Get started

Trading Tools

Every market is very different. You have to be a specialist.There is a good reason firms hire people to trade a single asset class (oil, cocoa, us bonds...). And at the other end of the spectrum: Fresh retail traders start following a signal newsletter, they don't care about learning how markets work, they could not care less about history, fundamentals, etc. They follow some dumb service that pumps out signals on 50 FX pairs, 50 cryptocurrencies, and 20 futures. They chase trades, "as much as possible", and get rekt. This is different than baghodlers that buy something and hold it to zero they are another category. The 2 groups (noob retail short term gamblers and noob bagholders): They DO NOT WANT TO MISS OUT. You're not going to compete by looking at a hundred different charts. I am all for diversification thought, I don't think watching a single chart is the only way to go. And what are going to do when your 1 asset is not going anywhere? It's best to start with only one, till you know what you are doing. Then add another and get comfortable with it, and another. That's my opinion. A way to still be rather focussed while having a large watchlist, is to have your watchlist made of things that work similarly, that you understand the ins and outs of, have some experience and backtested it, AND just 1 strategy (including variations). Also, the shorter term, the less you can work on. Don't day trade, it's stupid. 98% lose and those that win make $3000 a year on average, something like that. Are there any merchants that throws his wares in the bin every evening? Even restaurants don't throw everything... And are you going to analyse 50 different currencies in depth every week? Even if you don't lose your mind, I have my idea about the quality of those 50 analysis. The only people I know of that do that and make money with it are: A- Trading educators that tell you it works and you can turn $500 into $500,000 in 2 months with no risk. B- Signal providers, robots sellers, copy traders. There were some people that looked at businesses and they found something like less than 1% of their products made 90% of their profits, and the rest was just a waste of money. Are you going to spend 99% of your time working on things that don't work and paying comissions? Which eliminate anything you made with the remaining 1%. Here are my watchlists, which I analyse every weekend, set price alerts, and then during the week I will go in more depth on 1 to 5 of them (out of 22): I like big things, all volumes are above $10 billion. My typical holding duration is pretty short, 3 days to 2 weeks. I also look at indices because can't ignore this, and Bitcoin because that's what every one talks and cares about (we are very early thought). I find 22 charts (with alot of similarities) manageable, but this amount is too much for most people. I consider myself to have capacitites to process alot more info than other people in a short time. I have an informed opinion on all of the 10 currencies I watch (17 pairs made of 10 currencies) as well as 5 commodities. And I spend my entire days every day looking at the newsflow on these currencies and commodities. Got nothing else to do. And even then 22 charts might seem much, but alot of them share the same fundamentals/news. Pound pairs all intersect with pound news and the associated major news (GBPAUD + AUDUSD + GBPUSD...). Plus remember I really only have 1 very specific strategy (there are variants but it works the same), will set price alerts on support, and then I will spend alot of time on the handful of charts that pop an alert. I call myself very smart with big capacities, people say it's arrogant, no one complained when from school to work I was always misunderstood, I had to dumb down my ideas, people found me weird. No problem then, not a single person complained about me being called weird, my ideas "too far fetched", "distorded mind", but if I dare call myself a genius "WHO DO YOU THINK YOU ARE". It just makes me cringe when average Joe Schmo the struggler that had so much difficulties understanding basic maths at school, think he's going to land here, with his day job, part time day trade 30 currency pairs and 20 cryptos with his stupid indicators and signal service, and think he is going to beat the top brains of wall street and most exceptional individuals in the world. LOL XD The delusion is too much to handle XD With all my my watchlist, Elliot Waves work great. Also trends, support and resistance, and bottom patterns. Now I will quote St Louis Fed on FX stocks & commodities: Personally I do not think agri is not to be included in "commodities". They have infinity repeating patterns, but my uneducated guess is what drives them most is "news" (trade taxes...) and the weather. I will link my source for once: files.stlouisfed.org They say that perhaps the returns are not proof of market inefficiency but compensation for risks taken. Market efficiency. Seriously anyone that thinks markets are