A Number Of Things To Know If You Want To Become A Great Trader In Forex And Crypto Markets

A number of things to know if you want to be a great trader in forex and crypto currency markets.

You should know that If you want to be a great trader, there are some things you need to know as a beginner, from the beginning.

1) Only trade when you have an edge.

If there are no clear opportunities, don’t trade

2) When you start trading, you need to believe in yourself before anyone else will.

3) The best traders don’t care about being right or proving themselves to anyone.

Their only goal is to make money.

4) Don’t worry about what the market will do or how much money you’ll make; focus on the process and how well you’re executing it.

5) When you’re new to trading, it’s easy to feel like you need to make money right away.

But the more pressure you put on yourself to make money in the market, the more difficult it becomes to actually make money.

6) If you start taking trades based on how much money you’ve lost or if you keep thinking about how much money you could have made if only you’d stayed in a trade longer, then you’re going to have trouble making smart decisions.

7) Keep your trading simple.

The more complicated a strategy is, the harder it is to stick to.

8) Good traders

• Don’t brag

• Are humble

• Adapt quickly

• Ignore negativity

• Have an open mind

• Admit when they’re wrong

• Have no expectations

• Show up every day

9) The best traders don’t take their losses personally.

They know that trading is a business and that losses are just part of the game.

10) If you aren’t passionate about the markets and you are only trading to get rich, you won’t last.

11) Intuition is a real indicator, and it grows every time you see the same pattern unfold.

The more you trade, the more accurate your intuition gets.

12) Trading is about making money, not about winning or losing.

13) Trading isn’t about making money fast; it’s about making consistent progress over time.

14) You won’t make money trading if you aren’t willing to lose it.

15) The average trader does a lot of really hard thinking.

THE A-Book BROKER.(XM).. good or bad

The broker acts as an intermediary between the client and the liquidity provider, such as a bank.

The broker DOES NOT take the opposite side of the client’s trade, but passes it on to the liquidity provider.

The broker makes money by charging a COMMISSION or a SPREAD on each trade, regardless of whether the client wins or loses.

It does not gain when you lose, nor does it lose when you win.

Therefore, the broker has to pray for your progress and profitability for it to make money from the spreads you supply to them.

XM IS AN A-BOOK BROKER.

You can try

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For forex and crypto trading at

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Note this: good brokers earn through spread , when you loose they have certain percentage portioned to them before being released to the market , when you get profit the still have portion they get before landing on your side , so brokers earn on trades not losses.

Please sit down and go through your rules.

Think about why you began this trading journey.

Think about where you want to go.

These are the things which will give you grit to keep pushing.

This is a long journey and you only survive if you are willing to push through the dark times.

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🗓️The constant flow of market data can be overwhelming.

Protect your mental well-being by scheduling regular breaks and embracing activities away from screens.

Your clarity and focus will thank you.

Your mental state will directly reflect on your trading.

A messy mind = random impulsive trades.

A calm mind = calculated, well thought out decisions.

Prioritize your mental health in trading.

Manage stress by keeping your risk percentage low.

Always remember, it’s crucial to be able to place a trade and maintain a peaceful state of mind.

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You had a solid plan, mapped out the narrative.

Until boom, a curveball came out of nowhere.

You’re on the M1 chart and have lost track of your higher time frame bias.

Influenced by the volatility, you switch up in the fear your original plan may be wrong.

This is the cycle of doom.

Break the cycle of this behavior.

Or you will forever be making loses.

CRYPTOCURRENCY.

This is how I started trading, using Binance Futures.

It gave me the necessary skills to move to Forex which became a walkover.

When you trade CRYPTO, you become hardcore.

You’re required to really bond with the market to understand it.

When you transfer those skills to Forex, you explode with profits!

All this means nothing if you do not have a Binance account to take advantage of this offer.

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Binance

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TRADING SHEET EXPLAINED IN DETAILS

Balance – your initial amount before opening a trade.

Equity – your assumed new balance after adding
profits & subtracting losses to your initial balance from active trades.

Margin – the amount you’ve risked/invested in the active trades, determined by lot size & leverage.

Free margin – the amount remaining in your account that can be used to open a new trade.

Margin Level — your new account balance divided by your already used margin, expressed in percentage, showing you how much more or less a chance you have to open a new trade.

Commission — the amount your broker is charging you for trading.

PnL — the blue or red amount stated above your balance, showing your total profits or loss.

Positions — the active trades, showing the instrument you’re trading, the lot size, the entry price & the current price, and the total profit or loss from that individual trade.

What To Do If You Are Stuck With Analysis In Forex

Have you ever opened a chart and just went blank ? Have you struggled to predict direction even after following all your strategy rules ? The truth of the matter is that this does happen at times. What you need to do here is simply wait. You need to wait for atleast two things, break of current structure on your higher timeframe or a test of a higher timeframe zone. Until this happen, do NOT force analysis. Trading is a game of waiting & patience.
📚📉📈The only difference between technical analysis and a slot machine is,

In a slot machine, you have to put your money in first and then wait for a pattern to emerge.

However, in technical trading, you wait for a pattern to emerge then put in your money.

The problem with our minds is thinking that the pattern will emerge in every trade.

Which is not true.

However, in a series of trades the edge always emerges.

That is why TECHNICAL ANALYSIS gives us the ability to be the CASINO.

Technical analysis lets you own the SLOT MACHINE and because the edge is always in our favour.

The sad part however is most traders take YEARS and YEARS to think using this mindset.

You are the CASINO. Think in probabilities once and for all.Do you know, if you take your entries from the Inducement, you will rarely have missed entries 👀

Inducement entries as you may know it
Or Inducement strategy. Yes people trade it💯

3 KEY things to take home in these two pictures below which I picked up from my studies today⤵️

▫️Structure is important, have a clear understanding of where price is headed next

▫️Liquidity should be your Target or exit if you want your high-probability setups to play out fine even if it’s 1:3R move only, stop targeting like a thief.

▫️Sometimes Price clears Liquidity off Inducements & reverses the other way without picking you up at your POIAs a beginner, who is just starting out, you will always hear traders talk about market analysis.

What then is market analysis?

As a trader, market analysis is very important to your trades because this is what differentiates you from a gambler.

Simply entering trades without analysis means that you are just gambling between buying and selling.

Market analysis helps you understand the position of the market and what direction you should be looking at.

For example before you set out to visit the market, the first thing you do is make a list of things you wish to buy.

Secondly, you write out the price.

Next, you calculate all of them to know exactly how much you will be spending.

Then when taking out money, you don’t withdraw exactly that amount because there might be changes in price, so you take money greater than what you have on your list just to avoid getting stranded.

At the end of the day, you either end up exhausting the money or returning with some cash.

And if and when you do return with some cash, make sure to keep some of it safe offline.

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Analysis helps you to make profit and reduce loss, and to keep your money.

Those are a number of things you need to know if you want to become a great trader in forex and crypto as a beginner.