As far as I know, many master traders will rely more on the sense of the market, how to cultivate this feeling?

庙庄
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What kind of system can accurately locate support resistance and trend when doing transactions?

hundreds of shots
Precise positioning of trends and support and resistance is unrealistic most of the time, because this itself is a probabilistic event. Most of the time, we will use technical indicators to make these predictions and confirmations. Take the Fibonacci system as an example, the golden section line in it is widely recognized by the market. We use the golden section line to judge the nature of the market and the future trend of the price based on the magnitude of the downward price correction and the height of the upward rebound. Among them, 0.382, 0.618, 1.382 and 1.618 are the most important. There is a high probability that the market may have support and pressure where these four numbers are generated. 1. Use the callback and rebound range to judge the trend In a real upward market, there will be several relatively large-scale corrections. The first target position: generally around the 0.382 line of the previous rising market height; The second target position: it is near the 0.5 line of the previous rising market height; The third target position: it is near the 0.618 line of the previous rising market height. There will be several large-scale rebound shipments in a round of big down market. This rebound shipment process is very helpful for investors to sell on rallies. At the same time, the golden section line can also be used to judge the nature of the rebound market. 2. Determine support and pressure areas Using the distance between different golden section lines, the price rise and fall are divided into several callback support areas and rebound pressure areas, so as to judge the future trend of the price. Taking the rising market as an example, the downward trend is similar: The strong support area refers to the area between the two golden lines of 0.382 and 0.5 during the price rise. It is a decision-making area for investors to wait and see or liquidate out. The last support zone refers to the area between the two golden lines of 0.5 and 0.618 during the price rise. This area is an important area for judging whether the price rise is over or whether there is still hope, and it is also the last area where the main force may protect the market. The unsupported area refers to the area where the price runs below the golden section line of 0.618 at the end of the rising market. The golden section line of 0.618 is an important support line for the rising market. The no-pressure zone in the rising market refers to the area above the golden section line of 0.382 during the price rise. In a big rising market, the price will generally have several relatively large callbacks. In this callback process, as long as the price is always running above the golden section of the 0.382 line, the upward trend will continue, which is very helpful for investors to hold positions for growth and make bargain-hunting decisions. .
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Can financial markets be predicted?

jiaoyi golden eagle
We often see that some people occasionally predict the market quite accurately, but we often hear people say that the market is unpredictable, so why? It is because the market is a combination of linear and nonlinear, which means that the market as a whole is chaotic and unpredictable, but it also has some local regularities . So at some point, we can grasp these regularities to trade, so as to gain profits; of course, we will lose money if we don't grasp them well. Therefore, anyone who claims that he can predict all fluctuations in the market is either a liar or a braggart! And why sometimes the market has rules? It is because the market trades human nature, and human nature has never changed. There is nothing new under the sun. History repeats itself, but never simply because human nature cannot be quantified. We often see that the market will appear after a period of time, such as W top and bottom, triple top and bottom, head and shoulders top and bottom, triangle, flag, box and so on. These are history repeating itself; and if you observe carefully, You will find that each of their graphics will be a little different, but overall they are similar, which means that history will not simply repeat itself. ​ And why do some people "predict" more accurately, while others do not? This is the difference between a master and a low hand. Low players are predicting every day, entering and exiting the market are judged subjectively; or even if they cannot predict, they are still looking for the "holy grail" that can predict the market... The difference between a master and a low hand is that the master is never predicting, but assuming! suppose? Not forecast? Yes, assumptions, not predictions. What is the difference between them? Just like the progress of human science, it all starts from a hypothesis, first assuming a certain theory, and then constantly verifying it, and finally it is proved to be correct. Experts assume that the market is the same, what they look for is the weakness of the market, observe the sentiment of the market from the market graph, judge the momentum of the market, and wait for the divergence of the market; then make assumptions and take actions based on the information collected; finally let The objective market will verify whether the assumption is correct step by step. And since it is a hypothesis, they must understand that there is a possibility of failure, so they will definitely do a good job of defense, and once the market proves that this hypothesis is wrong, they will withdraw in time. ​In the eyes of others, masters assume that their predictions are successful, and they believe that the market is predictable, and they have this illusion. This is actually not understanding the doorway. The low-handed forecast is to subjectively believe that you are right, and then take action, imagining that the market will follow your own pace, and you will be blindly confident. It is commonplace to hold heavy positions and carry orders. ​ So how can we grasp the market as accurately as possible? Or what about a hypothetical market? 1. Learn more, observe more, and summarize more. Learn more market models, and then verify their effectiveness; observe the market more, grasp the rhythm of the market; sum up experience, summarize the high winning rate models, and imprint them all in your mind. 2. Learn to wait. Don't fantasize about grasping all the pulses of the market, and wait patiently for the market to appear a high-winning pattern imprinted in your mind. When a similar situation occurs in the market, first assume, then collect evidence to confirm, and take decisive action when the assumption is verified. 3. Do a good job of defense. Since it is a hypothesis, you must do a good job of defense. After entering the market, when the subsequent development of the market does not confirm the success of the hypothesis, you must exit; or when the market confirms your hypothesis, you must be patient and hold positions until the market shows evidence. Proof that danger is at hand. When you learn to be like a scientist, assuming things based on objective facts and market trends based on objective market dynamics , and then let the market verify your assumptions step by step, and then take action, you will be getting closer and closer to the ranks of masters up! ​​​​ If you like this article, please pay attention, like and encourage it, forward it even more~~
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It is said that "it is easy to get in but hard to get out", how to get out? How to keep profits from taking back?

