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Mastering Trading Psychology: Overcoming Failures and Embracing Hello, friends! I'd like to discuss with you the situation of our failures in trading. What causes them and what to do about them in the future: 1) Traders that go into the market don't accept the risk they are putting on when they get into a trade. Traders who trade based on their PnL and not their strategies. Traders who are afraid to take a loss and see red in their account or their positions. When you trade from a place of fear(losing money), and not from a risk standpoint, your mind will mess with you, and it will destroy the psychology that is needed to become profitable. 2) Fear-based traders worry about their PnL more than the actual trading setups that are presented to them. They base their decisions on emotions and are the type that end up chasing moves from FOMO, whether it's long or short. They hold losers too long hoping they turn around because they're fearful that if they cut the trade, it will turn in their direction. They chase moves out of FEAR that they'll miss the move. 3) A risk-minded trader understands that they will inevitably be wrong at times and take losing trades. They respect when they're wrong and cut the position. No fear about it. Purely risk management and understanding you are not correct 100% of the time. Now, let's move on to the conclusion: You can't win or lose a trade; your task is to run a marathon. And that is the MAIN RULE! Let's talk about books now. Numerous books are available, and I select the ones I consider the best. Reminiscences of a Stock Operator by Edwin Lefevre. 100 years old this year and an absolute classic Dynamic hedging by Taleb One Good Trade: Mike Bellafiore It's a good book for beginners, emphasizing discipline, and risk management and vibe of trading journey. That's the end of this story, traders. I would like to read in the comments below your thoughts and ideas! Let's keep charting!
Education
by Ingwina
EMA Essentials - How It Works for TradersThe Moving Average (MA) is a widely used tool in various markets. In simple words, Moving Averages (MA) are extra lines on the price chart of an asset. They look similar to the price chart but appear slightly delayed and smoother, without the ups and downs. Moving Averages in Crypto. Crypto and Moving Averages In the world of cryptocurrency, we pay close attention to a couple of key patterns: the golden cross and when prices touch the 200 EMA. The first pattern points to market volatility, while the second one often signals the presence of robust potential support and buying opportunities. What's the difference between moving averages? There are a few structures of it: Moving Average Exponential Moving Average Weighted Moving Average What about the strategies of EMA? Moving averages make a visible entry, you understand where big players can make deals. In that meaning, you can buy if the price goes above the average and sell when it drops below. Choosing between Simple Moving Averages (SMAs) and Exponential Moving Averages (EMAs) can be tricky. EMAs react faster to current market moves, giving early signals but sometimes false ones. If you want to beat the market, remember, it's tougher than basic timing strategies. In a good situation, many strategies work because things are positive. But when times get tough, lots of strategies can't prevent losses. In trading, folks often talk about the "golden cross" (good times ahead) and the "death cross" (not-so-good times). These terms are all about how different moving averages work. People usually watch the 50-day and 200-day MAs. When the 50-day goes above the 200-day, it's called a "golden cross," which is a good sign for trading. But if the 50-day goes below the 200-day, it's a "death cross," indicating a not-so-great time for trading. I also want to mention the "pull in" pattern. This occurs when the EMA lags behind the price, which can be advantageous for your trade. In conclusion What is the most important thing about working with this feature? Integration with pattern and trading chart patterns Use it as confirmation for entry points. Collect data on previous retracements, sometimes new formations appear on the market, which have a new logic. What are some formations to watch? Breakout, Breakout with retracement, Pullback from impulse, Pullback from trend into density by volume indicator Have a nice day, traders! I am always glad to talk with you in the comments! I will appreciate your likes!
