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TYPES OF MARKET ANALYSIS1) Fundamental analysis. fundamental analysis focus mainly on micro and macro event that will control market situations in the present and in the future. it includes various events in economic calendar like PPI CPI NonFarm Payroll, Interest rate decisions, and geopolitical senarios like election war climate issues etc 2) Technical analysis. Technical analysis mainly focus on indicators chart analysis volume analysis, various analysis like following candle stick pattern, trading strategies based on indicators 3) Market sentiments Market sentiments focus mainly on how the crowd anticipate wheich direction will market go, like when xauusd reached at its all time top everyone believed it will have a retracement from that zone like share and follow us for more such informative contents
Education
by realmillionairefx
How Many Monitors Do YOU Need? - R2F's Professional OpinionHi everyone, I get this question occasionally, so I figured I would share my opinion on the matter. There are many misconceptions about trading or being a professional trader. One of them is, the more monitors you have, the more successful or advanced you are as a trader. That is complete nonsense. In this video I explain what I think the best number of monitors is to have, and hopefully give you some insight into what works for you. At the end of the day, trading is a personal endeavor and not a one-size-fits-all. Always start with the least, and scale from there, which is the same way you should approach the growth of your trading wealth. - R2F
Education
by Road_2_Funded
2
The 3-Step Method For High-Quality AnalysisIn this video I give you the 3-step method I use to do my analysis. By incorporating these steps, it is also how I do my top-down analysis. You can think of it as a checklist as well. First, I have my Bias, which determines where I believe price is drawn to. For example in the case of SMC/ICT Concepts, we observe where the liquidity is in the market and use that to frame where price is likely going to go to sooner or later. Secondly, I have my Narrative, which is on a lower timeframe, and paints the picture of HOW price is going to form in order to initiate the move to that price target. This usually includes more engineered liquidity on lower timeframes, and manipulation to happen. Thirdly, I have my Confirmation, which is where I want to enter a trade. This is the lowest of the three timeframes, and is the final point in which I will frame a trade setup. Usually I will look for the exact same things I look for in my Bias and Narrative, but on this timeframe. I also tend to include the factor of time, such as Killzones, Seasonality, and News Drivers. Note that the timeframes can be anything you want them to be, and you are not restricted from moving from timeframe to timeframe. But, the important thing is to be consistent with WHERE you believe price is going, HOW you think it may get there (this can change as price forms), and again WHERE you are going to enter a trade. - R2F
Education
by Road_2_Funded
When Are You READY to Trade with REAL MONEY?Hello hello, R2F here with another discussion. Today, I'd like to go over the question, 'when do you know you are ready to trade with real money?' Too many traders rush into trading with real capital before they are ready, and end up losing more money than neccessary on learning journey. People are generally impatient creatures and want to get into actions as soon as possible. Perhaps they want to find out if they are magically a trading savant before wasting time on all the usual work that is required. However, trading is extremely simple, albeit not easy. The difficult part comes in the form of the investment of time and experience, and refining yourself as a person. Once you had that in the bag, trading offers the potential for generational wealth that comes with the freedom of time. Without further ado, I share my thoughts on how to approach this burning question. - R2F
Education
by Road_2_Funded
39
