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How to Make Money in the Stock Market and Keep ItI have always said that making money in the stock market is easy. It is learning how not to lose money that is the hard part of trading. To that end, when you find yourself in the surprising and often disturbing position of having made a whole lot of profit, or more profit than you expected in a very short time, you may be feeling overwhelmed. This is when you need to remember some basics about the art of trading. The primary factor in making money and keeping it depends upon your ability to stop trading to get your emotions under control again. Stop trading for at least a few days to a week. This sounds ludicrous, but my experience with teaching traders for more than 20 years is that those who follow this rule keep their big gains while those who do not, lose them back to the market and then some. The reason behind this is emotion. You are in a state of emotional flux, not thinking logically. You are thinking, “I’m brilliant, I’m invincible, I am going to be rich!” Well, sure, but not at this moment. At this moment, you are overly exuberant, you are thinking you can do no wrong, so you are likely to miss the parts of your analysis that would keep you out of high-risk setups. So, take a few days to cool off. The Stock Market is not going anywhere. Great trades present themselves over and over again. While you are recovering from the shock of a large gain, these steps can help bring you back down to Earth : Review your notes from some of the courses you have taken. Reading back over rules and the reasons behind them for making sounding trading decisions helps a lot to keep you grounded. Review your trading plan and your goals. If you don't have this written out somewhere, do it now. Most people refuse to write down their goals because of “fear of failure.” They are so afraid that they are not capable of reaching those goals that they do not try. Try to write down realistic goals, and adjust them as you see the need. We have a calculator that we provide to our students for help with this. Once you do the task of setting goals, you will find that they are achieved much of the time. Consider if you need to increase your goals. Continually pushing yourself to reach higher and higher levels of efficiency and profit helps to both dispel the fear of failure and propel you forward with perhaps stricter rules to achieve those higher goals. Trading is 50% skill which, in short, includes understanding your Trading Style and using proper Strategies for the current Market Condition. The other 50% is controlling emotion, which includes setting goals, keeping calm and centered, using discipline in your trading rules, having the determination to keep working until you are successful, maintaining your personal parameters while expanding them, and using logic rather than emotion. These are the major components of making money and keeping it.
NASDAQ:AMZNEducation
by MarthaStokesCMT-TechniTrader
1
[EDU]How to Evaluate your 2023 Trade Journal and performance?Hello fellow traders , my regular and new friends! Welcome and thanks for dropping by my post. To be a profitable, consistent and successful trader, I have yet seen anyone of them without a trading journal. This shows how important a trading journal is to a trader and the values it can bring to them. So, without further ado, let's see what we should look at and take note of when we do our year end trading journal review (although this review,in a shorter format, be done on a weekly and monthly or quarterly basis) Before you start we should look at what goals have you setup yourself for. It can be 1 -3 big goals you have for the year 2023. E.g. Hit specific $ for your PNL or improve on your win rate % etc. Are there also minor goals that you have that you added along the way? Then we can move on to our journal. 1. 1st we can have a bird's eye view of things : Overall performance, some metrics that you should focus and look at,they are: P&L Win rate % Expectancy Profit factor Average R multiple Drawdown and max. drawdown Sharpe ratio Worst and Best trades 2. Looking deeper into things : a. Look through all the trades you have done, do you come by noticeable pattern such on the wins and the losses. E.g. it can be you took more number of losses on Monday Morning, or you tend to close off positions without a valid reason to exit etc. b. Filter through your trades to see what time or day you trade best, if any. c. Look at your top 5 to 10 most profitable and most losses trades. Evaluate them in terms of: > Why they end up as a loser/winner > Are they align with your assumptions such as best winners come from your A+ setups etc. > What are the things you did right for your best trades and what you did wrong for those losing trades. What you can improve on them or what you can continue doing things that went well. 3. Psychological resilience : This is important part of the journal as well where you reflect on your psychology throughout the year. You should have it documented somewhere and you can evaluate how well you have managed emotions such as stress, and maintained discipline during periods of drawdown or winning steaks. What you have and have not done and what can be done better. But of course, you should have done it over the course of the year and summarize out some findings along the way. 4. Learning and development : - Look back at the strategies you have on hands, which are your bread and butter setups and what new strategies or setups you have incorporated. - Are there any market insights you acquired over the year, this should come handy to improve your edge in trading. - Also do identify where are your further learning and development area that you can focus to improve your trading proficiency. Finally, here's what I would like to share in the next sharing. I will be sharing how you can proper set goals for yourself and track them then improve consistently as a trader!So, yup, stay tuned! Do Like and Boost if you have learnt something and enjoyed the content, thank you! -- Get the right tools and an experienced Guide, you WILL navigate your way out of this "Dangerous Jungle"! -- ********************************************************************* Disclaimers: The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes. *********************************************************************
