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Cryptopickk

THERE IS NO PERFECTION IN TRADINGToday, I want to provide with you an essay that will clarify just how far you should push your trading perfectionism. There is no ideal trading technique, to put it succinctly and painfully. Losses will be a part of life. Yes, there are High Frequency Trading (HFT) outfits that have been producing successful days after successful days for the past five years, but let me let you in on a little secret: you are not an HFT outfit. Additionally, these HFTs lose money; it's only that because they execute a million trades every day, their advantages soon disappear. Therefore, give up hoping and begin understanding that you will lose. The ideal trading strategy is one that generates profits over the long term; a strategy that generates profits on each trade would be utopian. Additionally, you won't begin making money until you acknowledge that you will also lose money. I know it's an old story, but this is one of the factors to consider if you aren't yet profitable. You still believe you are superior to the market, and you are still searching for a trading method that guarantees a 100% win rate, deep inside your reptile brain. Curve Fitting Is Asking For Disaster If you still want to develop your trading strategy after it has proven to be profitable, you must proceed with extreme caution. Your winrate and reward:risk ratio will change whenever you alter a parameter in a trading system because it is such a delicate construction. Your variance, average drawdowns, average updraws, and so forth will all increase. A trading system should only undergo subtle, gradual changes based on reliable data. If you keep trying to improve, curve fitting is what you'll finally do. As a result, there will be no room for any future changes in market behaviour because your approach will be too firmly tied to the past. However, markets are alive and continuously changing, as we all know. Every backtest faces the very real challenge of costing a lot of money by designing a system that is too tightly based on historical data. In addition, if you have three years of data, create your system on the first two years then test it on the third year without making any alterations, regardless of the third year's results. This is why you should always utilise an outsample while backtesting. You must eventually decide where you stand as a trader and prepare to lose. You may already be using a winning trading strategy, but are unaware of it since you constantly try to make adjustments to your system in an effort to minimise losses. This will, however, need a change to your current setup and expose it to new risks of loss. You will eventually just have to accept that your trading system will occasionally make bad trades because that is how trading works. Nobody would ever think consider trying to win every hand they play in poker; it is a stupid and insane idea. Most traders ruin good systems by striving to turn them into perfect systems. Accept this as who you are and your trading strategy, with all of its advantages and disadvantages. Accept that losses are a part of it and learn to love it. What more could you ask for when you know that you have a good outlook on life and that the system generates income for you? You already outperform around 95% of everyone who has ever entered this industry. You must aim for excellence rather than perfection. If you cannot fulfill your dream of creating the “Magic Strike Rate Trading System”, what is left? Excellence! It is your job to make sure to follow your system 100%. Not even the slightest deviation is allowed. Make sure you are always trading at the peak of your performance. Strive for excellence and make every trade count! Every trade that you take outside of your trading system is an insult to yourself, to the time and effort you put into trading, and to your self-respect. Excellence really comes down to respecting yourself in the end. Once you come to respect yourself and trust your abilities and your system, it will become easier and easier for you to follow your system. If you go on a losing streak, find out if you completed each trade well, and if so, whether the market conditions changed or something else occurred. When you are on a losing streak, it is crucial to keep going and stick to your plan while also comprehending why you are losing. It's good if there is nothing to be done. This is how a process-oriented approach should be adopted by every professional trader. You can weather the storm if you take pride in your losing streak, preserve your money, and trade expertly every time. Instead of endlessly optimising one setup, focus on mastering another setup or the market. It's really quite simple: If you follow your method perfectly for a time (let's say 50 transactions) and you are still losing money, you can say with a high degree of certainty that the system is the issue. You can then make adjustments, but if you don't use your system in the first place, you won't ever know if it works or not. Demo accounts and backtests are used for just that. And believe me, the more focus you place on strictly adhering to your system, the quicker it will become a winning system that complements your lifestyle and personality, which is crucial. But wow, if all of a sudden you are