THE ETHICAL CODE OF THIS POST....
This is NOT about discrediting 'HONEST' Tradingview members.
It is a 'HOW TO' and cautionary advisement, some topics may be unpleasant.
Draw your own conclusions, supplement with your own research.
If you appreciate the work, add a LIKE.
Feedback is welcome... if helpful, on topic and NOT antagonist.
Several TOP AUTHORS commended this work and now follow.
If you participate in the chat area, you are also flattering the work.
Finally, this is a HUGE project in progress... be patient.
May have to recopy/post a few times before it gets a permanent home.
When I was new to Tradingview...
I was severely overwhelmed, somewhat lost.
Took months to figure out what was going on, who to trust, what to do first.
You probably viewed my POST because...
- you are eager to learn.. and if possible, only from the best
- you want profitable trades, most of the time, enough to make a living
- you want all this... NOW ::LOL::
My goal is to help you avoid the mistakes I made when I was new.
Anyone can provide great direction, but you still have to do the work.
-- LET's BEGIN with the MOST IMPORTANT RULE of TRADING --
***Trading is BOTH Psychology and Methodology***
- The 'state of mind' of the trader is everything in cyrpto trading
- but methodology is what improves your odds of making money
Although methodology includes TA (tech analysis)...
TA is incomplete and there are other methods that work well.
Many methods can be used in combinations.
If anyone tells you otherwise, thank them and be on your way.
You should read EVERYTHING here in sequence...
If you skip something, just ONE little idea or a few paragraphs...
you will kick yourself when you start losing money and realize the info
you need was skipped over. THIS HAS HAPPENED TO ME.
Facts about myself:
My 75% success in trades generates big profits; they exceed my living expenses.
I knew NOTHING about trading when I first started and I paid the price.
Opening a local day trading school, but I promote ETHER over BTC.
Follow BTC intensely; it predicts ETHER movement.
Do not consider myself an expert in TA, but I am one of the best traders I know.
Formerly a trusted and respected psych therapist.
Once owned a finance company with 100 brokers.
Currently an IT pro; hired by bond trading rooms, etc.
In spite of all this: I still need GOOD TA from others to 'check' my baselines.
Sometimes I am just wrong and need challenging ideas.
Now following 27 members, some are top authors, some are small.
Not everyone I follow does good TA; I study good vs bad characters for my own reasons.
My 'therapist nature' motivated me to share this post.
Wisdom: The more you give in life, the more you are rewarded.
SECTION 1 - How to FIND great 'IDEAS' on TRADING VIEW
Tradingview uses a secret formula to identify top publishers of the day, week and month.It is based on categories, not just performance.
There is NO quality control with this method. The more times someone makes the top author box, the more they cement their rating.
It is very helpful, but beware its shortcomings.
After your first login to Tradingview, bookmark the URL to your browser bar:
Under the TOP Authors in Tradingview, are vertical columns of the most recent posts. These are usually NOT top authors:
- Browse visually; then open the IDEAS of those that interest you
- Select 'FOLLOW' on those members that grab your interest
- Your limit is 30. After 30, botton members vanish without warning
- Member posts show on the right sidebar (click LIGHT BULB icon above BELL icon)
- Once your list hits 20, start unfollowing the less valuable ones
- Edit your email and notifications for what they publish
- DO NOT overwhelm yourself (example: I stopped emails and read my sidebar)
Guidelines on what to say in IDEA Rooms...
Following others is a great way to learn.
As you know, you click on their IDEA to see their first chart.
Observe the date... but note where the price is currently.
Read everything, even if you do not understand it all.
This drills terminology into your head... repetition is good.
Below the last 'comment update' by the author...
There are conversations that flow -- with most recent on top.
Scroll down and read ealier conversations.
Next.. return to the newest comments and try to participate.
Always look at the ratings of the person you speak with (click their name)
When you are new, it is best to ASK questions.
What, where, how and why; pretend you are a journalist.
Do not advise unless you're a PRO at your topic.
When you get answers from others, realize they may be right or wrong.
Those who KNOW are more rare than many who think they do... and don't.
Never be rude, never use bad language.
If you disagree with someone, be respectful.
Isolate the idea, write clearly, do not attack the person.
If someone attacks you personally, they are damaged, do NOT forget that.
If you see bad language, click the FLAG by the comment and report them.
DO THIS EVEN IF THEY ARE NOT SPEAKING TO YOU.
SECTION 2 - How to single out the GOOD Idea Authors
Member popularity is not a gaurantee of quality work.
Thus this section is one I do NOT like discussing; but it's my ethical duty.
There are many great authors on here... and just as many with poor skills or hidden agendas.
