was brought on by excessive trading and a lack of knowledge. Trading requires certain skills and techniques, much like many other professions, which you can learn and use to achieve success. But if you're just starting off, you probably don't even know where to begin. PROBLEMS: Constantly worried about deals. This point greatly depresses you and diverts your attention away from other vital matters. - Personality and emotional losses When you start losing money too much, it might be difficult to recover, and attempting to do so will just result in further losses. - Confusion of mindset Like every sadness we experience in life, this one clouds our ability to think clearly. Rushing into new professions Overtrading is a mistake that many traders and investors make, and often results in significant losses. - Investing all of your money in assets. Write me a comment if you've ever tried trading with all of your money! Due to this issue, trading has turned into gambling and new traders are losing too much money. Solution: Schedule your trades. Concentrate on upcoming trades, plan your entries, take profits, and halt losses. It should be planned, and if something doesn't work, you need to fix it and try again, just like in any other firm. - Make modest deals Start with little trades when trading; don't hurry things if you won't be wealthy until the end of the year. But first, master trading, and make sure you've gained knowledge from both losses and triumphs. - Emphasis on manageable risk Yes, only 10% of traders make money each month; the other traders struggle somewhere in the middle. Before starting any new trades, attempt to understand your risks to ensure that you will be among the 10% winners. - Implement trading system You must experiment with many techniques and tactics before you can determine which trading criteria work best for you. Your trading system should fit your personality. You will be fine and closing months in substantial profits once your trading method is set up, though. - While trading, take pauses. When there is nothing to do on the market, take a deep breath and relax. Make sure you have time for other things. Try to arrange your trading time. The market is here to stay: This chart is just for information Never stop learning I would also love to know your charts and views in the comment section. Thank you
Education
by CRYPTOMOJO_TA
My today idea of Gold's possible moves 07062023Gold prices fell at the end of last week’s trading to give up their intraday gains as a result of the rise in the US dollar after the US jobs data, which came in better than expected, witnessed the lowest level at $1944 per ounce, after recording the highest at $1982. Technically, gold prices begin to press on the pivotal support floor of 1945 located at the Fibonacci correction 50.0% as shown on the 4-hour chart, and we find continuous negative pressure from the simple moving averages that returned to pressure the price from above. With the return of trading stability below the main resistance of the current trading levels, 1977 correction of 38.20%, that increases the possibility of resuming the bearish trend, and we are waiting to witness a clear and strong break of the 1945 support level, which facilitates the task required to visit 1932, the first target, knowing that the official target for the breach of 1945 is located around 1918 and 1913 correction. . Rising again above 1977 nullifies the activation of the bearish scenario completely, and gold recovers, heading to re-test 1996 and 2000, respectively.
PEPPERSTONE:XAUUSD
by nasirdxb
Bitcoin can make corrections and then bounce up!Hi guys, This is CryptoMojo, One of the most active trading view authors and fastest-growing communities. Consider following me for the latest updates and Long /Short calls on almost every exchange. I post short mid and long-term trade setups too. Let’s get to the chart! I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice. #BTC UPDATED As we can see on this chart In the long term BTC is forming these two patterns head and shoulder pattern and ascending triangle pattern, both important support is around 26500 which is also the neckline of an inverse head and shoulder pattern. According to both patterns, there is a chance that BTC may retest the 25,500K level if it’s able to hold this 100ma support. Currently its holding above 100ma at the moment. Stay tuned I will keep updating This chart is likely to help you make better trade decisions if it does consider upvoting it. I would also love to know your charts and views in the comment section. Thank you
Long
by CRYPTOMOJO_TA
12
What Should Be Inside Your Trading Plan Find out why you should have a trade plan—and the five elements that may help you put it to work successfully. Element 1: Your time horizon How long do you plan to hold a position? This will depend on your trading strategy. Generally, traders fit into one of three categories: Single-session traders are very active and look to gain from small price variations over very short time periods (minutes or hours) throughout the trading day. Swing traders target trades that can be completed in a few days to a few weeks. Position traders seek larger gains and recognize that it often takes longer than a few weeks to achieve them. Element 2: Your entry strategy Look for entry signals—for instance, divergences from trend lines and support levels—to help you place your trades. The signals you employ and the orders you use to make good on them hinge on your trading style and preferences. Element 3: Your exit plan When it comes to an exit strategy, plan for two types of trades: those that go in your favor and those that don’t. You might be tempted to let favorable trades run, but don’t ignore opportunities to take some profits. Element 4: Your position size Trading is risky. A good trade plan establishes ground rules for how much you’re willing to risk on any single trade. Say, for example, you don’t want to risk losing more than 2%–3% of your account on a single trade. You could consider exercising portion control, or sizing positions, to fit your budget. Element 5: Your trade performance Look over your trading history to calculate your theoretical trade expectancy, meaning your average gain (or loss) per trade. You start by determining the percentage of your trades that have been profitable versus those that haven’t. This is known as your win/loss ratio. ✅LIKE AND COMMENT MY IDEAS✅ Do you like this post? Do you want more articles like that?