jiaoyi golden eagle
Many people often enter the market after entering the market, and do not know how to exit the market. In fact, there is a causal relationship between exit and entry: 1. What is your admission basis? If this basis is destroyed, it will exit the field. If you don't know why you want to enter the market, you just enter the market when you feel that it is going to rise or fall, then of course you don't know how to get out of the market. The first is to form a regular and consistent admission principle. For example, if you trade with a double moving average system, you enter the market with a golden cross, and you exit the market with a dead cross; Therefore, the most important thing is to have regular and consistent entry principles . 2. Where is the target you looked at when you entered the field? Go out when the target is in place. For example, we often see oscillating market, there will be box shocks or triangle shocks. If you enter the market at the bottom of the box or triangle to do long, the target position will naturally be the upward extension of the box or triangle, and you will naturally exit when you reach the target position. If you don't know how to look at the target position, you can only exit the field according to the first method, that is, exit the field if your entry basis is destroyed. So how to keep profits from taking it? There are also two situations: 1. Attack: The market is in line with expectations. Enter the market after reaching your entry position, and then the market will move forward according to your previously expected target position. Naturally, when you get out of the target position, you will not take profits. 2. Defense: In situations like the above, it is rare for the market to develop as expected, so the most important thing to do in trading is to do a good job of defense. In other words, before you enter the field, you must understand under what circumstances you must exit the field. Since it is necessary to try to keep profits and not give up, it means that the market has developed partly as expected, but it may reverse at any time before reaching the target position. This depends on your technical system and how you measure the trend, such as Moving average or trend line, that is to break the line to exit; or more conservatively, according to the position of the next level, break the trend standard of the next level, then exit, this will keep more profits, but naturally it may break The sub-level standard will continue to trend after returning to the standard of this level, so you can also reduce half of the position after breaking the sub-level standard, and continue to hold the rest. This is a compromise method. Therefore, how to keep profits reasonably requires you to adjust and grasp according to your own technical system in practice. There is no universal method for this. The most important thing in trading is to do a good job of defense. As long as the defense is done well, the rest is to make money. It is unrealistic to think that you will not give up every time you make a profit in a transaction. If you can do that, it means that all the pulses of the market are under your control, and you will be able to buy the earth soon.
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My usual trading system continues to fail, what should I do?

connotation jokes tv
A common system fails. If you define failure as not being profitable for a certain period of time, then this situation is quite normal. Let me tell you a fact, which is also an important understanding about trading, that is, the reason why a system can always be useful is that it often fails. Let me give a simple example, the turtle trading rule. This set of rules was made public at the end of the 1980s. In fact, it was not the book by Curtis Firth that was first disseminated, but another student of Dennis taught others by means of payment. And this incident made Dennis angry, and it was also an important reason for agreeing with Curtis to disclose this rule. Thus was born the book Turtle Trading Rules. However, at the same time as it was announced, many people said that once a set of rules is announced, it will become invalid. But is this the case? In the first three years that the Turtle was published, the Turtle Law did not perform well, which also provides ample evidence for those who say that the Turtle has failed. But let’s take a look at the situation at that time. At that time, the concept of trading system was very vague in the minds of traders. Trading was almost a matter of betting on size. However, when such a system that created huge profits came out, many people would try it. , which presents a problem, transaction convergence. You can think about what will happen when the transaction converges, that is, the market will have no counterparty to a certain extent, and the turtle is a set of trend trading rules. Often no counterparty means that the trend cannot continue, so the market will be There will be a lack of volatility, or a narrow range. Sea Turtle is absolutely unable to make profits in the face of such a market. To make a profit, Sea Turtle needs to cooperate with a strong trend market, so it should be a bit miserable to use Sea Turtle in those three years. In addition, public opinion spread that Sea Turtle is invalid, so everyone basically agrees People have gradually given up on this method because of the saying that it will be invalid after publication. But the magic is that after most people gave up, there was no convergence in the market, and the trend began to appear again, and this set of rules began to restore its magical power. Curtis later released the 1993-2003 turtle income chart , the funds still doubled tenfold. So are turtles really out of order? Back to the subject’s question, if you have your own trading system, then you should fully understand it, not just stare at its explosive output capability, but also know what it is most afraid of. For example, if you build a trend system, and the variety you trade has fluctuated in the past few months, then it cannot make money. Not only you, but anyone who uses a trend trading system, these few months This period is actually called the unfavorable period of the trading system. This period of time can be long or short. You may be okay if it is short, and you can still persist in a few weeks or a few months, but if it takes a long time, you will seriously doubt the system and even give up. But what I want to tell you is that if your system is verified to be a positive income system, the unfavorable period of several months is really nothing. The great futures trading god I admire once showed me his futures account. He used the trend trading system. However, in the three years from 2015 to 2017, the variety of PTA has lost money. For those who are losing money, the k-first chart of these three years has indeed been turbulent for three years, and there is almost no decent trend, but only a wave of major trends in the single-year PTA in 2018 will cover all the previous wear and tear, and realize Profit, and there have been many trends in PTA in the past two years, and it has become the top-ranking variety in his configuration. I was very puzzled at the time, and I asked him why you still kept this variety because of the terrible loss of pta in the past three years, if it was me, I might have eliminated him in a fit of anger. He said that the loss of pta in the past three years was caused by the unsuitable market. Although this made me very uncomfortable, there was no way, because the market could not be controlled. Maybe he might start a wave of trends from the second day after I gave up this product. The market, and these three years are pta, and maybe the next three years will be the unfavorable period for iron ore. If I eliminate them all, I don’t need to do transactions, so I can only rely on fund management to wait for the uncertainty. As long as the market that belongs to me comes, just don't be eliminated before then. My own trading often has consecutive losses, and sometimes there will be a wave of smooth trend profits that appear in half a year, and it will give me wear and tear in two months. I've been there, but like I said, it's pretty normal when you get to know your system well enough. As long as the long-term implementation is logically expected, then there is no problem. Improve your own awareness, treat losses reasonably, use risk control methods to manage them reasonably, give the system time to let it exert its power, and the market will reward you. Are you satisfied with this answer?
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In the era of bad technical indicators, can you still make money from technology?

zhang guotong
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How do you view the theory that review is useless?

over and over again
I don’t know why you have such an idea. I can only say that in my knowledge, reviewing is very helpful to trading, even greater than you listening to the guidance of a certain trading master. I think that traders who hold the view that review is useless may just think that review cannot guarantee the consistency of transactions and define the mentality of traders. I really can't figure out why in other aspects. First of all, let's talk about the consistency of review trading. Some traders may think that we will be tempted by various temptations in the process of reviewing trading and collecting trading signals. For example, when indicators such as MACD and RSI show opposite signals, this actually occurs. The root of the problem is mainly that you are in a very vague state of your own trading signals. You don't know your trading rules at all, so you will be disturbed. To put it in more detail, you don't even know how to resume. Reviewing the market is not simply dragging the K-line price, and then entering and exiting something. The core of the review is how you integrate your trading system into the historical market, and let the historical market verify your trading system. Try to simulate the state of the firm offer as objectively as possible, especially when the data is in the market. For example, the data market has given birth to your trading signal. Will you strictly implement it in the process of the firm offer? From this point of view, there will indeed be errors in the results of the review, but this will not become the main point of view that the review is useless. Even if such a situation arises, what is your response? This needs to be incorporated into your trading system. Secondly, you can't exercise your mentality about reviewing. In my opinion, it is meaningless to talk about mentality without trading logic. Just like when you go to a casino, your mentality comes from your confidence, and your confidence comes from your capital. If you just play with the mentality of losing and going to work, winning the young model in the club, Then you will never make money. The same is true for trading, when you don't have enough time to review, and you don't have enough time to find out what the market is and how the market will go. Every time you trade, you don't have any support points, and every trade is the same as gambling, which can make your mentality better. As the saying goes, if you read thousands of volumes, you can write with a spirit, and the same is true for trading. If you don’t have enough understanding of the market, how can you develop a good attitude? Therefore, the review is not to exercise your mentality at all, but to let you understand the market better. In short, review is the way for traders to learn at the lowest cost.
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How to judge whether it is normal for a trading platform to have floating spreads?

