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20-Day & 30- Day Moving Average: Definition, Calculation & Strategies
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6 Trading Habits Which Keep You Poor (Without You Realizing It)
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How To Draw Accurate Support And Resistance Levels
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[Don’t tell anyone that you’re a trader yet]
You’re wondering:
“Why can’t I tell others that I’m a trader?”
Well, if you’re a consistently profitable trader, then go ahead.
There’s no issue with it.
If you’re not, then it’s best to keep quiet about it.
That’s because when you tell your friend that you’re a trader, the first question you’ll get is…
“Have you made money from trading?”
Your answer is probably no.
And you won’t feel good about it as you’re reminded of your losses and how incompetent you are.
The next time you meet up with your friend again, guess what’s the first question he’ll ask you?
“Have you made money from trading?”
Again, your answer is no and you’ll feel horrible about it.
Now when you meet your friend the next time, guess what’s one question he’ll ask you?
You get my point.
So to avoid this “trauma”, don’t tell anyone about your trading endeavor—not even your family.
If you blame others, then you’re not taking 100% responsibility.
If you don’t take 100% responsibility, then you give up the power to change.
If you give up the power to change, then you’ll never make it as a trader.
[The financial markets are rigged, but…]
Yes, the financial markets are rigged against you.
Those with deep pockets can “temporarily” move the market to trigger stop losses and options expiry levels.
So the way I see it, you have 2 choices.
You can blame the system but it won’t get you anywhere besides more losses and frustrations.
Or, you can learn how the game is played and profit from it.
The choice is yours.
Stop loss and position size go hand in hand.
If you increase your stop loss, reduce your position size.
If you decrease your stop loss, you can increase your position size.
Understand their relationship and you'll never blow another account.
[Don’t trade based on other people’s opinions]
In today’s age, you can easily access a ton of information from Twitter, Facebook, trading forums, etc.
The problem is…
It hurts your trading results.
Here’s an example. Imagine…
Someone posts a chart on Tesla and explains why he is bullish on it.
Next, there are 100 thumbs up and a flood of comments agreeing with the analysis.
So you quickly buy the stock of Tesla hoping to make a quick profit out of it.
Now here comes the critical part…
What if the price of Tesla drops 30%?
Do you sell, hold, or buy even more?
You don’t know because you’re trading based on the opinion of someone else.
You might be wondering:
“Well, I’ll just ask the original poster for an update on Tesla.”
Then one of these will likely happen…
1. He sold his position for a small profit and you didn’t know about it
2. He sold his position for a small loss but you’re still holding the stock
3. He doesn’t reply to you
Either way, you’re on the losing end.
Do you see what I mean?
So, never trade based on the opinion of others.
They won’t tell you how long they plan to hold the trade, when to cut loss, and when to take profit.
Ignore the noise. Get your hands dirty. Stay accountable to yourself.
Trading is not a job.
It’s a business.
An identity of the 5%.
An individual who is in control.
A belief that you can achieve when others fail.
An expression of your thoughts, feelings, and attitude—without discrimination.
Trading is freedom.
Trading = Spending years to acquire a skill so you can be free for the rest of your life
Читать полностью…
[Make it painful to not follow your trading plan]
Here’s the thing:
Just because you have a trading plan doesn’t mean you won’t have itchy fingers.
Because you might lack the discipline to follow your trading plan even though it’s good for you.
(Kind of like how you don’t eat enough vegetables even though you know it’s good for you.)
The solution?
Be accountable to someone. It could be your spouse, a friend, or someone you trust.
Let them know whenever you deviate from your trading plan, you’ll be penalized.
The penalty could be something like:
• $50 donation to your favourite charity
• Wash the toilets for a week
• Do 100 push-ups
You want to make sure the pain of not following your trading plan is greater than following it.
This way, the mind gravitates toward the least amount of pain which is to follow your trading plan.
This means your actions become consistent and you get consistent results.
Trading can never replace the consistent income of a job.
Because it’s not a job—it’s a business.
[It sucks, but just let the price hit your stop loss]
Imagine:
You buy 1 standard lot of GBP/USD at 1.4300 and have a stop loss at 1.4250.
This means if the price drops to 1.4250, you will exit the trade for a loss of $500 (or 50 pips).
Now, this is fine if you allow your stop loss to do its job.
However, you might be thinking…
“I know the market is about to rebound.”
“I’ll look like an idiot if I were to sell right now and only to watch the market reverse higher.”
“Let me hold on to the trade for a while longer and sell at the next rally.”
And what happens next?
The market collapsed another 500 pips.
Eventually, the pain is too much to bear and you forced yourself to exit your position.
And because of your hesitation, a $500 loss amplified into $5,500.
So, the bottom line is this…|
Honour your stop loss.
It’s there to protect your trading account even though it’ll make you look like a fool once in a while.
How to reduce your fear of trading:
Don’t go all in
Manage your risk
Reduce your position size
Trade with a strategy that offers an edge
Not more than 50% of your wealth in the markets
[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.
[It never hurts to start small]
Let me ask you…
If you can afford to lose $100,000 without affecting your lifestyle, then how much should you fund your trading account?
$100,000?
Wrong answer.
That’s because when you first start trading, your performance will be at its worst.
You’ll make trading mistakes, give in to your emotions, and do things that are detrimental to your account like averaging into your losses, widening your stop loss, etc.
This means your $100,000 will not last long.
The solution?
Start with a small trading account.
This way, your mistakes won’t be costly and even if you lose it all, you have surplus money to fund another trading account.
Because no matter what, you must pay tuition fees to the market.
The only question is, do you want to pay more or less?
In today's age of social media and distraction, focus is a superpower.
Focus on becoming a profitable trader.
Focus on writing the book you've always wanted.
Focus on losing your extra weight.
You don't need the holy grail, secret sauce, or luck. You just need to FOCUS.
100- Day Moving Average: Definition, Calculation & Strategies
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How To Read and Interpret The Moving Average
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Do you want to read the price action of the markets like a professional trader?
Then download a FREE copy of The Ultimate Guide to Price Action Trading.
You’ll learn how to better time your entries, “predict” marketing turning points, identify explosive breakout trades about to happen, and much more…
Click the link below and grab your copy, it’s free!
https://www.tradingwithrayner.com/ultimate-guide-price-action-trading/
The Essential Guide To RSI Indicator
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The Definitive Guide on How to Set a Stop Loss
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The Complete Guide to demo Trading
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How To Use Fibonacci Retracement (The Definitive Guide)
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The Complete Guide To Trading Sideways Markets
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The Parabolic Stock Trading Strategy Guide
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Are you looking for a reliable Forex broker you can trust?
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Learn More 👉 https://tradingwithrayner.com/broker
And when you sign up with ICMarkets, you’ll get free 6 months of access to Pro Traders Edge (worth $294).
Here’s what you need to do…
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3. Place 1 live trade.
And that’s it!
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How To Set Take Profit Orders (The Essential Guide)
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How to Draw Fibonacci Retracement: A Step-by-Step Guide for Traders
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I've Been Trading For 13 Years Here's My Best Advice
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