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A Novice's Handbook to Trading Triumph ----- 🙏 In an era where financial landscapes evolve rapidly, venturing into the dynamic domain of foreign exchange (Forex) trading need not be an intricate odyssey. This novella of wisdom unveils the rudiments, steering you through the intricate labyrinth of setting up your financial fortress, handpicking the tools of the trade, deciphering the enigmatic timelines, and sculpting entry strategies with the finesse of an artisan. Navigating the Terrain of Account Setup: Your journey commences by selecting the sturdy vessels of financial exploration, the likes of Coinbase, revered for transmuting mundane currency into the futuristic realms of cryptocurrency. Navigate the seas of connectivity, tethering your accounts to the steadfast anchors of Visa, Mastercard, or the versatile iDeal. Venture further into the undiscovered territories with a seasoned guide – Tradersway, an oracle in the realm of brokers, beckoning with bespoke options for an authentic trading saga. Sculpting the Trading Landscape: Platforms and Tools as Your Artistic Palette Forge your path with MetaTrader 4 (MT4), the canvas for your live trading masterpiece. Unveil the ethereal allure of a Virtual Private Server (VPS), akin to a mythical power-up, enriching your automated trading endeavors. Wander into the meadows of TradingView, where user-friendly charts bloom, and ideas spring forth from a convivial community of traders. Consider wielding the nNouSign indicator, a magical wand for crafting diverse trading strategies. Chronicles of Time: Timeframes for Poetic Analysis For decisions swift as the flutter of a butterfly's wing, gaze upon the 5-minute (5M) and 15-minute (15M) charts, where markets pirouette in perpetual rhythm. Should your ambitions soar higher, ascend to the 1-hour (1H) chart, where profit potential unfurls like a tapestry woven with the threads of time. Crafting Entry Strategies: The Artistry of Navigating Waves In the realm of 5M and 15M, embrace the mystique of the nNouSign indicator on TradingView, intertwining with the 21 Linear Weighted Moving Averages (MA) on the sacred grounds of MT4. Enlist the Williams Percent Range (WPR) at 40, a beacon illuminating shifts and retests. Draw lines, as an artist sketches contours, on both your chart and the WPR canvas for heightened insights. Decipher the harmonies between MA and WPR, directing the symphony of buying and selling. Set the crescendo with Take Profit (TP) at favored peaks or where echoes of prices linger in the corridors of time. The sonnet of 1H unfolds with kindred strategies, casting TP anchors where your heart desires or where the echoes of prosperity resonate. Anticipate the ballet of trends, choreographed by the highs/lows of yesteryears or the harmonious convergence of MA and WPR. Risk Management: Navigating the Seas of Uncertainty As the helmsman of your financial vessel, chart the waters of risk with sagacity. Know the depths you are willing to plunge for the elusive treasures of profit. Let stop-loss orders be the vigilant guardians against tempests, strategically placed to avert colossal losses. For instance, on a £300 expedition trading XAUUSD with a 1:500 leverage, let the StopLoss, a guardian set at 200 pips, stand steadfast at 1987.00 for a buy trade anchored at 1989.00. As you navigate, survey the constellations of currency pairs—those that pirouette in unison and those that waltz in opposing directions. Educational Alchemy: The Chronicles of Wisdom Embark on an odyssey through the scrolls of easily decipherable Forex education platforms. Join the symposiums of Forex communities, where sages share their sagas and novices glean the pearls of insight. Chronicle your journey, the trials, and the triumphs in the scrolls of a journal, an atlas mapping the uncharted territories of your evolving knowledge. Epilogue: 🌹 In the grand tapestry of Forex trading, the loom is not as daunting as it may seem. Armed with the artisan's tools, weave your narrative, learning with every stroke of the quill. Navigate the seas of risk with the astuteness of a seasoned mariner, adjusting your course with each gust of the trading winds. In the realm of Forex, the adventure unfolds not as a tumultuous tempest but as a voyage guided by the stars of knowledge. Bon voyage, intrepid trader! May your odyssey be as prosperous as the markets are ever-changing. ----- ❣️
OANDA:XAUUSDEducation
by ATU_TAD
How to avoid the risk of futures trading and increase the winninI sorted out the principles of this long BTC trading strategy. This is a trading system with a high winning rate that I often use. It is very simple and practical. I will share it with you now, hoping to help you. As we all know, the risk of futures trading is very high. If you are a novice, then you are prone to failure. Liquidation and asset zeroing are common things. In severe cases, you may even screw up your life. This is very common for most novices. So how do we change this state of affairs? First of all, we must improve our trading capabilities by working hard to learn various professional knowledge. The second is to use small funds to start to practice and accumulate experience slowly. Of course, this is a very long process. We need to maintain enough patience, not give up because of one