Alerts: 3 reasons they can make you a better traderHey Everyone! 👋
We hope you’re enjoying Black Friday week and have helped yourself to some of the great discounts we are offering. We only do this once a year, so it really is the best time to get a plan!
Now, let’s jump into today’s topic: Alerts.
While alerts have a ton of potential applications when it comes to trading, they are often underutilized because it can take some time and ingenuity to build a system where they can work well. Let's take a look at some reasons why that investment is well worth it.
1. They can help build good habits 💪
Stop us if this sounds familiar: you hear an awesome investment story, and then immediately go out into the market and purchase the asset, with no plan in place.
While this can work, it’s not a great strategy for long-term success, because in reality, it can be extremely hard to sit in that position without a plan and trade it efficiently. You may choose to exit the position based on nothing more than momentary greed or fear, and moves like that can prevent consistency and long-term profitability.
Alerts are great because they can take out the guesswork of entering and exiting a position. Simply set alerts for the prices you would like, then place a trade if, and only if, the conditions are met. Then, let the market do its thing and let the probabilities work in your favor.
Alerts can turn the experience of trading from a constant search for ideas - and always feeling behind - into a relaxing job of waiting for your own pre-approved conditions to trigger before taking action. In short, alerts can make you much more well-prepared for the market’s ups and downs.
2. They increase freedom and reduce anxiety 🧘
There is a well-known maxim in trading and in life that states that negative emotions are felt twice as strongly as positive emotions. This factoid has lots of applications, but it can be especially useful to understand as a trader.
Consider the following investors:
- A dentist who checks quarterly reports from his brokerage
- A position trader who checks his positions once a month
- A swing trader who checks his positions once a week
- A Day trader who checks his positions once a day, if not more
Given the natural volatility that markets experience, which market participant is least likely to be mad or upset? The dentist. Why? Because he is receiving fewer data points from the market. Even world-class day traders are exposed to tens or hundreds of negative situations in their positions on a day-to-day basis as a result of volatility, which they cannot control. This level of negative stimulation can reduce mental health and trading effectiveness.
Alerts allow well-prepared traders with some edge to step back from the markets and allow the trades to come to them.
3. Our alerts don’t let anything fall through the cracks ✅
While the previous two points are benefits when it comes to price alerts, our alerts also step the game up considerably when it comes to user utility. Once you have setups that you like to trade, you can set alerts on trendlines, technical indicators, customizable scripts, and so much more, so you can ensure that your favorite setups aren’t being missed.
This can be as simple as a long-term investor setting RSI alerts on Dow 30 stocks, in order to buy dips in strong names, to as complex as an intraday futures spread scalper setting alerts for pricing inefficiencies within his top 40 contracts.
Our customizable alerts can really allow well-organized traders to capture every opportunity as they see it.
And there you have it! 3 reasons to take advantage of alerts, and all of the awesome benefits they bring.
Thanks for reading and stay well!
Love,
Team TradingView ❤️❤️
Do check us out on YouTube and Instagram for more awesome content!
Community ideas
Raising initial capital: 4 approaches, of which one is not goodLet's break down the thought from the previous post in more detail. Obviously, to buy stocks, you have to have money, and if you are determined to become an investor, get ready to open your piggy bank. If you don't have savings, however, don't despair, there are other options.
I suggest you look at the following 4 options for acquiring the finances to buy stocks:
- Reduce your current expenses
- Sell unnecessary assets
- Increase your regular income
- And the option I don't recommend using at the start is to borrow.
I immediately stipulate that it is your, and only your responsibility how to apply the knowledge gained - to use something of the proposed or to go another way. I do not insist on anything. Rather, I am sharing information, but the decision is up to you in any case.
My opinion - always start with reducing your current costs, because the funds you save now give you a chance to increase your wealth in the future through investing. Make it a rule to plan your purchases in advance and buy only what is on your list. Don't go to the store without a list, otherwise you will buy more than you really need.
Next. Look at your possessions. Make a list of what you can sell without compromising your financial and mental well-being. Let what you don't need now serve to increase your wealth in the future.
Increasing your regular income is probably the most time-consuming but feasible way to accumulate funds for investment. Many people are often faced with the problem of choosing between a job they love where they don't earn enough and a job they hate with a higher income or, even worse, a job they hate with a paltry income. In the latter two cases, I recommend becoming an active user of services that will help you find the job you want (but don't act in haste, don't quit a job you don't like right away). Remember our goal is to keep and increase our income, not lose it altogether. In the case of a job you love and don't make much money, think about how you can increase your income in your current job. Sometimes all you have to do is make up your mind and ask your employer for it. Even a small increase will help you start saving. And if you have both a job you love and a desired level of income, I congratulate you, you are truly lucky.
Moving on. Borrowing for investments is the riskiest option. I highly do not recommend it, especially at the beginning of your investing journey. You definitely should not take a loan from a bank or other financial institutions. The credit rate will only increase your costs, and the need to repay the loan every month will break your entire investment strategy.
If family, friends or acquaintances are willing to lend you money long-term and without interest, think about whether your lender is aware of the risks and whether you are aware of the risks associated with investing in stocks, and whether this person will demand the money back before the agreed upon deadline. Even if you have agreed on everything, write down all of the terms of such a private loan on paper, so it is easier to resolve any disputes.
I always insist that the investment is conscious, that you understand and are ready to bear the responsibility and risks. So if you have even the slightest doubt about the borrowing option - don't take it! Consider another option. Ideally - work out a step-by-step plan and accumulate the necessary amount of money gradually.
Introduction to Volume profile If you have been in the market for some time, you may have heard of a study called the “Volume profile” . Today we are going to take a deeper look at volume profile, along with a few example strategies. This post will also lay the groundwork for future posts about more advanced volume profile topics.
Please remember this is an educational post to help all of our members better understand concepts used in trading or investing. This in no way promotes a particular style of trading!
The post will shed some light on the following topics:
→ What is volume profile?
→ Difference between traditional volume indicator and volume profile
→ Volume profile terminology
→ Different types of volume profiles
→ Example strategy
👉 What is Volume profile?
Volume Profile is an advanced charting study that displays trading activity at specific price levels over a specified time period. On the chart, it plots a horizontal histogram to reveal significant price levels based on volume.
Volume Profile, in essence, takes the total volume traded at a specific price level during the specified time period and divides it into either buy volume or sell volume, making that information easily visible to the trader.