How to Start Forex Trading. Step-by-Step Learning Plan Hey traders, If you are wondering how to start Forex trading, or you just started to trade, I suggest a 12 weeks intensive learning plan. Each week will be dedicated to a specific topic. Starting from the basics you will gradually mature and by the end of the intensive you will have a complete trading strategy. ✔️Week 1 - Practice market trend identification Learn to identify the direction of the trend. Master the recognition of a bullish trend, bearish trend and sideways market. ✔️Week 2 - Practice support and resistance. Learn to identify key levels. Master support & resistance recognition. ✔️Week 3 - Learn candlestick patterns. Study classic candlestick formations and practice their recognition. ✔️Week 4 - Learn price action patterns. Study classic price action patterns: trend-following patterns, reversal patterns and consolidation pattern and learn to recognize them. By the end of the first month, you will mature the basics of candlestick chart analysis. ✔️Week 5 - Practice supply and demand zones. Learn to identify supply and demand zones. Learn to combine candlestick analysis with support and resistance to identify the potential reversal zones. ✔️Week 6 - Practice multiple time frame analysis. Master top-down analysis. Learn to apply all the techniques studied previously on multiple time frames. ✔️Week 7 - Learn different entry strategies. With all the knowledge being obtained, you can practice different entry techniques. You can try trading candlesticks patterns or price action patterns, or simply key levels. Search what works for you. ✔️Week 8 - Learn risk management. Of course, entry strategies are not enough for profitable trading. Learn how to set stop loss and how to manage your risks properly. By the end of the second month, you will have a foundation for a strategy building. ✔️Week 9 - Practice trade management. Knowing how to enter the trade and how to manage the risks, the next step is to learn how to manage the active position (stop loss trailing, position protection, manual closing, etc.) ✔️Week 10 - Create a trading plan. Combine all the knowledge that you gained in a structured trading plan. ✔️Week 11 - Follow the strategy. Be disciplined and follow your rules. Test them and learn to be consistent. ✔️Week 12 - Review your plan. Following your strategy, you will inevitably find its flaws. Learn to constantly improve it. By the end of the third month, you will have a complete rule-based trading strategy. Of course, that won't be a perfect strategy, but you will have broad knowledge in technical analysis. The next 3 months alone should be sacrificed on polishing and improvement of your trading plan. Try this intensive, traders. I strongly believe that you will see a dramatic improvement in your trading upon its completion.
OANDA:XAUUSDEducation
by VasilyTrader
1
Using Fibonacci & FPT To Identify Trends/Entries/ReversalsLearn how powerful Fibonacci Retracements and Fibonacci Price Theory are when adequately deployed. It can tell where and when to target entries, trends, risks, and reversals. Anyone can do this when they learn to efficiently manage the ranges and use Fibonacci tools in Trading View. It's time you took a few minutes to learn the PRICE is the ultimate indicator. You don't need to use dozens of other indicators (unless you want to add to the core Fibonacci techniques). Watch this video, then follow my research/videos.
DJ:DJIEducation
by BradMatheny
Let’s Compare INVESTING, TRADING and GAMBLING Hey traders, In this post, we will compare investing, trading and gambling . 📈 Investing Investing is the act of putting money in a financial market with the expectations of a long-term positive return. The investing decisions are usually made using fundamental analysis. The main goal of an investor is to predict the long-term market trends and benefit on them. Professional investing also involves assets allocation and diversification aimed to hedge potential risks. 💱 Trading Trading is the process of selling and buying financial instruments expecting a short-term (occasionally, mid-term) profit. The trading decisions are usually based on technical and fundamentals analysis. The goal of a trader is to predict local price fluctuations and catch them. Professional trading implies strict, rule-based actions following a trading plan. 🎰 Gambling Gambling is the act of betting on a specific event with the expectations of winning some value. Being completely luck-based, gambling usually involves get rich quick schemes and pursuit of easy money. What differs professional trading and investing from gambling is the fact that professional trading / investing involves objective analysis and strict planning, while gambling remains purely intuition based. Unfortunately, most of the market participants pretend that they trade and invest professionally while acting as gamblers in fact. Remember that long-term, consistent profits can be achieved only with the plan. Your intuition may bring some short-term profits, but in a long-run it will most likely lead you to a bankruptcy.
