The5ers is a unique funding traders & growth program for forex traders.
If you want to learn in-depth about Supply & Demand, we prepare a complete guide (4 videos) that explain how to trade the method.
Part 1 - Reading The Story Of The Market - Part 1 - [Order Flow]
(Reading The Story Of The Market - Part 1 - Order Flow (2020) - YouTube)
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Reading The Story Of The Market - Part II - No Supply No Demand Gil Ben Hur (2020)
Learning to read the story of the order-flow allow us to better understand price behavior and therefore to become better and reasoned traders.
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Reading The Story Of The Market Part III - Implied Order Flow (2020)
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Reading The Story Of The Market - Part 4 - Price Action Confirmation Gil Ben Hur (2020)
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Maximizing Your Trading Performance - The Trading Psychology Process
Let’s try to understand the trading psychology process
HIgh Quality Preparation
Before any successful trader makes a trade, a succession of mental preparation has already occurred. Traders who rush into trades without preparing themselves might wind up lost and without the ability to get back on track. Traders who take the time to establish themselves in the right mental mindset will have an easier time managing the rigors of trading and dealing with the uncertainties that are bound to arise.
At the heart of high quality preparation are 4 main mental skills. Perspective, personal awareness, self motivation, and mental discipline. There are other less major, yet still impactful offshoots of all of these characteristics.
Perspective
This is not which angle you’re viewing your trading screen from. Perspective means understanding the role which trading plays in your life in relation to other commitments.
For example, how does trading fit in with your family obligations? Is trading going to occupy most of your days or will it be work that you do in the evening? How does this schedule interact with your personal life? A successful trader sets up a framework for trading and is clear on where the borders lie. Perspective will also enable you to enter your trading without other aspects of your life bleeding in and possibly distracting you. Distractions will of course always be a part of trading, or anything you do with a focus for that matter. Having a clear perspective and drawing lines between trading and other duties will make it easier for you to manage those distractions.
Going deeper into perspective, there is a trading perspective. This is a more narrowly focused perspective and it refers to how you view the specific markets. What do you want to trade? What markers are you looking for before you enter a trade? Are there patterns that you prefer to focus on over others? If x happens, what is the probability that y will happen?
There are so many questions that will arise so don’t be intimidated if you don’t get around to preparing for them all at once. Allow your trading plan to evolve as more questions and scenarios come up. This preparedness is a fundamental core to your trading plan and readiness to trade.
Personal Awareness
The next big mental skill associated with preparedness, personal awareness means understanding what you’re good at and what you’re not. What do you do better than average and what do you do below average? It can be difficult to take an honest look at ourselves but it’s crucial in terms of improving and evolving as traders.
Knowing what our weaknesses allow us to set up routines and habits that can steer us away from our shortcomings. If we know we are prone to certain behaviors, we can prepare ourselves to best avoid them. This does not mean that we necessarily succeed and avoid them altogether but short of that, it’s important to give ourselves the best chance to.
Self-Motivation
What do you do when you’re just not feeling in the mood to trade? If you trade for yourself and there is no boss breathing down your neck pushing a deadline, it can be difficult to self-motivate and push yourself to work harder.
The market is not always going to move in your favor and there will always be times when your down, looking up. You need to be able to set clear goals and pursue them enthusiastically, no matter what the external circumstances are.
A goal can be vague but the more specific, actionable a goal is, the clearer the focus and path towards success will be. Saying you want to make money is fine but setting specific weekly or monthly targets is much more tangible and actionable. It’s fine to dream big but it’s important to set up smaller milestones and to take joy and pleasure from hitting and exceeding them.
Mental Discipline
The final piece of the pre-trade mental preparation is often referred to as willpower. We’ve gone on at length about the importance of a trading plan but if you’re not able to motivate yourself and follow that plan closely, it won’t do much good. Mental discipline is the drive that gets you going each day no matter what the conditions are, to follow, and to execute the plan as best as you can.
A good way to strengthen your willpower is to come up with a daily mission. As we mentioned earlier, achievable goals should be a part of your trading plan but on a smaller, more immediate level you can create daily goals. These goals can be wide-ranging and are entirely up to you according to your strengths and weaknesses.
For example, you might wake up in the morning and decide that for this day you won’t hesitate to cut trades that aren’t working. Maybe you’ve been timid in the past but today there won’t be any exceptions.
Executing Effectively
Once the pre-trade mental checklist has been completed, it’s important to not just jump into trades. There is still careful mental work to be done in order to execute trades in the most effective and efficient way. There is some overlap between this step and the previous step, so they should both be considered in the same mindset.