👉 Difference between volume profile and traditional volume indicator
The core difference between the traditional volume indicator and the volume profile is how they consider volume with respect to time and price.
The traditional volume indicator plots histograms at specific times, without giving any relevance to the price levels. On the other hand, the volume profile gives importance to price levels without emphasizing on the time scale.
👉 Volume profile terminology
■ Point of Control (POC) – The price level for the time period with the highest traded volume.
■ Profile High – The highest reached price level during the specified time period.
■ Profile Low – The lowest reached price level during the specified time period.
■ Value Area (VA) – The range of price levels in which a specified percentage of all volume was traded during the time period. Typically, this percentage is set to 70% however it is up to the trader’s discretion.
■ Value Area High (VAH) – The highest price level within the value area.
■ Value Area Low (VAL) – The lowest price level within the value area.
■ High Volume Nodes (HVN) – Peaks in volume around a price level.
■ Low Volume Nodes (HVN) – Valleys in volume around a price level.
👉 Different types of volume profiles
TradingView currently provides 5 types of volume profiles. These are:
1. Auto anchored - Specifies the anchor of the volume profile calculation, i.e. how often the volume profile recalculates and where it starts.
2. Fixed range - Builds a profile using the custom anchors provided by the user.
3. Periodic - Sets the period for which the indicator builds volume profile, one profile for each new period.
4. Session (Normal and HD) - SVP displays a profile for all the market action that occurs within a session. If set to "All" (default), the indicator will consider the pre-market, main trading session and post-market as one session.
5. Visible range - Builds a profile considering all the visible data on the screen.
Please note that the Volume Profile is a paid-only feature that can be accessed by subscribing to one of our paid plans. If you need to upgrade your account, be sure to check out our Black Friday sale . You can get up to 60% off on subscriptions.
Example strategy
Just like with most other tools or studies, Volume Profile has a number of uses. There are many trading strategies out there using Volume Profile as a key component. Below are the basics of one such strategy which is based on comparing the current day’s opening price to the previous day’s Volume Profile.
👉 If the current day opens above the previous day’s value area (but still below the Profile High)
A sample setup is to look for the price to retrace back toward the Point of Control and then proceed to rise (the direction of the day’s open). Therefore during the retracement to the Point of Control, there is a buying opportunity.
👉 If the current day opens below the previous day’s value area (but still above the Profile Low)
Some traders may look for price to retrace back towards the Point of Control and then proceed to fall (the direction of the day’s open). Therefore during the retracement to the Point of Control, there is a selling opportunity.
👉 If the current day’s opening price is completely outside of the previous day’s profile (above the Profile High or below the Profile Low)
In general, this is seen as a possible runner in the direction of the opening price relative to the previous day’s profile range but different traders may look at it differently.
Thanks for reading! As we mentioned before, this isn't trading advice, but rather information about a tool that many traders use. Hope this was helpful!
See you all next week. 🙂
– Team TradingView
Feel free to check us out on Twitter and Instagram for more awesome content! 💘
How to Study Price and Wave volume RelationshipHi 👋
In this post I would try to throw some light on the Price & Wave Volume relationship (popularized by late David Weis).
This method may help trades in two ways:
1️⃣Ride the trend
2️⃣Picking the end of a rally
I came across this chart randomly and found that there are a few principles that I can discuss with the help of this chart.
Before reading any further I want to disclose that this technique was not originally developed by me. However, different authors may have different interpretations when it comes to some techniques of discretionary trading. This is a small piece of what I have learnt as a big follower of price action trading.
I don’t want to go for bar by bar analysis here due to time and space constraints, so I have marked a few important places (as numbers in green rectangles) that are important and need to be discussed.
The numbers in white are the cumulative wave volume in crores. This means just keep on adding the volume of each up bar until there is a reversal. I have taken the reversal a 2points on closing basis. Which means I keep on adding the volume until the price closes 2points below the close of the previous bar. The opposite is true for down waves.
🚀 Point1
If you look at the upwave preceding the downwave at point1, it is the sharpest of the rallies from March 2020 lows (scroll back the chart a bit). Also wave volume is the highest (37cr) compared to 10,19 and 18cr on previous upwaves.
At point 1 there is 10cr volume on the downwave, which is the highest on any downwave in the rally from Mar2020 lows. This is an alarming signal that sellers are getting active. But this may not impress us to liquidate our trades as we need further evidence to confirm this weakness.
🚀 Point2
Here we have very high volume accompanied by the widest bar (in the rally) but closing in the middle. These three things confirm here that sellers have stepped in and the stock is weakening.
🚀 Point3
There is a rally back to the highs but this time with lesser volume (29cr compared to 37cr) than preceding rallies. This is our second confirmation that buyers are turning there back at this level, at least for now. This is a sure exit opportunity for investors who bought at the lows.
🚀 Point4
There was a sharp reaction with huge volume of 31cr and very wide bar, closing off of its lows. At this point there is still confusion that the trend has reversed or not. If it was a reversal then there would have been a follow through of 31cr volume on the downside but it is not so. For the next 3 days price sustained above the low of this wide downbar.
🚀 Point5
The sellers again tried to push to the stock down but look at the volume in this wave. Are you getting it now? Its just 13cr instead of 31cr on the last downwave. This infers here that seller are not interested. So if seller are not interested then what will happen? Buyers will take over.
🚀 Point6
The sellers tested the level of 1, 4 and 5 a few more times, buyers holds it and that develops a support. There was a very strong rally (compared to rallies in the last one year) back to the highs and volume is again 23cr which is lesser than volume at previous highs.
Lesser volume could have 2 interpretations – there are less sellers this time and/or buyers are not interested.
🚀 Point7
The stock is back to the support again. But volume on downwaves is much lesser in relative terms. In fact, it decreasing from 13 to 4 and then 2cr (see chart). Where have the sellers gone? They don’t want to sell at the support.
🚀 Point8
Lack of selling leads to buying and eventually to new highs. Notice that there in very less volume at point 8 (only 4cr). This time sellers attempt (5cr) was failed quickly (without hitting support) and new highs were made outside resistance (developed at 2, 3 and 6).
At this stage, when the price is closing outside the resistance, I would expect more volume to come in. More volume at this stage would indicate that buyers are interested but that is not the case here.
🚀 Point9
Point 8 looked like a failed breakout attempt. The price fell back into the trading range (between support and resistance). If I look at volume here, it is 15cr on this downwave. In the immediately preceding fall with 17cr it touched the bottom end of the range but this time with 15cr it is just at the middle of the range. This signifies re-accumulation at point 9.
