Top 3 Price Action Trading Strategies For Beginners To Become Profitable... (In 3-6 Months)
Published: 2023-01-19
Status:
Available
|
Analyzed
Published: 2023-01-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker identifies the breakout strategy as a key tool for beginner and struggling traders to achieve profitability.
"the first strategy that in my experience can help beginner and struggling Traders become profitable is the breakout strategy"
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The speaker introduces the double top/double bottom reversal strategy as the second profitable price action strategy for new traders.
"the second best price action strategy number two is the double top double bottom reversal strategy"
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The speaker names the break and retest strategy as the third effective price action strategy for new and struggling traders aiming for profitability.
"the best price action strategy for new or struggling traders to become profitable in my experience number three is the break and retest strategy"
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The speaker emphasizes that trading success is largely determined by mindset, psychology, and risk management, rather than solely by strategy.
"a majority of your trading success will actually come down to what happens in the 6 Ines between your ears your mindset your trading psychology and your ability to manage and handle the risks that are involved in trading"
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A consistent, tested, and profitable trading plan is crucial to avoid gambling in trading.
"Trading is gambling if you do not have a full tested and proven to be profitable trading plan that you consistently follow"
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Traders need a statistically advantageous plan, validated by historical data, to ensure future profitability.
"you need a statistic advantage that is proven to be profitable in historic data so that you know it has the likelihood of being profitable in the future"
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Risk tolerance is defined as the portion of one's net worth allocated to speculative trading, which one must be prepared to lose.
"risk tolerance refers to the amount of money you put into an account for speculative trading"
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Risk per trade is the predetermined amount of money a trader is prepared to lose on any single trade.
"risk per trade this is an amount of money that you are willing lose on each individual trade you place"
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The speaker personally risks no more than 2%, and sometimes as low as 1%, of their daily trading account value per trade.
"I personally use a percentage basis on my account value I never risk most of the time I don't risk depending on the account I have small accounts where I'll just risk crazy amounts but on my like normal account that I trade on a daily basis I never risk more than 2% and at times I go as low as 1% of my total account value"
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Overall risk exposure refers to the maximum number of trades a trader can simultaneously engage in.
"overall risk exposure this just means how many trades can I be in at once"
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When risking 2% per trade, the speaker limits their exposure to a maximum of five simultaneous trades.
"if I'm risking 2% per trade I can never be in more than five trades at once"
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The speaker's overall risk exposure is maintained between 8% and 10% of their account value.
"my overall risk exposure is between 8 and 10%"
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Backtesting, though time-consuming, allows traders to observe their strategy's performance on historical data, building confidence.
"back testing this is a very timeconsuming process but what it allows you to do is see the exact strategy you are using performed through historical data"
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Demo trading should be used to practice a specific trading plan, building confidence and belief in its effectiveness before live trading.
"demo trading to increase believability in your strategy to increase confidence and to prove your trading psychology you're actually going to be demo trading your exact trading Plan before you go live"
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The speaker recommends demo trading a complete trading plan for three months to build confidence and improve trading psychology.
"I normally suggest students do this for like 3 months just take your exact trading plan you've built through process of back testing optimizing creating your risk management plan after that take that plan and demo trade it for three months"
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Effective risk management is identified as a primary factor in mastering trading psychology and mindset.
"risk management is going to be a main contributor to your ability to master the 6 Ines between your ears your trading mindset"
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The TTC Forex University offers a mentorship program to guide individuals through the process of developing a trading strategy and plan.
"we created the TTC Forex University we currently have some space available in the University so if you would like to get a mentorship program where I kind of hold your hand through the process of doing all of this then it would be a pleasure to have you aboard inside of the university"
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TTC Forex University provides a comprehensive course, additional strategies, a weekly protrader report, and 2-5 email trade analyses.
"the university includes obviously a full course teaching you how to do everything we've talked about in this video along with more strategies that I use you also receive the protrader report every Monday which is areas of structure I'm paying attention to it for possible trades it comes with two to five email analysis trades"
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