efficient is a friggin moron. Humans are way more stupid than they think. They have to be the most delusional creatures in the entire universe. When european indices in japan trade for 5 times the price, it's efficient? Price to earning wildly fluctuating is efficient? Wat? How? Just show those people ignorance. "It's impossible to make money, I tried and failed, if it was possible it would mean I am an imbecile, this is impossible". Drop the 70 charts. A handful of uncorrelated currencies or commodities or stocks is all you need. I would advice starting in the first 1-2 years with 2 or 3 different charts and get to know them. You could work your way up to a dozen, but if they are all completely different that's too much even for a genius (which you very probably are not). The lower amount of charts you look at, the more patterns you will recognize (but I think having a decent knowledge on more than just 1 is important), you will know what the long term charts are like without having to check all the time, you will know the entire news history of it, as well as how the price reacted, and so much more. Good luck just remembering the weekly chart for 50 different currencies and indices. All the famous betters are known for getting very much in details on a few select commodities currencies or stocks, and making big winners. All Jesse Lauriston Livermore was trade Union Pacific, short the stock market which made him rich, and deal with cotton right? He did not touch alot more than this did he? George Soros is famous not only for trying to destroy the world (I think I understand what his reasons are), but also for making big bets on currencies. He finds one he does alot of research on it, there is not stupid robot pissing out random signals every 10 minutes. Well actually now that he does quant... But that's different. William Delbert Gann only focussed on agri commodities (correct me if I am wrong but the full list is Grains Cotton Lard not even sure he traded all of those). Richard Dennis ==> Chicago Commodities PTJ ==> Stock Market Warren Buffet & his sidekick ==> A few stocks, and some fixed income. In their whole life they only ever really owned a few stocks. Charlie Munger "See your whole life decisions as a punchcard with 20 holes in it..." Apart from trading educators there is NO ONE that got anywhere by being a machine gunner firing from the hip. All the successful traders in the world have, are, and will always be, snipers with devastating power & precision. (Not saying you should not supplement your core analysis with watching other markets that have an impact - big indices for examples are important to understand the big picture). Stop following machine gunners, learn to obtain lazer focus, understand the ins and outs of a few select instruments, and you will see your performance go up, as well as should have a much clearer mind and be more "relaxed" (which in turn will give better results).
TVC:GOLDEducation
by MrRenev
3
4H BTC Waves+ Signal charting, full blindFully blind signal charting followup for Waves+, BTCUSD 4h. All horizontal lines/signals were plotted with the candlestick chart hidden and not visible. Additionally, this time, all directional trades and exits were determined with the chart hidden. Additional signal explanation and rationale is detailed in yellow text, annotated on the chart/indicators. 8/10 Trades closed in profit (green checkmark). 2 Trades marked with red X were below 2% profit margin, and are considered a loss unless high leverage is used. Setup/configuration: Initial setup with Waves+, DOSC (Derivative Oscillator) with signal line disabled. 1-2 bar delay on signals to provide accurate/realistic demonstration of entries/exits (on bar close). Waves+ has the LSMA line enabled (dark blue). Waves+ is a hybrid wavetrend fibbonaci oscillator. Waves+ components: Light blue line = Waves line Dark blue line = LSMA line Red line = Mmenosyne follower (fib line with medium speed) Green line = Mmenosyne base (fib line with slow speed) Shaded yellow zone = Explosion Zone warning (Ehler's Market Thermometer) Red/green center dots = TTM Squeeze Loose Fire(red), TTM Squeeze Strict Fire (green) Lower dotted line = 38.2 fib line Upper dotted line = 61.8 fib line Lower dashed line = 25 wavetrend limit Upper dashed line = 75 wavetrend limit Blue 1/2 height block = suggested TP from short/drop incoming 1-2 bars Orange 1/2 height block = suggested TP from long Chart markup: solid green = buy/long signal solid red = sell/short signal dashed red = early sell/short signal dashed green = early buy/long signal dashed orange = suggested exit from long signal dashed blue = suggested exit from short signal Trades closed in profit/loss, no stops, marked up on chart: Trade closed in profit = green checkmark Trade closed at a loss = red X. Trades that are less than 2% in profit will be considered a loss for scalping unless leverage is used. Incremental for this blind signal test will be documented below/updated as part of the trade idea/post.