Education
by ProSignalsFx
3
Learn Why Most of the Traders Fail The evidence suggests that only a very small proportion of day traders makes money year over year. There are certain patterns which may separate profitable traders from those who ultimately lose money. And indeed, there is one particular mistake that in our experience gets repeated time and time again. What is the single most important mistake that led to traders losing money? Here is a hint – it has to do with how we as humans relate to winning and losing. Our own human psychology makes it difficult to navigate financial markets, which are filled with uncertainty and risk, and as a result the most common mistakes traders make have to do with poor risk management strategies. Traders are often correct on the direction of a market, but where the problem lies is in how much profit is made when they are right versus how much they lose when wrong. Bottom line, traders tend to make less on winning trades than they lose on losing trades. Humans aren’t machines, and working against our natural biases requires effort. Once you have a trading plan that uses a proper reward/risk ratio, the next challenge is to stick to the plan. Remember, it is natural for humans to want to hold on to losses and take profits early, but it makes for bad trading. We must overcome this natural tendency and remove our emotions from trading. That will help you to be a consistently profitable trader. ✅LIKE AND COMMENT MY IDEAS✅ Do you like this post? Do you want more articles like that
Education
by ProSignalsFx
11
I'm correcting errors mid-weekI decided to publish a video about the recent trades taken and the aftermath. I believe that I see structure clearly, however my bias changes depending on the timeframe. I'll be ultimately bearish on Sunday and Monday, then decide I want to be bullish Monday night to trade up to the sell. I understand that counter trend trading is dangerous to the risk: reward portfolio. This video will be watched back 2-3 times by myself as I learn more about the market from "teaching" it. I'll also be posting more videos regarding pre analysis, leading up the decision to take the trade.
OANDA:XAUUSD
by DesharedPierreJr.
How to know where you areThe markets are fractal. Fractal : each part of which has the same statistical characteristics as the whole. This means that there are patterns within patterns on all degrees which can look identical from the macro to the micro. Just like the veins on your hands, to the rivers on earth. Although in terms of trading with take profits and stop losses, you need to know exactly which degree/fractal you are trading on because it can get confusing if you don't know where you are. The best way to learn how to approach this situation is to start from the macro and work your way down to the micro. My favorite way is, Daily 4hr 1hr 15min ( I personally stop here ) 5min 1min This is the easiest way to start and then once you find your time frame for setups, you will get flexible with these principles and use them in alignment with your time horizon for trading.