OANDA:XAUUSDEducation
by VasilyTrader
4
What does it take to be a SUCCESSFUL TRADER?Hi everyone, I felt compelled to create this short video on what I think it takes to be a successful trader. I've separated it into 4 factors: 1. Passion 2. Discipline 3. Perseverance 4. Patience From my experience, these are the core things that you need to keep going until you find successful. Strategies should be the LEAST of your concern. I always say that to be a successful trader, you have to BE that person! You have to transform the person you are now into the person you vision yourself being. If you can do that, you got it baby. - R2F
Education
by Road_2_Funded
Trading Psychology and Your Losses Hey traders, In this post, we will discuss a common fallacy among struggling traders: overestimation of a one single trade . 💡The fact is that quite often, watching the performance of an active trading position, traders quite painfully react to the price being closer and closer to a stop loss or, alternatively, coiling close to a take profit but not being managed to reach that. Fear of loss make traders make emotional decisions : extending stop loss or preliminary position closing. The situation becomes even worse, when after the set of the above-mentioned manipulation, the price nevertheless reaches the stop loss . Just one single losing trade is usually perceived too personally and make the traders even doubt the efficiency of their trading system. They start changing rules in their strategy, then stop following the trading plan, leading to even more losses. ❗️However, what matters in trading is your long-term composite performance . A single position is just one brick in a wall. As Peter Lynch nicely mentioned: “In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” There are so many factors that are driving the markets that it is impossible to take into consideration them all. And because of that fact, we lose. The attached chart perfectly illustrates the insignificance of a one trading in a long-term composite performance. Please, realize that losing trades are inevitable, and overestimation of their impact on your trading performance is detrimental. Instead, calibrate your strategy so that it would produce long-term, consistent positive results. That is your goal as a trader.
OANDA:XAUUSDEducation
by VasilyTrader
1
Learn to Take Losses. Trading Psychology Basics Hey traders, In this post, we will discuss a typical psychological mistake that a lot of traders frequently make, facing a losing streak. 🤑 Analyzing different charts, we may spot a decent trading setup. Being 100% sure in our predictions, we open a trading position. After some time, we are stopped out. Instead of admitting that we were wrong, we are looking for a reason why it is not our fault: market manipulation, stop hunting, news. Instead of reevaluation of our analysis, we start forcing our previous predictions. 🧠 We open a position again, being sure that it is a perfect moment for us to recover the loss. And we are wrong one more time. What the hell is going on? Who to blame? Of course, that is not us. These ugly hedge fund managers again sunk our trade. 😢 But we stay strong, we have a big trading account, so we decide to show this schmo who is a real pro here. Consistency! That is the secret of success in trading. So we open the third position again. And... we screwed. 🤬 Eureka! The market reversed! It's time to open the position in the opposite direction. The trend has changed, and it's time to get on board and recover this losing streak. We open a trade, however, it's too late already: while we were forcing our previous predictions a new impulse has already gone exhausted. We s*ck... That is a typical situation every struggling trader faced. The psychological barrier to take the loss and admit the mistake makes many people leave this game. The only way to proceed is to learn to take losses. Take losses and reevaluate your analysis. "It's ok to be wrong. It's unforgivable to stay wrong!"
OANDA:XAUUSDEducation
by VasilyTrader
5
Why You Should Never Hold on to Your Positions Beyond a CertainGood day, traders. I would like to take this opportunity to advise both new and experienced traders that holding onto your position indefinitely is not recommended. Based on percentage calculations, the return required to recover to break even increases at a considerably faster pace as losses grow in size due to compound interest. After a loss of 10%, a gain of 11% is needed to make up for it. When the loss is 20%, it takes a 25% gain to return to break even. To recover from a 50% loss, a 100% gain is required, and to reach the initial investment value after an 80% loss, a 400% gain is necessary. Investors who experience a bear market must understand that it will take some time to recover, but compounding returns will aid in the process. Consider a bear market where the value drops by 30% and the stock portfolio is only worth 70% of what it was. Suppose the portfolio increases by 10% to reach 77%. The subsequent 10% gains bring it to 84.7%. After two further years of 10% gains, the portfolio reaches its pre-drop value of 102.5%. Consequently, a 30% decline requires a 42% recovery, but a four-year compounding rate of 10% returns the account to profitability. I will be doing a second part of this post on the idea of "DOLLAR COST AVERAGING" (DCA). The math behind stock market losses clearly demonstrates the need for investors to take precautions against significant losses, as depicted in the graphic above. Stop-loss orders to sell stocks or cryptocurrencies that are mental or limit-based exist for a reason. If the market is headed towards a bear market, it will start to pay off once a particular loss threshold is reached. Investors occasionally struggle to sell stocks they enjoy at a loss, but if they can repurchase the stock or cryptocurrency at a lesser cost, they will like it. Never stop learning! I would also appreciate hearing your thoughts and opinions on the topic in the comment section. Thank you.