🚀 Point10
Re-accumulation lead to a rally back into resistance. We have 13cr as of now. Its too early to say, before this upwave ends, but 13cr is less (for me at this point) to push it any further. It seems holding back in the range.
🚀🚀 Final thoughts
This is a very nice and rare example showing both distribution (by the seller at resistance level) and accumulation (by the buyers at support level). Normally the price peeps outside the range on both sides and fails to follow through, until there is a decisive break on either side.
I hope you learnt something new in this post.
Now you can do one thing, press 🚀 to encourage me to write more educational stuff.
Thanks for reading.
How to find High Probability trades? Hi all, hope you guys are doing well. It’s been a long time since I last posted. Apologies for that. 🙏
In this post, we are going to see how we can combine different indicators/concepts to create confluence zones and find high-probability trades.
Introduction
A trade that has a greater chance of success than a regular trade is called a high-probability trade. Obviously, it's our assumption that some trades have higher chances of success as compared to others because they have more supporting factors. Nevertheless, a high probability trade can also result in a loss.
How to find high-probability trades?
There are a few things that you can observe to find a confluence of various important factors such as a support/resistance level, demand/supply zone, Fibonacci level, moving averages, volume, RSI, etc.
Depending on your knowledge and trading style, the confluence zone can be derived using a combination of various different concepts or indicators. In this post, I am going to share the factors that I look at for finding good trades.
How to find confluence zones?
In order to find the confluence zones, you need to understand the concepts and the indicators, then combine them together to create the whole picture. It's like building a jigsaw puzzle - first, you need to identify the individual pieces, and then you need to put them together.
Let’s dive into all of these concepts one by one.
1. Market structure
Market structure is simply a basic form of understanding how the markets move . The price action is how the market moves based just on price, without the consideration of trends and how they may continue. But the market structure is focused mainly on the trend.
I have covered market structure in various different threads that you can read here:
2. Consolidation before Breakout
If a stock consolidates before giving a breakout, there are higher chances that it will be a true breakout. This is because all the residual supply gets absorbed at the resistance zone and most of the pending demand orders get filled.
Ideally, once a stock goes into consolidation, one of the two processes occurs:
Accumulation
Distribution
In layman’s terms,
- If demand is more aggressive than supply, then the price rallies, which confirms accumulation.
- Similarly, if the supply is more aggressive than the demand, then the price falls down, which confirms distribution.
If you are struggling with identifying the breakouts, be sure to read this post.
3. Support-Resistance levels
S/R levels are critical parts of trend analysis because they are used to highlight important zones. The fact that these levels flip roles between support and resistance can be used to determine the range of a market, trade reversals, bounces, or breakouts. These levels exist due to the influx of buyers and sellers at key junctures.
Flip zone acting as resistance:
Flip zone acting as support:
If you are looking for an in-depth tutorial on support and resistance, please check out my old guide here:
4. Supply-Demand zones
S/D demand zones are one of the most important things that I look at while charting. The stronger the S/D zone, the higher the chances of a reaction. Always look for these zones in the direction of the major trend.
5. Location of 200MA or 200EMA
Always observe the position of 200MA/EMA with respect to price. Once the price interacts with the moving average, study the reaction. If you are looking for a long trade, then look for a positive reaction as the price reacts with the moving average.
6. Overlap with a Fibonacci level
A lot of times, the price will come back to a Fibonacci level. You need to observe the price behaviour near these levels.
If you are not familiar with the Fibonacci tool, please check my old guide on Fibonacci retracement and extension.
7. Candlestick pattern and the size of the candles
The candle spread plays an important role in determining the strength and mood of the underlying trend. In layman's terms, big-bodied candles indicate strength and small-bodied candles act as noise.
In any case, the candlestick pattern and candle spread should only be viewed at an important level. The context plays a crucial role.
8. Chart patterns
This is pretty self-explanatory. If you trade patterns, you can combine them with other factors to strengthen your analysis.
9. Volume expansion
Ideally, at the time of the breakout, the volumes should rise . The volume can be deceiving and we need to see orderflow for a clear picture. Obviously, the majority of us are not looking at the orderflow and hence the volumes can be deceiving. But, for a normal trader, the simple volume indicator is more than enough.
So, these are mainly all of the factors that I look at while analyzing the charts. Please note that the usage of the concepts will vary with charts. Sometimes only 3-4 factors may be at play and the other times, 6-7.
High Probability trade checklist:
1. Market structure
2. Consolidation before the Breakout
3. Support-Resistance levels
4. Supply-Demand zones
5. Location of 200MA or 200EMA
6. Overlap with a Fibonacci level
7. Candlestick pattern and the size of candles
8. Chart pattern
9. Volume expansion
In the example above, you can notice the following things:
1. The market structure was bullish before the breakout, which was evident from the formation of higher highs and higher lows. Don't confuse the internal structure (Low time frame structure) with the external structure (High time frame structure).
2. The price was consolidating in the rectangle/parallel channel for a good amount of time.
3. When the price reached the previous demand zone, the selling pressure started to decrease and the buyers started to step in.
4. When the price interacted with 200MA/EMA, there was a strong reaction to the upside. This means that the buyers want to take the price higher.
6. The buying interest can be seen by an increase in the volume in the last few sessions before the breakout. The volume can be deceiving and we need to see orderflow for a clear picture. But in general, you do not need to complicate this, just use volumes in conjunction with other factors.
7. We always look for some reversal or indecision candlesticks in the confluence zone. In the chart above, at the point of interaction with the moving average and the demand zone, we can see the formation of exhaustion candles.
Again, we need to look at these patterns only at specific important levels (like support or resistance levels) and disregard the formations in between the levels.
8. When the price broke above the previous major resistance with a massive bullish candle, there was a heavy volume expansion.
More examples:
You can read and revise this post until you understand all the concepts.
Thanks for reading. I hope you found this helpful! 😊
Disclaimer : This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
Happy learning. Cheers!
Rajat Kumar Singh (@johntradingwick)
Community Manager (India), TradingView
Black Friday giveaway - Win a Pro, Pro+, and a Premium plan!Hey everyone! 👋
As you may know, we are having our Black Friday sale in the latter half of this month. So, to celebrate this, we are giving away a Pro, a Pro+, and a Premium plan to you, our community of traders and investors.
