Wait For Your Edge
TIP: Let the market develop a few hours after the open of the week and at the start of a new candle day before placing a trade.
Aloha, welcome to the new week!
Wanted to share a tip that has helped me save money and kept my psychology sane:
Let the market develop for the first few hours before placing a trade. The reason being is spreads are usually steep and the market can be volatile and choppy – Large candles and massive wicks can form, only for the price to settle back down to pre-market levels.
NZDUSD was on my watch at the end of last week and my last analysis shows that I would be going long on this trade, however, applying the rule of “let the market decide in the first 4-5 hours”, minimum, has saved me from a quick loss of -1% on this trade and countless others trades.
I like the 15min wedge for a continuation, the 50ema on 4hr, 1hr, and 15min all support my thoughts of going lon...
Trading Lies That Hold You Back
Debunking Common Trading Lies
Separating fact from fiction is crucial for success when it comes to trading. Especially all over social media we see many lies perpetuated by fake traders. In this post, we cover a few lies we believed when we first started off trading and a few extras that are still shared wide.
Myth 1: You Must Be Profitable Every Month to Be Successful
One of the most pervasive myths in trading is the idea that success equates to being profitable every single month. A trading journey is filled with ups and downs and that includes periods of losing, also known as drawdown periods. Consistency in trading doesn't necessarily mean constant winning; rather, it's about maintaining a steady approach, managing risks, and learning from the inevitable losses over time - this is true consistency. This perspective shifts the focus from short-term gains to long-term growth and resilience.
Myth 2: There's a Perfect Strategy for Everyone
The quest for ...
Take Ownership In Your Trading
Regardless of current Market Conditions, there are still traders and hedge funds out there making profits. Were/are you struggling to turn profits in the Market? If so, maybe a question that begins to creep into your mind is 'is it ME or is it the Markets?!'
It's a great question to ask your self but an even deeper question that gets to the core is:
"Are you using excuses or are learning from your losses?"
We've heard it all before and Glenn and I have even shared the same excuses.
"stop loss hunters": THE MARKETS OUT TO GET ME!
Own it. We are small fish and aren't going to provide much liquidity to the FOREX market. - sorry but you aren’t that important.
If brokers did in fact Stop Loss Hunt this wide spread on every trade, they wouldn’t be in business, and regulators like the SEC would not allow this.
"It's not me, it's the market conditions."
"It's not me, it’s someone with authority."
Cut the scapegoating. If you ar...
6 Aspects To A Successful Trading Plan
What is a Trading Plan? How do you make a Trading Plan? What goes into a Trading Plan?
When first starting off in Trading, it can be daunting, which is why HTA thought it would be a great idea to bring you a course that introduces and builds upon how a new trader should approach the market.
To summarize, there are 6 key points to a Trading Plan:
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Find An Edge - Why is an edge important? It’s your way to become profitable. There’s a million ways to make a million dollars, you have to find the one that works for you. You have to know what you want to see in the market. Find the right trading style for you. The edge is the way you can get in and out of the market.
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Build A Watchlist - Why is your watchlist important? What are you looking at? A watchlist is basically what you are looking at that matches your edge. A Watchlist is provides you with the ability to catch the profitable opportunities.
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Identify Market Conditions - What are the conditions of the mar...
How To Get Out of A Trading Slump
Overcoming the Psychological Hurdles of Trading: Insights from Glenn
Trading is as much a test of psychological endurance as it is of chart wisdom. The journey has its highs and lows, and perhaps one of the most challenging experiences for traders is navigating through a trading slump. In this video, Glenn addresses this very issue, offering valuable advice on regaining confidence and momentum in trading.
Understanding A 'Trading Slump'
A trading slump often follows a series of losses, also known as a trading drawdown, leaving traders feeling fearful and hesitant—so much so that some might not engage in trading for weeks or even months. This period is typically characterized by a lack of confidence, where traders become "gun-shy," afraid to make decisions or "pull the trigger" on potentially profitable trades. - The fear of extending the losing streak looms large, paralyzing traders into inaction.