Education
by CRYPTOMOJO_TA
Head and Shoulders Tutorial on Crude Oil ChartI have decided to start a short series of tutorials covering common instruments used in technical analysis. In today's tutorial, we observe a successfully identified head and shoulders pattern on the 4-hour chart of Crude Oil, resulting in a substantial movement of around 17%. Here's how to find the instrument: navigate to the left sidebar and select 'Patterns,' where you will find 'Head and Shoulders.' Analyzing and trading correctly involve the following steps: 1) Both shoulders must form within a rising or falling trend. In the case of that Oil chart, we observe a rising trend, indicating a potential short position. 2) The size of the head becomes our target for take profit (TP), and upon reaching TP, we close 80% of the position. 3) Ideally, volumes at the right shoulder should decrease, and upon breaking, they should increase. Risk Management Strategy: 1) Limit each trade to no more than 2% of your deposit. 2) Always utilize stop-loss and take-profit orders. 3) Never trade money you are not prepared to lose. 4) Start with small budgets. It is crucial to emphasize that risk management must be adhered to whenever you engage in trading! Register and trade stocks and crypto using my link with a discount on commissions: bingx.com/invite/E6RCUFJT
TVC:USOILEducation
by CarpBuro
Trading Sessions in Forex | Free Market Sessions Indicator Hey traders, In this post, we will discuss trading sessions in Forex . Let's start with the definition: Trading session is daytime trading hours in a certain location. The opening and closing hours match with business hours. For that reason, trading hours are varying in different countries because of contrasting timezones. ❗️Please, note that different markets may have different trading hours. Also, some markets have pre-market and after-hours trading sessions. In this post, we are discussing only forex trading hours. The forex market opens on Sunday at 21:00 GMT and closes on Friday at 21:00 pm GMT. There are 4 main trading sessions in Forex: 🇦🇺 Australian (Sydney) Session Opens at 21:00 GMT and closes at 06:00 GMT 🇯🇵 Asian (Tokyo) Session Opens at 12:00 GMT and closes at 9:00 GMT. 🇬🇧 UK (London) Session Opens at 7:00 GMT and closes at 16:00 GMT. 🇺🇸 US (New York) Session Opens at 12:00 GMT and closes at 21:00 GMT. Asian trading session is usually categorized by low trading volumes while UK and US sessions are categorized by high trading volumes. Personally, I trade the entire UK session and US opening and usually skip Australian and Asian sessions. There is a free technical indicator on TradingView that allows to underline trading sessions on a price chart. It is called "Market Sessions". Being added, it displays the market trading sessions. What trading sessions do you trade?
