#psychology ?️

Some novice traders do not trade just to make a profit. They have hidden motives. They want to show their relatives and friends that they can achieve success. The problem here is that, while consciously one can strive for success, there remains a powerful psychological conditioning received from others that he or she is not worthy of success.

Subconsciously, it is super important to you what your friends and relatives think of you. They play a role in shaping our identity, and subconsciously, one might not want to prove them wrong.

My advice to you:

Don't tell anyone about your successes or fails in trading. Keep it to yourself only. Thing is that when you start telling your relatives or friends about the losses, you shape the opinion of a looser. People start interpreting your trading activities as a waste of time and will start discouraging you.

Other way, when you start talking about your great performance and big wins, subconsciously, you make a benchmark out of yourself as a profitable trader. Don't do it. You form your own perception and it might affect you to properly manage the risks. You should maintain a flexible mindset: there are times when you experience a winning streak, and there are times when you face losses.

#psychology ?️

?? Traders have a tendency to seek information that supports their existing viewpoint and avoid information that contradicts their opinion.
?? Instead of taking market information in its pure form, we impose our expectations. Thus, our responses to market information often reflect not the current data but past events. In other words, we trade not relying on present or existing information but on our expectations.
??A person experiences extreme discomfort when proven wrong. Therefore, a trader will often allow their losses to grow, becoming larger and larger, in the hope that, in the end, the market will turn and prove them right.

Agree? then ??

I encourage you to participate in the poll above?. Your input is super important to create meaningful content ?

#mastertradingskills ?

From my years of experience, one fundamental truth has always stood out to me in the world of trading – to succeed, you must possess that elusive edge.
I've taken a moment to write down my reflections on this topic and come up with a short post dedicated to this concept. My aim is for you to discover some valuable insights that resonate with your own trading journey.

??https://tradingparadox.com/the-art-of-trading-mastering-the-game-of-probabilities/

Trading Paradox - Master Consistent Trading

The Art of Trading: Mastering the Game of Probabilities

Trading is akin to a game of probabilities, much like poker or a casino. The unique aspect that separates trading from the realm of gambling, such as casinos...

#mastertradingskills ?

Hey there, fellow traders! ??
I'm thrilled to share some fantastic news with you all. I've just launched my brand-new blog, and it's all about our trading journey, and the psychology behind the art of trading. ?

Whether you're a seasoned trader or just starting out, you'll find insightful content that's not only informative but also a great read. I will contribute my years of experience into every post, and I'm committed to making this blog a valuable resource for our community.

I'd love to hear your thoughts, questions, and suggestions ?
?? https://tradingparadox.com/

Trading Paradox - Master Consistent Trading

TRADING IS THE HARDEST WAY TO MAKE THE EASIEST MONEY - let me resolve this paradox for you in a simple and insightful manner

Greetings, fellow traders!?? How are you all doing on this remarkable journey?

I must admit, I've been away for some time as I chose to refocus my efforts on proprietary companies and securing capital for management. In fact, it reached a point where I found myself simultaneously embracing multiple challenges.

However, I have come to realize that I am not fully prepared just yet. Working with high-risk scenarios and succumbing to the pressure of time constraints is not where I currently excel. Each time I face a new challenge, I notice a decline in my profitability, and my appetite for risk diminishes. It's clear to me that this is a psychological hurdle that I must conquer, and it will take time to overcome.

Though it's disheartening, and I can't help but feel regret for the time I've invested, we must remember that trading is a long game. It's a constant learning process that tests our resilience and adaptability. It's during these moments of challenge that we find the opportunity for growth and personal transformation.

So, my fellow traders, let's not be discouraged. Let's embrace this setback as an opportunity for self-improvement. We shall continue to persevere, always striving to enhance our trading skills and deepen our understanding of the market. Together, we will emerge stronger, wiser, and more successful.

Remember, trading is not just about numbers and profits—it's a profound journey that shapes our character and teaches us valuable life lessons. Let's stay connected, supporting and motivating one another as we embark on this fascinating adventure.⚡️

#charts ?

There is a Fed Interest Rate decision today. What does it mean?

Usually, after such kind of an event further market trends become more clear, and it gets easier for a trader to find a good quality entry point.Don't trade before, and don't trade during the event. There is a high chance that market volatility will cut you into pieces. Just stay out of the market today.

Dollar index ?? technically, buy-side liquidity got triggered yesterday and moved limit buyers from the area of 101.8. It means that this area is empty, and market makers will drive the price down the path of least resistance.Midterm ?? #DXY SHORT

#monthlyrecap ?

It's time to review my January's trading performance??. The market has its ups and downs, but if you handle risk and have an advantage, you'll be profitable.
I ended January with a return of 16%+. It's decent, but there's room for improvement.

What's noteworthy about this month?

In the first half of the month, I was switching from momentum back to a short-term trading strategy. The difference is the time frame. Momentum -> holding positions for several minutes, short-term -> several hours.

Momentum trading sucks too much energy and requires making decisions fast ( and I am not that type of person...I need time to think). So, I am back to my beloved 1H charts with a risk manager covering me ?

I will keep further polishing my trading approach. As soon as it is ready, will share it with you.

#mastertradingskills ?

An important piece of advice that has helped me and can help you too, concerns risk management. Controlling risk through a stop loss is crucial but difficult to implement, due to human emotions like greed and fear.

Lack of a stop loss or uncontrolled positions often result in account blowup. I've tried to train myself and follow the rule of a stop loss. It is easy when trading goes well, but it is hard when turbulence comes. Is there a solution?

Professional prop firms, fx brokers, and hedge funds all have one thing in common: a risk management desk. They set predefined risk limits for their positions and traders and always monitor their potential losses. If things go wrong, there's always someone to stop you.?

If sticking to the stop loss rule is difficult, we can act like institutional players and delegate risk management. Ask your broker if they have a risk management system or purchase software (there are options for MT4/MT5 and other platforms). If you struggle with discipline, this is the solution to your consistency. I use it myself and have noticed a big difference.
It's a whole new game now.

#quote

?? The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.
Jack Schwager – Author of Market Wizards??Do more of what works and less of what doesn’t.
Steve Clark??If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.
Bill Lipschutz