outperforming a sample of 50 trades. This might be it. You might have a successful strategy. Why make a change now? You are getting paid. Trade the system till you can follow it without thinking every day while doing flawlessly. Go for it if your trading log indicates that there is a LOT of potential in a particular location. Naturally, test the modified system first on a demo. If you are successful, though, and you can't locate any significant leaks, leave it alone. Don't curve fit once more. It's fantastic if you get bored! Monotony is a sign of successful trade. Congratulations, you have mastered your setup. You can now create a different configuration using the same technique to smooth your equity curve and diversify your revenue sources. Your equity curve will appear virtually perfect over time if you master 2-3 setups to locate trades in all market conditions, but there will still be a lot of losers among your winners, of course. Your strike rate, average risk-to-reward ratio, and risk tolerance are all important factors. Be disciplined Be flexible Never stop learning I would also love to know your charts and views in the comment section. Thank you
BITSTAMP:BTCUSDEducation
by CRYPTOMOJO_TA
7
TRADING IS HARDER THAN YOU THINK: THE COMPLEXITY OF TRADINGHello traders, today we will talk about THE COMPLEXITY OF TRADING THE FIRST DECISIONS ABOUT YOUR TRADING STRATEGY People who are unfamiliar with the financial sector may find it daunting to have to respond to several questions before they can even make their first trade. However, because each element and idea is interconnected with the others, leaving out even one will cause your otherwise flawlessly constructed trading strategy to fall apart. Each and every one of the financial markets is significantly dissimilar from the others and requires a completely unique skill set and perspective. Do you prefer trading less leveraged equities that require a larger account to the 24/5 forex market where leverage allows traders to potentially make large gains with as little as a few hundred dollars? Are you more interested in trading on the simple spot market or the more complicated. If you have to balance trading with your everyday life, time and time horizon are the main determining elements, and this directly relates to questions regarding your trading approach. The question of whether you want to be a day trader or a swing trader who holds positions for a longer period of time is related to the timeframes you want to trade and affects how long you keep positions. If you don't currently trade full-time, you will also need to figure out how to fit trading into your daily life. Additionally, you must choose your trading instruments, such as price action patterns and/or indicators. Which one you like is a matter of personal preference, but the fact that there are thousands of self-described trading experts TRADING DECISIONS BEFORE YOU TAKE A TRADE You are prepared to proceed to the next level once you have provided answers to the questions above. Once your trading strategy has been determined, you should be extremely clear about the entrance criteria, the significance and order of each entry condition, and whether or not the various entry criteria have an impact on your win rate. Then, be completely honest with yourself and determine if you actually possess an advantage. Have you backtested your trading method without lying to yourself or cheating? If it's even conceivable, did you demo trade and handle demo trading as you would real money trading? Are you able to gauge whether markets have altered and are you ready to respond to them? Additionally, you will need to have an organised and well-considered risk management strategy. Your trading performance is significantly impacted by the size of your account alone. If your account is too huge, fear and greed will dictate your trading choices, as opposed to your trading being very sloppy if your account is too small. What is your position sizing strategy, secondly? Do you utilise a fixed % amount for each trade, or do position sizes change depending on the strength of setups? Last but not least, how much exposure are you ready to take on for all open trades, and do you take correlations into account when making new trades? TRADING DECISIONS WHEN YOU ARE IN A TRADE You are prepared to make a deal once you have answers to all the previously asked questions. However, once you enter a trade, you are forced to handle a completely different set of issues while feeling the strain of actual market exposure. As a result, it's crucial that you have all the answers before making any transactions so that you can carry out your trading strategy without having to think too much.carry out your trading strategy without having to give it any thought. Scaling in and scaling out, increased risk, and having to deal with comparable trading decisions if you have open positions in linked instruments are some of the ideas connected to risk management that come up in the questions. Do you also monitor how your risk-to-reward ratio changes throughout the course of a trade? Your risk management strategy will also influence how you respond to challenges like news events, unforeseen political and geopolitical developments, and making trades over the weekend. The principles of risk are very intimately related to issues of trade