BITFINEX:BTCUSDEducation
by auroagwei
2
Release: [AU] Waves+Plus version of Waves with components from both Waves Advanced and Mnemosyne. Essentially, Waves+ is highly configurable hybrid wavetrend oscillator and Fibonacci oscillator. Pictured to the left are the various indicators that represent incremental steps/advancements toward the development and eventual refinement of a hybrid wavetrend fib oscillator. Waves+ is available as part of the AU indicator set - contact for trial availability and pricing.
BITFINEX:BTCUSDEducation
by auroagwei
1
Can you make money by understanding indicators? -- on the core s Often hear everybody say, my skill is not good, lose money again, teacher, can you recommend a useful index? Or talk to me about a metric and how you can modify it to make yourself invincible. Whenever I hear such questions, I feel helpless. In the past, I've said more than once that making money has nothing to do with technology. Have you ever wondered if the people who invented the metrics would all be billionaires if their technical analysis skills were directly proportional to their earnings? Even if not all indicators work well, should the inventors of the magic metrics that the market is talking about be very rich? Because we all think they're good at it, they're the inventors, they're better at it, but I think the answer is no. By now, I know trading geniuses who try to sum up their experience into technical metrics, but the inventors of rare metrics become billionaires with their metrics. If so, I believe he is first and foremost a top trader. This as a good coach is not a good player of logic, the deal itself is independent of the work, he needs the quality is not based on the technical condition of the single, but a more comprehensive psychological factors, many top gambler, they are not highly educated scientists, leamer, is the most typical case, a person's intelligence and education not proportional, many successful people, not through the system of learning, of course, we don't deny the importance of system study, but first of all, if you have enough intelligence quotient, such ability. Back on technical analysis, I often say, analysis and trading are two levels of matter, my analysis is one of the upper level should be, but I don't think he is a good trader, because I don't have trading quality - courage, a lot of people can make money, that is not based on technical analysis, but based on their boldness, at a crucial moment can be an determination, this is one of the best traders. If you are a decisive person in daily life, learning trading skills, the success rate must be higher than technical analysis very good, but lack of courage. Therefore, in large institutions, analysts and traders are two departments of people, who play their respective expertise to achieve a win-win goal. Of course, in reality, there will be people who combine analysis and trading, but such people are rare, not everyone can do it. As far as I am concerned, I prefer to spend time on the technical analysis, because that is my hobby and expertise, and do a person want to make money, you should think about, whether I should be a focus of traders, because most people cannot be the combination of the epoxy resin, it is the best in a make a trader can you make money in this market is the key. So we can see that the level of technical analysis is not necessarily related to making money, so what is the core technology of making money? I think should be the point of view, a lot of people said that, I also know the up here, I also saw the risk, but I can not control myself, want to win so afraid to lose, is based on our state of mind, because we are born with human greed and fear, cannot be wiped out, unless you can attain buddhahood, also need not deliberately blame yourself otherwise. In my community, usually I like to say a word, is to tell you that my analysis level are not much higher than anyone, but my mood is very good, because I can stay out of my character, relatively rational and objective to analyze things, like the poem said: not looks like, the good luck body is in the mountain. Most of the time, your attitude is based on your position. It has also been said that the position determines the position, when you hold the chips, you will automatically look long, even after professional training, not anyone can do not be affected. So don't deliberately force yourself to do the impossible task, as to do their own more expertise. One of the things that I do in the community is to constantly alert people to the risks, to warn them, to control their mindset, which I think is the best help I can do, far more meaningful than a correct analysis. So I think we can also try this way, don't try to look for any advanced technology, what only makers know secrets of indicators, who is but you are not confident performance, a top traders, must first have good state of mind, can be in a bad hand, lose don't even less, while a good hand to a big win. Such a trade, in the long run is completely able to beat the market. We all know that warren buffett is a master investor, and if you look back over the last 30 years, he became a master not because he made more money in the long market, but because he lost less in the short market. The accumulation of wealth must be seen in the short board of the barrel. The hardest spear may not keep the warrior alive, but a good shield may bring a longer life. If you can look at every trade, as a turn-around, round and round, believe that you can become the winner of this market. Remember that a good trader is not necessarily a good analyst, nor is he the one who makes the most money at one time, but a person with a strong ability to make money consistently, a person who trades with a normal heart.