Education
by Shadowing_The_Big_Boys
BTC Long-Term Outlook/Analysis + Life GoalsI've charted this since last year, maybe since May, idk. It shows two possible directions depending on what structure breaks. Well, it broke Market Structure towards the upside, and has been following the price path that I laid out almost to a T/tee/tea(whatever). So yeah. It just might follow it, or it might not and just straight up dumps on the higher timeframe, but that's unlikely? Like, what could cause a worldwide massive sell off that would plummet the BTC price? Well, of course, if the people and organizations that hold the massive BTC wallets would just randomly sell off their holdings. That would crash BTC. But why would they do that? So, in the end, my point is, if you think about it... The dollar and current worldwide economy is crashing... so where do they turn to? Bitcoin. Not gold, not USD, but Bitcoin. I think gold is also a "stablecoin", something you can rely on to hold value. I think, going forward, I would like to keep accumulating bitcoin and gold, when I have the money to accumulate. My goal in my financial life would be, to keep accumulating cash daily(through business, work, and trading), and keep DCA'ing into Bitcoin and Gold regardless of the market.
by HaribonALT
How To Set Trading Goals!Hey Traders, Setting trading goals is always a fun discussion and something I actually really enjoy talking about. It is possibly one of the most simple tasks with getting started in investing or day trading, yet it is a task that so many get wrong. It's like starting a Sprint race, only you're starting the race facing the other direction. So, today we're going to dive into how to set goals, what they should look like and how we can start getting you running on that race, or even if you started the race, to give you that little speed boost so you can get back on track be sprinting for that finish line, which is where you want to be. It is very common, especially with beginners in trading, that when asked what are their trading goals, they're going to leave you with some kind of percentage or dollar amount and what they're trying to achieve per week or per month. It's easy and it's their aspirations is why they are in the game. They want to make X amount of money and they've been able to divide it down to figure out what they need to make each day in order to reach that goal. Now, most people will sit back and judge that goal on whether or not they think it's achievable and then they'll say well done and give the trader a pat on the back. Only what that person is done by telling this trader that it is good feedback is re firmed that there facing the wrong way at the start of the race and telling him to still Sprint that direction. We trade an unpredictable market. That means no matter who you are or where you are, unless you have some kind of insider information, you have no idea which way a stock, currency or any type of asset is going to move. We base our decisions off of probability. We play on whether or not we have an edge over the market and as long as we win enough we will make profit in the long term and that is how trading works. What that means is we are never sure on how much money we will make or whether or not we will make money. Which means it is unreliable to set money based goals because we have no idea what the market is going to deliver for us. We can have expectations over the long term, but short term. As long as we are trading true to our strategy, it is honestly up to the market whether or not we take home profit or whether we cop losses. Now we understand this because it's trading, right? We got into this market knowing that. So why do we attempt to set money related goals when we know it's just unrealistic and really hard to achieve such consistency when you're looking at short term goals? Baffling right? Now, for some of you may just woke up to this fact, "oh yeah, that is very unrealistic." For others, you may have already known this. Either way, what we're going to do is dive into where you should be setting your goals and what should they look like. My favorite goal to set and to see other people set is consistency within myself. It's to track your own decisions, marking your own movements. When actually trading, if you can become consistent within yourself, you will see consistency in your results, because you'll be able to trade that strategy without having to worry about your own decisions or emotions affecting your decisions. So, what I always did is obviously have a trading plan, have this trading plan and have set guidelines in what you have to do. Post trading as well. When it comes to filling out worksheets, maybe Excel spreadsheets you're trading, log your data, fill it all out. Get yourself a spare calendar, put it on your wall and every day that you do everything to your plan, win or loss on the charts, everything you were supposed to according your strategy, your plan, and filling out all of your Excel spreadsheets, give yourself star. Then every single trading day you get a little star on that calendar and your goals should be set around that. If you find you're being consistent within yourself and consistent in your decision making, then you will be able to determine whether or not your strategy is good or bad, and you'll be able to achieve consistent results long term. Do not base your goals on dollar figures base your goals off of performance. It is the only thing you can actually control. Stop playing around with the idea of setting goals outside of the market or outside of your results. Yes, it is fun to set dollar amount goals. Yes, it is fun to Daydream, but you get stuck in that Daydream Cloud and there may be times where you have a perfectly good trading strategy. You're able to trade it perfectly as well, but you're not hitting your goals. And the reason that might be is because your strategy may not be able to hit those dollar value goals even on perfect days. It happens. So set goals on what you can control, not on what you want the market to deliver. How did you go about setting your goals? How do you do it now? Let me know in the comments. I hope you enjoyed this little post and I'll see you next time. -Jordon Mellor
SP:SPXEducation
by TradeThePool
4