All you have to do is subscribe to our weekly newsletter and join the family of over 2.9 million readers. If you’re already subscribed, keep reading to learn how you can win.
What is our weekly community newsletter?
Our weekly newsletter is built for one purpose: to keep you up to date in the markets. We include educational posts and ideas from our community, top scripts, an earnings calendar, an economic calendar, and more to prepare you for each week.
How to subscribe to our weekly newsletter?
1. Go to the top right-hand side of your screen, click on the display picture, and then select “ Profile settings ”.
2. Then click on the “ Notifications ” tab.
3. Once you open the notifications, you will see various options under the “ Email preferences ” tab. Just check the “ Weekly digest ” option and save changes. That’s it, you are good to go!
4. Once you are done subscribing to the newsletter, just sit back, and relax. We send our newsletter each Monday morning and we’ll be sharing the contest details. Make sure to open the next newsletter! Set a reminder for Monday at 9 AM.
When you receive our next newsletter, follow the instructions and you will be entered for a chance to win. We look forward to seeing you. Oh, and please feel free to send us any feedback about our newsletter. We especially want to hear if you enjoy it or if there’s anything you would like to see added!
Let’s go! ❤
– Team TradingView
How to use the Multi-layout feature?If you track several markets or if you need to track multiple symbols simultaneously, the multi-layout feature is the way to go. It enables you to track different markets or the same symbol simultaneously on different time frames. This particularly comes in handy if you trade indices and need to track the constituents to observe their price behaviour.
Example : If you trade Bank Nifty index futures or options, you can track the top constituents of the index. This will help you in assessing which constituents are pulling up or dragging the index and how the overall move can unfold.
This short visual guide will help you in accessing and customizing the multi-layout feature. Let’s get started!
1. Open the homepage of TradingView, go to “ Products ” and then open your chart layout.
2. Once you are on the chart page, you’ll see a small square icon at the top-right hand side of the screen. This is the “ Layout ” option. Click on it to view different available options.
3. As soon as you click on it, you’ll be greeted with a small window showing various combinations of horizontal and vertical layouts .
4. You can select the desired layout as per your needs. The vertical layouts look great on monitors in landscape mode, whereas the horizontal layouts go with portrait mode.
Please note that the number of charts per tab varies with the subscription type. The limit is as follows:
Free plan- 1 chart (Can’t use the multi-chart feature)
Pro plan - 2 charts
Pro+ plan - 4 charts
Premium plan - 8 charts
If you need to upgrade your account, be sure to check our Black Friday sale . You can get up to 60% off on subscriptions.
5. As we mentioned earlier, the multi-layout feature enables you to track several markets simultaneously or the same symbol on different time frames.
Example: Tracking different markets
Example: Tracking the same symbol on different time-frames
Observing the same symbol on multiple time frames provide easy insight into the multi-time frame analysis.
6. There are also a few synchronization options. You can synchronize the symbol, interval, time, crosshair, and date range between the charts. You can just select the sync option by just clicking on it.
Thanks for reading! Hope this was helpful!
See you all next week. 🙂
– Team TradingView
Feel free to check us out on Twitter and Instagram for more awesome content! 💘
10 things to remember about bear markets, volatility, and panicTrading & investing is not easy. If it were, everyone would be rich.
One of the most difficult moments for all traders, and especially investors, is when markets are abnormally bearish, trending downward or in a direction that goes against their positions. Adding to that difficulty is when volatility is rising and when uncertainty is high. These events have occurred throughout market history and should be expected. Every trader or investor should remember a simple truth: markets will go against you at some point. Be prepared.
Learning to trade or invest in bearish and volatile markets requires great skill, experience, and composure. The last 12 months have demonstrated that. Stocks, bonds, forex, crypto, and futures have seen heightened volatility over the last 12 months. So what should we do? What now?
Let's revisit the basics - the skills, traits, and mindset that are required to survive these moments.
1. Plan ahead 🗺
Plan your trade, trade your plan. Every trade, and every investment, should have an underlying plan. Write out the basic questions before you buy or sell. For example, what is your desired entry price? What is your desired exit price? What is your stop loss? How much money are you risking? Why are you making this trade or investment in the first place? In times of volatility, these questions matter more than ever. Get back to the basics.
2. Don't rush 🧘♂️
Volatility, and especially market panic, cause people to make quick reactions. The pressure, the fast price action, often forces people to act without a moment to revisit their original plan. Don't do this! Take your time. Stay composed and deal with the hand you have been dealt.
3. Be patient with entries 🎯
Many traders & investors speak of buying dips, but this phrase does explain the steps required. You don't buy dips without a plan. You plan out your strategy, you wait for the perfect entry, and you let the market come to you. When the market is in a downtrend, and volatility is high, it is paramount that you remain patient, waiting for the perfect entry. Use limit orders wisely.
4. Know your timeframe ⏰
Are you trading for one day? One month? Or 5 years? These basic questions will remind you of what you're trying to accomplish and how rushed or patient you should really be. They will also remind you about the chart you should be looking at, whether you should be zoomed in to a 30-minute chart or zoomed out to a weekly chart, showing years of price history.
5. Have an exit strategy 🚨
An exit strategy means that no matter what happens, you know where your stop loss is and you know where your profit target is. No matter what happens, up or down or sideways, you have an exit plan. Do not leave any entry or exit up to chance. Create your exit strategy before you place the trade and follow it.
6. Tighten position size 💪
Added volatility and uncertainty need to be factored into your game plan before it begins in the first place. However, many new investors and traders forget to do this. If that's you, it's time to adjust your strategy, and your plan, for larger trading ranges, and volatility. The year-long trends that defined a previous market are now less valid.
7. Zoom out for historical context 🔎
Zoom out on your charts. Then keep zooming out. And now zoom out some more. Circle the latest candle, line, or price movement and let it serve as a reminder about where the price is today vs. where it came from. There's a saying: when in doubt, zoom out. Do not get lost in the moment, looking only at the day or week, but instead go research the entire history of price. Learn about what has happened in the past.
8. Cash is a position 💸
Want to dollar cost average into a trade? Want to buy more? Want to trade more? You need cash to do that. There is comfort in being able to participate in the volatility whenever you want. Cash is a position and guarantees this.
9. Avoid panic, FUD, and FOMO 😳
When emotions are running high, some of the biggest psychological mistakes can occur. FUD stands for fear, uncertainty, and doom. FOMO stands for fear of missing out. These are two common emotions in crashing markets. On one hand, everyone thinks the end is near and then on the other hand every little up move is the next bull run. Do not let these emotions take you.