or more failures, and not affect our mentality because of market fluctuations. We must always maintain a stable state of mind to learn and practice. Then someone will ask, what if I don’t have enough patience? What if I don’t have much time to keep learning and practicing to improve myself? If you belong to this situation, without your own trading system, then failure will often accompany you until you leave the futures trading market forever as a loser. Or you choose to strictly implement the trading strategies of professionals. miro.medium.com Instructions for the entire trading process, you only need to execute The first thing we think of when doing futures trading is not to make money, but how to keep the principal! This is very important. Only under the premise of keeping the principal can we be qualified to seize more opportunities. Can’t have too much FOMO If you follow the trading strategy of the wolf king, then you have to choose to believe and reduce hesitation to improve efficiency. In the process of following, your trading ability will definitely be improved. Below is my RSI trading system: RSI 4 times cycle contrarian principle In a down (up) trend Only when the RSI reaches the overbought (sell) zone And retrace the 50 position (sometimes it will retrace to the opposite oversold area) Only when it breaks through overbought (sell) again will it consider doing a counter-trend Reversal. You can look for the inverse principle Open long positions, but don’t be too greedy to hold them for a long time. The reverse principle can only obtain short-term profits. There are many people who are good at opening positions, but few are good at closing positions. Because people are greedy, this requires us to act against our inner thoughts, which is undoubtedly very difficult. RSI trend-following strategy In a downtrend, the k-line must be below ema50 When the first time the oversold area is touched, it means that the trend has started, and then go short at each retracement support resistance position As mentioned above, we will find that the success rate of going long against the trend is much lower than the success rate of shorting following the trend, so only when we successfully form an N-shape against the trend and stand above ema50 will we consider doing long. This is also the reason why I drew the N-type path when simulating the trajectory of BTC. Note that the RSI contrarian trading strategy is suitable for shock range trading and harmonic trading. If you think this article can help you, please like and share it.👍💕 If you want to find Wolf King to help you improve your trading ability, please click on the profile of Wolf King.👀
Education
by wolf_king888
Mechanical Consistency Weekly Review 5; +9% Return.TL;DR Total Profit of approximately $900 (around +9%) for the 2nd week of August 2023. Total 9 trades, 8 wins & 1 loss. 1-hour Timeframe, Oanda, XAUUSD(Gold), $10,000 Capital, $200/ 2% per trade. Mechanical Consistency Trading Strategy; Purely rule-based strategy, zero guesswork, zero analysis. Disclaimer: I am not a financial advisor. The content for this article is purely for educational/research purposes only and is merely based on my personal opinions. Please note: There will be affiliate links in this article. But it will only benefit both of us. If you do not wish to participate under my affiliate links, please feel free to Google them separately. Cheers! We had a beautiful trading week for 2nd week of August. Most of my predetermined parameters got triggered and reached my take profit without much drawdown. Let’s break it down. Monday (14 August 2023) I encountered my first loss of the week when the initial mean reversion trade didn’t go as planned. The price swiftly plummeted, triggering my stop loss and prompting me to initiate my second mean reversion trade. Fortunately, I managed to bounce back and secure some profit from take profit 1 before the price continued its downward trend. Tuesday (15 August 2023) My daily bias, determined by the 21 EMA, indicated a clear downtrend. I executed both trades flawlessly. The first mean reversion trade unfolded precisely as anticipated, allowing me to capture profits at each stage. The second trade, a retracement play, experienced an immediate reversal shortly after entry, with almost no drawdown. It was the ideal trade setup I had been hoping for! Wednesday (16 August 2023) The daily bias continued to favor a downtrend. While Tuesday’s trade remained open, my parameters signaled another retracement trade, and both trades successfully reached all of my predetermined take profit levels. As the trading day neared its end, I was triggered into a mean reversion trade at 127%. Fortunately, I managed to secure some profits before ultimately closing the trade on Thursday. Thursday (17 August 2023) The daily bias remained in a downtrend. Most of my attention on Wednesday was dedicated to managing the ongoing trade from that day. However, once I closed out the Wednesday trade, I was able to initiate a standard retracement trade that successfully reached both of my pre-set take profit levels, resulting in a substantial profit. Later that same night, my mean reversion trade was triggered, and I had to manage it until Friday. Friday (18 August 2023) Even though market sentiment began to show signs of shifting towards the upside, my