BITMEX:BTCUSD.PEducation
by peter-l
XBT Dancing the Contango and Farewell to XBTU19 data?This idea is to expand on my recent observations while trading Basis (spread) of futures contracts for XBT, and how recently Contango and Backwardation have been a good timing indicator for XBTUSD. For more detailed explanation, please check out my indicator script the XBT Contango Calculator in related link. Typically I have noticed that Futures premium/discount primarily flow along with price movements. For example, when price goes up, premium goes up and vis-versa. However, what i found most interesting over the last few weeks is there was a divergence in XBTUSD price and XBTZ19 futures premium (blue line), which i noticed for the first time. Additionally, this happened right before the BREAK See below A primary objective of this post, is to see if publishing this idea in Tradingview will keep the XBTU19 data (orange line) plotted by the XBT Contango Calculator. I have found that charts of expired Bitmex Futures are not available on Tradingview after expiration. Studying XBTU19 September futures has been very useful for trading over the last few months and hope this post will stand as a record on how Contango and Backwardation in XBTU19 contact affected price action (assuming data doesn't disappear after 9/27). If anyone knows a way to plot historical Bitmex data, please help me out. I believe it can be pulled via API from the following link, but I am not able to figure it out. www.bitmex.com THE FOLLOWING ARE TWO REASONS WHY I WANT TO STUDY HISTORICAL DATA FROM PREVIOUS BITMEX FUTURE CURVES. I think both of these scenarios could represent the two directions we have at the current moment. As you will see, if past futures curve data was available from these time periods, it could be helpful in deciding which direction to trade. EXHIBIT A - Mid November 2018, price drop after consolidation triangle EXHIBIT B - Mid July 2017, price pullback and continuation after consolidation triangle Let me know your thoughts?
