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[You don’t need to monitor your trades the whole day]
You might have heard the saying...
"You need to monitor your trades all the time to be a successful trader."
Nope.
Instead, you need a trading routine that works. One that doesn’t require you to stare at the charts all day.
So here’s a template you can use…
Example 1: You have a full-time job
–Weekends = Identify potential trading setups for the week
–Before work = Identify setups that are triggered and place your orders
–Lunch time = Check your portfolio and see if your trades are executed
–After work = Journal and review your trades
Now, what if you are a day trader?
Example 2: You are a day trader
–Before market hours = Identify potential trading setups for the day
–Market hours = Set alerts when the price comes to your level and trade it according to your plan
–After market hours = Journal and review your trades
Now…
Regardless of the type of trader you are, you must devote time to planning.
Because if you fail to plan, then you plan to fail.
One trade isn't going to change your life. But 1000 trades with a positive expectancy will.
Читать полностью…
[When it comes to trading indicators, less is more]
Here’s the thing:
Having more indicators on your chart does not increase your chances of a winning trade but only gives you analysis paralysis and not taking the trade.
You’d probably get better results if you only had a handful of indicators on your chart!
That’s why we want to have an indicator that can single-handedly:
–Determine your entries
–Determine how you’ll take profits
–Determine your stop loss
Having fewer indicators keeps your charts clean and helps you make faster decisions which will make your trading process much more efficient.
There are no guarantees in trading.
Breakouts may fail. Confirmation may be too late. Pullbacks may become a reversal.
But if you have…
Edge + risk management + discipline
You are guaranteed to be a profitable trader.
[The longer it ranges the harder it trends]
If you notice the price has been ranging for a long time, you’re not alone.
Traders all around the world will be seeing the same charts as you.
Some will be queuing to short the resistance, and some will be trading the breakout.
If the price does trade above the resistance, shorts will get squeezed, and breakout traders will hop on the bandwagon.
That’s why price trend for a sustained period of time, due to the imbalance of buying/selling pressure.
You can give excuses or become a profitable trader. But you can't do both.
Читать полностью…
How To Trade Price Action (1 hour Timeframe)
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[How to turn $5,000 into $1,311,816 without relying on a get-rich-quick scheme]
If you make an average of 10% a year with a $5,000 account, after 20 years it will be worth…
…$33,637.
That’s probably not enough for you.
So let’s work on it…
Since you’re trading part-time, you have a job and can regularly add funds to your trading account.
Let’s contribute $5,000 to your trading account each year (which is less than $420 a month).
Again, the same rules apply.
You make an average of 10% a year with an initial sum of $5,000 and you add $5000 to your account each year.
After 20 years, it’ll be worth… $348,650.
Now, this looks much better.
But what if you can do 20% a year?
Again, the same rules apply.
You make an average of 20% a year with an initial sum of $5,000 and you contribute $5,000 to your account each year.
After 20 years, it will be worth… $1,311,816.
Now let me ask you…
Will $1.3m give you financial freedom?
Will $1.3m allow you to retire and have the freedom to do the things you love?
Will $1.3m give you peace of mind knowing you can better provide the needs of your family?
In other words…
If you have an initial capital of $5,000 and can add $5,000 to your account each year, then you have what it takes to build serious wealth.
But here’s the real kicker…
There is no limit to how much money you can make.
Instead of 20%, what if you make 25% each year?
Instead of 20 years, what if you compound your returns for 25, 30, or even 40 years?
Instead of $5,000, what if you add $10,000, $15,000 or even $20,000 to your account each year?
Now the question is…
…How much money do you want to make?
Anyone can make money from trading.
But few are consistently profitable in the long run.
Why?
Because only a few have... Edge + Risk Management + Discipline
[How to use trading indicators like a pro]
You don’t want to have multiple indicators from the same category because they are correlated and doesn’t provide any new information.
That’s like trying to get your wife pregnant in one month by “firing” incessantly. It doesn’t work.
And it’s the same for trading.
So, the rule of thumb is this:
Have only one indicator for each purpose.
I’ll explain…
If you want to trail your stop loss, you can use either the Moving Average or Chandelier Exit — but not both.
Or if you want to time your entry, you can use either the RSI indicator or Stochastic, but not two together because they have the same purpose.
Does it make sense?
Secrets To Trading Success (What I’ve Learned From The Market Wizards)
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Range vs Trending Market
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[How to use trading indicators like a pro]
A mistake almost all new traders make is to add many indicators onto their charts, regardless of whether the indicators have a purpose, or not.
But as you know, having more indicators doesn’t mean a thing. Instead, they only add “noise” to your trading and make things more confusing.
So, the rule is this:
Every trading indicator on your chart must have a purpose.
For example…
If you want to identify the trend, then you can consider the Moving Average.
If you want to time your entry, you can consider Stochastic or RSI.
If you want to trail your stop loss, you can consider Chandelier Exit or Moving Average.
So, if there’s an indicator on your chart and you can’t find a purpose for it, exterminate it.
Advice to traders:
Manage your risk.
You must have an edge.
Don't hop from system to system.
You’re not going to get rich quick.
Consistent action = consistent results
[Why you lose money with trading indicators]
Here’s the thing:
There are profitable traders out there who use indicators in their trading.
And you’re probably thinking:
“Since they are making money with these indicators, why don’t I just copy them?”
So, that’s what you do.
You follow the same indicators, settings, instructions, etc.
But, you still lose money with trading indicators.
Why?
Because what you see is only the surface, not the complete picture.
Here’s an example:
Let’s say Michael is a profitable trader who relies on trading indicators to time his entries and exits.
Now, the reason why Michael finds success with indicators is not that he found the “perfect” settings or whatsoever.
Rather, it’s because he knows how to switch gears and use different indicators for different market conditions.
So if you were to blindly follow what he does, then when the market changes, your trading indicators will stop working and that’s when the bleeding starts.
The Inverted Hammer (A Definitive Guide)
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Fib Extension vs Retracement: Which To Use And Why?
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The Essential Guide To Understanding Candlesticks
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Trading Strategies for Beginners (The Complete Guide)
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The Golden Cross And Death Cross (An Essential Guide)
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Range vs Trending Market
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Risk Management For Stock Trading (The Complete Guide)
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The Essential Guide To Volume Analysis
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How To Apply Risk Management In Forex (The Complete Guide)
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Wycoff Theory For Beginners (The Definitive Guide)
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No edge.
No discipline.
No accountability.
No risk management.
No surprise why most traders fail.
How To Trade Forex With A Small Trading Account
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The Essential Guide To Multi-Timeframe Analysis
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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/
MT4 Tips and Tricks (A Definitive Guide)
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