Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

lrushing

Got Skills

Recommended Posts

Whether you’re a doctor, a basketball or tennis player, a musician, or even a cowboy, knowledge and skills are going to determine your status in your “community†of peers. The level of your knowledge and skills can either catapult you to world class status or usher you out the door; the demand for your services or performances will either increase or falter; you may even win awards and generate tons of money if you’re the best, or no awards and little money if you’re not.

 

Many people believe that the goal of trading is to make money. This writer believes that making money is a byproduct of the primary goal of trading, which is to acquire the necessary knowledge and skills to protect your capital. You simply cannot make money if you don’t have capital with which to make the money. If you are still struggling with your trading when it comes to making money consistently, take a look at your level of trading knowledge and skills vs. those who are actually making it work.

 

What do they know that you don’t? Why are they doing well while you are not? Where did they get the knowledge and skills to do so well? It could be anything - from your

  • Knowledge (Have you mastered the concept behind candlestick charts, studied up on risk and money management in trading, established an understanding of the stock market price cycle like the back of your hand?),

  • Skills (How good are you at identifying Traps and 3-Bar Candlestick Plays, or how quick are you at responding (vs. reacting) to the trade signals with the proper set up?),

Or even your

  • Psychology (Are you too desperate, emotional, distracted?),

  • Habits (Do you have the discipline to follow your trading plan no matter what, the tenacity to focus on the charts on your computer screen 8+ hours a day, the determination to get up every morning no matter how bad it was the day before to do it all over again?).

  • Attitude (Are you willing to learn from your mistakes, to get help from experienced traders through coaching or mentoring, to practice patience and a willingness to do what it takes to succeed?).

 

At the end of the day, if you are deficient in your trading knowledge and skills, be prepared to work harder than those who are already successful. Commit to do what it takes to protect your capital and make money. If you don’t, you may well be ushered out the door sooner than you would like.

Share this post


Link to post
Share on other sites

I went through a phase where I wanted to know everything about technical analysis. At the end of the day, I realized it was just hurting me and making things too emotional. Ironicaly, now I don't use any indicators besides my pivot points and market internals, just price. It works very well for me, keeps things clear, and I can stay focused.

 

My biggest problem with trading is distractions. I will look up random things on the internet, look at cars, watch tv, and if I am not paying attention I'll miss a trade.

Share this post


Link to post
Share on other sites

We all tend to do that while waiting for a setup to appear. This distraction can be a good thing to reduce overtrading and get out of overtrading. It's ok if you already have your trading plan laid out for the day and just set alarms, if this is appropriate for you. This is what I do now, set my alarms at levels I see as relevant to my setups according to the trading plan and let the market do its thing until it's my turn.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 28th March 2024. The US Dollar Strengthens As Economists Believe The ECB Will Struggle To “Hold”. Early this morning, the Fed Governor advised “there is no rush to cut rates” and “the data within the upcoming months” will be vital. The US Dollar Index rises to a 1-month high. The value of the USD will largely be based on today’s data on economic growth, consumer sentiment and pending home sales. Dollar and index traders are closely monitoring tomorrow’s Core PCE Price Index which analysts expect will read 0.3%. A higher inflation reading can potentially pressure stocks and support the Dollar. Strong declines in NVIDIA and Netflix stocks pressured the NASDAQ on Wednesday. Though, buyers entered late in the session to boost the overall price. EURUSD The latest comments from members of the Federal Reserve are supporting the US Dollar. The forward guidance between members of the Federal Reserve is mainly not aligned. The Chairman advises the Fed does not need much more proof for the regulator to feel comfortable reducing rates. Whereas the Fed Governor, Mr Waller, advises there is no rush, and he wants to see a few months of data before determining the next move. Therefore, the upcoming inflation and employment data will remain vital and could even push back rate hikes further. According to economists, the Federal Reserve will cut the interest rate on 3 occasions this year, but the timing of the first cut is less certain and may change depending on upcoming data. A positive factor for traders is that EURUSD exchange is not witnessing conflicting currencies. The US Dollar is trading 0.12% higher while the Euro is declining against most currencies. The Euro is trading 0.06% lower against the Pound and the Canadian Dollar and 0.16% lower against the Japanese Yen. Yesterday, the head of the Bank of Italy, Mr Cipollone, said that the authorities were confident that inflation would return to the target of 2.0% by mid–2025. He also supports the lower of interest rate and will use this as a basis for adjusting monetary policy. The Euro is generally under pressure as investors believe the European Central Bank will struggle to avoid cuts if the Fed decide to delay their adjustments. The US Dollar will be influenced by four major economic data releases. The US Final GDP, Weekly Unemployment Claims, Pending Home Sales and Consumer Sentiment Index. If these read higher than expectations with the weekly unemployment claims dropping, the US Dollar is likely to witness further support. However, investors should note the main release will be tomorrow’s Core PCE Price Index. Traders are expecting no major news for Europe and volatility levels may fall tomorrow as European markets are closed for Easter. Technical analysis currently points towards a continued downward trend. The price is trading below the neutral on the RSI and below the 75-Bar EMA. However, investors should note this will also be dependent on upcoming US data. USA100 The price of the USA100 was under pressure throughout the whole US session but was saved by an increased volume of buyers late in the session. However, a positive point is the components held onto their value. Even though the index fell in value, only 28% of the components declined. Investors will now turn their attention towards tomorrow’s PCE Price Index and the upcoming earnings season which will start in mid-April. The price is now trading slightly above the Moving Averages but slightly below the 50.00 on the RSI. Therefore, technical analysis remains at the “neutral” level and continues to indicate a larger price range. If today’s economic data is positive the stock market can witness confidence and support as this continues to indicate a soft landing. Though, if the data is too strong, it could also trigger a hawkish Fed which is known to be negative for the USA100. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • $IBKR Interactive Brokers stock narrow range breakout watch above 111.16 , see https://stockconsultant.com/?IBKR
    • $ISRG Intuitive Surgical stock narrow range breakout watch above 403.07 , see https://stockconsultant.com/?ISRG
    • $JETS ETF top of range breakout watch above 20.61 , see https://stockconsultant.com/?JETS
    • $KKR KKR stock bull flag breakout watch above 102.64 , see https://stockconsultant.com/?KKR
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.