天地汇总舵主
Basically, the point difference reflects the price difference between buying and selling in the market at the same time, buying high and selling low. Because even banks are not charities that provide their services for free. So the spread is reasonable, this is the first point. The second point is whether the spread mode is floating or fixed, When it comes to the source of the spread when you trade, now the spread basically comes from various banks, and take the intersection, For example, bank A offers sell 4-buy 8, which is a spread of 4. Bank B offers a bid price of sell 5-buy 9 with a spread of 4. If the platform accesses A’s bid price of 8 and B’s ask price of 5, This way the platform will offer a lower cost with a spread of 3. Due to the location of the global banks and their respective time zones (understood as daytime, night), there must be different opening and closing times, that is, the real spread of the market will inevitably fluctuate, Floating spreads are affected by time. Forgive me for being unkind. There are fewer banks in the Asian economic system than in European and American countries. To put it bluntly, no one is developed. There are only a few in Japan, Singapore, and South Korea. There are too few, so the Asian time Quoting banks are limited, and the general point difference takes the intersection of mathematics, which will also be high! But not too exaggerated! The second factor that affects the fluctuation of the spread is the market supply and demand relationship, that is, buying is greater than selling, or selling is greater than buying, and the market will fluctuate, because the original seller's bid or the buyer's demand price ask cannot be met or reached, which means buying , the price can only be bought at a higher price, and if you want to sell, you can only sell it at a lower price, so the market will move. When this fluctuation is fierce, it means that there is a huge asymmetry between supply and demand in the short term, and the price of one side is far away from the market. The original position, and the price of the other party follows, it is bound to slow down the reaction, so the buying and selling prices of the k-line will widen the distance, that is, the spread will expand or shrink This is the second point to explain that the real situation in the market is a floating spread. Of course, if the quotation provider makes the market by itself, that is, the platform is completely betting against each other, and can provide you with the price you want anytime, anywhere. You don’t need to check whether the market supply and demand are tight or not, and are not affected by the opening of the market time zone, then The spread can be fixed. That is, fixed spreads. But going to the market will be a floating point difference, but not all floating points are going to the market, just like men are human beings, but not all human beings are the same as men. Specifically, it depends on whether the fluctuation of the spread is reasonable. To put it bluntly, even if the spread is fixed, it doesn’t matter. If you have the strength to bet with you, and you can afford to lose, then it’s okay to bet on the platform. It’s just that people generally lack a sense of security. Orders are traded on the platform. Once the platform participates in gambling, it will always be full of doubts about its own losses. Did the machine move its hands and feet! Therefore, their needs in the market are different, and their views on whether the spread is fixed or floating are also different. Some people prefer a platform with fixed spreads, while others only do platforms with floating spreads. As for the ecn account with 0 point difference, it is another composition. Its quotation source is not only the bank, but also other participants in the market: institutions, platforms, individual customers, etc., so that the point difference can definitely obtain a smaller intersection, and even some It is also possible that the spread is negative, that is, you buy from here at a price of 5, and at the same time, the selling price in the market directly provides 6, and the spread is -1 at this time, not just 0, It’s just that this provision often needs to integrate the entire market, or a lot of market quotations, which is relatively more troublesome and unprofitable. No one will do this work for you for free, and someone will charge for it, so this type of account has procedures. The fee, the collection standard, is basically the same as the one with pure spread. If the cost of pure spread is 5 US dollars, my account type with no spread also charges 5 US dollars. It is just an example, and it does not mean that the real cost is 5 US dollars. , will actually be lower. This is only the market supply price. If you get this price on the platform, you will increase the price to the customer again. You can understand that the platform is a second-hand dealer. It’s not in vain. The varieties he provides you are leveraged. In the real market, the leverage will not exceed 50 times. The big second-hand dealers are called LPs, and the small ones are called platforms. Erdao dealers can indeed manipulate you when you trade, cut off your profit and loss, and turn to pay for it yourself. This is platform-to-platform gambling! Of course, more second-hand dealers are market makers, that is, they do not gamble completely. They only gamble when they think you are sure to lose. Some people will say that there is not much money to be a platform. The so-and-so and so-and-so I know opened the platform by themselves. They have the power of chicken feathers. I have money, so why not! This involves the black plate problem of pure VS gambling, just like the national welfare lottery also has a black lottery with individuals as the banker. If I can gamble, I will continue. If I can't gamble, I will play tricks. If I can't, I will run away! Of course, those who succeed in doing this kind of dishes are Mr. X, and those who fail are all Mr. X! Some of the big dishes you know now were also created by individuals in the past, and now they are on a large scale, and the black history has been washed away one after another. Finally, I would like to say: It is very important to find a plate, a platform, and a conscience plate. It does not mean that you will be good if you find an old brand. The old plate has a solid foundation and you can withdraw money. However, if you need to do something to maintain your profit over the years With this kind of old brand, it is no problem for you to withdraw money, but whether you can have money to withdraw money is another question. Of course, it also involves personal skills and luck. But technical luck is your own. Other unfavorable factors that can be avoided, such as safety and the degree of gambling, can be avoided from the beginning, or it is better to avoid it. You can’t lose money to everyone just because you have lost money. Same, right!
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Hui Classroom: The RVI indicator is often ignored, and these 5 usages are unexpectedly so "sweet"