OANDA:XAUUSDEducation
by optimizedtrading
2
Learn The Iceberg Illusion | The Fallacies & Reality We often get mesmerized by someone’s above the surface success and don’t factor in all the below the surface opportunity-costs they paid to achieve that success. This is the ‘iceberg illusion’. It’s been a fav analogy of mine for years. And yet, this just might be a better visual for sport than the ‘iceberg illusion’. You see… the hyper focus on outcomes is one of the biggest failings (or façades) that comes from social media. It creates a false impression of what leads to success. We see the success, but not the work that went into it… The unseen hours, necessary failures, setbacks, crises of confidence, the not-now’s (to the countless asks), the loneliness, the late nights and early mornings; and, all the wobbling that comes before the walking—much less running. There are no shortcuts. There are no overnight successes. The iceberg doesn’t move quickly. It’s not sped up. It just moves consistently; at often a barely discernible speed. ✅LIKE AND COMMENT MY IDEAS✅ Do you like this post? Do you want more articles like that?
Education
by ProSignalsFx
9
Top 5 Tips to Increase Your Profits in Trading 📈 In this educational article, I will share with you very useful tips how to improve your profitability in trading the financial markets. 1. Decrease the number of financial instruments in your watch list. ⬇️ Remember that each individual instrument in your watch list requires attention. The more of them you monitor on a daily basics, the harder it is to keep focus on them. In order to not miss early confirmation signals and triggers, it is highly recommendable to reduce the size of your watch list and pay closer attention to the remaining instruments. 2. Avoid taking too many positions. ❌ For some reason, newbie traders are convinced that they should constantly trade and keep many trading positions. Firstly, I want to remind you that the management of an active position is a quite tedious process that requires time and attention. Therefore, more positions are opened, more time and effort is required. Secondly, if the newbies can not spot a good setup, they assume that they are obliged to open some positions and they start forcing the setups. Remember, that in trading, the quality of the trading setup beats the quantity. I advise taking less trades, but the better ones. 3. Let winners run if the market is going in the desired direction. 📈 Once you caught a good trade and the market is moving where you predicted, do not let your emotions close the trade preliminary. Try to get maximum from your trade, closing that only after the desired level is reached. 4. Open a trade after multiple confirmations.✅ Analyzing a certain setup remember, that more confirmations you spot, higher is the accuracy of the trade that you take. In order to increase your win rate, it is recommendable to wait for at least 2 confirmations. 5. Don't trade on your cellphone. 📱 A good trade always requires a sophisticated analysis that is impossible to execute on the small screen of the cellphone. A lot of elements and nuances simply will not be noticed. For that reason, trade only from a computer with a wide screen. Relying on these tips, you will substantially increase your profits. Take them into the consideration and good luck to you in your trading journey. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
7
Learn The Only Proven Way to Become Rich 1. Money mindset is everything You need to have a positive money mindset when it comes to creating wealth. Everyone carries a money story and it’s your job to understand what yours is and if it’s holding you back. Reframing your story to a millionaire’s mindset is essential for success because rich people think differently. How to get rich can’t be a passing phase in your life; it takes work and commitment. 2. Millionaires still budget Hard to believe, but it’s true. Even millionaires follow a budget. The biggest secret on how to get rich and stay rich is spending less than you bring in. There will always be wants that exceed budget limits, even for millionaires, because there is not an unlimited supply of money. 3. Money management is key Good money management is so important to get rich and stay rich. Money management is a behavior and habit. You need to be mindful of where you are investing and spending your money. There is a specific strategy to growing your wealth and maintaining it and you must follow it like you do a workout regime. 