Measuring Success and Goals
As a Professional trader, you have 1 goal...Make money!!
That said, traders like to measure their success differently. Some use pips, some use wins v. losses, personally I use daily return. Understand my focus is on generating income and my mantra is "keep stacking positive days"
Imho, using pips to measure success can be misleading, I...
Trade Review and Documenting
Most successful traders review and document their trades, unfortunately, alot of new traders do not. "what's done is done, can't change it...." while that is true, you can, and imho must, learn from them.
Each afternoon, whether I take a trade or not, I review the market and my potential set-ups, executions, and trade completions. I...
Trading before News
News is a fact of Forex trading and while their are several ways to trade the Actual release and it's aftermath, today I want to focus on trading before the News. Understand that the decision to enter the market before News is a conscious one and you don't have to do it. Prime examples are days where interest rates, for a currency you...
How many Trades do you need?
I am often asked or advised that I should post more trades and/or have a signal service. This brings me to how many trades do you need. Understand, that enjoying the lifestyle that trading affords is always something you want to strive for. Do you want to be strapped to your computer for 8-12 hours a day? where is the fun in that?
Today I'm traveling so can't really share a script because A) it's not coded B) I'm tired C) no inspiration today so instead, I'll be spreading a bit of wisdom (if I may call it like that)
I see a lot of traders out there solely depending on two main signals to exit a position :
1) A signal in the opposite direction
2) A stop loss to exit a position...
Hope this idea will inspire some of you !
Don't forget to hit the like/follow button if you feel like this post deserves it ;)
That's the best way to support me and help pushing this content to other users.
In this educational idea I will talk about the current state of the global economy and how Bitcoin fits in.
Most people don't realize how bad the current situation is. It could last for a few more years, as we have reached a new level of madness. Right now people are buying bonds which are so expensive, that there is no way they will get anything out of them. Not...
4 hour Macro
15 min Micro
Chart orientation/coordinate awareness.
Its good to always know the dangers around you and what you plan to do if "x" happens.
Helps in target projection ( realistic / appropriate)
Appropriate Risk calibration
and just knowing where you are in the grand scheme of things (sub-trend).
If i have bullet left i'll short by those stairs. set TP as you like.
Money management is the key don't forget to set SL if you use profit as margin to stop damage to your equity.
This is not signal! Just my trading plan.
HOW-TO GRID TRADE:
HIGH PROFITS - LOW RISKS - TONS OF FUN
Let’s be honest, trading is risky, especially trading crypto. We all know it’s just matter of figuring out if market prices are going up or going down, but isn’t it funny how the market seems determined to go in the exact opposite way you pick? Especially when you have money on the line!
Methodology v Strategy
Some traders use the words interchangeably, I do not.
A strategy is a set of conditions that signal you to enter the market, for example, A moving average crossover, RSI going into oversold/overbought and then reversing, Divergence, etc. and combinations thereof.
A Methodology, on the other hand, is a systematic approach to the market...
Today I published my 100th trade idea. (this excludes educational idea’s)
Here are the quick Stats:
WINS : 49
Flat trades: 8
Cancelled Trades: 29
PIPS Won: 2,560
Pips lost: 515
A 3.5 to 1 win to loss ratio
A 4.97 to 1 win to loss Pip ratio
*Cancelled Trades: these are trades that were cancelled prior to entry. It is important to understand that I only...
CCS Disease is a disease many new traders are afflicted with and it can be fatal!! CCS disease is short for "constantly changing strategies". Certainly, I firmly believe that a trader must find a trading strategy that fits both their personality and the time they have to trade. However, once you find a strategy that you like, imho, you must back test...
BACK TESTING CONT.:
High probability set-ups
To be a consistently good trader, you must trade in a consistent manner.
As those of you who follow me and review my trade idea’s know, they are the same, almost boring. You see Type 1 (Shown above) or Type 2 trades all the time and they look all the same. EXACTLY!!! That is what you need.
If you have taken (either...
FIRST HAVE A PLAN.
Better yet, have 2 Plans!
Most traders have a trade plan, that will tell them when to get in and when to get out (or at least it should and I will cover that in the next segment)
What a lot of Trader's don't have and really need, is an account management plan.
An Account Management Plan is necessary to keep you from causing too much damage on...
Have a Trade Plan
Although most traders figure out pretty early on that they need a trade plan. They don't always know how to formulate it or what should go into it. Although a Trade plan can be go very much in depth, I will discuss what, imho, are the most critical components:
First and foremost, it must fit YOU!! Any trade plan must fit how YOU want to trade...