Changing Your Language
<div5i1es-0-0">Change Your Language, Change Your Life
The Power of Language in Trading Success
Embarking on a journey to become a full-time trader is as much about mindset as it is about strategy and execution. One of the most transformative aspects of this journey is the language we use—both internally and externally. Changing your language can significantly impact your trading success and overall lifestyle.
Setting Up a Proper Timeline for Trading
1. Education and Practice Phase (6-12 months):
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Focus on learning trading basics, developing strategies, and using demo accounts.
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Aim to understand trading mechanics and test strategies without risking real money.
2. Initial Live Trading Phase (3-6 months):
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Start with a small live account to gain real market experience.
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Focus on consistency rather than immediate profits.
3. Evaluation and Scaling Phase (6-12 months):
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Analyze your performance and refine strategies based on live tradin...
Leaving Your 9-5 To Trade Full Time
Join us as we explore the realistic challenges and strategies of transitioning from a 9-to-5 job to full-time trading. Whether you're an aspiring trader or looking to refine your trading approach, this podcast aims to equip you with the insights and tools needed to navigate the trading landscape successfully.
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Motivations for Trading: Discussing common reasons why people want to shift from traditional employment to trading.
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Financial Preparation: How to financially prepare for the transition, including creating a cushion and understanding income requirements.
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Emotional and Lifestyle Impact: Exploring the psychological adjustments and lifestyle changes that accompany full-time trading.
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Risk Management: The importance of managing risks and expectations. Start with understanding position sizing and the 1% rule in the volatile trading market. Not sure where to start? Our free Unveiling Clarity e-book can help you find your path.
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Continuous Learning: The need for ong
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Accepting Market Uncertainty
Accepting Uncertainty in Trading.
The meltdown of 2022 has wiped out more than $7 trillion in market value from the blue chip stocks in the S&P 500. The index is down nearly 18% since the end of December.
Set the context for the conversion, going over recent events that’s creating our market environment
War.
Stocks - all these stocks are down:
Crypto is down -$200 billion market cap gone in a day, bitcoin is at a 50% from the high
There is a lot of uncertainty out there. What does uncertain mean?
Uncertain - not able to be relied on; not known or definite.
Glenn observation - according to historic data of DOW jones index, we never had bear run longer than 4 consecutive months. (this is data gathered since 1929). 1929 lasted for two years. Back in the day, took longer for the market to move.
1929 - overall 2 year bear trend, -84%
2008 - 6 months str...
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...