The Path to Recovery: Confidence > Profit
Glenn emphasizes a crucial
...Gambling VS Trading
It's funny how in the Mainland U.S., there are ads that run "Win a trip to Hawaii!!" and the question that I've been asked before is: "if people win trips to Hawaii, where do Hawaii people win trips to?" Well, that answer is Vegas, baby! - The unofficial "9th island". And what else do locals find themselves doing? Gambling..in hopes to win thousands of dollars off luck.
Now, we aren't saying you won't make money off luck. We also aren't saying there's no such thing as professional gamblers. However, if you ask these professionals if they are gambling, their answer without a doubt would be no...they have an edge.
A few key points that make a difference between gambling and trading is having an edge. This edge can come in a variety of ways: experience, edge, risk, time in the markets. But, to keep it simple an edge is something that can be proven to have a success rate through probabilities. Probabilities is one thing more likely happening than another. Professional t...
Bitcoin & Crypto Legalization
What do Ukraine and El Salvador have in common?
Besides the death penalty being abolished, in recent news they have both Legalized Bitcoin as a legal tender for purchasing goods and services. This is a huge deal because as more and more countries jump on board the crypto sphere, and with only a limited number of tokens being able to mine (21 million), it's only a matter of time before the world adapts and allows the currency in what some would say the next evolution of humanity.
What do you mean Bitcoin is the next evolution of Humanity?
Well, with the blockchain technology there are more pros than cons.
Some benefits of Bitcoin:
Biggest reason is: Bitcoin is Decentralized.
Bitcoin also:
- Provides anonymity while also being able to trace each purchase from wallet to wallet (no shady stuff)
- Bitcoin is easy and effortless to use; think about it like using Apple Pay.
- Bitcoin is pretty much inflation proof as there is limite...
7 Books For Trader's
I believe reading is a wonderful way of expanding our consciousness and changing our mundane paradigms. Reading has the power to invoke emotions that can lead to action and change. If we spend 8 hours looking at the charts then we need to spend time educating ourselves double that. The only way you can become the best trader (person) you want to be is by continuously learning.
Here are a few books I believe can help any level of trader. No doubt, these titles have changed the way I trade for the better and have helped me remain accountable and staying disciplined with my trading rules.
TRADING IN THE ZONE by Mark Douglas
Trading in the Zone or, as I call it, ‘The Trader’s Bible’, guides you from beginner concepts to intermediate traders to advanced concepts and ideas for those who have been in the field for years. After 6 years of first discovering it, I still make an effort to read it through at least once a year because although the lessons are clear and concise,...
6 Trading Truths
6 Trading Truths all traders should become aware of!
1) TREAT TRADING LIKE A BUSINESS
2) FOCUS ON THE LONG GAME
3) FIND YOUR EDGE
4) KEEP YOUR MENTAL CAPITAL FULL
5) DON'T TRADE WITH CAPITAL YOU CAN'T AFFORD TO LOSE.
6) PSYCHOLOGY, MONEY MANAGEMENT, STRATEGY.
Trading isn't just about picking placing trades and watching charts; it's a whole lot more. It's like a game where the rules are a bit fuzzy, and the playing field keeps changing. But here's the good news: there are some solid pieces of advice that can help you get better at it. Whether you're just dipping your toes in or you've been at it for years, here are 6 tips to upping your trading game. So, let's dive in it!
1. Treat Trading Like a Business
If you are taking trading serious, you're going to want to start taking trading serious. This means having a game plan that spells out what you want to achieve, how you’ll manage risks, and keeping track of all your moves - win...
Trading From Your Phone: PROS And CONS
Can you trade with your phone? It’s possible. Yes. SHOULD you trade on your phone? NOT RECOMMENDABLE.
Cellphones have been around since the 1970’s but the first smartphone to hit the public market was in 1994 by IBM. It was a new age of multiple tools being consolidated into one, portable device. Enter the advent of the modern internet in 2000 where the internet became easily accessible.
Fast forward to 2007 and the release of the iPhone changes the mobile market forever. It changed the way we used apps and accessed the internet, more importantly, stocks. With the default Stock app pre-installed on apple devices, anyone who purchased an iPhone could easily pull up a ticker they were interested in and find out what a company was valued at.
Today, high-speed internet in the form of 5G and upgraded computer processing, the smartphone is here to stay and has revolutionized the way current society functions. It’s no wonder why trading from your phone has ...
