Let me just sum some stuff up for you newbies out there. Ive been trading for years, last couple of years more seriously and i turned my strategies into algorithms and i am currently up to 18 algorithms thats trading for me 24/7. Ive learned alot, listened to hundreds of podcasts and read tons of books + research papers and heres some tips and tricks for any newbie out there.
- Strategy - How to... When people say "you need a trading strategy!!" Its because trading is very hard and emotional. You need to stick to your rules at all times. Dont panic and move your stop loss or target unless your rules tell you to. Now how do you make these rules? Well this is the part that takes alot of time. If your rules are very simple (for example: "Buy if Last candles low was the lowest low of the past 10 candles." Lets make this a rule. You can backtest it manually by looking at a chart and going back in time and check every candle. or you can code it using super simple software like prorealtime, MT4 ++ Alot of software is basicly "click and drag" and press a button and it gives you backtest from 10-20-30 years ago in 5 seconds. This is the absolute easiest way to backtest rules and systems. If your trading "pure price action" with your drawn lines and shit, the only way to truly backtest that kind of trading is going in a random forex pair to a random point in time, could be 1 year ago, 1 month ago, 5 years ago.. and then you just trade! Move chart 1 candle at a time, draw your lines and do some "actual trading" and look at your results after moving forward in the chart. If you do not test your strategy your just going in blind, which could be disaster.. Maybe someone told u "this is the correct way to trade" or "this strategy is 90% sure to win every trade!!!" If you think you can do trading without a strategy, then your most likely going to look back at an empty account and wonder why you moved that stop loss or why you didnt take profit etc.. and then your gonna give up. People on youtube, forums, interwebz are not going to give you/sell you a working strategy thats gonna make you rich. If they had a working strategy, they would not give it away/sell it to you.
- Money management - How to.... Gonna keep this one short. Risk a small % of your capital on each trade. Dont risk 10%, dont risk 20%. You are going to see loosing trades, your probably gonna see 5-10 loss in a row!! If your trading a 1000$ account and your risking 100$ on each trade (10%) and you loose 5 in a row, your down -50% and probably you cant even trade cus of margin req. Game over.. Now how does one get super rich, super fast, from risking 1-3% of your account on each trade?? Well heres the shocking message: YOU CANT GET RICH FAST FROM TRADING UNLESS YOUR WILLING TO GO ALL IN! You can of course go all in on each trade and if you get em all right, you might get 1000%, then you go all in 1 more time and loose it all... The whole point of trading is NOT going bust. Not loosing everything, cus if you loose it all its game over and no more trading for you.
- Find your own trading style.... Everyone is different. You can have an average holding period of 1 month or you could be looking at a 1 min chart and average holding time = 10 minutes. For some, less volatility helps them sleep at night. For others, more volatility gives them a rush and some people crave this. There is no "correct" timeframes, or holding periods, or how much to profit or how much to loose. We are all individuals with different taste in risk. Some dont like risk, others wanna go all in to get rich over night. The smart approach is somewhere in the middle. If you dont risk anything, your not gonna get anything. If you risk everything, your most likely going to loose everything. When people are talking about trading style, this is kinda what that means.
- There are mainly 2 ways to trade: Divergence and Convergence. Or in other words: Mean reversion or trend following. Lets talk about them both: Trend following is trying to find a trend and stay with the trend until its over. Mean reversion is the belief that price is too far away from the average XX of price, and sooner or later, price will have to return to its average/mean (hence the name: MEAN reversion). Trend following systems usually see a lower winrate (30-40% winrate with no money management is not uncommon to see when backtesting trend following systems.. You can add good money management to get the winrate % higher. Why is the % winrate so low? Well a market, whatever that market is, tend to get real choppy and nasty right after a huge trend. So your gonna see alot of choppy fake signals that might kill 5-6 trades in a row, until the next huge trend starts which is going to cover all the losses from the small losses before the trend took off. Then you gotta hold that trade until trade is done. How do you define "when trend starts and stops"? Well thats back to point 1, find a strategy. Try defining rules for an entry and exit and see how it goes when you backtest it. For mean reversion the win % is usually high, like 70-90% winrate, but the average winning trade is alot smaller than the average loosing trade. this happens because you are basicly trying to catch a falling knife, or catch a booming rocket. Usually when trading mean reversion, waiting for price to actually reverse can very often leave you with being "too late", so you kinda have to find "the bottom" or "the top" before it actually has bottomed/ topped out and reversed. How can you do this you ask? Well your never going to hit every top or every bottom, but you can find ways to find "the bottom-ish" or "the top-ish", thens ell as soon as price reverts back to the mean. Sometimes your gonna wish you held on to the trade for longer, but again, back to point 1: Backtest your rules and figure that shit out.
