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
complete guide to stock market hours in Hawai\u2019i. It and has revolutionized the way current society functions. It’s no wonder why trading from your phone has become so popular. Mobile trading is only going to be getting better and is growing at a phenomenal rate. However, there are a few things to understand about trading with your mobile device. Just because you can doesn’t mean you should. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"5odv6","text":"Nowadays, it’s incredibly easy and convenient to trade from your phone. However, there are some things to be aware of if you are currently, or thinking about trading from your phone. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"cib4a","text":"Depending on their style, many professional traders have two or more monitors as their main trading station. The reason is with trading, there is much info to be gathered and looked at. Chart comparison, news...
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 — 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: Using entry orders helps avoid forcing trades.
What are entry orders?
What are market orders?
What's the difference between Entry and Market Orders?
WHY ENTRY ORDERS MATTER:
– No unnecessary losses.
– You aren’t forcing trades.
Entry orders – 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.
Market Orders – 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.
TAKE A LOOK AT THIS TRADE FOR AN EXAMPLE OF HOW AN ENTRY ORDER SAVED ME FROM AN UNNECESSARY LOSS: NZDUSD – 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:
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 ‘signal service’ will not bring you financial independence.
2) STICK WITH ONE
Subscribing to multiple methods may disrupt a traders frame of thought. If the current system isn’t 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 trader’s 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 – “am I meant to trade?” “Maybe trading isn’t for me?”. 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.
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HAVE A PLAN – 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. Don’t place a trade without reason – otherwise, you’re gambling!
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STICK TO YOUR PLAN – Don’t 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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DON’T STRESS – 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.
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.
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.
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 consistency—there 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...