10. Take a break 😀
Sometimes it helps to step away. Log out, close your apps, get outside and get some exercise. Come back to the markets when you're ready. Your mind will also be well rested now.
We hope you enjoyed this post and we hope it helps you as you navigate the markets.
Please feel free to write any additional tips or pieces of advice in the comments section below!
See you all next week. 🙂
– Team TradingView
Do check us out on Instagram and YouTube for more awesome content! 💘
'LEAP' the 'GAP' with the knowledge !!!Definition of a Gap:-
- Gap is a space left behind by a script in its price chart.
- It is the area of discontinuity price in the respective script.
- The reason may be anything but generally it occurs due to sudden changes in the sentiment of the market due to some events or news related to the particular script.
Types of Gaps:-
1. Common Gaps -
These gaps are not so certain to be considered. They are visible casually and almost every day as we have seen Nifty gaps up or down daily without any event or news. They have a high tendency to be filled (price generally comes back to that gap).
2. Breakaway Gaps -
A much more significant gap indicates the start of a new trend. Often seen at resistance or support points for example a stock is trading in a small band bounded with resistance and support and suddenly breaks the band with a gap on either side, now this gap indicates the start of the new trend which is according to the level which is broken.
Higher volumes at the gap point further confirm the move.
3. Runaway Gaps -
Runaway gaps are quite similar to the above one but, the major difference between them is runaway gaps are seen in the middle of the trend and breakaway gaps are seen before the trend. This gap indicates the strength of the trend and confirms the buying/selling interest in the stock.
This gap generally occurs in aggressive buying/selling interest due to news or events.
4. Exhaustion Gaps -
These gaps occur at the stage of exhaustion of the trend i.e. the trend is very close to finishing. If spotted correctly it could provide you exit at a very sweet spot. It is a typical sign of trend reversal. It generally occurs after the spike in the price of the stock.
This indicates that the market players are not interested to take the position at such a high/low price. The volumes would be unusual in this case.
My Observation: Breakaway and Exhaustion gaps can be spotted with help of RSI, if you RSI at choppy levels i.e. 40-60, and a significant gap is formed it is generally a breakaway gap. And if RSI is at extreme levels i.e. 15 or 85 and a significant gap is formed it is usually an exhaustion gap.
Trend is your friend & the fallacy of catching reversalsHere in this video, I discuss with you a losing trade which I took today and what we can learn from it.
I also share with you important things regarding gaps , and how a beginner is always trapped in reversals and why it's profitable to stay on the current side of the trend.
Follow @piyushrawtani if you find this video helpful .
Rounding Top patternHey everyone! 👋
Last week, we wrote about the "Rounding bottom" pattern. If you missed last week’s post, you can catch up here:
Today we are going to cover the "Rounding top" pattern along with a few examples.
Please remember this is an educational post to help all of our members better understand concepts used in trading or investing. This in no way promotes a particular style of trading!
The post will shed some light on the following topics:
➡ Basics and identification of the pattern
➡ Components
➡ Important aspects
What is a Rounding top pattern?
• A rounding bottom is a bearish reversal pattern that resembles the shape of the inverted "U".
• Rounding top pattern occur at the end of long uptrends and indicate a potential reversal.
• The pattern is also referred to as an inverted saucer due to its resemblance to an inverted saucer.
• Although, the volume and price move in sync but in practice, this can vary widely.
• When the price moves down from the neckline, it indicates weakness and suggests that the stock may begin a new downtrend.
Components of a Cup and Handle pattern:
A rounding bottom pattern can be divided into three main parts.
• Advance
• Formation of the base
• Decline
Important aspects:
1. Prior Trend: Since it is a bearish reversal pattern, the prior trend must be an uptrend. The top of a rounding bottom should ideally mark a new high or reaction high. The stock may trade sideways or flat for a long duration before the formation of the pattern.
2. Advance: The advance that leads to the formation of the high, can take a variety of forms. Sometimes, the up move has many whipsaws while other times, the stock may just trade flat.
3. High: In general, the pattern resembles an inverted "U" shaped top. However, it can also resemble an inverted "V" or an "M," but the high should not be too sharp. In addition to this, there is always a possibility of a new high due to a buying climax.
4. Decline: In general, the formation of the right half of the pattern should take about the same amount of time as the left half. This means that the down move of the highs should take about the same time as the up move. Moreover, the decline shouldn't be too sharp, or else there is a possibility of a bear trap.
5. Breakdown: The pattern is confirmed once the price breaks and sustains below the neckline. The price may return to the neckline to test for the supply before continuing downwards.
6. Volume: In general, the volume levels should be
- High during the up move
- Low during the formation of the base
- Rising during the down move
However, these are only guidelines and should not necessarily be taken at face value.
7. Target: Using the measurement objective, the target comes out to be equal to the depth of the base. It can be measured by calculating the distance between the bottom of the base and the neckline.
8. Stop-loss: Ideally, the stop loss is placed at the highest point of the base. But if the price oscillated up and down a number of times near the neckline, the stop-loss can also be placed above the most recent swing high.
Exhibit: Rounding top pattern with a failed breakout
Thanks for reading! As we mentioned before, this isn't trading advice, but rather information about a tool that many traders use. Hope this was helpful!
See you all next week. 🙂
– Team TradingView
Feel free to check us out on Instagram and YouTube for more awesome content! 💘
Rounding Bottom patternHey everyone! 👋
Today we are going to share a quick write-up about the “Rounding bottom” formation, along with a few examples that may help you solidify your understanding of this chart pattern.
Please remember this is an educational post to help all of our members better understand concepts used in trading or investing. This in no way promotes a particular style of trading!
The post will shed some light on the following topics:
➡ Basics and identification of the pattern
➡ Components
➡ Important aspects
What is a Rounding bottom pattern?
• A rounding bottom is a bullish reversal pattern that resembles the shape of the "U".
• Rounding bottom pattern occur at the end of long downtrends and indicate a potential reversal.
• The pattern is also referred to as a saucer bottom due to its resemblance to a saucer.
• Although, the volume and price move in sync but in practice, this can vary widely.
• When the price moves above the neckline, it indicates strength and suggests that the stock may begin a new uptrend.
Components of a Cup and Handle pattern:
A rounding bottom pattern can be divided into three main parts.