Read these 4 points and try to follow them and you are at least 4 steps closer to being a profitable trader. Some might disagree with me on some points but i think for the majority, people are going to agree that these 4 points are pretty much universal. Most traders have done or are doing these things every day, in every trade.
Here is some GREAT material to read: Kevin Davey has won trading championship multiple times and he has written multiple great books, from beginner to advanced level. Recommend these books 100%, for example: Building winning algorithmic trading systems" will give you alot to work with when it comes to all 4 of the above points. Market wizards, Reminiscences of a stock operator are 2 books that are a great read but wont give you much "trading knowledge" that you can directly use for your trading. Books on "The turtles" are great reading. Then you have podcasts and youtube. I would stay away from youtube as much as possible when it comes to "Heres how to use the rsi!!!" or "this strategy will make you rich!!". Most youtube videoes are made by people who wanna sell you a course or a book. Most of this is just pure bullshit. Youtube can very harmfull and i would honestly advice about going there for "strategy adivce" and such. Podcasts tho are amazing, i highly recommend: Better systems trader, Chat with traders, Top traders unplugged, We study billionairs, to name a few :)
Also, on a less funny note.. Please realize that you are, and i am,
real fucking stupid and lazy compared to the actual pro's out there. This is why you should not go "all in" on some blind stupid strategy youve heard about. This is why this is indeed VERY FUCKING HARD and most, if not everyone has busted an account or two before realizing just this. Your dumb.. your not going to be super rich within 1 year.. You can not start with 500$ account and make millions! (some might have been able to do this, but know that for every winner, theres 999 loosers behind him that failed... Might work fine first 5 trades, then 1 fuckup tho and ur gone..
And lastly: Try using a backtesting software. Its often FREE!!! (on a demo account) and often so simple a baby could use it. If your trading lines and such there exists web broweser "games" and softwares that lets you go "1 and 1 candle ahead" in random forex pairs and that lets you trade as if its "real" as it goes.
A big backtesting trap however is backtesting "losely" by just drawing lines and looking at chart going "oh i would have taken this trade FOR SURE!! I would have made so much money!!" however this is not actually backtesting, its cherry picking and its biased beyond the grave, and its going to hurt you. Try going 1 candle at a time doing "real and live" trades and see how it goes.
Bonus point!!
many people misunderstands what indicators like the RSI is telling you. Indeed something is "overbought" or "oversold" but only compared to the last average of xx amounts of bars/candles.
It doesn't tell you that RIGHT NOW is a great time to sell or buy. It only tells you that the math formula that is RSI, gives you a number between 1-100, and when its above 70 its telling you that momentum is up compared to the last average 14 candles. This is not a complete buy/sell signal. Its more like a filter if anything. This is true for MOST indicators. They INDICATE stuff. Dont use them as pure buy/sell signals.. At least backtest that shit first! Your probably gonna be shocked at the shitty results if you "buy wehn rsi is undeer 30 and sell when RSI is above 70".
Editedit: Huge post already, why not copy paste my comment with an example showing the difference in trend following vs mean reversion:
The thing about trend following is that we never know when a trade starts and when it ends. So what often happens is that you have to buy every breakout going up, but not every breakout is a new trend. Lets do an example. Check out the photo i included here:
https://imageshost.eu/image/image.RcC
THE PHOTO IS JUST AN EXAMPLE THAT SHOWS WHY A TYPICAL TREND FOLLOWING STRATEGY HAVE A "LOW" WINRATE. THE PHOTO IS NOT SHOWING AN EXAMPLE OF MY STRATEGIES OR TRADING.
- We identify the big orange trend up.