BITMEX:BTCUSD.PEducation
by SchamBTC
7
Heikin-Ashi CandlesA new candle type that I think I prefer to use because it does a better job showing trends and potential reversals than regular candles. If nothing else its another tool to help other than the usual indicators I use. I am going to start posting more educational material. We can all get the same team and help each make more money. The formula for these candles are: Close 1/4 (Open + Close + Low + Close) (Average Price of Current Bar) Open 1/2 (Open of Previous Bar + Close of Previous Bar) (Midpoint of the previous bar) High = Max (High, Open, Close) Low = Min (Low, Open, Close)
TVC:SPXEducation
by rjchilia123
EToro stock watchlistsA new generation of investors is starting to approach trading thanks to new user friendly platforms like eToro. These platforms offer an easy to user interface and a basic charting tool. However, after gaining some experince, many investors feels the need of more advanced charting/screening tools like the one offered by TradingView (Etoro does not offer any screening tool, as today). Trading view is a great tool but I noticed that eToro just trade a very limited subset of stocks and using the trading view screener can be very fustrating because there is no way to filter only the stocks available on eToro.... until today. I created a list of watching list containing all the stocks traded by eToro. You can download them freely from the repository in my sigature (I don't have the needed reputation to add external references in this idea). Be aware that some symbols code are different between eToro and Trading view: I did my best to find the right symbols, but please double check before to use these lists. This is how you can screen your watch list: 1) Go to the watchlist you want to screen 2) Right-click in the watchlist and choose “Flag all symbols from this list only” 3) Go to the Screener and select “Show flagged symbols only” in the ticker column 4) You can now start screening the symbols from your watch list I will try to keep the watching list updated. Please feel free to report missing/wrong codes here, so I can correct them. Have a nice trading
SP:SPXEducation
by micrenda
5
HOW TO READ THE BTC DOMINANCE CHART AND WHY YOU SHOULD USE IT!So, the title is obvious. Why should you be using this chart. Well unless you want to keep your Bitcoin, pin your ears back. When BTC dominance is going up and keeps going up it means only one thing. Bitcoin is moving faster than alt-coins meaning your alt holdings are bleeding BTC at a heavy rate. Too many people think they are winning in this industry because USD is up... When in actual fact they have lost a couple of BTC without noticing. So take note of the dominance chart. Set an alert within a trend. If it is going down, look at altcoins to trade. If it is going up hold Bitcoin.
CRYPTOCAP:BTC.DEducation
by CryptoMobster
3
Beat the Crypto Market & Earn Bitcoin by Trading Trends!Welcome to Crypto Stanley Trading! Our success over the last year as a group has been predicated on trading our tried and true group algorithm bot. Since the beginning, we have preached that in order to consistently beat the market, a trader must remove his or her emotions from the trade. By using the Crypto Stanley Trading signal bot, you can effectively remove your biases and trade mechanically, thus improving your overall odds of success. For those seeking to become a Crypto Stanley trader, you Crypto Stanley Trading System is a position based, trend trading strategy that looks to capture the “meat” (~80%) of a trend and ignore intra-day volatility. Its premise is simple: enter when the prevailing trend seems to be shifting and add to your position as you get additional confirmation of the trend reversal. From the start we aspire you to take action and trade the way YOU want to trade. Already a seasoned vet and want to take advantage of our trend trading signals? Do it. Eager to learn the complete trading system that has taken people with zero experience and turned them into full-time traders? Do it. Want access to the indicator in order to develop your own trading system? Do it.  Our group is open to ANYONE and EVERYONE willing to put in the time to change their financial lives. If you're interested in learning more, please message us for an invite to our Discord server!
BITMEX:BTCUSD.PEducation
by cryptostanleytrading
You need to create your own Market Profile.Market Profiles allow you to understand the structure of price action, you can alter your profiles to be specific for buying or selling. Having a universal plan shows you where price is going to range, if it sticks to principles of bullish action (Higher Highs, Higher Lows), you can deduce where the next levels of interest are and vice versa. Interest areas - the orderblock levels - are areas to consolidate at or reject from. They are created during up moves by selling and during down moves by buying. Any time you see price stall and move around, creating anxiety and confusion, that's an orderblock level. The orderblocks appearing on higher timeframes have more strength than lower timeframe ones, this is the same for all aspects of trading. The IV Zone is the last call before price structure breakdown, this area of the structure holds all the weight as this is the only area which can reject or validate price action. Breaking out of the IV Zone will always be tested, the time is the variable which decides that. Rejecting from within the IV Zone return price to the test the opposing IV Zone. To explain the last point further: If price rejects from the top IV Zone, the highest price paid, it goes to test the lowest amount willing to be paid, the bottom IV Zone. This is what gives markets their ranging/sideways action, this is where a lot of money is made by skilled traders and coders, they're providing liquidity and being compensated for playing the range. I made this for myself, you can study this and try it for yourself to see if it helps you understand price flow better.