• Decline
• Formation of the base
• Advance
Important aspects:
1. Prior Trend: Since it is a bullish reversal pattern, the prior trend must be a downtrend. The low of a rounding bottom should ideally mark a new low or reaction low. The stock may trade sideways or flat for a long duration before the formation of the pattern.
2. Decline: The sell-off or decline that leads to the formation of the low, can take a variety of forms. Sometimes, the down move has many whipsaws while other times, the stock may just trade flat.
3. Low: In general, the pattern resembles a "U" shaped bottom. However, it can also resemble a "V" or a "W," but the low should not be too sharp. In addition to this, there is always a possibility of a new low due to a selling climax.
4. Advance: In general, the formation of the right half of the pattern should take about the same amount of time as the left half. This means that the up move off the lows should take about the same time as the down move. Moreover, the advance shouldn't be too sharp, or else there is a possibility of breakout failure.
5. Breakout: The pattern is confirmed once the price breaks and sustains above the neckline. The price may return to the neckline to test for the demand before continuing upwards.
6. Volume: In general, the volume levels should be
➡ High during the down move
➡ Low during the formation of the base
➡ Rising during the up move
However, these are only guidelines and should not necessarily be taken at face value.
7. Target: Using the measurement objective, the target comes out to be equal to the depth of the base. It can be measured by calculating the distance between the bottom of the base and the neckline.
8. Stop-loss: Ideally, the stop loss is placed at the lowest point of the base. But if the price oscillated up and down a number of times near the neckline, the stop-loss can also be placed below the most recent swing low.
Exhibit: Rounding bottom pattern with a failed breakout
Thanks for reading! As we mentioned before, this isn't trading advice, but rather information about a tool that many traders use. Hope this was helpful!
See you all next week. 🙂
– Team TradingView
Feel free to check us out on Instagram and YouTube for more awesome content! 💘
CHOOSING OPTIONS STRIKEChoosing wrong strike prices can lead to big losses even when our analysis is right. It's due to Theta decay.
So Lets understand some basics of options strike price.
There are three types of strike prices based on their moneyness.
1)ATM (At the Money)
2)OTM (Out of the Money)
3)ITM (In the Money)
FOR CALL OPTIONS :
Lets assume Stock ABC is trading at 150 (spot price). Then,
Spot price = 150
ATM Strike = 150
Any strike above spot price is OTM for call option.
Ex : 160 ,170,180 etc.,
Any strike below spot price is ITM for call option.
Ex : 140, 130, 120 etc.,
FOR PUT OPTIONS :
Stock ABC is trading at 150 (spot price).
Spot price = 150
ATM Strike = 150
Any strike above spot price is ITM for put option.
Ex : 160 ,170,180 etc.,
Any strike below spot price is OTM for put option.
Ex : 140, 130, 120 etc.,
HOW TO CHOOSE THE STRIKE AMONG THE ABOVE THREE MONEYNESS
1)Follow a simple rule, Buy a strike price which is closer to the spot price. "OTM STRIKES ARE BIG NO" .
2) Remember! when we are buying an option, the stock / index needs to move up / down with a good momentum. So that our option will gain some value & we will be in profit.
So it doesn't make sense to buy a OTM call / put. Because if a strike price is far away from spot price, it won't give us much movement due to time decay.
I have even shared my option strike rules as follow.
Friday, Monday & Tuesday = ATM strikes
Wednesday & Thursday = ITM strikes
This is how I used to pick strikes for intraday. The reason is simple because, if we are closer to the expiry (Thursday) the effect of theta decay is very high. Due to which our premiums will not move much even if the stock / index has moved pretty well. By following these rules, our chances of losing money will drop drastically.
Happy Learning & Earning :)
- DivyaaPugal
Different Methods to Identify Perfect Entries with ConfluenceBasics of Trading and the areas of interest of every trader to have minimum knowledge to understand the market and its movement.
Volume Based Entries
Basics of Volume When the price is trending volume will be above volume moving average that will be considered as trend, when volume is too high in a session thats higher than 3x to volume moving average that will be considered as climax which means maximum orders are filled in the exsisting trend. Apart from stocks if such Climax pattern in volume in any format is seen then consider there might be a reversal soon. If one is trading in the stocks you get to see this ultra high volumes in gap ups and gap downs, now you will have to know what sort of gap it is to take entries which we will discuss in the Gaps later.
--------------------------------------------------------------------------------
Gaps
Gaps theory needs to be understood properly, over 4 kinds of Gaps are found in charts. Simple understanding follows :
Common Gaps : Normal gaps that happen every day with in a ranging market
Break Away Gaps : If a range/pattern/Support or Resistance is broken with a gap that is called break away gap. This sort of gap happens in the early stages of trend.
Running Gaps : After breakaway gaps rest of the gaps if happened towards the trend is called running gaps. as long as there is an exhaustion gap.
Exhaustion Gaps : This Exhaustion Gap happens either up or down after an up trend or the same in a down trend. These gaps gets filled giving an idea that the trend has ended.
Consolidation Areas
Consolidation areas or the trading ranges are to be considered as Support & Resistance areas to identify for patterns like Triangle, wedge, flag, pennant, or rectangle patterns. good areas to look for gap up or down and volume to identify breakout for the next move or plan for the next session.
Fib Extension & Retracements
Fibonacci extention and retracements is the basic knowledge that any trader who is willing to learn about technical analysis should be considering learning in depth, its a basic tool that gives you a lot of info, Basic knowledge to know is Fibbonacci Retracement is used to identify the entry and Extension is used to identify the exit. levels of interest are called the golden ratio i;e: 38%, 50%, 62% this is where majority of the reversals happen, these can be considered as Support & Resistance zones to look for breakout entries
Support & Resistance
Every traders nightmare is to understand or identify S&R in the initial days of your trading is not because you cannot ... it is because you are too curious, anxious, exited to enter into a trade, once you calm down and try to understand the market its not that hard to identify them ... S&R areas are the reversal zones or breakout zones it is going to be a big topic if tried to explain the whole concept so lets just stick to basics and use pivot high and low and FIB levels as your support and resistance zones for now.
Trendline Breakout
These are first thing that any trader learns try to master them, a perfect trendline is considered a strong support in uptrend or resistance in downtrend when it has respected this line for least 2 times from its start point. A breakout gives you and opportunity to enter in to a trade.