management. Stop loss and take profit management are the two most crucial aspects of trade management. When a trade goes in your favour, do you actively move your stop loss order? If the answer is yes, develop a complex and tried-and-true stop loss technique rather than hopping around stops. For your take profit orders, the same is true. The reason why most traders take profits too soon is because they confuse a small pullback with a trend change. In order to improve, write down your stop loss and take profit management rules, test them, and evaluate their results. Furthermore, non-chart events are just as significant as your active trading choices on your price charts. The difference between a competent, lucrative trader and a continually losing amateur trader is a sound trading strategy, where you map out potential trading scenarios beforehand and prepare your trades before they take place. His trading journal is the trader's second-most crucial instrument. A trader keeps a record of all of his previous trades in a trading notebook in an effort to identify weak points and improve his edge. Because it takes a lot of discipline and effort, yet will mean the difference between continually losing and making profits, it is surprising how few traders have neither of the two. CONCLUSION: BEING A TRADER MEANS MAKING DECISIONS Despite the fact that trading initially appears to be relatively straightforward, being a successful trader demands a very professional mindset and approach. A trader has to come up with sophisticated and tried methods to manage his deals before, during, and after they occurred. He must deal with a number of extremely difficult issues on a regular basis. This article's objective is not to scare you away, but to inform you of the complexity of trading and provide you with a rule to follow in order to maximise the effectiveness of your trading strategy. Be disciplined Be flexible Never stop learning I would also love to know your charts and views in the comment section. Thank you
Education
by CRYPTOMOJO_TA
3
#ZIL/BTC has potential to pump 300% after the breakout!Hi guys, This is CryptoMojo, One of the most active trading view authors and fastest-growing communities. Consider following me for the latest updates and Long /Short calls on almost every exchange. I post short mid and long-term trade setups too. Let’s get to the chart! I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice. #ZIL/BTC Bought some ZIL in the BTC pairs at spot. Expecting a 300% bounce after a breakout Stay tuned I will keep updating This chart is likely to help you make better trade decisions if it does consider upvoting it. Thank you
Long
by CRYPTOMOJO_TA
4
BTC is king, not cashI think we are still on target Like I said, Monday it will bounce as we see the W form for the bull run up to $45k+ this summer. I do think by year-end we see 70k-80k mostly due to world markets crashing, housing markets crashing soon, and the economics of the world pushing uncertainty making BTC a safe haven for money as more and more of the world jumps on board with digital currency. I believe BTC will always lead and that ETH will never catch up for this reason. Cash is not king anymore and the US is losing its value, they will also fail to regulate BTC but will use it as an attempt to remain a world leader. Things will still change as the fight for power and manipulation of currency worldwide gets wiped out. I also see Gold not becoming a good thing to hold as you can't get change back for it and it is way too hard to trade open world. Crypto is the only way out and it's putting people in power more and more over the Governments. Rise of Freedom and rebuilding of countries to serve the People instead of controlling the people. A major flip worldwide is happening and BTC will fund it. Poor become rich, Rich becomes poor and people will unite as a world and dethrone the Kings and Queens. Let the hunger games begin! Hope you enjoyed reading and keep Frosty. Never invest or trade more than you can afford to lose. always check and double-check the address you send to, and do a $1.00 test to confirm. stay safe and take control of your life. It's your story, not theirs! God Speed.
BITSTAMP:BTCUSDLong
by walkndeadbigfoot
Trading Idea for CELO/USDTCELO/USDT is currently in a bullish trend, as the price has been making higher highs and higher lows. This presents a potential trading opportunity to go long on the pair. Our entry point for this trade will be at 0.688, which is slightly above the current market price. Our stop loss will be placed at 0.628, just below the recent swing low, to limit our potential losses. Our target price for this trade will be at 0.850, which represents a potential profit of 23%. Risk to Reward: Our risk to reward ratio for this trade will be 3.53. This means that for every dollar we risk, we stand to potentially gain $3.53 if the trade is successful. This is a very attractive risk to reward ratio, as we only need to be right about one third of the time for this trade to be profitable over the long term. Overall, this trade presents a solid opportunity to go long on CELO/USDT, with a favorable risk to reward ratio and a high potential for profit. As with all trades, it is important to closely monitor price action and adjust your position as necessary to maximize potential gains and minimize losses.