OANDA:XAUUSDEducation
by VasilyTrader
2
Understanding the ICT BREAKAWAY GAPIn this video I go through the ICT Breakaway Gap and how YOU can use it to your advantage. I include some tips and tricks with a real trade setup demonstration. The Breakaway Gap may have been an elusive concept to understand, but I present a simple way you can spot them on the chart and frame your trades around them. It is a powerful weapon that can be used to snag some awesome trades. Simple put, the Breakaway Gap is a gap that does not get traded into with the NEXT FEW CANDLES. Emphasis on the last part because price is fractal, and the best way to frame a trade with ICT's Concepts is by taking a few candles on the higher timeframe for your bias, and going to a lower timeframe to form your narrative, and either entering on that timeframe or even going to a lower timeframe for your entry. Hopefully this gives you some insight into one of the many concepts that ICT has bestowed upon the public. If you need clarification about the content, or you are still struggling with finding your groove as a trader and need personal guidance or mentorship, feel free to reach out to me via TradingView’s private message or on X. Happy trading and happy studying! - R2F
Education
by Road_2_Funded
4
Understanding LIQUIDITYIn this video I try to explain liquidity as it pertains to training in a simple manner. Liquidity are basically orders in the marketplace. Since trading is a zero-sum game, without liquidity, there is no trading. Simply put, If you wanted to BUY, then you would need someone to SELL to you, and vice versa. Smart Money has deep pockets and needs a large amount of liquidity to facilitate their positions. They want to be able to get in and our of their trades, as well as to be able to trade with capital that would be worth the reward. The largest pools of liquidity usually reside above swing highs and lows, and equal highs and lows (double/triple tops and bottoms). Support and Resistance ideologies dominate the market, and besides that, psychologically it makes sense to put stoplosses at such areas rather than at some random area within a range. There are also breakout traders who see price breaking out of an area as a sign of strength (or weakness if bearish) and they set their entries above/below these levels. This is how liquidity is "engineered" in the market and sentiment manipulated. These pools of liquidity can be seen as a magnet, drawing price to these levels, either to grab liquidity before reversing or continuing in its current direction. - R2F
OANDA:XAUUSDEducation
by Road_2_Funded
14
Learn What is FOREX Market. Trading Volumes & Market Participant Forex - foreign exchange market, is a location where international currencies are bought and sold by economic participants at various exchange rates. Forex market is the biggest market in the world, reaching on average 6 trillion dollars trading volumes daily. Forex market is a vital element for a global economy because it provides capital exchanges between the countries. The main market participants of forex market are central banks, commercial banks, commercial companies, hedge funds and investors. 🕰In order to grasp how big is that market, take a look what is happening on that just in 60 seconds: 📎Total transactions value reaches 3.52 billion US dollars. 📎 1.15 billion dollars of spot transactions. 📎 1.65 billion dollar of exchange swaps. 📎 Total transactions value involving USD reaches 3 billion US dollars. 📎 Total transactions value involving EURO reaches 1.1 billion US dollars. 📎 Just one single EUR/USD pair accumulates 812 million US dollars transactions value. It is hard to imagine how such big amounts are rolling with such a frequency and how insignificant are the orders of individual traders.
OANDA:XAUUSDEducation
by VasilyTrader
1
Range Bar Chart, Line Chart & Candlestick Chart - Everything You Hey traders, In this post, we will discuss 3 most popular types of charts. We will discuss the advantages and disadvantages of each one, and you will decide what type is the most appropriate for you. 📈Line Chart. Line chart is the most common chart applied by analysts. Reading financial articles in different news outlets, I noticed that most of the time the authors apply line chart for the data representation. On a price chart, the only parameter that the one can set is a time period. Time period will define a time of a security closing price. The security closing prices overtime will serve as data points. These points will be connected with a continuous line. Line charts are applied for displaying an asset's price history, reducing the noise from less volatile times. Being simplistic, they can provide a general picture and market sentiment. However, they are considered to be insufficient for pattern recognition and in depth analysis. Above, a line chart is applied for analysis of a long-term trend on Gold. 📏Range Bar Chart. In contrast to a line chart, a range bar chart does not consider time horizon. The only parameter that the one can set is a price range. By the range, I mean a price interval where the price moves. A new bar will be formed only once the prices passes the desired range. Such a chart allows to completely ignore time variable, focusing only on price movement and hence reducing the market noise. The chart will plot new bars only when the market is volatile, and it will stagnate while the market is weak and consolidating. Accurately setting a desired price range, one can get multiple insights analyzing a range bar chart. In the example above, one range bar represents 10 pips price range on EURUSD. 🕯Candlestick Chart. The most popular chart among technicians and my personal favorite. ith just one single parameter - time period, the chart plots candlesticks. Each candlestick is formed as a desired time period passes. It contains an information about the opening price level, closing price, high and low of a selected time period. Candlestick chart is applied for pattern recognition and in-depth analysis. Its study unveils the behavior of the market participants and their actions at a desired time period. Each candle stick represents a price action within 4 hours on AUDUSD chart above. (time frame is 4H) Of course, each chart has its own pluses and minuses. Choosing its type, you should know exactly what information do you want to derive from the chart. What chart type do you prefer?