daily bias remained in a downtrend. I successfully closed my Thursday’s trade with a profit and promptly initiated a standard retracement trade, reaching the first take profit level and securing a breakeven point at the entry price, just before the market began its upward momentum. Endnote As I navigated a market with a prevailing downtrend, while also observing hints of a shift in market sentiment towards the upside. Despite these challenges, I executed my trades with precision, closing out profitable positions and making the most of favourable retracement opportunities without any market analysis + zero guesswork, purely using a mechanical system that I developed, backtest and forward testing. Same strategy, same system day in and day out! As a full-time working individual, I do not have the time to constantly monitor the charts and look for the "perfect" trading opportunity. This is why I adopted the mechanical trading strategy to earn extra money. This approach eliminates the need for extensive technical or fundamental analysis and removes any guesswork. It is a 100% Mechanical rule-based strategy, ensuring disciplined and consistent decision-making. Here's how it works: Immediately after the 1st-hour candlestick closes either below or above the 21 EMA (Exponential Moving Average), you place precise Buy/Sell limit orders. Once all parameters are meticulously set, you can confidently attend to your daily routine, including your day job, while entrusting the market to dictate the trades. If you want to learn my strategy, please visit my blogging site, link in BIO. Thank you!
OANDA:XAUUSDEducation
by Barry_Games_Trading
The Fall of the Titans: Crypto Downtrend Unfolding on the 4hAre we witnessing the Fall of the Titans? Is crypto, the digital currency titan that has been dominating the financial landscape for over a decade now, showing signs of slowing down? The recent data on the 4h chart reveals an unfolding story - a Crypto Downtrend that may have significant implications for investors and enthusiasts alike. In this modern era of finance, cryptocurrencies have morphed from being an underground secret of the tech world into an open powerhouse that shapes financial markets globally. However, they have not been without their share of unpredictability and turbulence. The recent activity on the 4h chart, particularly, paints a picture of a potential shift in momentum - a Crypto Downtrend. Understanding The 4h Chart Before we delve into the specificities, it's crucial to understand what a 4h chart signifies. The 4h chart, as the name implies, represents price movements over 4-hour periods. Traders often use this intermediate timeframe to discern the medium-term trends in the crypto market, which allows them to plan their strategies accordingly. The 4h chart gives a more comprehensive view of market dynamics as compared to the shorter timeframes, without getting drowned in the long-term noise of the daily or weekly charts. Indicators of a Crypto Downtrend In crypto trading, several indicators suggest a potential downtrend. Key among them are lower highs and lower lows, which hint at a declining price momentum. Other indicators such as the moving averages, the Relative Strength Index (RSI), and the MACD can further support these observations. In the current scenario, the 4h chart shows a pattern of lower highs and lower lows, which is a tell-tale sign of a Crypto Downtrend. Additionally, the moving averages have seen a bearish crossover, while the RSI is hovering in the lower regions. These all point to a potential reversal of the bullish trend we've been experiencing. Impact of the Crypto Downtrend This potential Crypto Downtrend has significant implications. For one, it indicates a period of price correction, where the overvalued prices return to more realistic levels. While this could be a cause of worry for some investors, it could present an opportunity for others. For investors who have been waiting on the sidelines, this could be their chance to get in, to buy the dip. On the contrary, those who are heavily invested might want to brace themselves for potential losses, or consider hedging their investments. The Way Forward While the current observations from the 4h chart do point towards a Crypto Downtrend, it is essential to remember that the world of cryptocurrencies is known for its volatility. In the world of crypto, trends can reverse quickly and unexpectedly. Therefore, investors and traders should always stay vigilant and responsive to the changing market dynamics. Also, it's important to note that a downtrend isn't necessarily a bad thing. In fact, it can serve as a healthy correction in an otherwise overheated market, paving the way for sustainable growth in the long run. So, is this the fall of the digital titans, or merely a small bump in the road? Only time will tell. For now, though, it’s a good time to stay alert, plan your strategies, and tread with caution in the fascinating world of crypto. --------------------------- This article is for informational purposes only and does not constitute financial advice. Always do your research and consult with a professional before making any investment decisions. Crypto trading involves risk and is not suitable for all investors.
Short
by Titans_Trading
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