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[If you’re a newbie trader, avoid this habit of averaging into losses]
Imagine:
You bought 1 lot of EUR/USD at 1.3000.
Shortly, the price dropped 50 pips and you’re down $500.
Now you’re thinking to yourself…
“I knew it, the market is out to get me again.”
“But wait… if I buy another 1 lot of EUR/USD, then I can quickly get out at breakeven if the price moves up 25 pips.”
“I’m a genius!”
So…
You buy another lot of EUR/USD at 1.2950.
Next thing you know, EUR/USD tanked 100 pips—which puts you at a loss of $3,500.
In other words…
If you had cut your loss from the start, it would have only been a loss of $500.
But because you gave in to your emotions and averaged into your losses, it grew into a $3,500 loss.
So the lesson is this:
If the market proves you wrong, get out of the trade.
Don’t average into your losers because it could snowball into something near impossible to recover from.
The Ultimate Candlestick Patterns Trading Course
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The Piercing Pattern Trading Strategy Guide
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Why You Loose Money With Technical Analysis (And How To Avoid It)
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[Do you really need both Stochastic indicator & RSI?]
Well, they are similar but different.
I’ll explain…
The stochastic indicator and RSI are similar because they are both momentum oscillators.
In other words, they measure momentum in the market and their values range between 0 and 100.
But how are they different?
Well, the calculations that go into the stochastic indicator and the RSI indicator are different.
However, they use the same concept which is to measure momentum.
Thus, you shouldn’t be surprised to see both stochastic indicator and RSI pointing in the same direction (albeit with different values).
So, the bottom line is this…
If you want to use a momentum indicator (like RSI or Stochastic), just pick one will do because they pretty much tell you the same thing.
On Balance Volume (The Essential Guide)
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Click buttons, make money.
That’s your dream, isn’t it?
And to achieve it, you must have…
Edge + Risk Management + Discipline
If you lack any, it’s impossible to be a profitable trader.
That’s where my newsletter comes in.
You’ll discover:
* Trading systems that work (backed by data, not theory)
* Actionable trading insights that give you an edge in the markets
* Practical tips and resources so you can shortcut your learning curve
Interested?
Then join 90,000+ traders who receive my newsletter each week.
Get started now: https://www.tradingwithrayner.com/join/
The Best Stop Loss Strategy (An Essential Guide)
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Why You Lose Money With Technical Analysis (And How To Avoid It)
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Chart Patterns Cheat Sheet
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Do you want to read candlestick patterns like a professional trader?
Then download a FREE copy of The Monster Guide to Candlestick Patterns.
You'll discover how to "predict" market turning points and better time your entries & exits—even if you have no trading experience.
Click the link below and grab your copy, it’s free!
https://www.tradingwithrayner.com/candlestick-pdf-guide/
What Is A Trading Journal (A Detailed Guide)
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The Complete Guide To Divergence Trading
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The Essential Guide To Forex Lot Size
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How To Avoid Overtrading
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Do you want to learn how to systematically beat the markets?
Then this live webinar is for you.
During this 2-hour event, you’ll discover systematic trading strategies that work so you can beat the markets—even if you have tried everything else and failed.
The best part?
You don’t have to analyze financial reports, study chart patterns, or follow the news.
Learn more: https://www.tradingwithrayner.com/sts/
[Don’t use a fixed position size, do this instead…]
Most traders are fascinated with technical analysis, candlestick patterns, trading indicators, etc.
When you see “something” nice, you quickly hit the buy button without giving much thought to your position size—which is a big mistake.
Why?
Because without proper position sizing, your wins and losses are erratic.
Here’s an example:
Let’s say you buy 1 standard lot of EUR/USD with a stop loss of 20 pips.
How much could you lose?
Well, it’s a potential loss of $200 (20 x $10/pip).
Now, what if you have 100 pips stop loss?
It’s a potential loss of $1000 (100 x $10/pip).
You might be thinking:
“My stop loss in terms of pips will be the same.”
“This way, I can keep my losses constant on each trade.”
That is possible but…
What if you trade a different timeframe where it doesn’t make sense to use the same number of pips as your stop loss? (E.g. A 20 pips stop loss might work on the 5-minutes timeframe but not on the daily.)
Or what if you trade a different currency pair with a different pip value?
Do you see my point?
So the lesson is this…
The size of your losses should be the same for each trade.
But your position size should be adjusted according to the size of your stop loss.
A tighter stop loss allows you to increase your position size.
A wider stop loss requires a smaller position size.
5 stages to profitable trading:
1: Blow up accounts
2: Death by a thousand cuts
3: Realize the importance of having an edge
4: Finds an edge
5: Develop multiple trading systems to profit in different market conditions
The Essential Guide To Hedging In Trading
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The Ultimate Guide On How To Use Trend Lines
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A casino doesn't make money by predicting.
They manage their risk and let their edge play out—and it's the same for trading.
[A stop loss order will save your trading account, here’s why…]
A stop loss order is a type of order that gets you out of a trade automatically.
It means that you don’t need to stare at your charts the whole day and try to scare your pants off as the price approaches your stop loss order.
Now…
I’m not going to lie to you…
It hurts taking a loss…
Even if it’s just a losing trade.
But how would you feel when your stop loss order got hit, and the price went against you even more?
Except…
You’re not there to take the hit.
You feel relieved, right?
Not only do you free up space on your portfolio early to look for better trading opportunities.
But you also prevented a huge potential loss.
Can you see why this is important?
That’s why you can think of a stop loss order as a “risk police” that prevents you from losing more money or having unexpected losses.
Trading one strategy with discipline beats 10 strategies without discipline.
Stay focused my friend.
The Definitive Guide To Dark Cloud Cover Candlestick Pattern
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You don't need to be more disciplined.
You need a trading system that gives you an edge.
Once you have it, you "naturally" become more disciplined.
[Get out of demo trading and start small]
Now…
It doesn’t matter whether you want to start with $100, $500, or $1,000.
What matters is that you get out of demo trading.
Start trading live.
Start trading small.
And start practicing good trading habits.
I know the feeling of being nervous when live trading for the first time, and that’s okay.
But if you start small first to build confidence, instead of going all-in with your family’s wealth (I damn hope not)…
You’ll find yourself in an excellent spot to start trading and put yourself in an environment to keep on improving as a trader.
Sounds good?
Find your trading edge, then work on your psychology.
You'd be surprised how many of your psychological issues stem from not having an edge.
You don't see a casino hiring psychologists, do you?
[Don’t demo trade for too long]
So, how long should you demo trade?
One month?
Four months?
One year?
The truth is that it depends…
If you’re a day trader, then you may want to consider demo trading for one month
If you’re a swing trader, however, then you may want to consider demo trading for three months
The concept is that the higher the frequency of your trades are, the less time you should do demo trading, and if the frequency of your trades is lower then it’s the opposite.
Remember…
Your goal in demo trading is not just to test whether your strategy works.
But to see whether or not your trading plan or trading routine is for you so that you can make tweaks along the way.
There are 4 possible outcomes:
1. Small win
2. Small loss
3. Big win
4. Big loss
Eliminate #4 and you’ve taken a big step forward.
Disadvantages Of A Trailing Stop Loss (An Explanatory Guide)
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