Get started

Casino

Regardless of the skill levelAs a mentor - I try to get the message over so regardless of the level of skill you have or anyone in the @TradingView community has there will be nuggets of information that are digestible, simple to understand and a little fun along the way. The issue you have with such a broad community, is there are all types of traders here. When I have written something a bit more complex I have had "I don't get it" or DM's asking to explain more. - you can't please everybody all of the time. When I have left it to the bare minimum - even included "basic" or "introduction" in the title - I get, "this is not right, you forgot this, that or the other" or comments like "your doing it wrong" - we are in the age of the keyboard warrior. So the best way to simplify the message and deliver material that's broad enough for the masses, is by simplifying the info and adding enough technical nuggets to at least start the journey into the topic of the post. Obviously, without a post being 400 pages long. It is also nion-impossible to give enough without giving too much. When I wrote the Simpsons post. It was taking something (not too complex) but complex for some, and adding the emotional states we have all experienced. The tired bull - Was actually playing on the BTC short call from March and some logic for the call. This was from the "why people invest in crypto" post - and it's idea is to show the similarities to the Vegas gold hunters, one spin of the roulette table & the expectation of one win! When I have gone into more depth in posts like Buying the dips, Gann Fan tutorial or even the most recent Wyckoff one. You can see it will be daunting for newer traders. So I have tried to find a happy medium and adding a little fun to the charts along the way. Recently in Crypto we have seen Social influencers such as Elon Musk and Paris Hilton say and post all kind of things. The issue is, and the point of this post. Is you need to do your own due diligence, you need to deploy proper risk management & get your own psychology in check. I am seeing and hearing of some crazy issues, caused by nobody but the trader themselves - over leveraging. Trading is a long term skill, not a one hit win at the casino! When in a community like this - nobody benefits from negativity. If your happy fighting the keyboard, take a little time to go and add some content you find helpful for others. Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
COINBASE:BTCUSDEducation
by Mayfair_Ventures
23
If you are continuously loosing money ,read and apply this......PART 1 Are you tired and exhausted of finding a strategy that works, are you tired of predicting forex markets only to find out sometimes it works and sometimes it doesn't. First of all, you have to see what are your beliefs and you need to verify if you have right beliefs. Many traders think that forex trading is not gambling and to make money from forex you just need a golden strategy that works. I can write thousands of words on how beliefs always defend itself from discomforting knowledge and people with such wrong believes end up giving their money to markets. In simple words: TRADING IS GAMBLING If trading is gambling then how to make money out of it? There are many people who make consistent profit from the market. { including me :) }. TREAT FOREX LIKE CASINO TREAT THIER GAMBLERS Forex trading is a probability game. Corporations spend vast amounts of money, in the hundreds of millions, if not billions, of dollars, on elaborate hotels to attract people to their casinos. How do you suppose they justify spending vast sums of money on elaborate hotels and casinos, whose primary function is to generate revenue from an event that has a purely random outcome? Here’s an interesting paradox. Casinos make consistent profits day after day and year after year, facilitating an event that has a purely random outcome. At the same time, most traders believe that the outcome of the market’s behavior is not random, yet can’t seem to produce consistent profits. Shouldn’t a consistent, non-random outcome produce consistent results and a random outcome produce random, inconsistent results? What casino owners, experienced gamblers, and the best traders understand that the typical trader finds difficult to grasp is: Events that have probable outcomes can produce consistent results, if you can get the odds in your favor and there is a large enough sample size. The best traders treat trading like a numbers game, similar to the way in which casinos and professional gamblers approach gambling. ___________________________________________________ Patterns, Fibonacci, indicators, support and resistance lines etc don't work ___________________________________________________ Before you start to think i am crazy, please continute reading. I know many pattern traders, support and resistant traders and fibo traders on this websites. They hardly predict market 50% right. Some of them are around 50-60% range. I can toss a coin and can come up with a 40-60% winning rate. Therefore if your strategy works, then my coin strategy works as well. Technical Strategies sometimes work and sometimes don't, just like a flipping a coin. If you have a strategy which won last 9 times, does it mean it will work 100% 10th time? No ! there's still a 50-50% chance, just if 9 coin flips showed heads last 9 times, doesn't mean 10th will also be a head. 5 rules to be a consistently successful trader over the long term: >> ANYTHING CAN HAPPEN: There are always unknown forces operating in the market at every moment. Regardless of how much time, effort, the money you have to spend in your analysis, from the market perspective, the outcome will always be random. >> YOU DON'T NEED TO KNOW WHAT IS GOING TO HAPPEN NEXT IN ORDER TO MAKE MONEY: why? because there is a random distribution between wins and losses for any given set of variable that defines an edge. Just like a casino with random outcomes, you can make a consistent profit. >> THERE IS A RANDOM DISTRIBUTION BETWEEN WINS AND LOOSES FOR ANY GIVEN SET OF VARIABLE THAT DEFINES AND EDGE: Every losing trade puts you one step closer to a winning trade because the outcomes of any edge are totally random. The same theory is applied by casinos if someone wins money casinos don't get scared as they knew over the long term they will win. >> AN EDGE IS NOTHING MORE THAN INDICATION OF A HIGHER PROBABILITY OF ONE THING HAPPENING OVER ANOTHER: If you have a strategy which gives you higher probabilities .....( limited words)..
Education
by Wave-Expert
5