SETTING REALISTIC GOALSHey Traders, Traders whether they are new to the world of finance or have been involved for a while can benefit greatly from setting specific goals in correlation to what it is they actually want to achieve. There's a million different ways on focusing and goal setting in trading and a lot of people get it wrong straight out of the gates. To this day I still see some professional traders still setting their goals wrong. Traders need to get to focusing on the process of trading, including strategies, structures, journaling, whatever it may be. You have to focus on these processes set in place for yourself regardless of results. This can be so much more effective with getting to an area of consistency compared to just focusing on returns. One key takeaway I want you to get from this post is all traders, whether novice or whether you're experienced, you should be basing your trading results off of how well thought out the trading plan was, which includes how the trades will be entered, exited, how the money will be managed. That right there is how you measure performance, not the Profit and Loss that comes from the trades. Process Goal Setting - Initially, when getting into trading, most traders look for some kind of goal surrounding numbers. We are all here to make money, to make percentage gains. So we tend to gravitate towards setting our goals based on what we want to return, what type of money we want to make, what time are percentage yield we want to bring in. This is damaging in its own right. It's very easy for people to say, OK, I'm going to try an make 1% per day and I'm going to do all my trading to make 1% per day. Then all of a sudden they start planning in the future. "Okay, I make 1% per day everyday for the rest of the year," and then all of a sudden they start calculating what they're expected to return and they give themselves these high hopes in achieving that. But The thing is, what they're not understanding is given their strategy, 1% per day might not be possible. We can't say yes. I'm going to make 1% per day and our strategy not allow that to happen. We may only find one opportunity per week given our strategy, we might only find three opportunities, but we have a 33% win rate. So having these unrealistic, number focused goals are really damaging because no matter how much work you put into it, it may not be possible. Just like any other business, we need to develop a process. Anna system and our goals need to be set on doing that process an working that system correctly and consistently. So rather setting goals for, I want to make 5% this month. Set goals like I want to only take trades which are an A-Grade set-up in accordance to my strategy. I want to journal every trade for the next 4 weeks. Goals like these make you focus on the process, and I don't know a single business that is successful without a good process. Most businesses don't get profitable for a set period of time. Some even just fail. Without a process and without setting goals aligning with those processes will make your results be based on chance and not based on skill. Aim for consistency - When it's early on and you may still be demo trading or trading with a small amount of money, I want you to start aiming for consistency. Now I know that can be hard when running in drawdowns or perhaps even trading a strategy that isn't profitable, but what you can do is aim to be consistent in your process aim to be consistent in your decision making. Aim to be consistent in your risk management. What you will learn is whether your strategy is profitable or not. You will learn a lot about the market. What you will notice after a long period of consistency (Trade for at-least three months) is your areas that need improvement. let's stay consistent and every single day you do the same thing, you trade the same setups, you trade exactly the same way, which a lot of people don't have the self discipline to do. You will notice areas where you can improve on based off of those results. Most people give up and fail because they're not disciplined enough to remain consistent in a strategy which isn't providing them with the unrealistic returns that they're aiming for. If you sit down and you take it seriously for three months, win or lose, I guarantee you will take about 18 steps forward in the right direction compared to just sitting on the balance rope jumping from strategy to strategy. It is okay to not trade - This is where consistency and discipline delivers the reality check. The market is constantly moving, sometimes slow, sometimes fast, and that gives people the impression that their strategy is always valid and they always have to be risk on and always have to be trading. This isn't the case. Trading during slow times or making impulsive trades outside of the scope of your plan is such a common issue that I feel the need to point it out in today's message. So many people will try and force their strategy or force themselves to get in and make money when the opportunity isn't there. Have a plan. Understand what it is you want to see. Understand what it is you want to trade and wait patiently until that opportunity arises. Do not try and force trading. It will only result in one way and it will not result in you achieving the goals that you want to achieve. Start small, then grow - I witness day in day out, traders just trying to get onto big accounts because they believe if they had more money they would achieve better results. They build the most complex strategies and trade four different strategies across 12 different assets straight out of the gates. This is not an easy game. This is not an easy money grab. It can generate thousands and thousands of dollars if done right. But it has to be done right. The learning process is the exact same. Start small, be a niche trader focused on a few manageable goals. Results will come in time. If you trade according to your trading plan you've remained disciplined and you do everything I spoke about today, you will see improvements and progress. Set goals, realistic goals that have nothing to do with profit and loss, but have everything to do with being a consistent, self disciplined trader and you will see returns come in the long run. If you develop the foundations to being a profitable trader, the profits will be delivered once you get a greater understanding of what needs to be done. I wish you all great success and cannot wait to hear about your consistency in trading!