hui classroom
The RSI indicator is a prominent role in the oscillator. When we mention RSI, we usually mention RVI. In fact, it’s not just hype, I want to prove that the RVI indicator has a wide range of applications! It is also one of the few five-star indicators among the 13 oscillators. In application, it is quite similar to the stochastic oscillator (KD) indicator, which can be used not only to judge the market trend, but also to easily judge the entry point. Let's take a look at this indicator together with Hui Classroom. Introduction to RVI Indicator RVI stands for Relative Vigor Index, relative vitality index. Reflect the price trend by calculating the relationship between the closing price, opening price, highest price, and lowest price within the trading day, and determine the entry and exit points. When using it, directly select it in the MT4 tool, insert - Technical Indicators - Oscillating Indicators - Relative Vigor Index . The default time period is 10. The RVI line is represented by a green line, and the signal line is represented by a red line. The RVI indicator consists of 2 lines, one is the RVI line (the green line in the figure) and the other is the signal line (the red line in the figure). The RVI line is a simple moving average, the signal line is a weighted moving average , and the periods of the two are the same. The signal line can send a signal earlier, with the 0 line as the center line, the signal line crosses the RVI line up and down to send out a signal. Calculation formula of RVI indicator: RVI of each period = (closing price - opening price) / (highest price - lowest price) of the period How to Trade with the RVI Indicator Basic application of RVI indicator We know that when the closing price is higher than the opening price, it means that the market is in a bull market, and the RVI line is also above the 0 line; when the closing price is lower than the opening price, the RVI line is below the 0 line, and the market is in a bear market. Therefore, we can judge the market trend through the trend and position of the RVI line. At the same time, buy and sell signals can be determined by the intersection of the RVI line and the signal line. When the RVI line crosses the signal line from bottom to top, you can consider doing more; When the RVI line crosses the signal line from top to bottom, you can consider shorting. Both the RVI indicator and the RSI indicator actually belong to the measurement of price shocks, so the RVI indicator can also reflect the overbought and oversold of the market. When the RVI value exceeds 0.3, it means that the market is oversold, and it is advisable to go short; when the RVI value is lower than -0.15, it means that the market is overbought, and it is advisable to go long. This overbought and oversold value is for reference only! Formal divergence of the RVI indicator In the downward trend, when the low point of the K-line chart gradually decreases, but the low point of the RVI indicator rises after the downward trend is stable, this is the bottom deviation of the RVI indicator, and it is a short-term long-term signal; In the upward trend, when the high point of the K-line chart gradually rises, but the high point of the RVI index gradually decreases after the upward trend gradually flattens, this is the top divergence of the RVI index and a short-term short-term signal. In addition to the divergence pattern, the RVI indicator will also appear in a double top, double bottom or head and shoulders pattern. On a long-term frame, it can be used to predict market trends. Combine with other indicators In addition, RVI indicators are often used in combination with KD indicators, moving averages, RSI indicators, etc., as an auxiliary indicator. Support is also a key role in trading profitability. Combination of RVI indicators and KD, RSI, MACD indicators After the oversold and overbought signals of KD, RSI, and MACD indicators were issued, the two lines of the RVI indicator crossed soon, verifying the corresponding long-short signal. Take the KD indicator as an example below: Combination of RVI indicator and moving average Usually, the cross of two moving averages is used to verify the long-short signal sent by RVI. This is the best combination of indicators for day traders. Let's take the 2 moving averages of 10 and 20 periods as an example: Combination of RVI indicator and Bollinger Bands Use the middle line of the Bollinger bands to verify the long-short signal issued by RVI, and also rely on the cross relationship between the middle line of the Bollinger bands and the K line. To sum up, the RVI indicator is a very useful indicator, and it is often used in conjunction with the star indicator to assist in verifying the accuracy of the signal. Hope this article is useful to you.
Forex learning advanced circle
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Are you happy doing business?

外汇戏哥
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About 30 years old, how to choose?

风生水起
I have been thinking about this issue for a long time. I have worked in fast-moving consumer goods for a total of 10 years, and I am very familiar with this industry. I am not smart enough, and I hate people who are sophisticated and have low EQ and IQ. For a person in his 30s, he has been planning his own future. It can be said that most of my friends who worked in fast-moving consumer goods were older than me. people. Some time ago, a headhunter left the office directly, and the salary was okay. Later, I had a lot of phone calls with my friends, because in the workplace, if you are not good enough after the age of 35, you will face cruel things, and even your energy will not keep up. For many friends, there is a lot of sense of crisis, because companies are cruel, especially Internet companies, and friends who called Ali Retail also advised me that since I jumped out, forget it, and I finally escaped. It is best to cherish the choice in front of you in the circle that suits you. The most important thing is to focus on what you like. Even Lei Jun said: "Don't be afraid of choices. If you make a wrong choice, you can't start all over again. You will definitely make mistakes in your life. The key is to improve the success of the right choice." These words are actually very interesting and philosophical. Indeed. Choosing a transaction should give yourself a lot of insights from 2015 to 2016, because of the explosive growth of real estate in that year, because I used to blindly learn how to grow performance and how to manage customers to improve, without thinking about it How to invest to increase personal wealth. Slowly thinking about investing, but I was still working at the time and didn’t know anything about the stock market. According to the radio, the stock market is in a downturn and it’s worth buying. I called my stock trading friends and asked for advice. I thought it was okay to start, told me how to open an account, recommended my stocks, and clearly remembered that it took 30,000 and half a year to make a profit of 33% (Changjiang Securities, Jiangyin Bank, and Guoyuan Securities I bought at the time), and then quit the stock market to continue working. I continued to enter the market until 2019. Later, because of the epidemic, I directly lost money, especially Ping An Bank, which lost 25% of its heavy positions (now it must be profitable). Money and leverage, I have no choice but to resist, but I also believe that this company is good, I have learned to be more cautious after losses, learned to find stocks, and I bought Follett and got a good profit, but I bought less, but For myself, I have learned to look at stocks, which is a kind of progress. For the long-term holding of companies that are more valuable now, as a friend of time, it is actually a good and wonderful thing to grow with the company you like. I also did options in 2016, and Xiaobai, who didn't understand anything personally, left the market at a loss. In 2021, because a friend opened a studio and received foreign exchange again, to be honest, it is really easy for Xiaobai who doesn’t understand anything to lose money, and many people will mislead you, so you must always have your own opinions and your own According to the logic of this world, you don't even believe in yourself. It is extremely unfair to you to hold your destiny in the hands of others. For the foreign exchange market this year, I have also gained a certain amount. It can be said that I have returned all the profits I lost before, and I have learned something. I have a better understanding of the market regardless of the technical aspect or the fundamental aspect. At present, many people are envious of my profits. These things come from the wrong "rewards" before. After all, I have been enjoying this process of losing money and carrying orders. This process has made me feel a lot of things. . Talking about the topic of giving up work to do trading, the best way for individuals is to work while learning to invest, because at least there is enough money to live, and the principal of investment is enough to support. In the past, a friend said that there are two ways to increase wealth: 1. Start a business by yourself (I tried this before, but I gave up because my health was not good enough and I was not firm enough) 2. Invest and let Capable people help you make money (stocks can be bought in better companies or funds. Forex market operations or asset management by yourself), but I chose the latter. Now the whole line has chosen to quit the industry that he has been in for 10 years, and start to face the new industry again. It is a turning point. For a new turning point, a person will face many problems, because the main source is trading to get more Of course, I also write articles to obtain manuscript fees. Although it is not much, I am very grateful to some platforms for their recognition and encouragement. If you blindly work part-time, I suggest that you can learn more about investment, so that you can at least walk with more "legs" for yourself, so that you won't end up feeling uncomfortable, especially when you are about to turn 35, which is very embarrassing. Memory and learning ability will also decline, and companies will dislike you without too much contribution. This is a very cruel reality. If you choose this path, personal advice: 1. Learn to stick to something, preferably what you like. It doesn’t need to be difficult, but continuous persistence will bring you a lot of feelings and truths . 2. Keep learning more, the times are constantly improving, only by constantly learning and exploring, curiosity will also bring you a lot of surprises 3. Keep a normal mind, try to concentrate on what you are familiar with, and maintain rational curiosity , Humble mentality. Investment should communicate more with peers, as Qiu Guolu said: joint research and independent investment are advocated. Mr. David Swenson pointed out that excellent investors have 6 characteristics: curiosity, self-confidence, humility, dedication, judgment, and enthusiasm (these words are summed up after reading books, and personal understanding is worth learning and practicing) Come on, traders! We will always be the best, because what we are doing now is what we like, and it is also a very interesting thing.
Mid-term and long-term exchange learning
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How to Trade the "Double Top" Chart Pattern Like a Pro

