Forex market let's see if my green arrow works
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Disclaimer: Not financial advice.
Disclaimer: Not financial advice.
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A more macro view.
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Forex tip I've discovered: never trade more than you would happily liquidate. Especially at 50x leverage.
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Update:
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I don't know why anyone in their right mind would trade crypto. Unless you're like a super ninja genius. Then I guess that's ok.
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On a winning streak here. Always good for the ego.
Thing with forex though it's really more of a swingers market. Though I guess you can scalp the opening hours. Which is nice having a set time vs btc at 3 am.
But yeah it's all about realizing the risk you're playing with.
50x = 2% margin. So a 2% move will either double or liquidate your position. To put things in perspective.
It's doable you just need to keep the gains higher than your losses.
If you want to be really reductionist that's the name of the game.
Thing with forex though it's really more of a swingers market. Though I guess you can scalp the opening hours. Which is nice having a set time vs btc at 3 am.
But yeah it's all about realizing the risk you're playing with.
50x = 2% margin. So a 2% move will either double or liquidate your position. To put things in perspective.
It's doable you just need to keep the gains higher than your losses.
If you want to be really reductionist that's the name of the game.
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I should amend this comment. The only people who should trade crypto are ninjas and BEARS.
Not the herd of idiot fan boys on twitter. There won't be a bull market until every single one of the is back at their job at mcdonalds.
Bitcoin will moon but the first moon might be around 6k and as for falling we still have a long ways to go.
Always better to be in cash and buy into strength. In my opinion.
I would rather miss the first 15-30% for the security that I'm buying into a strong bullish move vs buying more and praying.
Not the herd of idiot fan boys on twitter. There won't be a bull market until every single one of the is back at their job at mcdonalds.
Bitcoin will moon but the first moon might be around 6k and as for falling we still have a long ways to go.
Always better to be in cash and buy into strength. In my opinion.
I would rather miss the first 15-30% for the security that I'm buying into a strong bullish move vs buying more and praying.
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Feeling inspirational so let me share some of my thoughts about TA.
Patterns, indicators, systems etc. They're all there not so much to tell you what is going to happen. Nothing can. But they do tell you where something will happen.
I think that's really important. A triangle shows you where price might reverse but also where it might accelerate.
Good traders react to price action around these levels they don't anticipate a given outcome at a certain place. e.g. "oh bottom of channel so I will go long." Because this includes a prescription of what will happen.
This is different from identifying price action that makes you think price will go a certain way within those patterns.
But the key thing I think is A) a willingness, infact an unbending acceptance within yourself to take your losses without hesitation.
That's something a lot of people don't think about. That it's often how you deal with losses vs your wins that defines you as a trader. I think that point can't be emphasized enough.
So a clear well thought out invalidation level is key for any trade. If you don't have one you shouldn't be trading in my experience because a few big losses are sure to wipe you out.
(Maybe I just suck at laddering but personally I don't recommend it unless you're a pro. In which case do whatever the fuck you want obviously.)
I always end up increasing my losers which I find counter productive.
That's just my personal experience. I find my account grows when I respect my stops. When I don't the opposite is true.
But anyway to wrap up because I'm rambling.
Technical analysis is useful because it maps out the world of patterns and behaviors where price moves. However standard TA will not in and of itsself provide you with a system that will work in any given price situation because price is fluid. It's impossible to predict something that is improvised.
You can though identify reversals and acceleration levels through S&R in its many forms.
In my opinion the best traders are those who exit a losing trade instantly. It's not about having an unbeaten streak. It's about how well you manage your losers.
That's it for my market thoughts for now guys. Love and strength.
Patterns, indicators, systems etc. They're all there not so much to tell you what is going to happen. Nothing can. But they do tell you where something will happen.
I think that's really important. A triangle shows you where price might reverse but also where it might accelerate.
Good traders react to price action around these levels they don't anticipate a given outcome at a certain place. e.g. "oh bottom of channel so I will go long." Because this includes a prescription of what will happen.
This is different from identifying price action that makes you think price will go a certain way within those patterns.
But the key thing I think is A) a willingness, infact an unbending acceptance within yourself to take your losses without hesitation.
That's something a lot of people don't think about. That it's often how you deal with losses vs your wins that defines you as a trader. I think that point can't be emphasized enough.
So a clear well thought out invalidation level is key for any trade. If you don't have one you shouldn't be trading in my experience because a few big losses are sure to wipe you out.
(Maybe I just suck at laddering but personally I don't recommend it unless you're a pro. In which case do whatever the fuck you want obviously.)
I always end up increasing my losers which I find counter productive.
That's just my personal experience. I find my account grows when I respect my stops. When I don't the opposite is true.
But anyway to wrap up because I'm rambling.
Technical analysis is useful because it maps out the world of patterns and behaviors where price moves. However standard TA will not in and of itsself provide you with a system that will work in any given price situation because price is fluid. It's impossible to predict something that is improvised.
You can though identify reversals and acceleration levels through S&R in its many forms.
In my opinion the best traders are those who exit a losing trade instantly. It's not about having an unbeaten streak. It's about how well you manage your losers.
That's it for my market thoughts for now guys. Love and strength.