BeginnerEarly Stages For Beginners8 Topics
Forex Terminology11 Topics
- Major and Minor Currency Pairs
- Basic Forex Terminology
- Pips & Ticks
- The Broker & The Spread
- What is a Lot?
- Stop Loss & Take Profit
- Margin & Leverage
- Retracement & Reversal
- When Can I Trade Forex? Sessions - Market Open and Close
- 3 Types of Analysis (Technical, Fundamental, Sentiment)
- 3 Ways a Market Can Go (Up, Down, Sideways)
Margin & Leverage2 Topics
IntermediateIdentifying Scams2 Topics
Brokers for Beginners5 Topics
Technical Analysis13 Topics
- Types of Charts
- Understanding Japanese Candlesticks
- Candlestick Patterns For Beginners
- Single, Double & Triple Candlestick Patterns
- Support and Resistance
- Confluences w/ Candlesticks & Support & Resistance
- Counter Trend Trading/ Counter Trend Lines
- Moving Average
- Top-Down Analysis
- Consolidation Trading (Breakout, Retest, Continuation)
AdvancedUsing Indicators6 Topics
Technical Analysis (Part 2)8 Topics
Market Structure5 Topics
Fundamental Analysis9 Topics
CompletionRisk Management for Beginners8 Topics
Psychology for Beginners7 Topics
Personal Psychology Questions2 Topics
Some Psychological Mistakes
The definition of insanity is doing the same thing over and over again expecting a different outcome. Below, I’ll list some major psychological mistakes that can unintentionally form into long-term habits:
1. Unrealistic Expectations
In life, they say if your goals do not scare you, you’re not aiming high enough. When it comes to trading, you need to be a little realistic: nobody is going to make 1 million dollars in their first 3 months of trading. Can you have a million-dollar goal set over time? Hell yeah, shoot for the stars and don’t shoot yourself in the foot. Coming in you don’t want to put so much pressure on yourself to become rich overnight. It takes time to learn the skills and adapt to trading in the market. It takes even longer to get a handle on your psychology.
Coming out of the week profitable is a great goal. That goal can lead to another goal such as growing your account by 10%. As you consistently hit that goal, aim for a higher percentage. Create small goals that lead up to your end goal. You don’t want to just come out swinging because when you miss you’ll feel the weight of that huge goal on your shoulders. Psychology plays such a huge role in trading as it can make or break a trader. Pump the break and take your time!
2. Allowing Someone Else’s Bias Influence You.
This happens mostly in group settings but can also happen when you see someone else’s charts on any social platform. When you’re new or you feel like a certain trader may have more experience, it’s easy to think their bias is automatically correct. Let me tell you something: NO ONE is not right 100% of the time. Even the most experienced traders take losses and you have to be okay with that too. If you analyze the market and your confluences tell you that price is selling but you see someone else take a buy position, keep your bias. You might have seen something that they missed on a different timeframe or vice versa. . Always trust in your analysis because if you lose, you can’t blame anyone but yourself. If you win, you build more confidence knowing YOU did that.