Islam_Ambassada
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THE BIGGEST MISTAKE I DID: DON’T REPEAT IT
My biggest mistake was focusing on the wrong things early in my trading journey
What Really Matters in Trading
After spending a year memorizing candlestick names and patterns 8 years ago , in the 3rd year I realized that trading is not about memorizing every single detail but about understanding the broader picture. By then I have wasted several years struggling to understand the market.
Candlestick patterns can be helpful, but they are just one small piece of the puzzle. What truly matters is understanding the market's structure, trends, and key levels of support and demand.
Focus on the Bigger Picture: Trends, Support, and Demand
1. Trends Are Your Best Friend
The market moves in trends—uptrends, downtrends, and sideways trends. Identifying the trend early can help you align your trades with the market's direction. Remember, "the trend is your friend until it ends." Use tools like moving averages or trendlines to help you spot and confirm trends.
2. Support and Demand Zones
Support and demand zones are areas where the price is likely to reverse or consolidate. These zones are created by the accumulation of buy or sell orders. Learning to identify these zones can help you enter trades with better risk-reward ratios. Focus on price action around these levels rather than memorizing candlestick names.
3. Risk Management
No matter how good your analysis is, the market can always move against you. Always define your risk before entering a trade.
4. Psychology and Discipline
Trading is as much about psychology as it is about strategy. Fear, greed, and impatience can ruin even the best trading plans. Develop a disciplined mindset, stick to your trading plan, and avoid emotional decision-making.
Candlestick Patterns: The Last Thing to Learn
Candlestick patterns can provide insights into market sentiment, but they should not be your primary focus. Once you have a solid understanding of trends, support, and demand, you can start incorporating candlestick patterns into your analysis. Even then, focus on the most reliable patterns like engulfing candles, pin bars, and inside bars, rather than memorizing every single pattern.
Final Advice for New Traders
- Start Simple: Focus on understanding price action, trends, and key levels. These are the foundations of trading.
- Avoid Overcomplicating: Don’t get lost in the details of candlestick names or overly complex indicators. Keep your strategy simple and effective.
- Learn Continuously: The market is always evolving, so keep learning and adapting. However, prioritize learning concepts that have a direct impact on your trading performance.
- Find a Mentor or Community: Learning from experienced traders can save you years of trial and error. Join a community or find a mentor who can guide you through the process.
Spend time learning ❤️ I have sturdies from about 8 mentors, some wasted my time others were beneficial..all because I didn’t get a guide 😊 but you are fortunate you have gotten guide line
My biggest mistake was focusing on the wrong things early in my trading journey. I wasted time memorizing candlestick names instead of learning the core principles of trading. To all new traders, I urge you to focus on understanding trends, support, and demand first. These are the pillars of successful trading. Once you master these, you can explore other tools like candlestick patterns. Remember, trading is a marathon, not a sprint. Stay patient, stay disciplined, and keep learning.
This advice will help new traders avoid common pitfalls and focus on what truly matters in their trading journey.
Follow me 📌 for upcoming live trading on Binance soon
#WhiteHouseCryptoSummit
#MarketRebound
What Really Matters in Trading
After spending a year memorizing candlestick names and patterns 8 years ago , in the 3rd year I realized that trading is not about memorizing every single detail but about understanding the broader picture. By then I have wasted several years struggling to understand the market.
Candlestick patterns can be helpful, but they are just one small piece of the puzzle. What truly matters is understanding the market's structure, trends, and key levels of support and demand.
Focus on the Bigger Picture: Trends, Support, and Demand
1. Trends Are Your Best Friend
The market moves in trends—uptrends, downtrends, and sideways trends. Identifying the trend early can help you align your trades with the market's direction. Remember, "the trend is your friend until it ends." Use tools like moving averages or trendlines to help you spot and confirm trends.
2. Support and Demand Zones
Support and demand zones are areas where the price is likely to reverse or consolidate. These zones are created by the accumulation of buy or sell orders. Learning to identify these zones can help you enter trades with better risk-reward ratios. Focus on price action around these levels rather than memorizing candlestick names.
3. Risk Management
No matter how good your analysis is, the market can always move against you. Always define your risk before entering a trade.
4. Psychology and Discipline
Trading is as much about psychology as it is about strategy. Fear, greed, and impatience can ruin even the best trading plans. Develop a disciplined mindset, stick to your trading plan, and avoid emotional decision-making.
Candlestick Patterns: The Last Thing to Learn
Candlestick patterns can provide insights into market sentiment, but they should not be your primary focus. Once you have a solid understanding of trends, support, and demand, you can start incorporating candlestick patterns into your analysis. Even then, focus on the most reliable patterns like engulfing candles, pin bars, and inside bars, rather than memorizing every single pattern.
Final Advice for New Traders
- Start Simple: Focus on understanding price action, trends, and key levels. These are the foundations of trading.
- Avoid Overcomplicating: Don’t get lost in the details of candlestick names or overly complex indicators. Keep your strategy simple and effective.
- Learn Continuously: The market is always evolving, so keep learning and adapting. However, prioritize learning concepts that have a direct impact on your trading performance.
- Find a Mentor or Community: Learning from experienced traders can save you years of trial and error. Join a community or find a mentor who can guide you through the process.
Spend time learning ❤️ I have sturdies from about 8 mentors, some wasted my time others were beneficial..all because I didn’t get a guide 😊 but you are fortunate you have gotten guide line
My biggest mistake was focusing on the wrong things early in my trading journey. I wasted time memorizing candlestick names instead of learning the core principles of trading. To all new traders, I urge you to focus on understanding trends, support, and demand first. These are the pillars of successful trading. Once you master these, you can explore other tools like candlestick patterns. Remember, trading is a marathon, not a sprint. Stay patient, stay disciplined, and keep learning.
This advice will help new traders avoid common pitfalls and focus on what truly matters in their trading journey.
Follow me 📌 for upcoming live trading on Binance soon
#WhiteHouseCryptoSummit
#MarketRebound
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.