OANDA:XAUUSDEducation
by VasilyTrader
4
🧿How to be a Trader, not a Gambler⛔Hi. ✅Using technical analysis and fundamental analysis at the same time: By combining technical and fundamental analysis, you pay attention not only to the patterns and behavior of price action traders in the past, but also to the fundamental and economic factors that act as the driving engine of market movements (macroeconomics). Together, these two approaches provide greater ability to understand market fluctuations and also create a harmonious relationship between charts and economic factors active in the market, allowing you to determine more effective entry and exit points and make your decisions using Take a more comprehensive and principled view. ✅Mastery of a strategy A strategy for a trader is like a guide to a lost traveler. A trading style helps you stay on track and achieve your long-term goals. With the strategy in sensitive market conditions, you will not get confused and incur irreparable losses. You also analyze your transactions more accurately. There are different strategies in forex, but it is better to have a strategy that you completely trust and that is very efficient and profitable. ✅Accuracy of transactions with risk to reward greater than 1 : A gambler doesn't care when it's the right time to enter a trade. Sometimes the markets do not have the conditions to enter into the transaction and they do not give you a good reward for the risk. Once you have analyzed the market as a professional trader and your entry triggers are activated, you actually have to wait until you can implement the rules of capital management. In these cases, you should watch until the market gives you a risk to reward of 1 to 2 or 3 and the entry is allowed. ✅Capital management As a trader, it is necessary for you to have risk management in trading to preserve your capital. Not using capital management may empty your entire financial account. Gamblers do not care about capital management and they may invest their entire assets in one trade. Therefore, it is better to determine the amount of your loss in each trade and exit when the trade does not go according to your expectations. Of course, loss is an inseparable part of the trading system; If the loss is small, a lesson will be learned from it and it will be helpful in the future. 🔔In the end, regardless of the above, like a gambler, your percentage of success versus loss is 50-50 in each trade, but if you follow the above, you can increase your win-to-loss percentage. __ _______ _____ _________ _______ ______ ______ ______ ______ _____ _________ ________ ❤️If this text was useful for you, please like it and share it with your friends
BITSTAMP:BTCUSDEducation
by CobraVanguard
Happy New Year 2024| Learn Our Methods | Read Description|Happy New Year Everyone 2024: Let's first talk about CHFJPY then we will talk about how you can improve and learn some tips. CHFJPY in last six or seven months price overbought heavily due to JPY poor performance and government's zero intention to interfere in the market. However, many reports suggests that JPY will likely to be rebound in first quarter of 2024 in this case we can see a strong shift in price characteristics. Our first entry indicates, that we should expect price to continue the bearish momentum and drop from current area of the price. However, as we will having NFP in the first week of the month, it is likely to see some unexpected movement in the market. Second entry, is when price fill the gaps in the market and then drop smoothly, we will keep you updated. We want all of you to succeed in the forex or commodities trading. Here how you can improve: Firstly find one or two pairs that suits you: meaning if you focus on every single instruments available to trade in the market, you will never succeed instead focus on one or two pairs and master them, know how and when these pairs move, what factors influence them in the market and trade swing highs and lows. Secondly, use longer time frames to have a better vision, have a longer vision which will help you catch the big moves, yes, it is time consuming but if you are beginner then focus first in this and then along the way you will learn intraday trading. Lastly, learn more about consolidation, accumulation and distribution: before the big reversal, price first will consolidate then accumulate and distribute, you should be looking to enter in phase of accumulation and take every enter when price consolidate which leads to a breakout. If you learn above information in details and practice, your chances of becoming a successful trade increase. There is no overnight success, it is all hard work, if you believe in your self and focus on above things you will one day be proud of yourself. Happy New Year and Trade Safe 2024. We wish all of you all the best. Team Setupsfx_