- We see the big break down (marked with the vertical red line) this is telling us we are not going higher just yet. Our upwards trend is broken. However we might continue going up in a new trend, but when will that trend come?
- We can draw the blue trend very earyly using highs and lows, lines up and down. Then we begin to look for breakouts of the upper blue line. So every time price breaks upper blue line we have to buy (cus how else are we going to "catch the next trend going up?)
As you can see we get 5 false breakouts before the real breakout happens!
Now if you could tel
l fake breakouts from real breakouts, your gonna be rich hehe. For everyone else: Take every signal you can get, put a "tight" stop loss so in case its a fake signal you only loose a little bit. Then when breakout happens as you can clearly see in chart, your going to make back all the small losses.
So in this example we fail 5 times, but get 1 HUGE new trend going further up. This 1 huge trade, unless we fuck it up and take profits too early or shit like that, is going to win back all those small losses + more.
This is why trend following has a low winrate. You get 5 small loss and 1 big win.
Now lets flip this! Imagine if your trading Mean reversion on all the same red arrows! So every time price hits the blue line, we go short back to the bottom (or middle) again! You would have won 5 trades with small profits, but on that last one you would get stopped out so hard. Meaning 5 small wins, 1 big loss (as some have pointed out in comments, if you where trading mean reverting you would wanna buy the lows as well as short the tops - photo was suppose to show why trend following strategies have a lower % winrate.)
Final edit: sorry this looks like a wall of text on ur phones.
submitted by I have two remaining, one for the Eternal Championship (Bowdaar) and one for Forex. The EC is annoying as can be and I am not a PVPer and don't want to slam my face through 30 matches. Will these alerts just hang out in the queue if I finish the story?
submitted by Bolton Wanderers Hull City live score, video stream and H2H results ... sofascore com hull city bolton wanderers fsWb Bolton Wanderers Hull City live score (and video online live stream) starts on 1 1 2018 at 15:00 UTC time at Macron Stadium stadium, Horwich, England in Championship England Here on SofaScore livescore you can find all Bolton Wanderers vs Hull City previous results sorted by their H2H matches Links to Bolton ... Live))* Hull City vs Bolton Wanderers Live Stream | ВКонтакте m vk com login php?act security_check&to...al_page... Bolton Wanderers Hull City live score video stream and HH results Bolton Wanderers Hull City live score (and video online live stream) starts on at : UTC time at Macron Stadium Horwich England in Championship England ========================================= Watch Live······▻ tinyurl com ... [[/VER]]~ "Bolton vs Hull City" Live Stream | ВКонтакте m vk com login php?act security_check&to...al_page... bolton wanderers hull city live score video stream and h2h results ssofascorehullcityboltonwanderersfswb bolton wanderers hull city live score and video online live stream* starts on 112018 at 1500 utc time at macron stadium stadium horwich england in championshipengland here on sofascore livescore you can find all ... LIVE ONLINE## Bolton Wanderers vs Hull City Live Stream Soccer 01 ... piratesforums com/.../live...bolton wanderers vs hull city live stream.../view 47 mins ago Live Bolton Wanderers vs Hull City live score | soccer super 1 hour ago Bolton Wanderers vs Hull City will look to continue their winning ways when they take on fellow Indian Super League debutants Jamshedpur FC at the Sree Kranteerava Stadium in Bangalore today Get live score of live tv Bolton vs Hull City live mr | Pirates Forums Jan 1, 2018 Watch Online Hull City vs Fulham 2017 Live Stream Soccer ... Dec 30, 2017 WATCH LIVE~!!Hull City vs Fulham Live Stream Free Online ... Dec 30, 2017 LIVE ONLINE Hull City vs Fulham Live Stream Soccer 30 12 ... Dec 30, 2017 More results from piratesforums com Bolton vs Hull City Live Streaming 2017 Free TimeSoccer timesoccer com video fulham vs bolton wanderers live html Watch Bolton vs Hull City live stream online for free and highlights video English Championship match between Bolton vs Hull City