6 Trading Habits Which Keep You Poor (Without You Realizing It)

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[It never hurts to start small]

Let me ask you…

If you can afford to lose $100,000 without affecting your lifestyle, then how much should you fund your trading account?

$100,000?

Wrong answer.

That’s because when you first start trading, your performance will be at its worst.

You’ll make trading mistakes, give in to your emotions, and do things that are detrimental to your account like averaging into your losses, widening your stop loss, etc.

This means your $100,000 will not last long.

The solution?

Start with a small trading account.

This way, your mistakes won’t be costly and even if you lose it all, you have surplus money to fund another trading account.

Because no matter what, you must pay tuition fees to the market.

The only question is, do you want to pay more or less?

20-Day & 30- Day Moving Average: Definition, Calculation & Strategies

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If you're broke, invest in yourself.

If you want a better life, invest in yourself.

If you need more money, invest in yourself.

No trading strategy, magic pill, or cryptocurrencies can beat that.

10-Day Moving Average: Definition, Calculation & Strategies

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[Learn everything about trading, then pick what you need]

As a new trader, there are things you know that you don’t know.

And then, there are things you don’t know that you don’t know (which are even more).

So, don’t focus on one technique or strategy too early because it might not be a good fit.

Instead, explore your options out there.

Learn as much as you can about trading, anything you can get your hands on.

Things like day trading, swing trading, RSI, MACD, stochastic, moving average, counter-trend trading, trend following, etc.

Now here’s the thing:

Not every trading tool you learn will be useful to you.

But the key is to understand what it is, how it works, and the purpose of it.

For example:

The moving average is a trend following indicator (what it is).

It works by calculating the average price over a given period and is plotted as a line on the chart (how it works).

You can use moving average to trail your stop loss, identify the area of value, and filter for trending market conditions (the purpose of it).

Now…

Once you know the different tools out there, you can pick the right ones to fit your needs—and not blindly follow the herd.

Do you want to read candlestick patterns like a professional trader?

Then download a FREE copy of The Monster Guide to Candlestick Patterns.

You'll discover how to "predict" market turning points and better time your entries & exits—even if you have no trading experience.

Click the link below and grab your copy, it’s free!

https://www.tradingwithrayner.com/candlestick-pdf-guide/

The outcome of a trade doesn't reflect your trading ability.

Your process, mindset, and attitude will.

6 Trading Habits Which Keep You Poor (Without You Realizing It)

Learn More 👉 https://www.tradingwithrayner.com/trading-habits-which-keep-you-poor/

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[Don’t quit your job, yet]

Let me share with you a true story…

John (not his real name) just started trading the Forex market.

He funded a live account and made a $1,000 profit after a few trades.

So he thought to himself…

“If I can make $1,000 trading part-time, then I’ll make even more money trading full-time.”

So, John quitted his job to trade full-time.

The first few days were good as he was making consistent profits from the markets.

Then the market changed and the losses crept in.

Eventually, he gave back all his profits and bust his account.

Now, he’s back in the job market looking for work.

So, what’s the lesson?

Don’t quit your job, yet.

Just because you’ve made some money from the financial markets doesn’t mean you can do it full-time—it might be beginner’s luck.

Also, full-time trading requires a different mindset, account size, expectations, etc.

If you want to buy bitcoin before the upcoming ETF approval, here's how you can do it (step by step)

Learn more: https://www.youtube.com/watch?v=uy4hRYwi8mo

Are you interested in a crypto telegram channel to learn about all things crypto?

Give a 👍 if you are.

If there's at least 200 thumbs up, I'll setup a new channel for it.

That was fast!

As promised, here's the link to our new crypto channel...

https://t.me/thecryptoner

You can expect crypto news, education, and market insights.

Join here (free): https://t.me/thecryptoner

The big money is made by sitting on your positions—not forcing trades out of boredom.

Happy new year my friends!

I wish you great health and happiness in 2024.

Once those are taken care of, I believe your finance will take care of itself.

Cheers

Big moves = trading opportunities

Here's why...

Usually, after a big move, the market will "rest".

Then, it'll pick up again and continue the existing move.

Thus, you want to enter during a period of "rest" for the next big move.

The Definitive Guide To Candlestick Reversal Patterns

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[How to set proper profit targets (hint: it’s not about your risk-reward ratio)]

I laugh to myself whenever I hear traders comment:

“You must have a minimum of 1:2 risk-reward ratio if you want to be a profitable trader.”

Now let me ask you…

What’s so special about having a 1:2 risk-reward ratio?

Why not have a 1:10? Or even a 1:100?

So here’s the truth…

The market doesn’t care about your risk-reward ratio—it goes where it wants to go.

The only thing you can do is, observe what the market has done previously, and use it as a clue to where it might go in the future.

For example:

If the market previously collapsed at $100, then the next time it approaches $100, there’s a possibility of selling pressure coming in at that level.

As a swing trader, you don’t want to set your target at $105, $100, or $110 because the market might not get to that level due to selling pressure.

Instead, you want to exit your trade before opposing pressure steps in which is before $100 (around $99 or so).

This means if you’re in a long trade, you’ll want to exit your trade before:

•Swing high
•Resistance
•Downward trendline

(And it’s just the opposite for a short trade)

Price Action Trading Didn’t Work Till I Discovered These 3 Strategies

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Stop forcing trades when there’s nothing.

Instead, pick a level to trade where you’ll lose small when wrong—and earn big when right.

You pay less commissions, make less mistakes, and have less stress.