Editors' picks
Education
by the5erstrading
69
The how to on making Goals / Targetswhat's up everyone we are speaking on how to figure out your goals and how to really get to the core of them. To find out what your heart really wants and then how to use your targets to achieve your GOALS. 30 Day Challenge: - Write goals 2X a day Rising/ Night - if you feel angry or upset write goals again - write you goals the first time and 10X it (must excite you and make you feel uncomfortable) - Write Targets Daily must have - - personal development - health & fitness - spiritual - 1 hr of learning your skill/ craft to better you skills - what ever will move the needle in your business or trading
OANDA:XAUUSDEducation
by NickyLimitless
Solana (SOL) Data Now Live on DuneSolana (SOL) has become a major platform in the crypto space, after going live in early 2020. The high-speed, high-throughput, proof of stake chain is well-known for its fast transactions, scalability, and affordable fees (and also its recent performance/technical issues which have also been quite serious). The Solana DeFi, NFT & Metaverse ecosystem has been growing steadily since launch – attracting both end-users and application developers. At Dune, they believe that the future is multi-chain. They also think that a multi-chain future requires robust multi-chain analytics to succeed. It’s their goal to make crypto data accessible and transparent, and to “empower anybody to become a skilled on-chain analyst.”
SLong
by tuacupanbpron
New Year 2022's Resolutions for All TRADERS_*__*___*____*_____*______*_______* HAPPY NEW YEAR _______* ______*_____*____*__*_ 0-set your own prioritizes again: 1-Get to know yourself better before trading . 2-Get healthier in all aspects. 3-Forgive yourself for your previous failings. 4-Break large goals down into smaller ones. 5-Upgrade your trading plan 6-Discipline to new Trading Plan 7-Diligently Making Analysis 8-Improve on your risk management strategy 9-begin with a demo testing . 10-Keep your goals focused on performance, not capital necessarily . 11-Track your progress 12-minimize your risks and Cut Losses Short 13-know when to be aggressive and when to be defensive in trading 14-maximize your profit and Let The Winners Run 15-distantce your ego and emotional reactions from your trading 16-Go beyond by auto-trading(algorithmic-trading 17-Reward yourself for sticking with your resolutions. 18-take away from misleading social medias 19-consistancy and perseverance are vital 20-define right position sizing for your strategy 21-foces more on your risk/reward ratio not high wining rate 22-create a great watchlist and trade on a few, and never overtrade
FTX:BTCUSDEducation
by PRO_SMART_Trader
When Can I Become a Full Time Trader?One question that constantly comes up, and understandably so is, When Can I Become a Full Time Trader? Being a trader is like running a business. You are the manager / owner / operator of "You, Inc." How much capital does it take to run your business? What's your monthly P&L? How much money do you need to have in "float" in case of emergencies (like, oh, I don't know, a global pandemic that sends the price of everyday items skyrocketing?) If your goal is to become a full time trader, where trading is your primary source of income and provides you with all of your material needs for now AND the foreseeable future, do you have a PLAN on how to get there? Do you know how much capital you need and / or what rate of return you need from your trading system and / or how many trades on average you need to generate your income target? Let's figure out how much Monthly income you need. First, take your monthly expenses. Include things like rent or a mortgage, a car payment, utilities, gas expenses for your car, etc. and total them up. Second, take all expenses that might be annual or irregular and put an amortized amount each month into a separate checking account for when they come up. For instance, HOA fees may be billed semi-annually. You may plan on a vacation every year. You may have to replace a major appliance every 3 years. Factor all those expenses and what it may cost as a monthly savings plan and put them into that account. These expenses would come out of that account without touching your monthly income. For example, it's easier to pay $69/month in expectation you will have to replace your fridge, stove, or set of tires every 3 years than to have to come up with an unexpected $2,500 when the fridge dies on you. With these initial stats, you know how much you need to make a living trading... just to break even. So, what does the responsible business owner (trader) need to do? DOUBLE that number so you are putting an equal amount in savings (for a rainy day / a down month / or the "nest egg") and factor in taxes, say an additional $35% in the United States - the top tax bracket. This final number is what you should comfortably want to make to consider yourself financially free – not dependent on ANY source of income except for your efforts in trading. Now, given how much money you want / need to live on, what type of trading performance against what amount of capital do you need to achieve this monthly desired income?  