Trading = Spending years to acquire a skill so you can be free for the rest of your life
Intraday Trading: 4 Things You Must Know If You Want To Succeed
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[It sucks, but just let the price hit your stop loss]
Imagine:
You buy 1 standard lot of GBP/USD at 1.4300 and have a stop loss at 1.4250.
This means if the price drops to 1.4250, you will exit the trade for a loss of $500 (or 50 pips).
Now, this is fine if you allow your stop loss to do its job.
However, you might be thinking…
“I know the market is about to rebound.”
“I’ll look like an idiot if I were to sell right now and only to watch the market reverse higher.”
“Let me hold on to the trade for a while longer and sell at the next rally.”
And what happens next?
The market collapsed another 500 pips.
Eventually, the pain is too much to bear and you forced yourself to exit your position.
And because of your hesitation, a $500 loss amplified into $5,500.
So, the bottom line is this…
Honour your stop loss.
It’s there to protect your trading account even though it’ll make you look like a fool once in a while.
Imagine:
You buy 1 standard lot of GBP/USD at 1.4300 and have a stop loss at 1.4250.
This means if the price drops to 1.4250, you will exit the trade for a loss of $500 (or 50 pips).
Now, this is fine if you allow your stop loss to do its job.
However, you might be thinking…
“I know the market is about to rebound.”
“I’ll look like an idiot if I were to sell right now and only to watch the market reverse higher.”
“Let me hold on to the trade for a while longer and sell at the next rally.”
And what happens next?
The market collapsed another 500 pips.
Eventually, the pain is too much to bear and you forced yourself to exit your position.
And because of your hesitation, a $500 loss amplified into $5,500.
So, the bottom line is this…
Honour your stop loss.
It’s there to protect your trading account even though it’ll make you look like a fool once in a while.
Market Wizards: 4 Things I’ve Learned That Improved My Trading Results
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Trading is not a job.
It’s a business.
An identity of the 5%.
An individual who is in control.
A belief that you can achieve when others fail.
An expression of your thoughts, feelings, and attitude—without discrimination.
Trading is freedom.
It’s a business.
An identity of the 5%.
An individual who is in control.
A belief that you can achieve when others fail.
An expression of your thoughts, feelings, and attitude—without discrimination.
Trading is freedom.
Trading in the zone: 8 Powerful lessons I’ve learned from Mark Douglas
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Do you want to read candlestick patterns like a professional trader?
Then download a FREE copy of The Monster Guide to Candlestick Patterns.
You'll discover how to "predict" market turning points and better time your entries & exits—even if you have no trading experience.
Click the link below and grab your copy, it’s free!
https://www.tradingwithrayner.com/candlestick-pdf-guide/
Then download a FREE copy of The Monster Guide to Candlestick Patterns.
You'll discover how to "predict" market turning points and better time your entries & exits—even if you have no trading experience.
Click the link below and grab your copy, it’s free!
https://www.tradingwithrayner.com/candlestick-pdf-guide/
[Make it painful to not follow your trading plan]
Here’s the thing:
Just because you have a trading plan doesn’t mean you won’t have itchy fingers.
Because you might lack the discipline to follow your trading plan even though it’s good for you.
(Kind of like how you don’t eat enough vegetables even though you know it’s good for you.)
The solution?
Be accountable to someone. It could be your spouse, a friend, or someone you trust.
Let them know whenever you deviate from your trading plan, you’ll be penalized.
The penalty could be something like:
— $50 donation to your favourite charity
— Wash the toilets for a week
— Do 100 push-ups
You want to make sure the pain of not following your trading plan is greater than following it.
This way, the mind gravitates toward the least amount of pain which is to follow your trading plan.
This means your actions become consistent and you get consistent results.
Here’s the thing:
Just because you have a trading plan doesn’t mean you won’t have itchy fingers.
Because you might lack the discipline to follow your trading plan even though it’s good for you.
(Kind of like how you don’t eat enough vegetables even though you know it’s good for you.)
The solution?
Be accountable to someone. It could be your spouse, a friend, or someone you trust.
Let them know whenever you deviate from your trading plan, you’ll be penalized.
The penalty could be something like:
— $50 donation to your favourite charity
— Wash the toilets for a week
— Do 100 push-ups
You want to make sure the pain of not following your trading plan is greater than following it.
This way, the mind gravitates toward the least amount of pain which is to follow your trading plan.
This means your actions become consistent and you get consistent results.
Stop loss and position size go hand in hand.
If you increase your stop loss, reduce your position size.
If you decrease your stop loss, you can increase your position size.
Understand their relationship and you'll never blow another account.
If you increase your stop loss, reduce your position size.