Long
by InKryptLabs
1
Trading Psychology: How Does Your Mind Matter In Making Money?Hello traders, today we will talk about Trading Psychology The most famous book on trading psychology, “Tradingpsychologie” aptly remarks, ‘The greatest enemy of the trader is fear. He who is afraid loses!’. As a trader, you must have gone through emotions such as fear, greed, regret, hope, overconfidence, doubt, nervousness etc. While every trader goes through this emotional rollercoaster, a successful trader knows that it’s never a good idea to let your emotions influence your investment decisions. Not letting your emotions affect your trading decisions is the real meaning of trading psychology! In this article, we will educate you on the meaning of trading psychology. We will also reveal trading tips and tricks to mentally prepare you to trade with confidence! So, let’s begin! What is Trading Psychology? Trading psychology or investor psychology refers to the trader’s emotional and mental state which dictates their trading actions. Some of these emotions like hope, confidence are helpful and should be embraced. But emotions like fear and greed must be contained. Another emotion that is very common in financial markets is the fear of missing out or FOMO. It is essential to understand and develop a sharp mindset along with knowledge and experience to become a successful trader. Let us take a look at the various psychological factors that affect a trader’s mindset and some pro-tips to deal with them. 1. Fear Fear is a natural reaction that we sense when something is at risk. While trading, risks could occur in many forms – Some bad news about the stocks or the market Placing a trade and realising it’s not going the way you had hoped Fear of loss of capital Traders generally overreact and tend to liquidate their holdings because of fear. A strong trading psychology is when traders do not let fear dictate their buy/sell strategy. What should you do? Every trader must first understand what they are afraid of and why? Reflect on these issues ahead of time so you can quickly identify the problem and find a solution. Your focus should be to not let the fear of loss refrain you from making profit. 2. Greed Greed enters when you desire excess profits. Rome was not built in a day and neither will your stock market fortune. If you find yourself on a winning streak, then book your profits and move on. Majority of the time, your greed will turn a winning streak into a disaster! What should you do? To combat greed, you should have a predefined profit booking level. Even before you enter a trade, define your stop-loss and book-profit levels to avoid being swayed by greed. A sound trading psychology is when you are content with your profits and do not chase irrational profits. 3. Regret Regret in trading comes in two ways. A trader could regret placing a trade that didn’t work or Regret not placing a trade that could have worked. A trading psychology based on regret can be dangerous for a trader as it may result in placing wrong trades. What should you do? The best way to avoid a regretful trading psychology is to accept that you can’t have all the opportunities in the market. The equation in the stock markets is very simple – You win some; you lose some. Once you accept this rule, your trading psychology will automatically change for the better. 4. Hope Investors often think that trading is gambling. It’s because they hope to win all the time and when they don’t, they get dejected. What should you do? To become a successful trader, you must have a solid trading psychology which is not dependent on hope. If you keep hoping for things to change in the near future, you’re putting your entire investment at risk. Don’t let hope keep you invested in a loss making trade. Be practical, and book your losses at the correct time. To attain and maintain success as a trader, you have to work hard to cultivate a mindset! Let’s see how trading psychology helps you cultivate a better mindset! How to Improve Your Trading Psychology 1. Get Yourself in the Right Mindset Before you even start your trading day, simply remind yourself that markets are never constant. You will have some good days and some bad days, but the bad days too shall pass. Another effective strategy to improve your trading psychology is to give yourself time. You are not going to make a fortune on your very first trading day. You need to spend time and efforts in creating a rock solid trading strategy which isn’t affected by the market sentiments. While you cannot completely eliminate emotions from trading, the goal is to reduce the extent of emotions controlling your trading psychology. 