Triple Bottom Chart Pattern (The Essential Guide)

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[A stop loss order will save your trading account, here’s why…]

A stop loss order is a type of order that gets you out of a trade automatically.

It means that you don’t need to stare at your charts the whole day and try to scare your pants off as the price approaches your stop loss order.

Now…

I’m not going to lie to you…

It hurts taking a loss…

Even if it’s just a losing trade.

But how would you feel when your stop loss order got hit, and the price went against you even more?

Except…

You’re not there to take the hit.

You feel relieved, right?

Not only do you free up space on your portfolio early to look for better trading opportunities.

But you also prevented a huge potential loss.

Can you see why this is important?

That’s why you can think of a stop loss order as a “risk police” that prevents you from losing more money or having unexpected losses.

Limit Order vs Stop Order: Which one Should You Use And Why?

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In trading, EQ (emotional intelligence) is greater than IQ (intelligence quotient).

It's not just about being smart, but also about being disciplined, patient, and adaptable to changes in the market.

Do you trade the US stock market?

Then join me at my free upcoming event called, Stock Trading Secrets.

Claim your free ticket here: https://www.tradingwithrayner.com/sts/

In this 2-hour webinar, you'll discover...

1. How to beat the markets and earn an extra 10%, 20%, or even 40% a year—without analyzing candlestick charts, reading financial reports, or studying technical analysis

2. How to grow your account to 7-figures and beyond even if you have a small starting capital

3. How to generate consistent profits during a bull market, bear market, or even a recession

4. A simple trading system to profit from the stock market—even if you have tried everything else and failed

So if you trade the US stock market or have plans to do so, then this event is for you.

Claim your free ticket here... https://www.tradingwithrayner.com/sts/

[Do you really need both Stochastic indicator & RSI?]

Well, they are similar but different.

I’ll explain…

The stochastic indicator and RSI are similar because they are both momentum oscillators.

In other words, they measure momentum in the market and their values range between 0 and 100.

But how are they different?

Well, the calculations that go into the stochastic indicator and the RSI indicator are different.

However, they use the same concept which is to measure momentum.

Thus, you shouldn’t be surprised to see both stochastic indicator and RSI pointing in the same direction (albeit with different values).

So, the bottom line is this…

If you want to use a momentum indicator (like RSI or Stochastic), just pick one will do because they pretty much tell you the same thing.

This is a 31-page trading booklet that contains a specific trading system that has generated 1451.74% since 2000—and has 18 winning years out of the last 20.

Learn More 👉 https://pullbackstocktradingsystem.com/

No matter how successful you are, you must always respect risk.

Or else, you’re just one trade from losing it all.

Money Flow Index Indicator (The Essential Guide)

Learn More 👉 https://www.tradingwithrayner.com/money-flow-index/

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[Don’t use a fixed position size, do this instead…]

Most traders are fascinated with technical analysis, candlestick patterns, trading indicators, etc.

When you see “something” nice, you quickly hit the buy button without giving much thought to your position size—which is a big mistake.

Why?

Because without proper position sizing, your wins and losses are erratic.

Here’s an example:

Let’s say you buy 1 standard lot of EUR/USD with a stop loss of 20 pips.

How much could you lose?

Well, it’s a potential loss of $200 (20 x $10/pip).

Now, what if you have 100 pips stop loss?

It’s a potential loss of $1000 (100 x $10/pip).

You might be thinking:

“My stop loss in terms of pips will be the same.”

“This way, I can keep my losses constant on each trade.”

That is possible but…

What if you trade a different timeframe where it doesn’t make sense to use the same number of pips as your stop loss? (E.g. A 20 pips stop loss might work on the 5-minutes timeframe but not on the daily.)

Or what if you trade a different currency pair with a different pip value?

Do you see my point?

So the lesson is this…

The size of your losses should be the same for each trade.

But your position size should be adjusted according to the size of your stop loss.

A tighter stop loss allows you to increase your position size.
A wider stop loss requires a smaller position size.

The Fastest Way To Become A Profitable Trader

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“If you have 6 months left to live, how will you spend your days?”

There are many things I want to do, but my top priority is…

To impart life lessons to my children so they can avoid the mistakes I’ve made and “profit” from my experience.

However…

They are not ready to receive those lessons yet.

(The youngest one just started walking and the older one still needs someone to feed him, lol.)

So, what’s the solution?

Well, I recorded videos of myself teaching these life lessons and uploaded them to YouTube.

This way, when my children grow up, the lessons will be there even if I’m gone. But I hope not!

Anyway…

If you are interested in these life lessons, you can watch it here (it’s free).

Here's the link: https://www.youtube.com/@lessonstomychildren/videos

As a trader, you have to be willing to lose money to make money.

I've Been Trading For 13 Years Here's My Best Advice

Learn More 👉 https://www.tradingwithrayner.com/my-best-trading-advice/

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[If you’re a newbie trader, avoid this habit of averaging into losses]

Imagine:

You bought 1 lot of EUR/USD at 1.3000.

Shortly, the price dropped 50 pips and you’re down $500.

Now you’re thinking to yourself…

“I knew it, the market is out to get me again.”

“But wait… if I buy another 1 lot of EUR/USD, then I can quickly get out at breakeven if the price moves up 25 pips.”

“I’m a genius!”

So…

You buy another lot of EUR/USD at 1.2950.

Next thing you know, EUR/USD tanked 100 pips—which puts you at a loss of $3,500.

In other words…

If you had cut your loss from the start, it would have only been a loss of $500.

But because you gave in to your emotions and averaged into your losses, it grew into a $3,500 loss.

So the lesson is this:

If the market proves you wrong, get out of the trade.

Don’t average into your losers because it could snowball into something near impossible to recover from.

How to Draw Fibonacci Retracement: A Step-by-Step Guide for Traders

Learn More 👉 https://www.tradingwithrayner.com/how-to-draw-fibonacci-retracement/

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How to reduce your fear of trading:

Don’t go all in

Manage your risk

Reduce your position size

Trade with a strategy that offers an edge

Not more than 50% of your wealth in the markets

How To Set Take Profit Orders (The Essential Guide)

Learn More 👉 https://www.tradingwithrayner.com/take-profit-orders/

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[It sucks, but just let the price hit your stop loss]

Imagine:

You buy 1 standard lot of GBP/USD at 1.4300 and have a stop loss at 1.4250.

This means if the price drops to 1.4250, you will exit the trade for a loss of $500 (or 50 pips).

Now, this is fine if you allow your stop loss to do its job.

However, you might be thinking…

“I know the market is about to rebound.”

“I’ll look like an idiot if I were to sell right now and only to watch the market reverse higher.”

“Let me hold on to the trade for a while longer and sell at the next rally.”

And what happens next?

The market collapsed another 500 pips.

Eventually, the pain is too much to bear and you forced yourself to exit your position.

And because of your hesitation, a $500 loss amplified into $5,500.

So, the bottom line is this…|

Honour your stop loss.

It’s there to protect your trading account even though it’ll make you look like a fool once in a while.

Are you looking for a reliable Forex broker you can trust?

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