4. Invest your money for growth Investing in assets that will appreciate over time and provide you with a return on your investment such as dividend or interest payments is smart. The goal is to build your asset portfolio and make it so strong that you can live off the passive income in your retirement. 5. Build your business around your personal financial goals As a business owner you have more control over the money you make versus being an employee with a set salary. If you want more money in your pockets, you can increase your revenue and your profit margins to ensure you are taking home more money. The more profits you have in your business the more you can pay yourself a dividend or bonus, depending on the legal structure of your business. 6. Create multiple income streams Smart business owners create more than one income streamas it protects them from fluctuations in the market. That means if one source of revenue dries up due to market conditions, other sources of income can protect you from a loss. 7. CONCLUSION: The bottom line is that knowing how to get rich is something that is learned. There are no guarantees that if you start a business that you will get rich because even the best business ideas fail due to poor execution. But if you educate yourself and get help in making your business a success, you will increase your chances of success. Please, support my work with like and comment! Love you, my dear followers!👩‍💻🌸
Education
by AnabelSignals
4
#BTC is getting ready for the Big move!! Hi guys, This is CryptoMojo, One of the most active trading view authors and fastest-growing communities. Consider following me for the latest updates and Long /Short calls on almost every exchange. I post short mid and long-term trade setups too. Let’s get to the chart! I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice. #BTC UPDATE BTC is forming this bullish pennant pattern what is bullish pennant pattern A bullish pennant is a technical trading pattern that indicates the impending continuation of a strong upward price move. They're formed when a market makes an extensive move higher, then pauses and consolidates between converging support and resistance lines. *BTC Need to Clear the 29,500 Resistance to Confirm the bullish pennant pattern Breakout * RSI is also sowing some bullish divergences move *If it conform this pattern then according to the pattern we will see good bounce Stay tuned I will keep updating This chart is likely to help you make better trade decisions if it does consider upvoting it. I would also love to know your charts and views in the comment section. Thank you
by CRYPTOMOJO_TA
19
Why Failure Is Key Of Success Like anyone else on Earth, I’ve had successes (and failures) in years past, at both the personal and professional level. If you’re scoring at home, that’s called being a human being. I can probably make a case that failure is more important than success in many respects because you can’t really succeed unless you’ve truly inhaled your failures (own it!) and then exhaled them to improve your future approach. There is no finality about failure, said Jawaharlal Nehru. Perhaps, that is why learning from failure is easier than learning from success, as success often appears to be the last step of the ladder. Possibilities of life, however, are endless and there are worlds beyond the stars-which is literally true. What appears as success in one moment may turn out to be a failure or even worse in the next moment.We often do not know what is failure and what is success ultimately. Failure gives us the opportunity to bounce back, to learn from our mistakes, and helps us appreciate success. Failure is therefore not the end, but only a stage in our journey. If it crosses our path and we know how to draw the necessary lessons from it, it even allows us to question ourselves when it's necessary and by doing so, it moves us forward. Dear followers, let me know, what topic interests you for new educational posts?
BITSTAMP:BTCUSDEducation
by SignalProvider
8
NZDCAD short ideas (swing and intraday)Trending down. Daily we reached 78.6 fib & daily OB. On 4H chart we can see how price has reacted off a 4H OB. Asian range has been pierced through the upper side and now price is trading below it. Trade is on if we see a clear displacement down off current level and a retest of the 0.85030 level. Ideally right after NY open and NFP. For the swing: SLwould be above Daily OB. TP1 @ 0% D fib. TP2 @ -27% D fib. For the intraday: SL would be above 4H OB. TP1 and 2 as marked on chart. Trade invalidated if price doesn't displace down and comes back into asian range instead.