BITSTAMP:BTCUSDEducation
by Mt.BFX
8
My TOP 10 Posts! Must Reads for Beginner Traders!I wrote more than 1200 posts in TradingView. The majority of them are trading ideas and market overviews. Even if they helped you to make tons of profit, I think their value is much lower than the few educational posts I published. I am a person who believes that knowledge and experience are the main elements of success. No matter in which field, if you know what to do and if you have experience - one day you will reach your goal. Trading signals are just one tool which can't make you a successful trader if you don't have knowledge and experience. I would like to collect all my best posts in this one, just in order to tell one more time to novice traders the which are the important things in trading. You can read my best posts, of course from my point of view. I did the best for adding value to this community. And I hope the real value, from my side, can be seen in these posts. This is Why Beginner Traders Lose Their Capital – 1. No Strategy This is Why Beginner Traders Lose Their Capital – 2. Risk/Reward This is Why Beginner Traders Lose Their Capital – 3.Trade Volume This is Why Beginner Traders Lose Their Capital – 4.Overactivity WHEN CAN YOU START TRADING FOR A LIVING? 90% of Traders Lose Their Money! Do You Really Want to Succeed? The Key Elements to Succeed in The Financial Markets Trading Signals Won’t Make You Rich! Trading Signals Won’t Make You Rich! Spoiled Community and How to Become Successful Good luck in your journey in the financial markets!
BITFINEX:BTCUSDEducation
by DLavrov
12
The Key Elements to Succeed in The Financial MarketsIt was expected that the main message which I tried to pass to you in the last educational post would not be so popular. I tried to talk about things which are not catchy and their effect will be shown only in time. Work hard and reach your goals. Work hard and become a profitable trader. Work hard in order to get access to new opportunities. But at the same time, I got an additional confirmation of why 90% of people fail in trading. Why «gurus» and «legends» are so popular and why the community was spoiled by pushing forward simple solutions which can make millionaires from everyone. On the other hand, not too many millionaires here, so it seems the quick and easy route, as expected, does not work. We have to understand that the majority of people in any trading community is made out of people who don’t have an interest to become successful and change their life to the better. They want to become rich as soon as possible and, for them, sweet dreams have higher priority than hard work with real results. For those, who could get the message correctly, we will move further and in this post. Let’s talk about the key elements which any successful trade must have. Let’s talk about the basis of success! Let’s try to make the clarification of what you must have for profitable trading and which tools to use. It’s pretty simple – there are 3 key elements. KNOWLEDGE, EXPERIENCE and TOOLS - are everything you need to succeed in the financial markets! There are no other ways or magic tools which can bring you to success. Only these 3 elements will become the solid basis for reaching your goals. Let’s talk about them with more details. KNOWLEDGE - you should be very naive thinking that you can become successful without knowledge. But it is not sufficient and you can’t stop half way: knowing just a part of what is required won’t be able to move you to the top in any field. Knowledge is what separates novices from professionals. The level of knowledge makes the difference between failures and success. Look around... How many people you can find who become successful without knowledge in their field? I guess not so many. I guess Elon Mask reached his level only because he is smart guy and he spent many hours learning something new. That’s why he holds 2 degree in physics, one in economics one in business and a PhD in energy physics. I’m sure his level of knowledge allows him to think out of box and create the things which can change the World. Mark Zuckerberg had good knowledge in programming and it helped him to create Facebook. I want to know, could someone create something big, interesting and useful, or just reach the top without knowledge? I think we all say - it’s impossible and it will be the correct answer. An attempt to build something or reach a goal must be supported by the knowledge in that field. And it’s logically. And what is illogical then? Novice traders deciding to base their decisions on little knowledge or none at all. Why when you start trading you decide to skip knowledge and you don’t want to waste your time and efforts on acquiring it? How are you going to become rich without the most important element? Knowledge plays a very important role. It gives you the solid basis for your growing as a trader or investor. Knowledge helps you to understand what you are doing and how you can reach your goals. Knowledge allows you understand where you are right and where you made mistakes. Knowledge helps you become better. Day by day reading about trading, you grow as a trader. With solid knowledge you have a solid support behind you