TYPES OF MARKET ORDERS
position sizing is just as important as knowing your order types. We lead with integrity and transparency guide us as we focus on the essential pillars of trading success. Strategy Lab helps you build and test your approach: Risk Management, Edge, and Psychology â the foundation of Net Alpha.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":9,"style":"UNDERLINE"},{"offset":0,"length":142,"style":"BOLD"},{"offset":104,"length":15,"style":"ITALIC"},{"offset":121,"length":5,"style":"ITALIC"},{"offset":131,"length":10,"style":"ITALIC"}],"entityRanges":[],"data":{}},{"key":"cq1u9","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"8qkg7","text":"Create Your Own Success In The Markets.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":39,"style":"BOLD"},{"offset":0,"length":39,"style":"ITALIC"}],"entityRanges":[],"data":{}},{"key":"4v195","text":"Book a FREE call with us: https://bit.ly/HTACall","type...
Entry Orders VS Market Orders
TIP:Â Using entry orders helps avoid forcing trades.
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What are entry orders?
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What are market orders?
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What's the difference between Entry and Market Orders?
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WHY ENTRY ORDERS MATTER:
 â No unnecessary losses. Â
â You arenât forcing trades.Â
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Entry orders â applying patience in letting the market gently slide into your entry, rather than forcing it on live trade just because of one massive candle on the hourly. With an entry order, the market will let you know if you were correct in your short/long bias.
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Market Orders â although acceptable in certain situations, is not a style I support for new traders. Market orders are live orders that trigger immediately after you click submit.
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TAKE A LOOK AT THIS TRADE FOR AN EXAMPLE OF HOW AN ENTRY ORDER SAVED ME FROM AN UNNECESSARY LOSS: NZDUSD â https://www.tradingview.com/x/8CsMg8NR/
1hr in a rising wedge which is a potential trend change to the downside. However, 1hr and 4hr 50...
8 Common Trading Mistakes
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The most challenging part of trading comes down to a disciplined mindset. Here is a list of 8 common mistakes traders may experience and ways to thwart a few misconceptions:Â Â
1) GET RICH QUICK
 Whatever market, trading is NOT a get-rich-quick tool. The market is abundant and money will come, in time. But, going in with a money reward standard for each trading session will not only make you susceptible to blowing an account but extend the timeline before you are consistent. Understand that this is a game of patience and subscribing to a âsignal serviceâ will not bring you financial independence.Â
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2) STICK WITH ONEÂ
Subscribing to multiple methods may disrupt a traders frame of thought. If the current system isnât working out, blaming the course and jumping onto a new course is the seed of deceit. Re-learning a course will take longer and can be a hindrance to a traderâs career. Instead, stick with one trading system that has a good track record, r...
Trading Drawdown
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All traders understand that a loss is unavoidable. Taking two losses back-to-back is likely. After three losses in a row, especially on the same pair, a trader generally has two paths to take:
Option A) Take a step back from trading, preserve capital, and wait for the market to show a better sign correlated to your trading plan or,
Option B) Continue to force trades (this is FOMO/GREED/EGO driven decisions) which can quickly turn into three or more consecutive losses, ultimately leading to double-digit losses.
Without a doubt, we want to be the trader that chooses the divine path of Option A but at one point or another, you will find yourself in a drawdown that not only brings you to question the strategy or trading plan, but yourself included â âam I meant to trade?â âMaybe trading isnât for me?â. No worries, because you are NOT alone: ALL TRADERS HAVE ALREADY OVERCOME, OR WILL EXPERIENCE DRAWDOWN at some point in their trading career.
First off, What i...
10 Tips To Become A Profitable Trader
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There are many tips all across the internet that can be broken into subcategories in their own merit. However, these are the top ten things any trader should stick to when it comes to trading.Â
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HAVE A PLAN â List ground rules of how you plan to trade. Plans can be created through various online sources that resonate with you or by adapting to an already established plan. A standard method should at least include: when to enter and exit a trade, management of a trade and risk allocation. Donât place a trade without reason â otherwise, youâre gambling!
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STICK TO YOUR PLAN â Donât throw out your plan because your friend that just got into trading had one month of successful results. At this point you already established a successful trading plan, now stick with it! Altering your stop losses, increasing risk size, or altering your management can be detrimental to your overall journey. Stick to your plan!