汇汇你
There are some trading patterns in the market that are widely used by traders all over the world and double top trading is one of them. This is the easiest and clearest way to identify potential sell trades in a trade. Most novices still have a blind spot for it. Let's talk about the double top trading mode in detail below. // identify the double top pattern A double top is a bearish reversal pattern that usually forms at the end of a bullish trend. Two consecutive rounded tops at about the same height complete the pattern. The first round top generally forms in an obvious resistance area. ①First high ②Second high ③Neckline What is currently happening is that buyers are trying to push the price above the resistance level at ①, but are unable to do so because sellers have entered the market. The buyers made a second attempt, but the buyers were unable to break through the new high shown at ② as the sellers again entered the market massively and overwhelmed the buyers. When it became clear that buyers were unable to push the price above the resistance level, the price reversed to a downtrend as more sellers entered the market. Note: Price must break the neckline of the pattern for it to be a valid double top pattern. Once you identify the pattern on the price chart, you can look for potential selling opportunities. // The psychology behind the double top pattern A double top pattern occurs at a major resistance area. This pattern suggests that when price action reaches an obvious resistance zone, buyers are afraid to buy because of the resistance. On the other hand, sellers will choose to sell in the same resistance area. After breaking out of the first high, the price action falls back to an important support area (the neckline), at which point the buyer trading psychology tends to strengthen buying to reach new higher prices. But when price action reaches the resistance area again, buyers fail to break new highs, sellers gain control, and price action begins to move in the opposite direction, forming a double top pattern. // Double top pattern – trading strategy There are two ways to trade the "Double Top" chart pattern. To make sure the strategies we share are the ones that work, we backtest them again and again. 1. Double top pattern + bearish pattern Traders in the market widely use a variety of bearish patterns, the most commonly used bearish patterns include engulfing pattern, evening doji, shooting star, three crows, etc. This strategy is to identify the bearish formation of the second peak. If you find any of these, you can go short. Make sure to place your stop loss above the resistance line. recognition pattern In the EUR/JPY chart below, the formation of a double top pattern can be clearly seen. As shown in the chart below, the price action showed a bearish engulfing candle pattern immediately after the second top. This shows that the sellers have fully absorbed the buyers and it is time to go short. Stop loss and take profit placement Entering the market at the close of a bearish engulfing candle with a stop above the resistance line is the most logical way to maximize profits, once this is spotted, the price action has little chance of going up. As mentioned earlier, the first take profit is at the neckline of the double top and the second is at the double of the entire pattern. It should be noted here that please determine the position of the target price according to your trading style, and you can also close the position anytime and anywhere. 2. Double top pattern + RSI In this strategy, pair the Double Top pattern with the RSI indicator to identify accurate shorting signals. RSI stands for Relative Strength Index and it is a momentum indicator developed by J. Welles Wilder Jr. in 1978. When the indicator reaches the 70 level, it indicates that the market is overbought and when the indicator reaches the 30 level, the market is oversold. The strategy is simple, when the price action hits the second peak and starts to oscillate, look to see if the RSI is in an overbought market condition. If yes, it can be considered a potential sell signal. recognition pattern We have identified a double top chart pattern in the GBP/CHF currency pair below. In the image below, we can see that the first and second peaks of the pattern are very strong. When the price action approaches the second peak, the price immediately falls and the RSI is in the overbought area, so it is safe to short. Stop Loss and Take Profit When the conditions are met, you can go short, set the stop loss above the entry , and take profit in the support area of ​​​​the higher time frame. Overall, this is a trade above 100 pips, and if there is not enough room in the support area, it can be closed when the RSI reaches the oversold area. in conclusion Trading up and down patterns is an easy way to make money. Some models have greater hidden risks, but the double top does not. It offers some of the best risk reward entries, and this pattern works on all trading time frames. Finally, I would like to remind all traders to make sure that they truly understand the logic behind the model before trading , so as to avoid unnecessary losses. Good luck with the transaction!
Forex Knowledge Encyclopedia
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Trading will inevitably be affected by various interruptions, how to control emotions?