which helps you move in the right direction and reach your targets. The Real World is open for everyone who wants to improve himself and become smarter. The Internet provides tons of knowledge. You get any answer you want just by typing the question in Google. And you just need to make this step and start learning what you have to know for successful trading. When I tell you - you must work hard for become successful - think about it as you have to put all your efforts for getting new knowledge in the field where you know nothing. Everyday try to learn something new. Try to understand what you did yesterday and how it effected on you. Get knowledge from books, articles, videos, courses and become better day by day. I started 12 years ago and to this day I still invest regularly into new knowledge and I will continue to do so in the future as well. Start each day thinking - Knowledge is Priceless! Try to spend each day a bit of time to learn something new. Find the time, put your mind to work and put efforts in learning how to read the financial markets. Even if you spend 30 minutes or one hour per day in some time you will be able to create a solid basis for the next 2 elements which you need to reach your goals. EXPERIENCE - the 2nd element after knowledge. Probably you already know how experience helped you in your life. How it helped you to avoid mistakes or do something in the right way. Experience in all activities plays a very important role too and the same goes about trading. If you passed through some situations, there is a good chance that in the future passing through the same situation you will do things faster and better and in a correct way. Experience allows you to do things properly and in combination with knowledge it creates something really powerful. With these two elements you will know what to do and how to do it. Let me give you a simple example: You started trading without knowledge and you blew up your money. Which experience did you get from this? If you don’t care about knowledge and experience – then you would not have paid attention or learned any lesson from this. You would repeat again the same actions and by no surprise you will meet again with the same result. But for those who would like to really succeed in the financial markets you should take some lessons from the previous scenario: - you lost money because you made something wrong, analyze what that was - you made mistakes because you did not know how to trade properly, now you know how to avoid blowing up your account if you will be in a similar situation - if you do the same next time and change nothing, you will get the same result. So next time, you will try something new based on your knowledge and experience, and expect a better outcome. The past experience can protect you in the future and help you to avoid mistakes. Also the past experience can help you to improve yourself in order to get better result. Knowledge will give you the ideas which you will apply in order to become better. Experience will remind you when to apply which knowledge for which particular situation. It’s a very simple example of how experience in combination with knowledge can make better results for you. But there are millions of different situations which can be useful for you and can help you to become better too. You just need to gather your priceless experience and combine it with your knowledge in order to become better. The problems of all novice traders are: - they don’t understand the future effects of their actions in the present - they don’t have the necessary experience to know why not trade without stop orders or why they need to follow the proper money management strategies. Knowledge can explain these simple things, but not all of us like to follow the theory without trying it by ourselves. Probably we must test it in order to trust it, and that’s ok it’s human. That is why personal experience plays such an important role. When I told you - work hard – I meant that you have to spend time and put efforts to combine your past experience, make your analysis, understand it, learn from it and use your newly gained experience in the future. You can get experience from everywhere. Every trade can give you a piece of experience and it does not matter if it was a winning or losing trade. Both scenarios are good teachers. Every mistake which you made is priceless for your future. Every new market movements can give you insights on how to act in the same conditions later. Everything which can be learnt from experienced traders should be taken by you in order to grow your personal experience faster. TOOLS – the third element, and the one which is the most popular among the novice traders. TOOLS combine everything which helps you to trade and make money in the financial markets - trading signals, trading strategies, trading robots, market overviews - all these make up the tools we use. Novice traders like to think that they only need a profitable trading strategy or profitable signals in order to start making money. Unfortunately no. That is so far from real trading. Trading Strategies and trading signals won’t make you rich because of several reasons. Trading signals like trading strategies