Short
by DebTradess
Why 90% Of Traders Lose Money? Trading is a tough business and most people who start in the business lose money. And these numbers aren't small at all, really. In fact, they might even be scary to look at. Therefore, in this article, we will look at some of the most popular reasons why more than 90% of new traders will lose their money in trading. ____ The most common reason why many traders lose money is simply that they want to become professional traders without learning more about it first. They trade without even learning the differences between assets and how trading works. Other people start trading after seeing the hyped stories of millionaire traders on television. ____ Some traders just follow the recommendations of others and do not conduct technical analyses of their own. Traders should review the prices, analyze the volume, check the prior trends and analyze other technical indicators before placing their intraday orders. Rushing just to place buy or sell orders is one of the biggest mistakes intraday traders make. One should conduct proper technical analysis and then start trading. ____ The phrase- “Trend is your best friend” always works in the market. Not following the trend is another biggest mistake that day traders make. Unless a trader has many years of experience and understanding of the market, traders should try to avoid going against the trend. If the market is in a strong uptrend, then one should try to trade in the up direction only unless there is any strong resistance or chart pattern breakout. ____ Some traders follow rumors and recommendations which are spread by the media houses and brokers. This is another big mistake that intraday traders make. One should not blindly follow the intraday trading tips and rumors without their own analysis. Going by these recommendations without conducting your own analysis can cause huge losses. As we have discussed above traders should conduct proper research before following any recommendations or intraday tips. As we all know that the intraday trading is a mixed bag of losses and gains. Not every trade goes right or is profitable. Thus traders should put a stop loss of their trades when doing intraday trading to protect their capital from losses. Please, like this post and subscribe to our tradingview page!👍
OANDA:BTCUSDEducation
by EliteTradingSignals
5
TRADING OR A JOB? DEEP DIVE❗️ Are you torn between choosing a job and getting into trading? Both have their advantages and pitfalls, but by combining the two, you can reap the rewards of both worlds. 🚷Firstly, let's consider a traditional job. A job offers security, stability, and a predictable income. You work for a set number of hours, and you receive a paycheck. You have employer benefits such as healthcare, 401k matching, and paid time off. On the downside, you are limited to your salary, which may not always reflect your hard work and dedication. You may feel stuck in your role as there are usually limited opportunities for career advancement. And if you lose your job, you lose that source of income. 💹Now let's consider trading. Trading offers the potential for uncapped income, flexibility, and the autonomy to make your decisions. You can trade anywhere with an internet connection, and there are many different markets to choose from, such as forex, stocks, and commodities. You have complete control over your financial destiny. However, trading is not for everyone. It requires a lot of time, effort, and discipline to become successful. There are risks involved, and you can lose money if you do not know what you are doing. It can also be a lonely profession as you may be working alone most of the time. 💡Now, what if we combine the two? This is where the concept of "side hustles" comes into play. You can keep your job for the stability and security, but you can also trade on the side to increase your income and diversify your portfolio. By trading on the side, you can use the abundance of time outside of your job to learn, practice, and implement trading strategies. Gradually, you may earn enough money from trading to eventually quit your job and become a full-time trader. However, the combination of the two must be approached with caution. Trading can be time-consuming, and you do not want to sacrifice the quality of your work at your job. It is also essential to practice risk management and not invest money that you cannot afford to lose. ⚖️In conclusion, both a job and trading have their advantages and disadvantages. Combining the two is an excellent way to increase your income, diversify your portfolio, and potentially become a full-time trader. But proceeding with caution, discipline, and good money management is key to success. Remember, the goal is to build a better future for yourself, and with the right balance between a job and trading, you can achieve it. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Dear followers, let me know, what topic interests you for new educational posts?