jiaoyi golden eagle
Seeing this topic reminds me of an experience in the first two years of my career.At that time, two positions of 10,000 US dollars had been exploded, and the third position was deposited with 5,000 US dollars. After a period of hard work, after a failed layout, I got only 200 US dollars left. At that moment, I suddenly collapsed and stared at the 1-minute chart , After swiping the $200 to $2, it gradually calmed down, and there was an inexplicable pleasure like venting revenge... Thinking about it afterwards, it is really important to control emotions during the day. I just didn’t control my emotions before and let it flood; although $200 is not much, it is enough to go out for a “big meal”. Fortunately, there is only $200 left. If it is $20,000, I really don't know what will happen. ​ There is a line in the classic movie "The Godfather": "Don't hate your enemies, it will cloud your judgment." Hate is also an emotion, no matter what kind of emotion, as long as there is emotion, no matter who is affected, it is difficult to make an objective judgment. In daily life, if we do not know how to control our emotions, it will bring harm to us or our family members, relatives and friends, and sometimes even disasters; In trading, if we don't know how to control our emotions, it will make us lose the objectivity of market analysis; if it is serious, it will directly lead to a major loss in the account and affect our net wealth. Therefore, learning to control emotions is very important. So how do we control our emotions in trading ? First, rehearse the market, formulate various countermeasures, and strictly implement them. 1. Before the market, conduct a rehearsal of all possible situations in the market, and then formulate various countermeasures. For example, what if the market rises slightly? What if the market goes up? What if it is a sideways market, a small drop, or a big drop? Do you want to enter the market to do long? short? If so, where should the stop loss be placed? If there is an opportunity again after the stop loss, do you enter the market again? Assume all possible situations and make a plan, the more comprehensive and detailed the better. 2. When you have a plan for every possible situation, then when they actually appear, you only need to strictly implement them. At this time, you will be very calm and the possibility of losing control of your emotions is very low. Second, I have summarized a set of models of "Teahouse Visiting Sister" to share with you. As above, after preparing the plan every day, there are actually fewer mood swings; but sometimes, even with various plans, perhaps due to continuous stop loss, or some other reason, we still occasionally appear Emotional fluctuations, at this time we should use the "Teahouse Visiting Sister" model. 1. "Tea" - Awareness If you first learn to be aware of your emotions, it will be easier to manage your emotions. It is much easier to kill negative emotions in their cradles than to wait until they flood. It is not easy for most people to be aware of their emotions. However, as long as you actively want to change, you can do it with practice. At the beginning, when you encounter things, you are not aware of the occurrence and development of your emotions, and you will only find out that you have not managed your emotions well afterwards; after a period of time like this, suddenly, before your emotions are about to explode, You will be aware of it; and then after some time in the cycle, every time you encounter something, you will be able to easily perceive your emotions, and then manage them with ease. 2. "Pavilion" - Management When you are aware of your emotions, the next step is to manage it and control it; the best way is to leave the computer desk and the market first, and do some other things. Or not in trading, but in life, the same is true. When you encounter something that generates emotions, manage your emotions first, and then leave to do other things to calm yourself down. 3. "Explore" - explore To explore the real reasons behind your emotions. For example, 10 consecutive stop losses make you very angry; after you leave the market, ask yourself, why are you angry, are you angry for making mistakes 10 times in a row? Or angry at losing money 10 times in a row? Or other reasons, and so on. If it is the former, explore why you did it wrong 10 times in a row? Keep digging until you find the real reason. If the latter, ask yourself, do you just want to make money, or do you want to be a good trader? How can you make money before you become a good trader? In short, keep exploring until you find the real reason. In life, it is the same when encountering other things, until the real reason is explored. 4. "Sister" - solve When you find the real reason, it will be relatively simple, aiming at this problem, find a way to solve it. Everything is difficult at the beginning, and it is difficult to practice controlling emotions at the beginning. You can also use this model to practice continuously in your life. As long as you have the determination and work hard to change yourself, there is nothing you cannot do. And when you finally learn to control your emotions, whether in trading or in life, you will experience true freedom! ​If you like this article, please pay attention, like and encourage it, forward it even more~~
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Have you ever encountered a situation where the platform does not give money? How should I get back my own handling fees and commissions?

一生一世烟火迷离
First of all, sympathize with what happened to you. The fact that platform operators cannot withdraw funds is disgusting, but it is undeniable that this is a common occurrence in the current industry, especially in some small-qualified platform companies. If the platform provider refuses the withdrawal request, there is a high probability that the funds may not be returned. It is recommended that you report to the police and file a case in time, and seek legal assistance from the police. However, don’t hold out too much hope. Such companies generally have foreign fund accounts, and the funds are usually transferred to foreign countries at least Hong Kong immediately. Therefore, such cases are all transnational cases, and the public security department needs to investigate, execute and handle the case for the time being. will be restricted. Regarding the return of handling fees and commissions, I think that if the principal cannot be recovered, there is little hope for these two items. The foreign exchange market is still in a gray area in China, lacking laws and regulations and government supervision, and many people take advantage of its industry defects to do illegal and criminal things. Therefore, it must be an extremely prudent and wise thing to choose a trading platform. Don't be careless and transfer your real money into other people's bank accounts for nothing. At present, there are four common foreign exchange regulatory agencies, the United States, the United Kingdom, Australia and New Zealand. Among these four countries, the United States has the strictest regulation, with a maximum leverage of 20 times, which is generally applicable to the Chinese market. The second is British regulation. For platform operators, we may pay more attention to the country where the license belongs to but ignore the type of platform operator's license. There are mainly the following types of UK licenses: l STP - bank quotation l MM——Market Maker Quotation l ECN——Electronic Quotation l EEA - the European Union I will help you understand the difference between these four license plates in layman's terms, so that you can distinguish them. 1. STP license It is a quotation method that has emerged in recent years. Platform operators can hold client funds. This is an agency method allowed by the British regulatory agency, but there are certain higher requirements for the qualifications of agents. Platform operators connect with foreign banks, and foreign banks then connect with exchanges. Therefore, the quotations from exchanges to foreign banks, to platform operators, and finally to you must have price differences and fluctuate. There will be a time difference, which constitutes a certain dot situation. Advantages of STP: Because of the supervision of both British institutions and the restrictions and audits of foreign banks, this type of agents are relatively well-qualified and authentic, which ensures the safety of investors' funds and the safe access to funds. account. Disadvantages: Due to the requirements of bank supervision and capital volume, the transaction cost is higher than other transaction methods. 2. MM license This is a market maker license. The market maker license directly connects to foreign exchanges, and platform operators can hold client funds. This is an agency method allowed by the British regulatory agency. On the other hand, this is also the root cause of some platform operators going astray and misappropriating customers' funds, thus committing crimes. Therefore, when choosing a platform company with an MM license, it is recommended that you be cautious and try to choose a high-quality platform, which is the greatest protection for your funds. Of course, because of the direct connection with the exchange, the cost of each transaction will be relatively low, and the frequency of marking is very small. 3. ECN license The quotation method of this license plate is electronic quotation. That is to say, each customer's transaction order is directly connected to the buyer and seller through the network, and the platform provider does not take over the customer's funds. This delivery method is very popular now, because the platform provider does not touch the client's funds, which protects the traders' funds from loss. However, the disadvantage is that the dots are serious. After the buyers and sellers of the electronic platform are selected by the network, the market will fluctuate accordingly, and there will be new quotations after the transaction between the two parties. Therefore, dots are often caused. 4. EEA license This license is a transitional agreement temporarily signed after the UK and the EU leave the European Union. Because the United Kingdom is the main financial trading country in European countries, the Brexit referendum has had a considerable impact on the financial industries of the United Kingdom and the European Union. In this context, the EEA guarantees that traders, especially those from European countries, can trade normally on the London Mercantile Exchange Transitional agreements entered into. Comprehensively commenting on the above four British license plates, it is not difficult to find that each has its own advantages and disadvantages. I hope you can choose a platform provider based on your own capital situation and trading strategy preferences. As for Australia and New Zealand, I personally do not take it as my own consideration. I hope the above content can be helpful to you. To do transactions, you must understand all aspects, especially matters related to funds.
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I resigned yesterday, due at the end of the month, I want to do trading full-time, but I don’t know how far this road can go?