2. Have a Great Knowledge Base One of the best ways to improve your trading psychology is to increase your knowledge and trading skills. Having a strong knowledge base of the stock market is key to defeating negative trading psychology. Remember, knowledge is power! 3. Remind yourself that you are Trading in Real Money When you’re trading online, it’s easy to forget that the numbers on your screen actually represent real money. There’s nothing wrong in risking your money in hopes of generating returns. But remember to be cautious and make smarter investment decisions. 4. Observe the Habits of Successful Traders Stock market is unique because it treats each trader differently. When it comes to trading, you should be aware of what your peers are doing, not to copy them but to learn from them. By observing the positive characteristics of successful traders and inculcating few habits or strategies into your own trading, you can improve your trading strategies manyfolds. 5. Practice! Practice! Practice! Last but not the least, practice is the best and most reliable way to gain mental strength. It helps you improve your trading psychology over time as you build well practised trading strategies and are well prepared for any ups or downs. Final Thoughts Understanding trading psychology and implementing it is a time consuming process. You have to continuously refine your trading psychology over long time periods. To sum up, remember these three golden principles of trading psychology Be disciplined Be flexible Never stop learning I would also love to know your charts and views in the comment section. Thank you
BITSTAMP:BTCUSDEducation
by CRYPTOMOJO_TA
28
hathor $htr #buyspotandchill playi've risked ~3% on this one, love it fundamentally. it's risky because i think the narrative will be surrounding interchain and L2s in the alt space. if there is another wave of interest in L1 novel tech this will do numbers. nice execution of consensus based around DAG and Merge mining bitcoin. DYOR if you want to play it long on high time frame, IMO its comfy, if you think the bottom is in for btc it won't be going much near $0.04 again. if you are a lower time frame trader looking for alt's that follow bitcoin moves this is a great one to have on your watch list, always pumps with the corn.
Long
by funkin
1
this pump is bullish rally or biggest trap in 2023?we can notice 3 important resistance in weekly time frame . 1- the upper side of descending channel 2- the orange resistance 3- the 200 MA these 3 are located in concourse point it's require a massive liquidation to breakout the concourse point ... but as u see in the chart There are no clear signs of strong liquidity. so we have 2 Scenario. 1- it's trap and sign of bear market 2- weekly close above 200MA and this will be a sign to raise to 28000$ Anyway, the decision to trade now is high risky don't forget to support us by likes,comment and follow for more ideas.🎯
BITSTAMP:BTCUSD
by ceciliones
59
VIX: Another Warning Sign!Hello friends, today you can review the technical analysis idea on a 1M linear scale chart for the Volatility S&P 500 Index (VIX). In this chart, you can see the VIX moving along a support trendline. When the VIX spikes upwards that means the markets (specifically S&P 500; generally all markets) start to move downwards. Every few years the VIX starts to slowly move upwards on a new support and resistance trend line before coming back down to the bottom support line. The current structure of the VIX looks very similar to the formation of the Great Recession so I show that on the chart as a possibility. I also note two support and resistance lines which the VIX could move on as it moves higher. Lastly noted is the RSI which is moving up a support line. This is a monthly chart so have some patience. I may be completely wrong with the prediction of the VIX moving higher, but with the inflation issue, global economic condition, stock markets crashing, companies preparing for a downturn, interest rates moving higher, the US Dollar Index (DXY) moving higher and crypto market crashing, I would assume my prediction may be on point. Click on the chart below on why I exited the crypto and stock market in December 2021: If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
CBOE:VIXLong
by MillionaireEconomics
10
BTC Bitcoin: Important Support and Resistance LinesHello friends, today I am posting the important Support and Resistance trend lines for Bitcoin (BTC). These are the lines that I keep a close eye on and though there may be more, these are the important ones I focus on. One thing to keep an eye on with Support and Resistance lines is how many times in the past has the price came into that area. The chart has no other indicators or oscillators shown to keep it simple. I hope you can use this for your charting! If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
BITFINEX:BTCUSD
by MillionaireEconomics
10