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The Hardest Part of Trading (Not what you Think)Seeking More information - When first introduced to markets, every beginner immediately thinks he must learn the rules of the market in order to succeed. He thinks he loses because he does not know enough. He initially believes there is a "holy grail" a system, a leader, or a mathematical equation like Fibonacci levels. He believes these will protect him in the market, and will lead him to a profit once he understands them. The problem is, there are no set rules which work consistently in the market. If there were, the institutions and everyone else would simply use them. What would happen then? Well, there would be no one or institution to take the opposite trade, and the market would cease to exist altogether. And so the new trader changes from one system to another, from one guru to another, and constantly thinks he must learn more information in order to succeed. What he believes to be preventing his success is a lack of knowledge, a lack of information. But you see, the more information you have does not necessarily lead to better decisions. There is a lot of evidence to support the contrary, and suggests that too many choices actually impair decsion making skills. On top of this, most of the information in the trading world is quite simply wrong. There are 10 x more scam artists who claim to "know" and will take your money to teach you how to trade than there are profitable traders. Beware of anyone who claims to know anything. They are either fooling themselves, or fooling you. These people do not understand markets or them selves, and cannot make money in the market, so instead they prey on new market entrants. This is the primary reason I started my trading website; to provide high value information at a low cost. And to give those who are serious about trading an actual chance to make it in the markets, without ignoring a key variable; your self. Dealing with Uncertainty - The reason most traders seek new information is because they are afraid of uncertainty and want certainty. They seek something to protect them in the market. Something to protect them from themselves. A system that will guarantee a profit. But there is no such thing. Markets constantly change and evolve through the market cycle. And there is no system that works across all three parts of the market cycle. No matter how convinced you are of something happening in the market, there is always at least a 30-40% chance of the exact opposite happening. This means even the strongest edge has a failure rate. The sooner you realize and accept this, the closer you will be to making a consistent profit. It is very hard to learn how to deal with uncertainty. But you do it every day. When you wake up in the morning are you certain you will live through the end of the day? Are you certain you will still have a job tomorrow by working for a reputable company? No, and you can never be completely certain of this. Certainty is an illusion. There is no certainty in this life. The only certainty is... uncertainty! Patience and Discipline (Ability to Do Nothing) - Every profitable trader uses these two terms (patience and discipline) when asked how they are profitable. When a beginner hears this, he rarely understands what this means. Discipline means doing something even when you dont want to do it, or doing something you dont want to do. Patience means waiting for your turn, or waiting for something to happen. But we all want to trade right? Yes of course, that is what we do as traders. But having discipline means not trading when the trading is not good, even though you want to. And having patience means waiting for the good trading to return again. In other words, when the time is not right you must do nothing. If your edge is not present; there is no edge and no action to make. When the market is not offering what you want, or is confusing, you must develop the ability to wait, and do nothing until the time is right again. This idea of "doing nothing" stokes a fear in most people, especially in todays give me distractions, social media world. They say "Well what am i supposed to do if i am doing nothing?" Doing nothing seems contrary to getting what you want, getting somewhere. In and outside of the trading world everyone believes in order to be a "trader" you must trade - constantly. This is why most traders lose money. Because they do not understand that there is a time for doing absolutely nothing. And that time is most of the time! See more on understanding markets (Price Action Trading) and yourself (Trading Psychology)at my website below. If you found this helpful please like! Feel free to comment or ask questions.
BITSTAMP:BTCUSD
by tradersmentality
1
The "House of Commons Circus" ContinuesAt this point markets have priced in the support for a Brexit extension of at least one-quarter. The votes today and tomorrow are unlikely to affect EURGBP significantly. We are still tracking the same break to the upside that we have been for the past few weeks. There is a chance of a small move lower here with the headline on the extension of A50, however, risk investors are going to be underwhelmed with the coming weeks and this will be the catalyst for our break. Round 2 is in play for the House of Commons tonight. The house are voting on whether it supports leaving the EU without a deal. Markets are overwhelmingly expecting this to be rejected, leaving the possibility of a Brexit extension (round 3) tomorrow the most likely scenario. The pressure on brexiteers to deliver Brexit is mounting and my base case is for the deal to eventually pass meaning the UK will leave the EU with a Hard Brexit and the Pound will have to devalue to offset the immediate loss of access to the global trade stage. Best of luck.
Long
by ridethepig
USD/CAD , you have to be risky for a biscuitHi traders , the hard trade , to complicate for me but i will risk it when the market opens and be like snake to every forex floor , -->weekly : above MA200 uptrend obviously -->daily: above MA200 but its a candle they call it Shooting Star but i am not sure if it is , maybe a Master help us ;) (i see shooting star because the upper shadow is 2 times the body of the candle) my signal for that is SELL. --> the H4 is Hanging Man so for me is more sell signal but in the H1 we see a strong bullish candle , so we wait the confirmation , i need one more candle to tell me that is ...SELL! Resistance : 1.31468 Support: 1.29915 we aim for that support , but still is to risky for me . We aim for Monday , the usd will fall from the sky 100% . Stay Tuned , The Master
Short
by UnknownUnicorn3549910
Bitcoin BTCUSD Trying Hard to Change Trends Today Bitcoin BTCUSD Trying Hard to Change Trend Bitcoin broke above the 9537 line here and then moved up to testthe upper parallel, making an 02:15gmt/21:15est high within the first hour of far East opening before falling away \again to an 08:15gmt/03:15est low right on the blue support line at 9373 before bouncing again on European interest at the lower levels. Now it's bounced to touch the first line of resistance at 9537 once more and day traders are taking a fast 200 point win and cashing back out again many of whom have shorted at the usual 06:00gmt traditional short time and made 200 down and now 200 up again. At the moment Bitcoin is still in day-traders' and scalpers' territory with no killer swings to trade as yet. It's still trapped in a downtrend but is at least trying to form a higher low so far today and therefore showing first signs that this downwave is running out of downside momentum. In very near term it's gone into a small continuation pattern and is trying to break above the 9537 line where fixed and dynamics converge - tiny pins below and above price forming on 15 minute chart meaninga big battle is raging below the surface here. Things only begin to turn positive again now when the 9537 line is retaken and held by the bulls - that will likely lead to a test of the upper parallel again at 9682-9715 - and then the big test...Bitcoin has to break and hold above the 9715 level before the last bear will back off. It would be yet another brilliant escape act by Bitcoin if it can manage this at any point today, attracting every bull still left in town back to the game and should be followed higher if we see this price action develop. But until then Bitcoin is effectively trapped at these lower levels and the downtrend remains in force - but it's not super- bearish here, just mildly so - and so we need to watch it here to see if it tries to break above the smallest parallel of the continuation pattern - if so can follow with stops below 9480. Otherwise we wait for lower values still.
BITSTAMP:BTCUSD
by sumastardon
10
If I just had more BTC to spend...Those market insanity occasions are when I'd love my btc balance to be higher, so that I could buy more alts. Everything is going down, and the best altcoins aren't spared. I'll give you my short list, which could be way longer: OMG WTC LINK BNB NEO ARK MTL LSK I believe they're all sure fires, which will go back up once the craze ends. I don't exclude them going down further before Nov Fork, and that's the reason why you should average your buys in time. BTW, everything below fib .50 is gold to me. If OMG goes @.618 retracement, I'll definitely pour what I have left in it!! Happy trading everyone!
O
by lukescream