BITSTAMP:BTCUSDEducation
by SignalProvider
5
#ZIL/BTC has potential to pump 300% after the breakout!Hi guys, This is CryptoMojo, One of the most active trading view authors and fastest-growing communities. Consider following me for the latest updates and Long /Short calls on almost every exchange. I post short mid and long-term trade setups too. Let’s get to the chart! I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice. #ZIL/BTC Bought some ZIL in the BTC pairs at spot. Expecting a 300% bounce after a breakout Stay tuned I will keep updating This chart is likely to help you make better trade decisions if it does consider upvoting it. Thank you
Long
by CRYPTOMOJO_TA
4
How to Avoid Falsa Breakouts and Breakdowns?Hello traders, today we will discuss how to Avoid Fails Breakouts and Fails Breakdowns. Have you ever witnessed a significant resistance level being broken and opened a long trade just before the market made a sharp move to the downside? Have you ever entered a short position after seeing the price break-through support only to watch the market rebound? You are one of many false breakout victims, so don't feel bad. It might be challenging to learn how to recognise these things. Continue reading as we talk about fakeouts and breakouts and introduce two potent indications from the @CRYPTOMOJO_TA team that can assist you in staying on the right side of the market and avoiding more suffering. As shown above, the answer to this issue is actually quite straightforward. Waiting until the candle closes to determine the strength of the breakout is preferable to acting on trade as soon as the price breaks a crucial level. Therefore, it is not a good idea to position entry orders above or below support or resistance levels in order to automatically enter a breakout trade. Entry orders allow us to become "wicked" into breakout trades that never occur. This indicates that the only way to successfully trade breakouts is to be seated in front of our trading terminals and prepared to take action as soon as the candle closes in the breakout zone. When the candle goes out, we can How to avoid a false breakout It can be almost impossible to tell a true breakout from a failed break if you don’t know what you’re doing. Here are four ways to avoid a failed break: Take it slow One of the simplest ways to avoid a false breakout is also one of the most challenging for many traders and investors – to simply wait. Instead of buying into the trend the moment your asset breaks through its support or resistance level, give it a few days (depending, of course, on your trading style and its timeline) and watch as, often, the failed breaks simply weed themselves out. Watch your candles A more advanced version of waiting it out, a candlestick chart can come in handy. When you suspect a breakout is happening, wait till the candle closes to confirm its strength. The stronger the breakout appears, the more likely it’s not a failed break. While this can be an effective way to identify false breakouts, many traders and investors don’t have the time to sit and watch their chosen chart around the clock. That’s why, with us, you can set alerts to notify you of the specific market conditions you’re waiting for. In the case of a breakout, for example, you’d create an alert based on the candle’s close price, to notify you of any potential breakouts. Use multiple timeframe analysis Another efficient way to identify breakouts, and what of those are likely failed breaks, is multiple timeframe analysis. This entails watching your chosen market using a variety of different timeframes. When using this technique, you’d likely spot the potential for a breakout in the short term, then ‘zoom out’ to view that same market over a week, a month or even longer before opening a position. This helps with identifying a false breakout because you’re paining perspective of your asset over both the longer and shorter term. Studying its patterns can show if what you think is a breakout is actually significant in the context of that market. Know the ‘usual suspects Some patterns in charts can indicate the likelihood of a false breakout. These include ascending triangles, the head and shoulders pattern and flag formations. Learning how to identify these patterns can help you to tell the difference between a breakout and a false breakout, as these three formations are often associated with failed breaks. For example, ascending triangles are indicators of a temporary market correction, rather than a true breakout. How to trade a false breakout If you’re a trader, you may want to use a false breakout as an opportunity to go short, making a profit or loss from predicting that a market’s price is about to drop from its current high. Or, you could use it as an opportunity to hedge – going long in case it’s a true breakout and going short on the same market in case of a failed break. To trade a false breakout you’d: Create a live CFD trading account Do technical analysis on your chosen market to identify false breakouts Take steps to manage your risk, including stop orders and limit orders Open and monitor your first trade How to trade breakouts Here’s how to trade breakouts with us: Create a live account or practise first with a demo account Learn the signs of a market about to break out – you can find out far more about breakouts by upskilling yourself on IG Academy Open your first position Plan your exit from the position carefully, including setting stop orders and limit orders Take steps to manage your risk Everything you need to know about trading breakout stocks False breakouts summed up A false breakout is a significant movement out of a market’s normal support or resistance levels that don’t last – hence it ‘fails’ These can cause costly mistakes for traders, thinking a market has hit a true breakout and to go long, only for it to lose momentum shortly afterwards You can avoid false breakouts – or trade them intentionally – by studying your chosen market and knowing the chart patterns timeframes and other signs of a failed break With us, you can trade on breakouts and failed breaks using CFDs. This chart is just for information Never stop learning I would also love to know your charts and views in the comment section. Thank you