Education
by Setupsfx_
10
What is the ( Flag pattern) ?A flag pattern is a technical analysis chart pattern that can be observed in the price charts of financial assets, such as stocks, currencies, or commodities. It is considered a continuation pattern, indicating that the prevailing trend is likely to continue after a brief consolidation or pause. The flag pattern is formed by two main components: Flagpole : The first part of the pattern is a strong and sharp price movement, either upward (bullish flag) or downward (bearish flag). This initial move is known as the flagpole and represents a strong surge in buying or selling activity. Flag : Following the flagpole, there is a period of consolidation where prices move in a rectangular or parallelogram-shaped pattern. This consolidation phase is referred to as the flag. The flag is characterized by decreasing volatility and typically forms a channel or a rectangle. There are two types of flag patterns: Bullish Flag: The flagpole is an upward price movement, and the flag is a downward-sloping consolidation. This pattern suggests a temporary pause in the upward trend before a potential continuation. Bearish Flag: The flagpole is a downward price movement, and the flag is an upward-sloping consolidation. This pattern indicates a temporary pause in the downward trend before a potential continuation. Traders often look for flag patterns as they may provide insights into the market sentiment and offer potential trading opportunities. The breakout direction (up or down) from the flag pattern is considered a signal for the potential future price movement. However, it's important to note that not all flags result in a continuation of the previous trend, and traders often use other technical indicators and analysis to confirm signals and manage risk.
BINANCE:BTCUSDEducation
by CryptoSphereTG_1
Essential Tips for Newbie Day Traders: Forex and Gold Trading Entering the world of day trading can be both exciting and daunting, especially for those who are new to the game. This article aims to provide simple yet valuable recommendations for beginner day traders specifically focusing on forex and gold trading. 💼💰🚀 1. Educate Yourself: Before diving into day trading, it is crucial to understand the intricacies of the forex and gold markets. Take the time to learn about the basic terminology, technical analysis, fundamental analysis, and different trading strategies. Knowledge is your best weapon in this realm. 📚✍️📈 Start by reading books, attending webinars or courses, or even joining online trading communities to gain insight into successful day trading techniques. 2. Practice with a Demo Account: To avoid unnecessary losses, it is highly recommended to practice trading using a demo account. This allows you to gain hands-on experience without the risk of losing real money. Take the time to experiment with different strategies and understand how the market works. 📊📝💡 Tradingview paper trading offers demo accounts where you can simulate real trading scenarios and test your skills. 3. Develop a Trading Plan: A well-defined trading plan is essential for any day trader. Specify your goals, risk tolerance, and trading style. Determine the maximum amount you are willing to risk per trade and set realistic profit targets. Stick to your plan and avoid impulsive decisions. 📝🎯💼 Example: Decide on a risk-to-reward ratio, such as 1:2, which means you are willing to risk $1 to potentially earn $2, and only take trades that meet this criteria. 4. Manage Your Risks: Risk management is a crucial aspect of day trading. Never risk more than you can afford to lose and always set stop-loss orders to limit potential losses. It is important to maintain a disciplined approach to preserve your capital. 💪💸📉 Example: Let's say you have $10,000 as your trading capital. Set a maximum loss limit per trade, such as $200, and ensure your stop-loss order reflects this limit. 5. Keep Up with Market News: Stay informed about global events, economic indicators, and market news that can impact the forex and gold markets. Develop a routine of reading relevant financial news and reports to stay ahead of market trends. 🌍📰💼 Important events like central bank announcements, political developments, or changes in commodity prices can significantly affect currency and gold prices. Tradingview nicely displays the coming news on the horizontal scale of a price shart. Just click on a circle and you will see the coming related events. In conclusion, starting out as a newbie day trader in the forex and gold markets requires a combination of knowledge, practice, discipline, and risk management. By following these simple recommendations, you will be better equipped to navigate the markets and enhance your chances of success in day trading. 💪📊✨
Education
by AnabelSignals
1