Top 3 Trading Psychology Lessons I Leaned In 10 Years (no emotions = no mistakes)
Published: 2020-10-20
Status:
Available
|
Analyzed
Published: 2020-10-20
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Trading psychology is the key reason the speaker became a professional trader.
"it's not going too far to say that it's the reason i'm a professional trader right now"
Pending
Trading psychology is the most crucial element for success in trading.
"trading psychology is the most important part of your trading"
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Implementing learned trading psychology skills led to consistent positive results in the speaker's trading account.
"the numbers in my account started going consistently in the right direction"
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The speaker will teach key trading psychology skills that took years of losses and mistakes to learn.
"i'm going to be teaching you a couple of key skills that took me years of losing trades losing money and making mistakes to learn"
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Effective trading psychology is built on preparation and planning done before a trade is entered, not during the trade itself.
"trading psychology is not what you do while you're in a trade trading psychology is what you did before you ever press that button"
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Developing a profitable trading career requires significant work in creating a trading plan, backtesting strategies, and establishing risk management.
"it takes work to create a trading plan to back test is to ensure it's profitable a trading plan being a strategy to create a risk management plan"
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Implementing the three-step process (create a plan, backtest, risk management) significantly increases the probability of profitable trading.
"the likelihood of you making money from trading goes up dramatically"
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A profitable trading strategy requires creation, backtesting on specific currency pairs and timeframes (minimum 100 tests), and adherence to strict rules.
"create a strategy or a trading plan back test it to make sure it's profitable on the currency pair you plan to trade it on and on the time frame do at least 100 tests each currency pair each time frame you plan to trade of the exact rules of your strategy"
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A proper trading psychology foundation allows for a clear mindset when analyzing and executing trades.
"if all that's done correctly but now let's take a look at the screen and talk about my mindset behind the trade"
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A profitable trading career can be achieved within approximately two weeks by mastering trading psychology, learning and backtesting a strategy, creating a risk management plan, and demo trading.
"you're two weeks away from creating a profitable trading career if you can get a handle on trading psychology learn a strategy back test it create a risk management plan trade demo for a couple months"
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Trading psychology and discipline are identified as the most critical components for successful trading.
"trading psychology and discipline are going to be the most important parts of your trading"
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A 'one-two-three' pattern indicates a potential start of an uptrend on the currency pair.
"i have a one two three move showing me we have a possible uptrend starting here on this pair"
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A break of support suggests a potential market reversal and a downward price movement.
"this break of support is saying hey we might see a reversal we might see this market go lower"
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The 50 Exponential Moving Average (EMA) acted as a strong support level, leading to new highs and higher lows.
"the market found support off the 50 ema and found support so much that now we're breaking into new highs and new higher lows"
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The prior support level is a critical zone; a break and close below it would invalidate the bullish trade setup.
"this previous level of support is definitely a level i don't want the market to break and close below"
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Failure to break a support level, coupled with strong buying pressure, reinforces a buy-biased outlook.
"if we do then i'll be thinking possible sell since we didn't break below this level but instead got a ton of buying pressure from it"
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A combination of a one-two-three move, pullback to support, a long wick indicating buying pressure, and a close near the candle's top confirms a bullish entry signal.
"we have our one two three move we have a pullback to previous support we have a long wick showing me buying pressure and a close near the top of that candle"
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Maintaining price above the support level significantly increases the probability of reaching new highs and previous structural levels.
"if we stay above the support level then we have a very high likelihood of creating new highs maybe getting up to our previous level of structure"
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The trade eventually reached the next level of resistance, despite experiencing some volatility ('pain').
"making it all the way eventually after a lot of pain to our next level of resistance"
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