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DONâT STRESS â Once you have a concrete strategy that ...
Importance of Backtesting - What Is Backtesting?
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The importance of Backtesting your trades could not be more paramount in your trading career. Apart from having a solid mindset, you need a solid strategy. Your strategy is only valid if it has been time-tested, meaning it can work across all market conditions over the years.
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What is backtesting?
Backtesting is the process of testing a trading strategy or system using historical data to see how it would have performed in the past.Â
It is an important step in developing and evaluating a trading strategy, as it allows traders to see how their strategy would have performed under different market conditions and to identify any potential issues or areas for improvement.
There are several benefits to backtesting a trading strategy.
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Firstly, backtesting allows traders to evaluate the robustness of their strategy, by determining its performance over a large sample of historical data. This can help traders to identify patterns or trends th...
Think Like The 5% - Market & Mindset Consistency
In the realm of trading, a stark statistic often captures the attention of newcomers and veterans alike: 90 to 95% of traders fail. This figure, while daunting, shifts the focus onto a critical question that most in the trading community overlook. Instead of dwelling on why the vast majority fail, a more productive inquiry is to explore what the successful 5% do differently. Their secret? Consistency. But not just any form of consistencyâthere are two distinct types that set them apart: the consistency in action, particularly in journaling and documenting trades, and the consistency in mindset towards trading itself.
Defining Success and Consistency in Trading
Success in trading doesn't necessarily equate to winning every month. Instead, it means sustaining the energy to improve daily, becoming an elite performer through an unwavering willingness to learn. This perspective requires us not to belittle another's success or to underscore the challenges of achieving consistency in th...
Resiliency Over Luck: The Trader's Advantage
those who thrive from those who merely survive. Consider two scenarios: one, where an individual wins the lottery, and another, where someone builds their success as an entrepreneur. The former relies on chance, while the latter embraces resilienceâa trait that can withstand and recover quickly from difficulties.Entrepreneurship Resilience: A Skill to be DevelopedIn the world of 9-to-5 jobs, winning the lottery might seem like the ultimate stroke of luck. However, entrepreneurs understand that creating their opportunities is far more empowering than relying on chance. They make their \"lottery\" and print success at will. The study of Powerball winners sheds light on the divergent paths these two individuals take: a 9-to-5 worker might spend a $1,500 windfall, but an entrepreneur will use it to make that sum grow.The Curse of the Lottery vs. Long-Term Wealth of Entrepreneurs:The stories of lottery winners facing tragic outcomes are unfortunately common. Yet, research by Cesarini and hi...
Getting in Sync with the Markets: The Key to Successful Trading
Strategy Lab can help you build that alignment through structured backtesting. When you're out of sync, you're more likely to make impulsive decisions. Building resilience as a trader is key to staying in sync, miss trades, and incur excessive losses.Signs of Being Out of SyncMissed Trades, Increased Losses: If you find yourself consistently missing opportunities or experiencing more losses than usual, it's a clear sign of being out of sync.Breaking Soft Rules: Deviating from your trading plan's soft rules indicates a lack of discipline and focus.Overleveraging: Risking more than necessary is a symptom of being out of sync with the market.Jumping the Gun: Acting impulsively without proper analysis can lead to poor decision-making.Over Analyzing and Second Guessing: If you find yourself constantly questioning and second-guessing your decisions, it's a red flag.External Environment: Changes in the external environment, such as news or personal factors, can impact your trading mindset.How...
Does Trading Get Easier?
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A pondering thought: Does Trading Get Easier?
Short answer is yes. The deeper answer is no.
Why?
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It's easier to get into trading, and harder to stay trading.
For more info on this check out our latest podcast!
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Show Notes:
Related Episodes:
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Aloha! We are Glenn & Reid, founders of Hawai'i Trading Academy.
Our mission: Cultivate & sustain profitable traders.
Our ethos: Be honest and transparent as we build our content off of what we consider three pillars of successful trading: Risk Management, Edge, and Psychology.
For more information about Trading Education in Hawaii, visit our links below:
Bootcamp & Trainings: Â
Mahalo for reading and trade well! â Glenn & Reid | HawaiÊ»i Trading Academy
Continue Your Trading Education:
Website: hawaiitradingacademy.com
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