on 1 January 2018 at Macron Stadium, Bolton Watch this game video online live stream Live streaming links for this game will be available on this page before the kick off time Final live score ... Live Bolton Wanderers vs Hull City 2017 Live Stream soccer Tv ... festywesty com/.../live bolton wanderers vs hull city 2017 live stream soccer tv cov... 6 hours ago Bolton Wanderers vs Hull City live score, video stream and H2H …Bolton Wanderers vs Hull City live score (and video online live stream) starts on 21 10 2017 at 19:00 UTC time at Stade Mohamed V, Casablanca, Morocco in …Live Scores – CAF Champions League: Bolton Wanderers vs Hull City LivE!SocCeR TV Bolton Wanderers vs Hull City Live(SOCCER)Online 2 ... drywallnation com/.../livesoccertv bolton wanderers vs hull city livesocceronli... 1 day ago 1 post SERVER <2> http 4kstreamvideos com watch soccer free online hd stream/. LivE!OnlinE TV Bolton Wanderers vs Hull City Live(Soccer)Online 2 0 1 7 Get coverage here for the ... Watch Watch Online TV s Mairis Briedis vs Mike Perez live fight 2017 online tv on Livestream com What channel is Bolton ... Bolton Wanderers vs Hull City live stream YouTube Video for Bolton Wanderers vs Hull City live stream▶ 0:51 youtube com watch?v LFkMvyuClUw 2 hours ago Uploaded by varrel duks Sorry the live broadcast was closed due to inadequate connection, If you want to see directly you just click the ... Bolton Wanderers vs Hull City Live stream YouTube Video for Bolton Wanderers vs Hull City live stream▶ youtube com watch?v w6OLAugoC3w 3 hours ago Uploaded by Sports tv 2:08:38 · Preston North End vs Bolton Wanderers live streaming match Duration: 35:03 live streaming ... Live streaming Bolton Wanderers Hull City tv watch NewForex Forums forum newforex com/.../22321 live streaming bolton wanderers hull city tv watch 6 hours ago MATCH DETAILS: Location: Bolton, Reebok Stadium Upcoming Information:English League Championship 01 01 2018 Competition: Hull City vs Bolton Wanderers live
submitted by The XM Forex World Championship offers a total of one million dollars in cash prizes to the top winners who qualify to be the best based on their trading results during the ten qualifying rounds of the championship, followed by the semifinal and the final round. Forex Championships Disclaimer: Trading leveraged derivative products such as Foreign Exchange (Forex) and Contracts for Difference (CFDs) carries a high level of risk to your capital. All these derivative products, many of which are leveraged, may not be appropriate for all investors. Welcome to the World Cup Trading Championships® Entries are being accepted for the 2020 World Cup Championship of Futures Trading® and the 2020 World Cup Championship of Forex Trading®. These are real-money competitions based on net returns, with a minimum of just 10 round-turn trades of any size required to qualify for coveted Bull & Bear trophies, great prizes and an opportunity to join ... MultiBankFX $12,000 Forex Demo Championship For New Clients. Updated on 6 September 2019. Former Forex and CFD brokerage platform MultiBankFX have started demo contest for new clients. If you're excited to join to the contest it can give you a fantastic opportunity to prove your trading skills and receive as top as $7000.00 from the company. If ... Forex World Championship (Last Week) – XM Participate$1,000,000 USD Forex World Championship for FREE powered by XM – Fight for 10 monthly contest of the total cash prizes of $500,000, while another $500,000 prize for the final round that will be distributed among top 10 participants, where all prizes are withdrawable.
Join Now, It's Free! http://bit.ly/2jYtYsd MultiBank FX Championship is a month-long demo trading competition Enter for a chance to win CASH prizes 1st Place - USD ... MultiBank FX Championship 2019 – Forex Demo Competition - Duration: 0:53. MultiBank Group 631 views. 0:53. Simple Forex Trading Strategy: How to Catch 100 Pips a Day - Duration: 17:33. RSI Forex Trading BEST RSI STRATEGY makes 200+ PIPS a DAY - Duration: 13:43. Andrew's Trading Channel 135,576 views. 13:43. The Truth About Forex Trading (My Story) - Duration: 12:47. Stay tuned Forex trading competition, contestant made $1.4 million in one month! My result was only about $13000, You can see all results here - https://www.tallinex.co...