How much capital do you have in your trading account? What is the Win Rate of your current trading system? How much money do you earn on each winning trade and how much do you give back to the market on every losing trade? Finally, how many trades on average does your trading system find for you each day given the hours you work your trading business? Let's assume you have a $20K trading account, and you trade using the 1% Rule of Risk Management and the 3R rule of expectation – your Reward-to-Risk Ratio. Let's also say that your trading system is able to locate two trades per day during the timeframe that you are "working" the markets and your Win Rate is 50%. So, if you you win one trade and lose one trade each day, winning $600 and losing $200, you are netting $400 for the day. Multiply this by 20 (the average number of trading days in a month) and you will have an estimate of what monthly income you can generate from your trading account. An important question is then, "How many trades might you take per day?" For example, during one backtesting period I found that my trading system, Sabre, generates an average of 11.7 trades per day in the Futures Market on the 1-hour timeframe. If you decided that you would be trading Sabre for four hours per day, say from 5-7 in the morning and 8-10 at night, it would pull up an average of 2 trades per day.  Once you are armed with all this information: Your trading account size, your trading system win rate, your trading hours and trade frequency, you can calculate how much income you may be able to generate from your trading system given that all things go according to plan. And as Hannibal Smith liked to say, "I love it when a plan comes together!" Once you run the calculations, if you run short of what you would like to earn, you can now determine what action(s) you might want to take to get you closer to your goal in a quicker timeframe. For example, if your win rate is 30% with your current trading system what would it take to get it up to 60%? Do you need to check your psychology? Are you constantly leaving money on the table? Are you fearful of entering trades that you should have logically had no problem getting into? Should you join a trading group that is experiencing a level of success you want to achieve to help you overcome any technical or psychological hurdles? Mechanically, if your trading system is not giving you the number of trades necessary to reach your income goals, what can you do? Perhaps you can go down a timeframe. Theoretically, if you are finding 2 opportunities per day on the 60 minute timeframe, you may be able to find as many as 8 opportunities per day by going down to the 15 minute timeframe. Maybe it's about capital: If you have a $5,000 account you might find a way to  put another $10,000 in there and instead of having a $50/$150 Risk:Reward ratio with a $5,000 account you could have a $150/$450 Risk:Reward ratio with a $15,000 account.  One way to grow your account is to never 'withdraw' by keeping all profits until your account reaches the 'critical mass' necessary to generate the required income. That's the beauty of exponential growth! Additionally, perhaps you can add a second trade strategy to your mix. If you are a Supply-and-Demand trader maybe you can find a breakout strategy to take advantage of additional opportunities. After developing Sabre, my trend-trading strategy, I developed what we call the Clubhaul: a counter-trend strategy. Now I had 2 different strategies, increasing my daily number of opportunities to find successful trades. Having access to multiple trading strategies is like the handyman with three different hammers or multiple sets of screwdrivers: They each do a specific job under specific conditions, and it's not always the case that "one size fits all." What goes for the handyman's toolbox, is also applicable for your trading toolbox. To get to where you want to go you need to know where you are starting from. As G.I. Joe says, "Knowing is half the battle." So hopefully you can create yourself a spreadsheet and crunch the numbers and you can see (1) where you currently are in your trading journey (how viable is my trading plan, how much capital do I have, what hours will I be working the markets) (2) where you want to be ultimately (how much income do I want to generate on a monthly basis, how much capital do I need to consistently generate that income, and which strategy(ies) will get me there? and (3) what I need to DO to get from where I am to where I want to be. Trade Well!
Editors' picks
Education
by ocaptain
146