潇丶雲
foreword "Life is told at different times by people with different criticisms: you are still just a fool"​ The questioner did not share all of his own situation, but just threw out one: the idea of ​​resigning and trading full-time. We all know that there are many great opportunities in the trading market, and there are even many famous sayings in the investment circle "Either a young model in the clubhouse, or go to work in the sea"​This irrational golden sentence with a certain sense of humor also reflects that there are many irrational and fanatical traders in this market. Trading = making money? ​ ​Trading = making money? Although it is superficial, it is true, but trading is not only about making money (there are many things to understand). I believe that many people who do trading only want to make money, and they have nothing to do with themselves after making money or during the process of making money. Is there any other fun to dig. The final result of blindly viewing trading as making money is that traders cannot get out of the vicious circle of the middle class . In the process of full-time trading, the author, like everyone else, just wanted to make money quickly at the beginning, and ignored the feelings of many people around him, and even became addicted to the trading road and derailed from real life. This is not advisable, because we are not robots, we have emotions and desires to release our nature occasionally, trading to make money is only part of our life, and when we first started full-time trading, the income fluctuations are very large and have a great impact on real life. To make money from trading, you need to invest the money you earn in yourself. Everything we do is investing in ourselves. It is the right way to solidify the return on investment and use these to expand your circle. ​​​​Resign ? ​ ​ The questioner's resignation itself is a result of the boredom of his own work, and his work income cannot satisfy his inner desire. If you are still young, I highly recommend resigning. People must bravely step out of their comfort zone and their original circle, and go to the outside world to see poetry and distant places. For example: When the author used to work in a securities company, no one around me was better than me in stock selection or trading. Naturally, I will become a "salted fish" who can trade in this comfort zone. No goals, no competition, fishing every day. Going back to our real life, I believe that many elders who are older than us start to instill in you that it is good to be healthy, and it doesn't matter whether it is money or not. In fact, after I met some excellent entrepreneurs, I found that rich and capable people are thinking about how to make money all the time, while most of the "sub-middle-class people" who have been swept away by social waves are indoctrinating me. "Health is good, it doesn't matter if you have money or not." Those who are capable will naturally work harder, and they will increase their experience and improve their abilities while they are young. Therefore, my opinion on resignation is: resign boldly, learn more and get to know more powerful people. ​Full Time Trading ​​​​I believe that many people must have a cognitive bias towards full-time trading, and there are many different choices on the road of full-time trading. First of all, when you choose the path of full-time trading, ask yourself: Is your trading systematic? What is a system? 1: Trading plan 2: Trading ability 3: Analysis and elaboration ability 4: Risk control ability 5: Asset management ability​ A trading plan is a must for a full-time trader. The market changes silently. Why establish a trading plan ? Because when establishing a trading plan, it is not only a profit plan but also a module for trend judgment, that is, if you judge that the current trend is downward, you should take good care of all the downward trend orders, and it is understandable to occasionally make a guest appearance in the multi-party market. Trading ability is the highlight of full-time trading, because this ability is to judge whether you can complete transactions independently and support yourself. So when you choose to trade full-time, ask yourself, can you survive by trading without all the assistance. Analysis and elaboration skills and risk control are actually relatively tasteless, but they are also one of the required courses. It was mentioned earlier that full-time traders have many directions. Simply relying on trading requires a lot of trading skills, and the nerves are very tight and it is easy to make mistakes. Another direction for full-time traders is to realize cash from lecturers or form a traffic circle. It is definitely more practical to make money lying down than trading. After all, these are passive incomes. If the abilities of the two are not well tempered, you simply cannot customize a trading module for the client. The asset management ability has risen to another dimension, and this ability is dispensable, purely depends on personal preferences. ​ The questioner wants to know how far he can go in full-time trading, so first ask yourself what kind of abilities do you have above? If you are young and have the time cost of making mistakes, you can try full-time, because you will only be down-to-earth if you try. If you already have a family to you, don’t take this risk for the sake of your family. The road of full-time trading is very similar to the current trading situation: there are cattle casuals every day, and there are not many long-term casualties. Trading is a place to create wealth and create dreams. Ability controls money, and structure limits ability. Don't let yourself be a "salted fish" in your comfort zone. After a long time, the salted fish will not be able to swim and will not want to look at the sea. On the way to see the sea, you must learn to arm yourself. The crisis in the deep sea is ruthless.
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What are the common operating modes of thousands of trading studios, and how do they support themselves?