BITSTAMP:BTCUSDEducation
by CRYPTOMOJO_TA
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Steps to Becoming a Profitable Trader This is a roadmap to becoming a profitable trader. Follow these steps to avoid wasting time and bouncing around from idea to idea. We start with a basic strategy idea we like, then build off it. We MAKE it profitable by following the steps outlined. 1. Focus on One Idea or Strategy Focus on one specific idea. An idea is not “price action” or “technical analysis”. That is too broad. But you could start with the idea of day trading an 8 and 21-period moving average crossover. Or MACD signal crossovers on a 1-minute chart. Or the rounded top or bottom or pattern, or triangles, or Keltner channel bounces off the center line in strong trends. Basically, you need an idea and a time frame (1-minute chart, daily chart, etc). 2. Define the Strategy Since you have your idea, you already know the basic concept of the strategy. If you don’t have a strategy yet, that’s where a bit of research comes in: finding something you like the idea of. There are loads of free strategy articles on this site, in the courses offered, and from other sources such as books, Youtube, etc. Whatever strategy you decide on, it needs to include these key components: A trade setup. The trade setup is what needs to happen for us to even consider a trade. It could be a specific chart pattern, moving average crossover, price action signal, etc. Where, when, and why we enter A trade trigger is a precise event that tells us to get into the trade. When the “trigger” event occurs, it turns a possible trade setup into an actual trade. Where, when, and why we exit profitable trades Where, when, and why we exit losing trades If and how we trail a stop loss. 3. Polish Your Strategy Keep practicing. Keep improving your strategy. Try that on different markets, under different circumstances. Make it better and better till it starts making money. Keep it simple and focused on one trading idea. Get better and better at that idea. Keep refining and building your confidence in the method. We gain confidence by seeing something work and being able to implement it. And that’s what all these steps are about. Please, like this post and subscribe to our tradingview page!👍
OANDA:BTCUSDEducation
by EliteTradingSignals
6
♦️BAD MINDSET IS YOUR ENEMY♦️ ♦️Forex trading is one of the most exciting and lucrative ventures that anyone can undertake. With the right mindset and tools, one can make a lot of money by trading currencies. However, the opposite is also true. A bad mindset can lead to disastrous consequences in forex trading. It is, therefore, important for traders to understand the effects of a bad mindset and avoid them at all costs. ♦️One of the most common effects of a bad mindset in forex trading is overthinking. When traders overthink, they become too analytical and too cautious. This can lead to missed opportunities and bad trading decisions. Overthinking can also lead to indecision and second-guessing, which can be harmful in a fast-paced and dynamic market like forex. ♦️Another effect of a bad mindset is emotional trading. Emotions like fear, greed, and impatience can lead to irrational trading decisions. For example, a trader may hold onto a losing position for too long in the hope that it will eventually turn profitable. This can lead to bigger losses and a further deterioration of the trader’s mindset. Similarly, greed can lead to taking on too much risk, which can also lead to disastrous consequences. ♦️A bad mindset can also cause traders to be too dependent on their trading strategies. While having a good trading strategy is important, it is equally important to be flexible and open-minded. A trader who is too reliant on their strategy may miss out on profitable opportunities that do not fit their style. This can lead to missed profits and frustration. ♦️Lastly, a bad mindset can lead to overconfidence. Traders who are overconfident may take on too much risk or ignore important market signals. This can lead to catastrophic losses and a severe blow to the trader’s ego. Overconfidence can also lead to ignoring basic risk management principles, which is a recipe for disaster. ♦️In conclusion, a bad mindset can have a significant impact on forex trading success. Traders who are too analytical, too emotional, too dependent, or too overconfident may make bad trading decisions that can result in losses. It is, therefore, important for traders to stay calm, flexible, and open-minded in their approach to forex trading. A winning mindset can help traders achieve success and make profitable trades in the dynamic and exciting forex market. Thanks for reading bro, you are the best☺️ Like, comment and subscribe to boost your trading! Dear followers, let me know, what topic interests you for new educational posts?
BITSTAMP:BTCUSDEducation
by SignalProvider
1