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HOW TO BECOME A
PROFITABLE TRADER

Common Mistakes Traders Make During Volatile Markets

11/27/2021

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Market volatility is a phenomenon that can make the most experienced trader make a mistake in the heat of the moment. However, taking a moment to assess if you are making any of these mistakes should help you avoid making losing trades. 

  • Increase your trade size: many novice traders get carried away by market movements and increase their trade size in the expectation of increased profits. 
  • Deviating from your trading plan:  it is easy to get sidetracked during sudden market movements from your trading strategy. Just run through your plan before you book any trade in volatile markets.
  • Get greedy: the markets seem to be favoring a sector that you didn't want to get into earlier, and you feel that your portfolio performance can improve by going into the industry. Think it through, see how the trade will fit into your portfolio if the volatility trend reverses. If you can ride out the reversal, then go for it. If not, sit tight and ignore!
  • Ignoring trade time frames: This is like the point above.  If a trade in a sector you timed for a certain period is doing well, don't give it any extensions. If it hasn't yielded your expected returns so far, the chances are that it won't after you extend it.
  • Getting tunnel vision: it is easy for traders to develop tunnel vision, particularly if a specific company or a sector is gaining. Jumping on the buying or selling bandwagon is usually a bad decision.
  • Not booking Losses: it is usually wiser to book a small loss and exit a trade instead of continuing it and growing your losses. Volatility or positive movements can be a trap that will eat up your capital.
Not Taking Profit: if a trade has made you a profit, don't extend it. Stick to your strategy, and don't get trapped by volatile trends.
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Why you should be determined when trading

11/19/2021

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​Trading is a game of patience and perseverance.
With these two qualities, you can go far.
However, your success in trading depends on another crucial factor - your attitude. The way you handle your trades has a huge impact on your success rate.
Most beginners I have met consider trading a hobby. With this attitude, of course, they can't possibly make profits, and even if they do, the results are never consistent.
According to experts in stock market psychology, the typical trader prefers not to follow fixed rules when trading. He does not want to be responsible for the outcome of his trades.
He continually shirks responsibility by making excuses and blaming his losses on external factors such as market conditions, problems with the broker, etc.
The fact is, every time you look for an external excuse, you will feel more indecisive.
If you trade decisively, on the other hand, you take full responsibility for the trades you place. When you have control over your own actions, you can easily assess the risks, analyze your performance, and identify your strengths and weaknesses.
Professional traders are those who know exactly what they can and cannot control. And they achieve this by being decisive in everything they do!
But why is determination so important?
You should have so much confidence in your strategy that there is absolutely no room for hesitation, fear or doubt. As a determined trader, you react to what you see as soon as you see it.
When you are decisive and determined in your trading, you will feel empowered. When you know that you are in control of your trading activities, you develop a positive attitude, which is crucial for a trader.
I wish you the best of success!

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What do successful traders have in common?

11/16/2021

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As the trading community grows, ambitious traders should understand that success or failure depends as much on emotions as on trading skills.
Here's how successful traders do it:
 
"Fight or Flight"
Inside every person who dabbles in trading is an emotional "caveman" who reacts with either fear or logic when faced with uncertainty.
Without logic, the "flight" response takes over; as if encountering a bear or a bull in nature.
Successful traders therefore choose to "fight."
They overcome the internal emotional triggers that can get in their way.
This is how they prepare for all trading challenges.
 
"Plan of Attack"
Successful traders always have a plan of attack that spells out exactly what they will do, when they will do it, and how they will do it.
A trading plan and strategy are essential.
For some traders, the question of when to enter and exit is an eternal mystery.
Don't be one of those traders.
Be the better trader. Be the one who has a "plan of attack."
 
"Stay on top of your game"
As a trader, you should already know what's going on in the markets in order to identify new opportunities or eliminate existing opportunities in a timely manner.
Without access to timely information, it's impossible to react accurately or effectively to the headlines.
Successful traders obtain relevant economic reports and headlines about political events. And they trade based on them.

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    He traded for a hedge fund and then went on his own. He specializes in scalping and fast day trading. His scalping book "Scalping Is Fun!" is an international bestseller and has been sold more than 30.000 times. His books have been translated into 11 languages.

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