How The Media Can Mislead Traders

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If you want to grow your account from $500 to $1000, don't be a trader.

Get a job.

It's faster and has lower risk.

Three White Soldiers Candlestick Pattern (The Essential Guide)

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[The secret to using multiple timeframes like a pro trader]

I’ll be honest.

I didn’t figure it out on my own.

Instead, I learned it from Adam Grimes and Alexander Elder.

So here’s the “secret”….

When you trade with multiple timeframes, your higher timeframe should be between a factor of 4 to 6 of your entry timeframe.

Confused?

No worries, I’ll explain…

Let’s say for example your trading timeframe is the 1-hour timeframe.

So, which should you reference as your higher timeframe?

1. Take 1-hour multiply by 4, you get a 4-hour timeframe
2. Then, take 1-hour multiply by 6, you get a 6-hour timeframe

This means your higher timeframe can be between 4 and 6-hour

Does it make sense?

Here’s another example:

Let’s say your trading timeframe is the 5-mins timeframe.

Which should you reference as your higher timeframe?

1. Take the 5-mins multiply by 4, you get 20-mins
2. Then, take 5-mins multiply by 6, you get 30-mins

This means your higher timeframe can be between 20 and 30mins

The Complete Guide To Renko Charts

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Things I ask myself before a trade:

1 What's the market structure, range or trend?
2 Where are the major SR areas?
3 Can I lean my stops against SR?
4 Where would opposing pressure come in?
5 How is price moving, chop or clean?
6 Volatility expanding or decreasing?

Triple Bottom Chart Pattern (The Essential Guide)

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[To be a pro trader, you must think independently]

One of the reasons why most traders fail is because they ask questions like these…

–Is exponential or simple moving average better?

–Should I buy Tesla stock right now or wait for a pullback?

–What is the best RSI setting?

You’re probably wondering:

“What’s wrong with it?”

Well, it’s a sign you cannot think independently. It shows you want to be spoon-fed so you can skip the “work” and go straight to profits.

Unfortunately, it doesn’t work that way.

Why?

Because in trading, there’s no such thing as “best”.

What’s “best” for me might not be right for you because of our different goals, timeframe, personality, etc.

So…

If you want to succeed in trading (or in business), you must have the ability to think independently.

So instead of asking “what” or “when” questions, learn to ask…

Why.

This means you want to ask questions like:

–Why did he apply this trading strategy only to the stock markets and not FX?

–Why did he use a 200-day moving average as a trend filter?

–Why did he use a 40% trailing stop loss?

Do you see the difference?

Are you looking for a reliable Forex broker you can trust?

Then you might want to check out ICMarkets.

It has 40,000+ positive reviews on Trustpilot, regulated by ASIC, and has one of the lowest spreads in the industry.

Learn more: https://icmarkets.com/?camp=37277

And when you sign up with ICMarkets, you’ll get free 6 months of access to Pro Traders Edge (worth $294).

Here’s what you need to do…

1. Sign up for a live account
2. Fund a minimum of $500.
3. Place 1 live trade.

And that’s it!

Open an account now: https://icmarkets.com/?camp=37277

Disclaimer: I’ll earn a referral fee if you sign up with them. But it comes at no extra cost to you.

Seeing your account go nowhere can be difficult

But rem, you need time for your edge to play out

You won't be a profitable trader after taking a course

You don't get a baby in 1 month by getting 9 women pregnant

Rome isn't built in a day—and it's the same for your account

Limit Order vs Stop Order: Which one Should You Use And Why?

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Money Flow Index Indicator (The Essential Guide)

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How to Draw Fibonacci Retracement: A Step-by-Step Guide for Traders

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Never trust anything. Always verify everything.

Especially in trading.

How To Set Take Profit Orders (The Essential Guide)

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[To be a pro trader, you must be willing to get your hands dirty]

Now:

Just because you came up with a hypothesis to your question, doesn’t mean it’s correct.

That’s why as a professional trader, it’s your job to validate your trading ideas (or hypothesis).

You’ve got to get your hands dirty and do the work like backtesting, forward testing, etc.

For example, you might wonder:

“Is a 10-week breakout better than a 50-week breakout in terms of returns relative to risk?”

Well, to find out you can do a backtest across a universe of stocks using these two parameters, and see which offers a better result.

To make your life easier, here are some tools you can use for backtesting…

Amibroker – A backtesting platform
Norgate Data – Data feed
Upwork – A marketplace to find programmers

Still, most of you won’t do it because it’s easier to solicit an opinion than to actually do the work.

The problem is, you’ll never know if it’s true, or not—that’s why you must be willing to get your hands dirty and do the work!

The Parabolic Stock Trading Strategy Guide

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In business:

You need capital.

You have expenses to cover.

You don't expect to succeed from day one.

You need some time before you make a profit.

Trading is a business—so treat it as one.

The Complete Guide To Trading Sideways Markets

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[Be realistic and know that you won’t make money every day]

Here’s the thing:

A trading strategy seeks to exploit certain market conditions in order to profit from it.

(For example, Trend Following makes money when many markets are trending together.)

But as you know, the markets are always changing.

One moment it could be trending, the next, it could be ranging.

In other words, you’ll make money when market conditions are favourable to you.

When it isn’t, your trading strategy will lose money—which explains why you won’t make money every day (as market conditions change).

The Ultimate Divergence Cheatsheet

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