Notes

Candlestick Early Warning -- Just Get Me To My Train On Time
Hammer - Similar to the bearish Hammer, but in an alternative position and during a declining trend. A single-day long shadow is combined to create the upper portion of a candle.

These conditions are met at candle close. You have two options: either wait for a better price or enter the trade and wait for it to rise 10-20 pips. bitcoin bullish Your stoploss may be placed at the end of the candle. If you do this, you can risk losing a lot if the stop is too far past the candle's close.If this is the case, you may want to wait for a better deal or stay out of the trade. The amount you must take on is too high.

Predicting the end and start of a trend are almost identical. This means that when an existing trend ends a new one begins. But how to predict that the existing trend is ending or is about to end? Divergence patterns, when combined with candlestick pattern, can be used to predict the end a trend quite accurately.

Protective stop losses are essential - Having none is suicidal. I believe that if you trade on margin, the positions against you are magnified. You are pretty much exposing your account to destruction. At least having a stop loss your losses are capped, and you are not subjected to your emotions in closing losing trades. Protective stops loss are very effective in protecting your profits if the market moves in you favor.

However, when a strategy is going through an unprofitable period, maintaining discipline is something else again. A trader experiencing losses in his portfolio seeks out reasons to exit the strategy. Anything to get rid of the pain.

There are many charting software packages on the internet, some of which are paid, and some that are free. I prefer the free ones, and the one that I use is listed in my blog. Once you have downloaded the software with DMI/ADX indicators, set them up as follows: ADX set 5 smooth. DMI+ and DMI? to be set at five periods. I also add Bollinger bands to the chart at 20 periods and add a 20 and 50-day moving mean. These settings can be adjusted using the software.

Balance is key to trading. Trading can be very taxing on one's health, mentality, spirituality, and relationships. I have felt guilty about trading when I have too many trades on, or my trades are going against my will. This can cause negative emotions and spiral out of control. If click here is negative, it can impact all important aspects of your daily life. Balance is key to a healthy outlook.
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