汇海游侠12
With the continuous enhancement of the concept of domestic financial management, people's investment needs are also developed, which invisibly promotes the rapid development of currency transactions in China, and those with stable profitability or customers' funds need to be managed A group of people started to set up their own trading team. The studio model is a simple and efficient mode of operation. Compared with the form of forming a company, the studio can not only effectively save manpower, but also greatly reduce the initial capital investment. Regardless of the method of asset management or the model of the studio, its basic business model is brokerage business and customer sharing. Often with three or two people as the core, on the basis of certain transaction capabilities, externally undertake customer funds and channel funds, and use order swiping and net profit as the business model. In 2018, I joined a newly established asset management company, not so much a company, its actual scale is actually similar to that of a studio. There were three players in the early stage, and an EA team was directly recruited in the process of looking for EA later, so that the overall size of the company was only about ten people. Therefore, the trading at that time was mainly carried out manually and EA simultaneously. Due to the substitution of EA, the work has been subdivided. For manual operations, according to the trader's trading habits, EA operations need to be divided into three shifts for risk monitoring. In the past few months, the operation has been relatively smooth. EA and manual can maintain a stable income of more than 10% every month. After seeing the hope, the boss at that time continued to inject funds. However, at the end of 2018, a wave of large unilateral market conditions in the gold market caused both manual and EA operations to lose nearly 50% of their funds. In fact, in the early days of the company's establishment, I formulated a series of risk control plans, but when the account needed risk control, due to the indecision of the boss, the risk control system was useless, which led to the company's immediate closure. Good luck. Through this experience, I realized that if you want to be a currency studio or asset management, you must have a strict and clear division of labor, especially for risk control positions, which must be strictly implemented in accordance with the established risk control system, and other people must not interfere . Only when the division of labor is clear, each performs its duties, and fulfills its responsibilities, can the account survive, and the account survive, and the studio can have a longer-term development.
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Can retail investors make money by imitating the single-handling methods of large institutions?

sober is the loneliest
For this question, I would like to reply with two words: Hehe. First of all, you have to make it clear that it is not that retail investors are fighting against large institutions, but that large institutions are mostly fighting against retail investors. Think about it, where can retail investors see the order layout of large institutions, and go against it? And large institutions can clearly see the orders of retail investors, but this is actually okay. In the foreign exchange market, no large institution has the ability to manipulate the exchange rate trend alone. Therefore, it is not a matter of losing money by doing it right. In addition, if a large organization tells you the location of the order, will it definitely make money? It is also whimsical. Nowadays, many statistics websites will count and publish the transaction orders of some top investment banks, but you can follow along and try to see if you can make money? It can be seen that the orders of investment banks actually have a basis for cyclical and market entry, whether it is a long-term order, a medium-term order, or a short-term order; is it based on technical aspects or technical aspects; and can ordinary retail investors clearly position themselves? Besides, different investment banks have obvious differences in the analysis results of the market, so the types of orders are also different. Who are you with? The huge amount of funds in investment banks can allow them to withstand large adverse fluctuations in the market, while ordinary retail investors may be able to bear 300-500 points before they will be wiped out. To imitate, you must have a similar temperament to be successful. Star face can be useful because it looks like a star. So you imitate the order of the institution, what are the similarities between you and the institution? Is there the same amount of funds? Still have professional analysis? Or have extreme patience? If not, then give up this unrealistic idea as soon as possible. In addition, large institutions do not necessarily make money; when the market is bad, you can see how poor the performance of institutions is. These are obvious facts. This big market institution is indeed the main force, but there is not only one institution, and not all institutions are of one mind. What is the difference between thousands of institutions trading in this market and thousands of retail investors? Therefore, study your own trading system well, do a good job in your own risk control and mentality management, and don't care about what others do.
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How do you become a master trader?

chief sleep expert at ma jiao institute of technology
First of all, it is stated that Mazhu is not a master of trading, but at most a trading writer. Just like a world champion does not necessarily make a good coach, and a good coach does not necessarily have to be a world champion, you do not need to be a good trader first to be a trade writer. The reason why I write trading articles here with a lot of losses and licking my face is because I believe that the lessons of failure are more useful than the methods of success. If you don’t know where the right path is, it’s better to rule out the wrong direction first. So I insist on sharing some of my gains, hoping to give some help to other friends. Martial arts rookies imagine that martial arts masters have eight hundred rounds of sword light and sword shadow. In fact, top swordsmen only have three movements, drawing the sword, swinging the sword, and retracting the sword. They practice a thousand times a day. The master just repeats simple movements. Ornamental. In fact, professional traders do not have any inscrutable theoretical system, no mysterious and complicated trading cheats, and no fancy chart analysis; Using the simplest signals, it’s time to enter the market, it’s time to exit the market, and it’s time to stop the loss; they just repeat the simple things over and over again, if they make a mistake, stop in time and wait patiently for the next time, if they win, stop in time and wait patiently next time. The process of becoming a trading master is actually four words, back to basics, but it is an extremely painful process. To learn other things is to do addition, you have to learn this and that, but to learn to trade is to do subtraction. This kind of subtraction is not just a direct subtraction, but you must first learn, know, use, and compensate. Once you know it’s not right, you will be able to reduce it. Because trading is not a martial art, not a science, there are no fixed routines and standard theorems for you to use, you have to spend a lot of time and money to keep trying, when you try all the mistakes and experience all the losses, All the liquidation tricks have been exploded once, several times of insomnia, several times of depression, several rounds of slapping yourself, smashing several monitors, and even wandering around the rooftop a few times, you have the ability to become a trading master possible. The most painful thing is that the process of learning is often "mysterious scriptures are empty and bright, and it is useless after learning". The lost youth and lost money are only exchanged for weird ideas in the head, how can people be reconciled? ! It is precisely because of this unwillingness that most traders are always struggling with losses. The process of learning how to trade and do subtraction is the process of constantly summing up experience and lessons. Although there are many low-handed traders like Mazhao who sincerely summarize and share their history of blood and tears, there will still be many friends who have not recalled it and still have difficulties in doing this subtraction. Because people always remember to eat but not to fight, and they can’t let go of luck and fantasy. In reality, people who trip over the same stone twice are fools, but there are many people who trip over the same stone ten times in trading. High-frequency trading, trading against the trend, leaving when you see a profit, increasing positions at a loss, carrying orders at a loss, placing random orders, guessing tops and bottoms, chasing ups and downs... novice traders can trip you up in the direction of progress There are countless stones ten times, each of which can break you again and again, if you can move them away, you can become a master trader, if you are always tripped by them, you are doomed to the ultimate The target is missed.
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