If you decrease your stop loss, you can increase your position size.
Understand their relationship and you'll never blow another account.
Doncahin Channel Strategies That Work
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Pump and Dump Strategy (The Essential Guide)
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If you blame others, then you’re not taking 100% responsibility.
If you don’t take 100% responsibility, then you give up the power to change.
If you give up the power to change, then you’ll never make it as a trader.
If you don’t take 100% responsibility, then you give up the power to change.
If you give up the power to change, then you’ll never make it as a trader.
How to Read Price Action (For Dummies)
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[Don’t trade based on other people’s opinions]
Today…
There’s a ton of information on Twitter, Facebook, trading forums, etc.
The problem is…
It doesn’t make you a better trade, far from it.
Here’s an example. Imagine…
Someone posts a chart on Tesla and explains why he is bullish on it.
Next, there are 100 thumbs up and a flood of comments agreeing with the analysis.
So you quickly buy the stock of Tesla hoping to make a quick profit out of it.
Now here comes the critical part…
What if the price of Tesla drops 30%?
Do you sell, hold, or buy even more?
You don’t know because you’re trading based on the opinion of someone else.
You might be wondering:
“Well, I’ll just ask the original poster for an update on Tesla.”
Then one of these will likely happen…
– He sold his position for a small profit and you didn’t know about it
– He sold his position for a small loss but you’re still holding the stock
– He doesn’t reply to you
Either way, you’re on the losing end.
Do you see what I mean?
So, never trade based on the opinions of others.
They won’t tell you how long they plan to hold the trade, when to cut loss, or when to take profit.
Instead, you must have your own trading system that tells you when exactly to buy or sell. This way, you’ll never be at the mercy of others again.
Today…
There’s a ton of information on Twitter, Facebook, trading forums, etc.
The problem is…
It doesn’t make you a better trade, far from it.
Here’s an example. Imagine…
Someone posts a chart on Tesla and explains why he is bullish on it.
Next, there are 100 thumbs up and a flood of comments agreeing with the analysis.
So you quickly buy the stock of Tesla hoping to make a quick profit out of it.
Now here comes the critical part…
What if the price of Tesla drops 30%?
Do you sell, hold, or buy even more?
You don’t know because you’re trading based on the opinion of someone else.
You might be wondering:
“Well, I’ll just ask the original poster for an update on Tesla.”
Then one of these will likely happen…
– He sold his position for a small profit and you didn’t know about it
– He sold his position for a small loss but you’re still holding the stock
– He doesn’t reply to you
Either way, you’re on the losing end.
Do you see what I mean?
So, never trade based on the opinions of others.
They won’t tell you how long they plan to hold the trade, when to cut loss, or when to take profit.
Instead, you must have your own trading system that tells you when exactly to buy or sell. This way, you’ll never be at the mercy of others again.
Best Trading Books (for Beginners to Advanced Traders)
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In today's age of social media and distraction, focus is a superpower.
Focus on becoming a profitable trader.
Focus on writing the book you've always wanted.
Focus on losing your extra weight.
You don't need the holy grail, secret sauce, or luck. You just need to FOCUS.
Focus on becoming a profitable trader.
Focus on writing the book you've always wanted.
Focus on losing your extra weight.
You don't need the holy grail, secret sauce, or luck. You just need to FOCUS.
The Best Indicators for Swing Trading (Profit From Different Market & Timeframe)
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[The financial markets are rigged, but…]
Yes, the financial markets are rigged against you.
Those with deep pockets can “temporarily” move the market to trigger stop losses and options expiry levels.
So the way I see it, you have 2 choices.
You can blame the system but it won’t get you anywhere besides more losses and frustrations.
Or, you can learn how the game is played and profit from it.
The choice is yours.
Yes, the financial markets are rigged against you.
Those with deep pockets can “temporarily” move the market to trigger stop losses and options expiry levels.
So the way I see it, you have 2 choices.
You can blame the system but it won’t get you anywhere besides more losses and frustrations.
Or, you can learn how the game is played and profit from it.
The choice is yours.
Discover Professional Price Action Trading Strategies To Profit In Bull And Bear Markets
Learn More 👉 https://priceactiontradingsecrets.com/
Learn More 👉 https://priceactiontradingsecrets.com/
If you're broke, invest in yourself.
If you want a better life, invest in yourself.
If you need more money, invest in yourself.
No trading strategy, magic pill, or cryptocurrencies can beat that.
If you want a better life, invest in yourself.
If you need more money, invest in yourself.
No trading strategy, magic pill, or cryptocurrencies can beat that.
The Definitive Guide on How to Set a Stop Loss
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