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Saving retail traders from self-destruction Learn more: Tradingwithrayner.com Join us: https://t.me/tradingwithrayner
Everyone wants to become a professional trader without really knowing what it means. So here's the truth and what it takes to become one…
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The Essential Guide To Volume Analysis
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Trading Success = Edge + Risk Management + Discipline
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ATR Indicator Explained
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This is a 31-page trading booklet that contains a specific trading system that has generated 1451.74% since 2000—and has 18 winning years out of the last 20.
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How To Be the Top 5% Of Traders When Almost Everyone Fails
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The Essential Guide To Reversal Chart Patterns
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Quit trying to trade every level on your chart.
Instead, pick a spot to trade where you’ll lose small when wrong—and the market can reward you when right.
The result?
Less trading, less commissions, less mistakes, and a fatter bottom line.
The Essential Guide To Trading Multiple Timeframes
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Can You Make Money Every Day From Trading?
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Discover Professional Price Action Trading Strategies To Profit In Bull And Bear Markets
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11 Trading Lessons I’ve Learned From 11 Years Of Trading
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Swing Trading Techniques That Work
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7 Best Practice In Your First Year Of Trading
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Risk Management For Stock Trading (The Complete Guide)
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Good trading
Your trading entry is not everything!
Don’t forget:
–Risk management
–Trade management
–Position sizing
–Mental capital
–Context
–Exits
Bollinger Bands Indicator Explained
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[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.
Trading is the hardest easiest money to make.
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[Don’t trade based on other people’s opinions]
Today…
There’s a ton of information on Twitter, Facebook, trading forums, etc.
The problem is…
It doesn’t make you a better trade, far from it.
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…
—He sold his position for a small profit and you didn’t know about it
—He sold his position for a small loss but you’re still holding the stock
—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 opinions of others.
They won’t tell you how long they plan to hold the trade, when to cut loss, or when to take profit.
Instead, you must have your own trading system that tells you when exactly to buy or sell. This way, you’ll never be at the mercy of others again.
Winning rate alone is meaningless.
You can have a 90% winning rate with an average gain of $100.
But if your average loss is $1,000, you still lose in the long run.
Solution? Look at both your winning rate and risk-to-reward ratio.
You can't look at one without the other.
[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.
9 Things Professional Traders Do That Losers Don’t
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[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.
If you’re broke, don’t be a trader.
Instead, get a job so you can pay the bills.
Then, you can learn how to trade.
This puts you in a position of strength as you remove “the need to make money” syndrome.
Doing this will 10x your chance of success.
[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.
Get your hands dirty and do the work because that's how you develop conviction in your trading strategy.
Then apply risk management so you don't blow up.
Finally, stop chasing the latest fads because it won't make you a better trader—doing the work will.
[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.
If you take care of your downside, your profits will take care of itself.
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10-Day Moving Average: Definition, Calculation & Strategies
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