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Ftmo

PROFIT! How to get past your lizard brain and make money!There have been quite few books written about this, and mainly, they deal with how to avoid being defeated by your own fear and greed. Fair enough, and this article does NOT replace them. The books are best suited to those who have traded for a while, and need to improve their performance. If you are a beginner, you won't know the first thing about the various emotions that grip you when you are trading, so reading about them at this stage is futile. However, there is a way to immediately benefit from one simple thing you can do. See my profile for reasons.., everyone should use a dummy account at first, but it's very hard to know when to switch to real money. For a start, the emotions are really not there at all when it isn't real cash you are risking. It's almost a game, because it doesn't matter if you win or lose. Many new traders will switch after some decent results over a month or so. I'd recommend 3 months minimum before risking real money, but whatever. Doing what I suggest below is really good advice anyway. Once they switch to a real money account, they find it is a lot harder, and they start taking losses of hundreds or thousands of dollars, and at that point they either blow up, trying to trade it all back, or give up (possibly the right option!). Maybe you have done this already? This is because they are risking their own money. A typical account is $5,000-$10,000, and as I have mentioned many many times, 90% of new traders will lose 90% of their account in the first 90 days. Again, see my profile for a guide to how to avoid this. HERE'S THE REALLY GOOD ADVICE RIGHT HERE: You may have heard of Prop Firms before. One hit the headlines recently and not for the right reasons. PSA: These firms are not generally regulated, BUT read on. This article is not about how to make millions from prop trading. It's about conquering your ability to naturally lose money. Everybody is literally PROGRAMMED to lose. They have to deprogram themselves, and using a prop firm is the best way to do this. Instead of putting $10,000 into a trading account and risking $100 at a time (a reasonably sensible course of action), only to find that after a month you are down $500-$1,000, and starting to worry that trading is not for you, pay $160 for a $10,000 prop account. Let me explain how this works. I will use an anonymous (but real) example. Shop around to see what suits you. They give you a demo account with $10,000 in it. You have to make 10% ($1,000) to pass the first test, and your time is unlimited. If you lose $1,000 overall or lose $500 in one day, you lose your $160 and have to buy a new one. If you pass, you have a second test where you have to make 5% ($500). The rules for losing are the same. If you pass both tests you get a new $10,000 account and your $160 back. You then trade the new account, but they will pay you 80% of your profits. You have the same rules for losing, at which point your account is closed. Q: WHY IS THIS USEFUL TO YOUR BEGINNER JOURNEY? A: Because you are only risking $160. This sits in between a dummy account and a real one. It means something , but you can retain the ESSENTIAL mood of detachment that you need to carry on treating it as a game. If you are trading a real account, you could lose $500 in 5 trades at some stage (statistics say it is inevitable over time), and that is something a professional can shrug off, because they have confidence and they know it's part of the game, but you can't when you are starting out. You need to build your confidence, and this is the best way to do that. Losing $500 in 5 trades is OK with the prop account, as long as you don't do it one day! Your $160 will last a while, even if you are having a bad time. In that time, you will learn a LOT. If you lose, it's only another $160 to try again with all the knowledge you have learned. If you win, you are trading with free money as you have your $160 refunded. Don't go mad. If you like this, please take the trouble to hit the like button.
COINBASE:BTCUSDEducation
by Paul_Varcoe
7
USDCAD POTTENTIAL SETUPS FOR THE WEEK.1. Identify the Current Trend: Begin by assessing the current trend of the USDCAD pair. Is it in an uptrend or a downtrend? Trends can be identified by drawing trend lines or using technical indicators as observed our current trend is shifting to the bearish setups 2. Spot the Change of Character: To anticipate a potential change in character, you should look for signs of exhaustion or reversal in the existing trend. When we have Brocken the lower high of the previous run 3. Wait for Deeper Retest: After identifying potential signs of a change in character, it's important to be patient and wait for confirmation. This often involves waiting for a deeper retest of key support or resistance levels. A deeper retest means that price retraces further into the prior trend, offering a clearer confirmation signal. 4. Confirmation of New Trend: To confirm the change of trend, look for the following: Breakout: Once the retest is complete, watch for a breakout above a significant resistance level (if anticipating a reversal from a downtrend). The breakout should ideally be accompanied by increased trading volume. 5 Higher Highs and Higher Lows: Observe if the price starts forming higher highs and higher lows. This pattern is characteristic of an uptrend and indicates a potential change in character. 6. Monitoring and Adaptation: Keep a close eye on the market once you've entered a trade. Continuously monitor price action and adjust your strategy as needed based on emerging developments.
Short
by DIGITALASSETSINC
1
Lessons from MFF's Regulatory Challenge in Forex TradingYesterday, MFF (My Forex Funds) was hit with an unexpected and sudden blow when both the provincial securities regulator in Canada and the commodities regulator in the United States issued orders that effectively prevented them from trading securities or accessing their bank accounts. This significant action was taken without any prior notice or opportunity for discussion. As a consequence, MFF now finds itself in a state of uncertainty, with its future hanging in the balance. At least until these freeze orders are lifted or modified, the business is effectively frozen as well. This situation has imparted several important lessons: 1) The Proprietary Trading Firms in the US and Canada are likely embarking on a complex and protracted journey that may ultimately result in the establishment of more robust and transparent regulations within this industry. While the outcome remains uncertain, the hope is that such measures will enhance the safety and security of similar businesses in the future. 2) Given the inherent volatility and uncertainties associated with businesses like MFF, it becomes evident that regularly withdrawing profits is a wise practice. Relying solely on compounding, as enticing as it may be, can leave businesses vulnerable to unforeseen regulatory actions or market fluctuations. 3) This incident underscores the importance of relying on one's own private funds for trading endeavors. While Proprietary Trading Firms offer opportunities for profit, they also expose traders to external risks beyond their control. Maintaining control over personal funds provides a layer of security and autonomy that cannot be easily replicated in external trading environments. In summary, the events surrounding MFF underscore the constantly changing nature of financial regulation. They emphasize the importance for traders and businesses to remain adaptable and prioritize sound financial strategies in an unpredictable market. One key takeaway is that while being funded may be an intriguing avenue, it can be challenging to generate substantial revenue. Any such revenue should be deposited into our primary trading account, where it is shielded from external interference, ensuring that no entity can hinder your performance or restrict your trading activities unexpectedly. The core focus should always be on continuous learning, studying, and improving our trading and investment methods and strategies. This commitment to self-improvement should remain at the forefront of your priorities.
EIGHTCAP:XAUUSD
by FOREXN1
11
EUR/USD - Back to fair valueEUR/USD analysis for next week. Price currently reacted on the H4 fair value gap after a long bullsih push. We took out liquidity first on London open and then on NY open causing a market structure shift on the m15 timeframe. You can look for a potential setup to go short once price retraces and potentially fill the FVG + Imbalance on this m15 swing that caused the break. Wait for rejection on the zone for a potential short targeting fair value (50% of the swing).
Short
by andrefx24
2