are only a tool. Can you imagine that you will become a good musician only if someone can give you a good musical instrument? Can you imagine that you will become a good photographer only if you can buy a good photo camera? There are many example which can be taken confirming the main idea - tools are just tools. If you don’t have the knowledge and the experience to use these tools, they will be unworkable and useless for you. That’s why the same situation we can see with novice traders, when they search for and get tools, but know nothing how to use them correctly. Not all tools can be suitable for you and your goals. For example, if you want to create music, probably a photo camera is not the best tool for you. If you want to build something, probably a guitar is not the best tools for this. The same goes about the trading. If you use the wrong tools which are not suitable with your lifestyle, nature, conditions and your goals – what makes you think you will succeed? I know good examples when traders bought trading strategies for day trading, but they could not follow them because they had to work full time every day. They broke the consistency of these trading strategies and got results which were far from expected ones. I know examples when traders started using trading signals which were focused on long term trading and big capitals. Having small capitals and breaking the rules of proper money management – their results were not amazing either. The same goes about traders who wanted to trade following trends, but they used range strategies or trading signals based on such strategies and all these were against the nature of the movement. These traders started having negative results and lacking the knowledge and experience they were usually pushed out of their comfort zone and this feelings further made them make more mistakes and break more rules. It’s all downhill from there. As a result, using workable tools in wrong conditions which also don’t match your lifestyle, nature and goals is never a good idea. If you do this, you will be as close to failure as possible. Don’t be surprises if you results will be far from expected ones. In order to understand all this, you need to have knowledge and experience. Trading signals, trading strategies, trading robots won’t make you rich if you don’t have the knowledge and the experience to use them correctly. But combining these three elements, they will give you everything you need for successful trading. When I tell you - work hard - I mean you have to put a lot of efforts trying to find the workable tools for you. But the best variant is the one where you gained enough knowledge and experience to be able to design the tools which will match all your nature, lifestyle, conditions and goals. CONCLUSION In this post I tried to explain to you why knowledge, experience and tools are the main elements of successful trading in the financial markets. It won’t be possible to reach your goal having only 1 or 2 of the elements. They must work together, like the legs of a tripod, 3 parts supporting each other make the solid base together. Working hard, you will be able to gain and control these 3 elements which will help you to reach your goal in the financial markets. If you are lazy, keep searching for trading strategies and trading signals thinking that they will make you rich. In the next post, we will talk about - what do you need for profitable trading in the financial markets. You will learn 5 different things which every trader must have in order to make profit in long run. If you like my work, please support it by your LIKE. If you have something to add, ideas, thoughts, please leave them in comments. I will be glad to discuss with you. Don’t forget to read the other posts about trading, they will help you to understand better where you are now and what you have to improve in order to start heading towards the 10% successful traders.
BITFINEX:BTCUSDEducation
by DLavrov
30
DXY - Monthly - Multi-Timeframe Analysis Series 1Continuing with another episode of Multi-Timeframe Analysis Series 1, I'd like to break down the DXY. The DXY being weighted as follows: EUR - 57.6% JPY - 13.6 % GBP - 11.9% CAD - 9.1% SEK - 4.2% CHF - 3.6% As you may imagine, there's a lot more interest in using the DXY for a correlation / confluence tool when trading the EURUSD. The EURO equates to over half of the overall weight of the index, meaning there's a majority interest in the EUR vs USD. We can use this to our advantage, alongside the USDOLLAR INDEX, to add positive or negative trade factors when considering positions across USD pairs and commodities. Comments Looking at the Monthly timeframe we appear to be stalling between the 61.8% retracement of A>B as indicated on the chart. Price is showing high test candles at this level, as well as a potential rolling double top (continuation formation). Given the circumstances of this in its current form, 94.00 could easily be on the cards as we move into the second quarter of 2019. Key Note At time of writing this, it's the current monthly candle cannot be considered an indication of direction just yet as it hasn't fully formed (being the 24th of the month).
TVC:DXYEducation
by robdee4x
3