Self-Confidence
One of the major keys to succeeding in life, self-confidence can be elusive but it can also grow as more and more success comes.
In trading, there are two different types of confidence. There is external confidence which is based on things that are outside of us. Things such as how many winning trades you recently made or how much money you have. This confidence set is fine when you are winning and doing well in the market but doesn’t hold up when you hit a rough patch. A series of losses will hit this confidence hard because it is completely reliant on external factors.
The other form of confidence, which can be more stable if properly nurtured is internal confidence. This is the self-confidence that comes from knowing your stuff and believing in your skills. Even if you’ve hit a rough patch, this confidence stays with you and can lift you up beyond your current losing state.
Emotional Intensity
Part of mastering the mental game is mastering your emotions. Whenever you sit down to trade, it’s important that your emotions match the intensity needed (or not needed) for a given trading session. If you come in too passionate, you might make reckless decisions. However, come in without the right emotion and you might find yourself too passive to make good decisions.
Constructive Self-Assessment
Any skill worth improving on needs to be reflected on after each session and trial. In trading, this means looking back and keeping a log of all trades to understand what worked and what didn’t. Outside of technical analysis, this also means examining mental factors before, during, and after trades. How did a trade make you feel? Was there something emotional that distracted you or motivated you? At the end of the day, sit down and explore all of these feelings.
Self-Esteem
Similar to self-confidence, self-esteem is a crucial element in a trader’s success. Imagine you had an entire day where your trades didn’t work out so well. How is this going to affect you going forward? Will you think less of yourself and be discouraged from trading with confidence or will you use this failure to boost yourself up and supercharge your self-esteem?
Performance Accountability
While we mentioned writing everything down in regards to trades, performance accountability is the ability to use all of that information to improve as a trader.** It’s only worth writing everything down if you’re willing and able to look over it and learn from your mistakes.
Perseverance
If you’re going to succeed as a trader, you need to be ready to work tirelessly towards your goals. Failures will come and it’s up to you to plow through them and not let them bring you down. Learn from them, apply valuable lessons, but keep your head up and move forwards.
Continuous Improvement
This may sound redundant here but it’s a culmination of all of this mental preparedness. Take it all together and put it towards getting better . Every mistake, every success, they are not independent of each other. Everything that happens in your trading life can be reapplied in the form of a lesson, cautionary tale, valuable experience, etc. Never stop learning and never stop trying to improve yourself. There will always be something new to add to your repertoire and you will never be perfect as a trader. Strive to be and open yourself up to as much knowledge as you can retain.
What You Should Know About the Aussie Dollar (AUD)
If you want to trade the Aussie Dollar (AUD), this article will make you some order regarding the Australian currency and economy
A Close Look at the Aussie Dollar
The Australian Dollar AUD (Aussie Dollar) is quite a remarkable currency. Australia itself is not the largest or most prominent economy in the world. It’s not even in the top ten. But AUD is the fifth most traded currency . It’s rather volatile even when the global economy is reasonably steady.** And also, its weakening benefits quite a few Australian businesses thus benefitting the country’s economy.
However, the COVID-19 crisis has thrown a spanner in the world of AUD traders. The Dollar now behaves both as it should and shouldn’t during an economic recession. This makes forecasting more difficult. But overall, the prospects for this currency seem rather grim for the nearest future.
Click here for the full article
Forex Trading Room September 2nd, 2020
Here’s today’s recording Forex Trading Room Session.
Inside Today’s Forex Trading Room Session: we had thee 15 pips scalps. Just before the NY bell, we got triggered with an NZDUSD sell limit which has not worked well at the beginning. A higher Sell Limit was triggered soon after with a zero drawdown precision. Both traders were ended with a profit. The third trade was executed and exited manually at low loss. This session ends with 2 winners one loss and a total of net 10 green pips.
Enjoy!
Forex Money Management to Stop Losing Money
Introduction to Money Management in Forex Trading
All the below is part of Forex money management: a series of rules, tricks, and techniques to minimize risk and maximize profits in your portfolio that separates the sophisticated investors from the average ones.
The ability to manage every one of your trades in order to make the best of your trading portfolio as a whole is priceless. It acquirs the skill to fix or reduce a losing trade so it won’t damage you, as well as maximizing the profits on winning trades.
Later on this article, we will learn how to apply money management to your specific trading styles, so keep reading!
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What’s Your FOREX Edge? Four Steps to Developing Your Trading Edge
The goal of this post is to break down into four critical steps necessary to create your trading edge. During this post, I’ll give you some tips from my own experience of over twenty years trading on how to research, test, and trade your edge.