Elliott Wave
This is not considered as entry point in the initial stages of learning but one should know the basics of elliott wave to identify the trend we are in by looking at the leg we are in and you can calculate the trend by given wave length through fibonacci ratios. Only thing that you need to know is that market doesnt move in a straight line like you see in elliott wave picture above there will be waves with in waves.
Try to bring all these together as confluence to understand the market move and take entries.
Note : Train the eye to identify the structure, then comes the logic and explanation.
Gap up / gap down intraday strategy with simple entry / exitI get queries from a lot of people who don't want to study technical analysis much.
They're just focused on getting a predefined trading strategy, which they can use effectively in the market without looking much at the charts .
So, in this video, I share a strategy which has been given really good results and it works a lot of times and I believe the probability of this particular strategy is close to around 65 to 70%.
It has simple entry and exit rules, and you can only apply this particular strategy when the market opens gap up or gap down.
See, whenever the market opens gap up or gap down, there is high volatile period of the market during the beginning half an hour or an hour.
And in that period of time,if you place a trade, then you have a good probability if market moves as per expectation.
As you can see these days, nifty and back nifty have been creating gap up and gap down opening almost on a daily basis.
In this case, the first rule is that if the market opens gap up by more than half a percent.
So for example, if bank nifty opens gap up by more then 200 points. , then only you can apply this strategy.
And on the other hand, if nifty opens gap up or gap down by more than 50 or 60 points, then only you should think of applying this particular strategy.
Small gaps do not count in this strategy.
So if bank nifty gaps down or gaps up by only 50- 60 points, then avoid this strategy altogether.
See, whenever the market is opening gap up or gap down, there are two possibilities.
The market might continue the current trend.
For example, if the market opens gap up, the chances are that the market might move higher, or the other possibility is that the market might go sideways the whole day.
So ,in this case, whenever you see the market opening gap up or gap down by more than half a percent, just have to follow this simple procedure.
Just plot the 15 minute chart with a 20 exponential moving average.
Why 20 exponential moving average because the market usually gets good support and resistance around the 20 moving average.
You can expect the market to stall around the moving average for a lot of times if you take a trade.
So ,you just have to plot the 15 minute chart, and if the market gaps up or gaps down, you just have to watch the first 15 minute candle.
So if the market opens gap up and it forms a bullish candle.
Then , what you can do is you can sell puts if price breaks the first 15M candle high. You can sell puts with the stop loss at the low of the candle.
If the market comes below the low of the candlestick the first 15 minute bar, then you exit your position and book the loss.
Why sell puts?
The idea behind selling puts is that during the first 15-30 minutes, the volatility is on a very higher side during that period.
And if at that point of time you start to sell options, then with the passage of time, as the market starts to move sideways, the volatility reduces.
And, what occurs is a concept called IV Crush.
The volatility starts to reduce very quickly and that will give you a benefit if you sell a put, even if the market goes sideways.
So for example, the market formed a very big bullish candle, and the criteria is if it crosses the high of the candle ,sell puts .
So, the whole day, if the market is moving sideways/upwards , the volatility crush will start to happen.
And with the passage of time, you'll start to see the benefit of the IV Crush and the time decay.
So this is a very handy strategy which you can apply.
Always remember, keep the stop loss below of the first 15M candle.
It's a very effective technique, and it's based upon gap openings.
And ,the first 15 minutes usually tell us who is on the stronger side, who's winning , buyers or sellers.
So make sure the gap is big and whatever bar is being formed in the first 15 minutes.
If the bar is bullish, you sell a put If the price crosses the high of that candle stick, and stop plus below the low of that candlestick.
It's an effective rule based strategy and you can back test it on nifty and bank nifty.
And you can also check its reliability, its effectiveness, you can also add this particular strategy in your tool kit.
So I hope this strategy will provide some sort of value to you in your trading.
And if you find the video helpful, don't forget to like this and share it and also comment your thoughts.
Thank you very much and take care.
'SWING' your losses into profits with 'SWING' trading strategiesIn prior posts, we have covered some great teachings about the market and,
in this post, we will elaborately cover the swing trading strategies. Let's start !!
->Definition of swing trading -: Swing trading is generally referred to as a trade carried out for a short time. Swing traders do not wait
till the price action opposes their direction, they are known for their prior moves.
They are good at identifying the shifts in market trends with the help of various techniques which are explained throughout this idea.
Swing trading strategies include the use of Fibonacci, Bollinger Bands, Channel Trading, Moving Average, MACD crossover, and better
understanding of chart patterns like Head & Shoulder, Flag, and Triangle Patterns.
We will discuss chart patterns, later on, now let's focus on the indicator strategies.
- >Swing trading strategies -:
->Fibonacci Retracement: The stock price tends to retrace, and swing traders use this retracement as an opportunity to enter a trend.
The retracement levels could be identified using Fibonacci Retracement, all you need is to identify the prior trend and if the price retraces to the 0.618 level and
again resumes the trend jump on it and ride the position till it reaches 0.236 level.
->Bollinger Bands : Most probably, the stock price tries to move in the Bollinger band, which is used by swing traders to initiate and terminate their position.
Firstly you need to identify the major trend, let's suppose it's bearish than when the price reaches the upper bound and there is a formation of a bearish candle
you could initiate a short position also when a bearish candle is formed at the median, there also you can initiate a short position.
->Channel Trading: Sometimes, stock price trades in a channel now this channel is used by swing traders i.e. when the trend is bullish they try to take long
position at the lower range of channel and book partial profits on median and wait for the price to reach the upper end.
->Moving Average: Here traders identify the major trend and take position according to it, with help of crossovers they generally prefer 10DEMA crosses 20DEMA.
->MACD : This is a simple strategy where the trades are initiated when there is MACD crossover but the cross should correlate with the trend.
My Observation-: These strategies could be more accurate if used to trade with the trend, i.e. if the stock is in an uptrend only take positions for a positive signal and just avoid negative signals.
Another basic strategy is to take a position when a script moves above the swing high or below the swing low, here the only thing to ponder is to manage your risk. Don't take over positions understand your risk appetite then take positions.
The Top 3 Elements found in all good trading plansHey everyone! 👋
This month, we have been theming our posts around the concept of building a solid trading plan. Our first post asked you to think about the kinds of factors that can predict long-term success. Our second post looked at why trading plans are so important. Both of these posts you can find linked at the end 👇
Having talked about the *what* and the *why*, it’s time to talk about the *how*.
Today we will be taking a look at the top 3 elements found in all good trading plans!