Education
by Ingwina
2
From Gambler to Strategist: My Personal Journey of Trading WiselHello everyone! Today, I'd like to share some insights on how NOT to approach trading and thoughts on how to do it right. This short article was prompted by a memory from 2018, a time when the market experienced significant drops. Don't buy into price drops without understanding where the last short or areas of interest will be. 1.Trade possibilities and probabilities, avoiding complete certainty in every trade. 2.In algorithmic trading, the more robots you use, the more your profitability curve might suffer, and your risks might increase. 3. Use your stop losses as potential entry points for profitable trades. 4. If you're into manual trading, work with a few systems, but don't overwhelm yourself with numerous indicators or types of technical analysis. 5. Create a backtest based on a specific pattern or indicator and stick to that strategy. A skilled chart trader has a solid foundation of multiple patterns but follows a unified search logic. 6. Don’t trade with FOMO. Please wait for the pattern, and don’t jump into green candles on the top! And now, a little story to conclude my narrative… It was my previous lifestyle. - Meeting friends in the evening? Sorry guys, I've got the New York session. - Birthday on a Friday? Let's postpone it to the weekend. - Morning jog? Oh darn, there are important London data releases today. Then, in a single moment, everything changed. Strangers on the streets smiled, girls winked playfully, and some even introduced themselves. During my morning jog, followers ran alongside. Evenings at upscale restaurants turned into admiration-filled gatherings as friends inquired about my secret. I shifted from intraday to medium-term trading. Minute charts gave way to daily ones, yet my trading results remained consistent. Time spent in front of charts reduced, without much impact on profits. Now, I could be myself, socialize, sleep well, and travel without market worries ( Of course, sometimes it’s needed, but not at any time). I often reiterate one thought: your trading style and system are an extension of your identity. So, before diving into active trading, please make sure that you know yourself and your traits well. How's your patience? How well can you stick to the initial plan? Are you persistent enough? Answering these questions will shed light on whether you're a scalper or just an ordinary individual. And that's the end of my story. What rules do you adhere to? I would like to read it. You are welcome to describe it in the comments:)
Education
by Ingwina
4
Understanding BTC Trade Setups: My Thoughts and Strategies.Today, I would like to share my brief thoughts on Bitcoin and discuss the technical details present in the current market. Let's get started. Technical Insights: We have a support zone at 28.8k$ and a resistance zone at 30k$. Let's consider a couple of setups for different scenarios: Scenario One: Liquidity zone from the local minimum at 28800, rtrade with aiming for a breakout to 30k and above. Regarding bearish scenarios, I see two possibilities to enter a trade: Breaking the 28500 level and retesting with a spike up to $29500. Fundamentally: From a technical standpoint, there are several significant events affecting the market: SEC delays set deadlines for Bitcoin ETF approval to early 2024. ETF decision until 2024. PayPal to halt crypto purchases in the UK until 2024. What are my thoughts on these news pieces? Overall, they are bullish, but a delayed decision gives an opportunity for major capital to play with the market. It's crucial to check the current deals of the big players.. We can look for profits by employing the old yet effective adage: "sell on news, buy on rumors." What do you think about the news and technical aspects of CRYPTOCAP:BTC ? Are you buying or selling it at the moment? Feel free to write your comments. I'd be glad to discuss your charts with you! I'm also appreciative of any subscriptions and likes.
by Ingwina
1
Mastering Trading with Volume Analysis:Techniques and Tips Hey there, folks! Today, I'm gonna talk about how you can use trading volume to make your trading strategy even better. Previous article you can check by this link: How can trading volume influence your trades? The Momentum Rule: When there's a substantial volume during an upward trend, it will indicate that the next move could potentially continue in the same direction. Stop Volume Levels These are indicators of strong levels where the price is likely to bounce off. You can use them as an initial signal to enter a trade. Typically, a correction happens after the second price movement with lower volume, following the breakout from the volume level. Now, let's talk about horizontal volume. Horizontal volume represents traders' interest in a specific price level based on all the executed trades within a chosen period. Essentially, there are two patterns: false breakouts in various variations and rebounds from levels. There are two scenarios: the price approaches a level and then reverses. In this case, take note of the range where it stalls and determine where to place your stop loss. Usually, it's set behind the bar that serves as a support level. For better clarity, let's go through examples, starting with using the Fixed Range Volume Profile in TradingView. Pattern P: Very often, prices bounce off these profiles. Then, you examine the entry point from the false breakout of the profile. A similar pattern that traded involves a false breakout of the profile followed by a subsequent retest If you're interested in delving deeper into this strategy, I recommend conducting backtests and studying the movement of the assets you've chosen from the profiles. This will help you identify patterns based on your experience. There are countless patterns out there, and what will work for you is what you can break down and analyze effectively on your own. How do you find this article? Share in the comments your experience with working with volume in trading! Always appreciate your subscriptions and likes. Have a great trading week!
Education
by Ingwina
2
Mastering Crypto Trends: The Power of Trend Lines and LevelsHello Traders! Today we will discuss trend lines and how to use them in trading. Let’s talk about it! You can find the previous article by following this link: Trend Lines: What are They? Here is the chart for an example. There are 3 points we can reference and formulate a strategy for entry. Now, let's explore a scenario with a descending timeframe. We observe a descending structure that I've formed based on two points. And here's a quick tip: when a trend is just beginning to form, the third touch of the trend line is to follow the trend direction. Using this pattern, you can develop a small scalping strategy. Please keep in mind the market context and the impact of volume on price. (Note: The term "scalping" refers to a trading strategy that aims to make quick, small profits from minor price fluctuations.) 2. There are two entry options - entering from a touch to the trend line and entering on its breakout. Let's examine the breakout entry option using Matic as an example. Pay attention to the volume; with each movement, the volume decreases. When you observe such a pattern, there is an additional indication that the bearish momentum has subsided for the time being, and a breakout is likely. The entry will occur upon the breakout of this trend line, with an additional entry on the retest. I have marked the retest with the number 2. How to determine the nature of a breakout, whether genuine or false? Take a look at the coin's backtesting results. Certain coins excel in breakout strategies, while others are better suited for bounce trades. Pay close attention to how volume behaves as the trend approaches. An uptick in volume suggests growing interest and a potential surge in volatility. Moving forward, let's delve into strategies for trading bounces using the example of UNI/USDT. As you can see, the volume increased, and on the 3rd touch (which I've marked as entry point number) We had the opportunity to make a trade. However, there wasn't a notable breakout. Instead, there appeared to be a consolidation of movement. The volume also slightly decreased, indicating that the downtrend movement continues. When Not to Enter on a Breakout There are various systems out there, and I'll explain how you can approach this from the standpoint of Price Action and volume observation. Firstly, volume during a breakout. If the first touch occurred with significant volume. The second touch should ideally have increased volume for the resistance/support level. The second rule. If the market is in a downtrend, the likelihood of a breakout in the opposite direction is low. Additionally, focus on the touch of the resistance line. If it completely encompasses the Initial Move Bar (IMB) and is succeeded by a bearish engulfing pattern, the chances of a successful approach diminish. As an example, I'm attaching a chart for KNC. Upon approaching the level, there was no significant increase in volume, the market context was bearish, and the likelihood of a breakout was low. And let’s talk about breakout entry methods. Which one is considered the most reliable? Let's examine this on the chart. While this concept primarily applies to lower timeframes, the logic remains similar on higher time frames. The distance between a local low and the next one should be at most 1%. A higher volume on the breakout is desirable. A more conservative entry method is from the last local high. Indicators, what do I focus on when entering a trade? Let's take the same coin and examine it with the RSI indicator. Anything below the 50 median line is of interest for trade entry. Values above it might indicate local overbought conditions, offering a possibility for considering counter trend entry. And that's all for today, traders. Leave your comments and let me know which patterns you use for trade entry during trends; I'd be delighted to discuss them with you. Have a great trading week! As always, I appreciate your subscriptions and likes!
Education
by Ingwina
2
How to trade ETH?Hi, folks! Today I saw many charts, and my eyes caught the ETH. First and foremost, relative to Bitcoin, ether is undervalued. Often on the bull market, it recoups itself later on. As I've often noticed, the start of the alt season begins with DOGE rising as well as ETH. We go hand in hand with these altcoins. In case of liquidity spillover, we should pay attention, in my opinion, to CRYPTOCAP:ETH as one of the first coins. Let's take a look at the chart. I see the highlighted zone 1865-1860 as a zone where the false breakout will be played back. The setup should be associated with a huge volume spike on a small candle with a big tail. In the case of growth from the current values, the entry can be at the breakdown of the local high 1920, with the purpose of moving to the resistance of the 1969 and 2010 levels. What do you think about the possible alt season and ETH? Write commentary below! I will appreciate your comments and likes. See you:)
Long
by Ingwina
5
Levels and support in Crypto (Part 1)Hey folks! My friends ask me how to work with support and resistance zones. And I decided to write a few articles about it. It is the first part of the post about that theme. One of the most important knowledge I use is identifying support and resistance levels. These zones on a chart give me a clear edge in developing a winning trading strategy. Crypto Resistance Level Meaning: Resistance levels indicate prices where selling pressure may stall an uptrend temporarily. Traders watch these levels for signs of breaking through, which could lead to further price increases. Identifying Resistance Level: To spot resistance levels, I analyze the price chart and connect previous price peaks with horizontal lines. Breaking through resistance often leads to a new support level forming. A support level is a price that traders believe a cryptocurrency is unlikely to drop below. It's backed by strong demand and buying activity as traders see the asset as undervalued. This creates a floor, making it an attractive buying opportunity or a safe zone for holding. Finding Support Level: The easiest support levels to spot are those that have held in the past. Past data gives insights into potential future support. I also zoom out to look at the bigger picture, considering overall trends and historical price action. Support and Resistance Trend Lines: These are horizontal price levels drawn at previous market peaks and troughs. They help identify potential support and resistance levels for a cryptocurrency. I usually trade it in scalping. How to draw support and demand levels? Here is the example To sketch support and resistance zones, simply draw a horizontal line through each meaningful trough (support) or peak (resistance). Draw these lines through the bar lows (for support) or bar highs (for resistance) or the closing price, as most traders eye the close. Stretch these lines into the past to see if earlier price drops halted at the same level. What methods can you use for the day trading with levels? I apply breakouts in a low-volume market and breakouts during high volatility. I also trade along inclined trend lines in line with the trend. Want to learn more about working with levels? Write in the post below, and I'll tell you more about it! As always, I'll appreciate your subscription and likes.
Education
by Ingwina
16
Mind Over Market: How I Win Big with the Right Trading Mindset!Hello, everyone! Today, I would like to share my trading methods with you. 80-90% of the trading work is having the right mindset. The rest comes down to algorithms, strategies, and market phases. What helps me stay on track? Mental hygiene . I don't look at other traders' charts until I conduct my analysis. That allows me to create specific neural connections that have influence to my decision-making process. How I react to news - any news brings volatility, and by determining the intensity gradient, I can assess whether a coin is in the game. I don't pay first attention to PNL - it's better to hide it if your trading terminal allows it. This way, you won't get distracted by profits and losses and can focus on your trading. Meditation - the simplest way is to spend 10-15 minutes sitting with closed eyes, feeling awareness throughout the body. It helps restore dopamine levels and establishes good mind-body coordination. I like reading books. Regarding trading psychology, Mark Douglas' book "Trading in the Zone" covers the topic well. I recommend you read it. Good morning . Start your day with positive affirmations and set yourself up for a calm and steady day. Cultivate equanimity within yourself. I do physical exercise at least 3 times a week. Consistent strength training helps me improve neural connections with my body and muscles, creating a high hormonal environment for further success. Supplements. I study my diet, of course I might have a beer every once in a while. But taking daily supplements that make me feel better is a masthead for me. And the last one. Use your market gains to spend on your dreams. Just start from small to big. This way, you reinforce positive affirmations for future victories. Reinvesting in your portfolio is essential, but remember to take profits from some period to enjoy the results here and now. These are simple methods, and everyone has their approach to the market. Maintain a stable mindset and keep improving your knowledge! What methods do you follow, folks? I would appreciate your subscription and likes for this post! See you!
Education
by Ingwina
How to search gems in the daytrading!Hello everyone! My friends have asked me to compile a list of actions we should take during a bull market, and that's what this post is about. Let's get started! First Criteria: First and foremost , I try to pick solid coins with a market cap of over 1M. I use the Binance Exchange screener. It enables me to track coin volatility over 24 hours. Next, I keep an eagle eye out for volatility and percentage growth in a day. A rise of more than 8% in percent in the day is optimal. The next step is identifying the day's level and breakout level. The day's level refers to the 12-hour candle level, and the breakout level is the nearest support/resistance level that had breached. These levels will serve as clusters to make further decisions about the coin. If I spot volatility, I set up the DCA bot to work with it. In the trend situations, I stick with DCA settings. I turn to the GRID bot in the flat market. For example. a short explanation of current situation of the SET:BCH News Analysis: Evaluate a coin's potential based on news fundamentals through Twitter and Coinmarketcal. If you plan to hold crypto for more than 24 hours, you need to do research. What news do I find interesting? New exchange listings, chain updates, forks, airdrops, and whether there's any significant news that might trigger a buying spree. Backtest :It is a feature that I use with Bitgsap, allowing me to test how the coin could have generated profit with the bot's settings. It's not a guaranteed future result, but it helps me estimate potential profitability while considering past trends. Hunting for hidden gems in the crypto world is a fun but risky adventure. Always conduct thorough research and be prepared for the ups and downs of the crypto market! In-Depth Research: One of the last types of research I perform is blockchain analysis, examining the product itself and the community. Here, I analyze various data points, including the project founders and investment funds which have invested early in the platforms. The strength of the project's community and how often they appear in mainstream crypto media. If I can fetch data on the number of large wallets holding the coin from the blockchain, I do that too to understand the strength of the coin's holders. For example you can use DefiLama, moralismoney, etherscan and etc That’s it. How do you analyze crypto in the market? What is your strategy at this period? Write in the commentary below. I will appreciate your subscription. See you, folks!
Education
by Ingwina
Morning Crypto Market Signal UpdateHi Traders! Welcome to this update analysis! Let’s get right to it! Looking at the Daily chart . Now, before we get bullish or bearish , we have to assess the data on the chart. If the most recent arrow is red, you should be short. If the most recent arrow is blue, you should be long. Keep your Stop Loss at 5% of the price. Looking back at the action following prior in 2018 we can see that the strategy worked on every single Cryptocurrency. So, the fact that we are in 2019 today is not a deviation from the normal progression. Now it would be different if the strategy had not performed well in 2018. The 2018 year is the line in the sand as the crypto market lost 70% of its value that year and HODL’ing failed. A strategy that can perform in 2018 changes things. Technically, if a strategy can’t be coded it’s not a strategy. As time progresses, it is becoming increasingly likely that you will need a strategy to get results. So, trading is a very real way to go forward now. One Minute. One Check. Once per Day. That’s All You Need! Good luck trading everyone! Best regards, Ryan Grey Head of Grey Trading Investment Management
BITSTAMP:BTCUSD
by GREYFXEMPIRE
2