I have experience of trading not just forex but also stocks and options as futures and cryptocurrencies. For a period I day traded futures, and among my long term investments, I have a portfolio of residential rental properties.
The point is, it doesn’t matter what market you trade, or even whether you define yourself as a long-term investor or short-term scalper, you must have an edge. You should be able to explain what your edge is before putting any of your capital at risk.
As forex traders, we define our edge as something we have seen in the market. This event has repeated frequently enough for us to think we can develop a trading strategy around it.
Our edge becomes the advantage we have over other traders.
So our trading edge will define what forex pairs to trade and how to trade them. How to trade them will include the entry, exit rules, rules that are triggered when volatility increases or decreases, rules that might trigger when something else unrelated to the instrument you’re trading occurs.
Ideally, we want to develop a strategy that can be executed trade after trade without hesitation. Did we lose money on the previous five trades? It doesn’t matter; we execute again when the next signal fires.
From these rules, we have a positive expectation that if this edge is traded consistently over the long term, it will lead to profits.
In plain English, that means that we are sure that if we place our order every time we see this event, more often than not, we will have a profitable strategy.
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Part 1 Scalping Supply & Demand Zones in Forex Trading Webinar
The markets are ever-changing. Every day the market adopts different behavior characteristics. Trading the daily bias allows traders the agility for fast updating the market view due to its impulsive changes.
Besides analysis and bias, day trading has many more advantages. Being out from the market at the end of the trading session, has a positive effect for the trader’s lifestyle, in terms of less pressure, defined working hours, faster learning and improvement curve, and much more.
In the upcoming series of webinars, we will dive deep into how to analyze day trading opportunities based on Order flow/supply and demand and price action concepts.
Part 2 - Scalping Forex Webinar - Price Action Toolset For Day Traders: Day trading Flags and Poles.
Benefits of Trading with a Forex Fund
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Your Horizon of Growth Potential
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You don’t trade alone
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Clear trading policy
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You are not competing with other traders
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Stop Investing Your Hard Earned Money
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Trade Where You Want, How You Want
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Free Yourself from Regulatory Restrictions
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The mutual benefit is to win.
For the full article
Forex Trading Room September 10, 2020
Here’s today’s recording Forex Trading Room Session.
In today’s trading room session, We scanned the markets and took trades on EUR/USD, USD/CHF, and USD/CAD. 3 winning trades and 1 losing trade.
Enjoy!
Part 3 Scalping Forex Webinar - High probability retracement technique and Price Action Confirmation
The last part of our Scalping Forex Webinar - High probability retracement techniques and the only Price Action Confirmation Chart Pattern you should know.
The markets are ever-changing. Every day the market adopts different behavior characteristics. Trading the daily bias allows traders the agility for fast updating the market view due to its impulsive changes.
Besides analysis and bias, day trading has many more advantages. Being out from the market at the end of the trading session, has a positive effect for the trader’s lifestyle, in terms of less pressure, defined working hours, faster learning and improvement curve, and much more.
What You Should Know About the Canadian Loonie Dollar (CAD)
A Close Look at the Canadian Dollar
Although the Canadian economy according to GDP is only the 10th largest in the world, the Canadian Loonie Dollar is the 6th most held reserve currency. Just 8 currencies make up 80% of all trades in the forex market and the CAD is one of them. It’s fair to say that the Canadian dollar punches above its weight.
This outsized power despite hailing from a relatively small population makes the Canadian dollar a favorite for many traders in the forex market.
If you want to trade the Canadian Loonie Dollar (CAD), this article will make you some order regarding the Canadian currency and economy
For the full article
Supply & Demand Advanced Trading Techniques, Part 1 - The basic
In trading, we are looking for more precision and high-reliability levels to trade from. Introduce yourself to the Supply & Demand trading theory. It is straightforward to understand, easy to read, very visual, but most important, it is a timeless concept.
For the past decade, Supply & Demand had bought a high reputation as an advanced and accurate price action trading methodology. Supply & Demand is a naked chart reading study, which maps areas of high or low resistance due to the accumulation of order flow balance.
Once you grasp the logic and reasoning at the base of the Supply & Demand concept, reading charts for spotting high probability trading levels becomes easy and straightforward.
In the series of webinars, we will dive deep into the core of the Supply & Demand theory and practice. We will study the anatomy of the price action according to the rules of Supply & Demand. We will least now easily spot high probability entry levels, time our trade for precision, plan and manage risk.
I agree that when you want to maximize your trading performance, you need perspective, high quality preparation, self-motivation, personal awareness, and mental awareness.
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Supply & Demand Advanced Forex Trading Concepts Part 2