1️⃣ Element 1: Every good trading plan knows why it wins.
In trading, there are two variables that matter: Bat Rate, and Win / Loss.
► Bat Rate describes what percentage of the time a trade ends up as a win. A trader with a 90% bat rate wins 9 out of every 10 trades.
► Win / Loss describes how big the average win is, relative to the average loss. A trader with a 0.5 Win / Loss takes losses twice the size of his wins.
If you multiply these numbers together, you will get an “Expected Value”.
For example, a trader with a Bat Rate of 50% (wins half of the time) and a Win / Loss of 1 (Losses the same size as wins) is a perfectly “Breakeven” trader.
In order to make money in the long term, all you need to do is make the multiplication of these values be a positive value. The breakeven trader above only needs to win 51% of trades to begin making money, if his W/L remains constant.
☝🏽To get these numbers into positive “expected value” territory, every good trading plan needs to devise a way to systematically find trading opportunities that it thinks have an edge. The inputs of this system are completely up to the trader, but they are typically rooted in repeating price patterns, fundamental observations, macro trends, or other patterns and cycles. Backtesting can be useful here for getting a general idea of whether or not an idea for a trading strategy has borne out to be true over time.
In short, no matter what it looks like, good trading plans identify their edge before risking capital. Why start a business without a business plan?
2️⃣ Element 2: Every good trading plan takes into account the emotional character of the trader.
This is the hardest element to quantify, but also arguably one of the most important pieces of a good written trading plan - the ability to work around a trader’s individual strengths and weaknesses. This is less important for banks and hedge funds, as decisions are typically made with oversight, but for retail traders, there is no-one around to temper your personal flaws.
You can do whatever you want! - but it’s a double edged sword of responsibility that your trading plan needs to prepare you for.
In short, you can best get an idea of where you are emotionally weakest by looking at your trading history. Nobody can do this for you, so it requires quite a bit of self-awareness. However, the rewards of removing emotional risk from a trading plan make it worth the effort.
😱 All trading is based on fear. You need to understand which fear is stronger - the fear of missing out, or the fear of losing capital. Figure out which is stronger, and plan accordingly.
Just because you understand a certain strategy and other people make money trading it, doesn’t mean that you will be able to. Executing with 100% consistency at 30% efficiency is more important than finding a strategy with 100% efficiency that you can only trade with 10% consistency. Make life easy on yourself!
3️⃣ Element 3: Every good trading plan outlines risk.
Whether you have one thousand dollars or one billion dollars, ignoring risk is a sure way to experience massively increased monetary and emotional volatility , which can have a huge negative impact on long term profitability. Here are a few simple-to-implement mechanisms that Banks, Hedge Funds, and Prop Firms use to reduce risk significantly - good trading plans don’t skip these.
💵 Total Account Stop
Exactly what it sounds like: once you lose a certain percentage of your capital, you stop trading, liquidate your positions, and assess what went wrong. Only once you’re satisfied that you have fixed the issue are you allowed to re-enter the market. In the industry, this number is commonly 10%.
💵 Per Theme Risk
This ensures that you aren’t too concentrated on a single “bet”, even if the bet is spread across multiple instruments. For example, if you own multiple companies in the same sector, their performance will likely be correlated to some degree even if they have different products or services. Adding a hard cap to this type of risk can massively reduce risky or over concentrated allocations.
💵 Per Position Risk
Many successful Professional Traders and Hedge Funds use the concept of “Free Capital” in order to manage risk. “Free Capital” is the amount of money in hard dollars that makes up the buffer between an account’s current equity, and the total account stop number.
For example, If a currency trader at a bank has a 10% total account stop out, and runs a $10,000,000 currency book, then he can really only “lose” $1,000,000 before his bosses pull him aside to have a talk. His “Free Capital” is $1,000,000. He will then size his positions to where he only risks 1-5% of his Free Capital per trade. This way, he has room to be wrong a minimum of 20 times in a row before any negative consequences come his way. Implementing a “free capital” risk limit per position ensures that you have a TON of room for error.
Yes, this typically prevents you from doubling your account overnight, but again, that isn’t the goal. Long term profitability is.
Some people call this per position risk “one R” (one risk unit).
☝🏽Whatever it looks like, including a plan for managing your risk is essential for *actually* managing your risk. If these plans aren’t written out and acted upon, they’re also a lot easier to ignore.
🙏🏽 Thanks for reading! Hope this was helpful!
- TradingView Team ❤️❤️
Make sure you follow us on Instagram and YouTube for more awesome content! 💘
Would You Stake Yourself?Hey everyone! 👋
Last week, we took a look at a hypothetical scenario, where a rich acquaintance of yours needed help deciding between two traders he's thinking about staking. This led to the question: "Who would you stake?".
This post will continue right where that one left off.
-
After getting the contact info, you reach out to interview the two traders.
You speak with Trader #1 , and he appears to be quite intelligent, with wide and deep market knowledge. He’s shown you a few market predictions that he’s already gotten correct, and walks you through how he finds opportunities. You’re impressed.
You speak with Trader #2 , and he also appears to be quite intelligent, with broad market knowledge, in addition to a history of profitable investment/trade ideas. He walks you through how he finds opportunities, and, similar to Trader #1, you’re quite impressed. In addition, he also presents you with written details about how he plans to manage risk, his maximum drawdown, and a whole litany of other clearly defined rules that keep risk under control and quality trade ideas coming.
Assuming we are still in the position of choosing which trader to stake, most, if not all, individuals in this situation would pick Trader #2 because of his attention to preparation and risk control, in addition to having a ‘business plan’. Trader #1 may be smart and highly capable, but he’s shown no evidence that he has a process to continually generate good trade ideas while ensuring that he doesn’t lose everything. Trader #2 has “done the work”, and proven that he’s worthy of the capital.
-
Whether they know it or not, anyone who manages their own money is constantly faced with the same decision. If you step outside of yourself, are you more like trader #1 or #2? Is your trading plan worthy of investment? Would you invest in someone else who’s taken the same trades that you have? Does that person have a plan? Have they “done the work”?
Keeping yourself honest about what is working and what isn't is a superpower!
Hopefully, this emphasizes the importance of building a trading plan. Next week we will take a look at what factors are typically needed in order to build an effective one.
If you’re not like Trader #2, comment below about the steps you’re taking to become better prepared for what the market throws at you!
-Team TradingView
If you missed last week’s post, you can catch up here:
