6 Aspects To A Successful Trading Plan
What is a Trading Plan? How do you make a Trading Plan? What goes into a Trading Plan?
When first starting off in Trading, it can be daunting, which is why HTA thought it would be a great idea to bring you a course that introduces and builds upon how a new trader should approach the market.
To summarize, there are 6 key points to a Trading Plan:
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Find An Edge - Why is an edge important? Itâs your way to become profitable. Thereâs a million ways to make a million dollars, you have to find the one that works for you. You have to know what you want to see in the market. Find the right trading style for you. The edge is the way you can get in and out of the market.Â
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Build A Watchlist - Why is your watchlist important? What are you looking at? A watchlist is basically what you are looking at that matches your edge. A Watchlist is provides you with the ability to catch the profitable opportunities.
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Identify Market Conditions - What are the conditions of the mar...
How To Get Out of A Trading Slump
Overcoming the Psychological Hurdles of Trading: Insights from Glenn
Trading is as much a test of psychological endurance as it is of chart wisdom. The journey has its highs and lows, and perhaps one of the most challenging experiences for traders is navigating through a trading slump. In this video, Glenn addresses this very issue, offering valuable advice on regaining confidence and momentum in trading.
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Understanding A 'Trading Slump'
A trading slump often follows a series of losses, also known as a trading drawdown, leaving traders feeling fearful and hesitantâso much so that some might not engage in trading for weeks or even months. This period is typically characterized by a lack of confidence, where traders become "gun-shy," afraid to make decisions or "pull the trigger" on potentially profitable trades. - The fear of extending the losing streak looms large, paralyzing traders into inaction.
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The Path to Recovery: Confidence > Profit
Glenn emphasizes a crucial
...Gambling VS Trading
It's funny how in the Mainland U.S., there are ads that run "Win a trip to Hawaii!!" and the question that I've been asked before is: "if people win trips to Hawaii, where do Hawaii people win trips to?" Well, that answer is Vegas, baby! - The unofficial "9th island". And what else do locals find themselves doing? Gambling..in hopes to win thousands of dollars off luck.
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Now, we aren't saying you won't make money off luck. We also aren't saying there's no such thing as professional gamblers. However, if you ask these professionals if they are gambling, their answer without a doubt would be no...they have an edge.
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A few key points that make a difference between gambling and trading is having an edge. This edge can come in a variety of ways: experience, edge, risk, time in the markets. But, to keep it simple an edge is something that can be proven to have a success rate through probabilities. Probabilities is one thing more likely happening than another. Professional t...
Bitcoin & Crypto Legalization
What do Ukraine and El Salvador have in common?
Besides the death penalty being abolished, in recent news they have both Legalized Bitcoin as a legal tender for purchasing goods and services. This is a huge deal because as more and more countries jump on board the crypto sphere, and with only a limited number of tokens being able to mine (21 million), it's only a matter of time before the world adapts and allows the currency in what some would say the next evolution of humanity.
What do you mean Bitcoin is the next evolution of Humanity?
Well, with the blockchain technology there are more pros than cons.
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Some benefits of Bitcoin:
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Biggest reason is: Bitcoin is Decentralized.
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Bitcoin also:
- Provides anonymity while also being able to trace each purchase from wallet to wallet (no shady stuff)
- Bitcoin is easy and effortless to use; think about it like using Apple Pay.
- Bitcoin is pretty much inflation proof as there is limite...
7 Books For Trader's
I believe reading is a wonderful way of expanding our consciousness and changing our mundane paradigms. Reading has the power to invoke emotions that can lead to action and change. If we spend 8 hours looking at the charts then we need to spend time educating ourselves double that. The only way you can become the best trader (person) you want to be is by continuously learning.
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Here are a few books I believe can help any level of trader. No doubt, these titles have changed the way I trade for the better and have helped me remain accountable and staying disciplined with my trading rules.
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TRADING IN THE ZONEÂ by Mark Douglas
Trading in the Zone or, as I call it, âThe Traderâs Bibleâ, guides you from beginner concepts to intermediate traders to advanced concepts and ideas for those who have been in the field for years. After 6 years of first discovering it, I still make an effort to read it through at least once a year because although the lessons are clear and concise,...
6 Trading Truths
6 Trading Truths all traders should become aware of!
1) TREAT TRADING LIKE A BUSINESS
2) FOCUS ON THE LONG GAME
3) FIND YOUR EDGE
4) KEEP YOUR MENTAL CAPITAL FULL
5) DON'T TRADE WITH CAPITAL YOU CAN'T AFFORD TO LOSE.
6) PSYCHOLOGY, MONEY MANAGEMENT, STRATEGY.
Trading isn't just about picking placing trades and watching charts; it's a whole lot more. It's like a game where the rules are a bit fuzzy, and the playing field keeps changing. But here's the good news: there are some solid pieces of advice that can help you get better at it. Whether you're just dipping your toes in or you've been at it for years, here are 6 tips to upping your trading game. So, let's dive in it!
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1. Treat Trading Like a Business
If you are taking trading serious, you're going to want to start taking trading serious. This means having a game plan that spells out what you want to achieve, how youâll manage risks, and keeping track of all your moves - win...
Trading From Your Phone: PROS And CONS
Can you trade with your phone? Itâs possible. Yes. SHOULD you trade on your phone? NOT RECOMMENDABLE.
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Cellphones have been around since the 1970âs but the first smartphone to hit the public market was in 1994 by IBM. It was a new age of multiple tools being consolidated into one, portable device. Enter the advent of the modern internet in 2000 where the internet became easily accessible.Â
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Fast forward to 2007 and the release of the iPhone changes the mobile market forever. It changed the way we used apps and accessed the internet, more importantly, stocks. With the default Stock app pre-installed on apple devices, anyone who purchased an iPhone could easily pull up a ticker they were interested in and find out what a company was valued at.Â
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Today, high-speed internet in the form of 5G and upgraded computer processing, the smartphone is here to stay and has revolutionized the way current society functions. Itâs no wonder why trading from your phone has ...
TYPES OF MARKET ORDERS
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Aloha! We are Glenn & Reid, founders of Hawai'i Trading Academy.
Our Mission: Empower & nurture traders.
Our Ethos: Integrity and transparency guide us as we focus on the essential pillars of trading success: Risk Management, Edge, and Psychology.
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Create Your Own Success In The Markets.
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Ready to take the leap to get funded? Click the link below!
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For more information about Trading Education in Hawaii, visit our links below:
Discord: https://discord.gg/8fpwNy7d3n
Bootcamp & Trainings: https://training.hawaiitradingacademy.com/store
Website: https://bit.ly/HawaiiTrading
HTA TV: https://bit.ly/3sLQpnI
Podcast: https://spoti.fi/3wfbqF7
Youtube: https://bit.ly/HTAtube
Instagram: https://bit.ly/HTAig
Facebook: https://bit.ly/HTAface
Twitter: https://bit.ly/HTAtweet
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Mahalo for reading....
Entry Orders VS Market Orders
TIP:Â Using entry orders helps avoid forcing trades.
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What are entry orders?
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What are market orders?
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What's the difference between Entry and Market Orders?
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WHY ENTRY ORDERS MATTER:
 â No unnecessary losses. Â
â You arenât forcing trades.Â
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Entry orders â applying patience in letting the market gently slide into your entry, rather than forcing it on live trade just because of one massive candle on the hourly. With an entry order, the market will let you know if you were correct in your short/long bias.
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Market Orders â although acceptable in certain situations, is not a style I support for new traders. Market orders are live orders that trigger immediately after you click submit.
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TAKE A LOOK AT THIS TRADE FOR AN EXAMPLE OF HOW AN ENTRY ORDER SAVED ME FROM AN UNNECESSARY LOSS: NZDUSD â https://www.tradingview.com/x/8CsMg8NR/
1hr in a rising wedge which is a potential trend change to the downside. However, 1hr and 4hr 50...
8 Common Trading Mistakes
The most challenging part of trading comes down to a disciplined mindset. Here is a list of 8 common mistakes traders may experience and ways to thwart a few misconceptions:Â Â
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1) GET RICH QUICK
 Whatever market, trading is NOT a get-rich-quick tool. The market is abundant and money will come, in time. But, going in with a money reward standard for each trading session will not only make you susceptible to blowing an account but extend the timeline before you are consistent. Understand that this is a game of patience and subscribing to a âsignal serviceâ will not bring you financial independence.Â
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2) STICK WITH ONEÂ
Subscribing to multiple methods may disrupt a traders frame of thought. If the current system isnât working out, blaming the course and jumping onto a new course is the seed of deceit. Re-learning a course will take longer and can be a hindrance to a traderâs career. Instead, stick with one trading system that has a good track record, ...