To find the best forecasts and advice, you must do your own emotional profile of the author. Fact: Trading is HALF psychology. This is why bad guidance can impair your chance to make good profits.
Statistically, 85% of Tradingview members are well intentioned people. However, as an experienced online community expert, I suggest systematic scrutiny for those offering trading advice. The following methods can be applied to members AND authors.
***PART A - Most Important Character Traits
-- Relaibility and Accuracy
(Note) Trades that profit 70 % of the time is your goal
Do you track the author's forecasts?
Do they 'play out' as shown on their chart?
Is their focus on details/strategy... or emotional hype?
What percentage of the time do they reach their target?
How often do they come within reasonable range?
Does the author publish on a regular basis?
Do they comment on important price action events consistently?
Do they publish at times it matters most to you?
(Note 1) Too much ego can ruin the integrity of an author's work
(Note 2) You end up with a rant instead of an analysis
Writer veers off original topic before the conclusion is drawn
They talk about themselves and emotional content.. often
Sentence structures are hard to follow (they ramble)
You are told HOW to think, instead of led to think for yourself
They say they LOVE YOU too often. Seriously? That's not genuine.
A writer may come off as RIGID or arrogant when:
They reply to your comments with hostility
-(let us assume you did NOT provoke them)
They shame you for considering methods they dislike
-(even if accepted by others)
They rush to discredit you
-(be ready to back your claims with GOOD research)
(Note) Deniers believe their own fabrications
A denier never admits being dead wrong
They act as if their errors never happened
Their charts rarely show alternative price action plays
Price movement in their charts are vague
Deniers invent stories/fake facts to hide their mistakes
A good trader NEVER tells you exactly when to buy
It's fine (and legal) if THEY tell you when THEY buy or sell
Fake TA; which is more rampant than you think
***PART B - Secondary Assessment Points
(Note) We ALL have an agenda. Making a Profit.
Agendas are wrong when it promotes abuse:
Some web sites pay bounties to advertise crypto and ICOs.
They reach out to top web authors and offer commissions.
Authors may also own businesses that feed off what they publish.
ALL ARE OKAY.. if they state risk and have ZERO MISREPRESENTATION.
MISREPRESENTATION can include 'fake' TA to persuade a purchase.
(note) Everyone has bias, even those who try to be objective.
A great author identifies their own bias.
Bias is not condemned when it ends up being correct in the final result.
This still does NOT make it OKAY.
Bias is BAD when it influences your decision and said outcome turns out incorrect.
Bias always skews TRUE results.
Real science tries to eliminate bias in all valid experiments.
Authors can use big terms and intimidating charts.. but
THERE IS NO GUARANTEE it's GOOD TA
Common sense and experience often 'trumps' science sense..
... but many TA pros will DENY this. (Ego or Agenda is their problem)
YES - YOU CAN BE A PROFITABLE TRADER WITHOUT KNOWING EVERYTHING.
A super intelligent author may be a great person.
Some are opposite and behave like arrogant children.
A petty, bratty child is rarely ETHICAL, so be warned.
-- Sociopaths or Mental Disorders
(note) Online, you lack a dozen clues that help you see it quickly.
Researchers recently concluded many business owners are sociopaths.
They just want something from you.
Folks with mental dysfunction can be eager to chat, but rarely listen.
Somes project their faults onto a 'target'... and provoke you.
You'll know if they are crazy because they cannot reason well.
Don't call them crazy, just say you are done with chat.
Then block them.
SECTION 3 Psychology (Mind Set) of the Trader
Some of you might want me to rush into how to...
- Select an entry price point for a trade
- Establish a trend for the day
- Spot a reversal of a trend
- Learn to do your own TA
- Recommend an exhange or tools for trading
NOT YET.. unethical without covering MIND SET first
Establish what kind of trader you want to be...
Enacting a trade once in a while is not a big deal
Swing Trading or Trading on occasion is stressful
and DAY TRADING... you WILL tear your hair out!
It is also more exciting than a roller coaster
You will lose sleep and lose weight (at least I did)
If you follow my guidelines for trading you will..
-- Master the rule of 20/80
(No one in crypto teaches this but myself)
(I learned it in mathematics and marketing classes)
-- Learn to stay CALM during big uncertainty
-- Better handle the 'Fear of Missing Out' (FOMO)
-- Become more confident in your trades
-- Make good money over and over, while losing less
-- Develop your own GOOD method for trading
TEN TOP RULES
Mind Set Rule 1 - Prepare
Never start a trade without being prepared
This means getting online and having all your 'tools' ready
I will cover those tools later on and provide a checklist
Mind Set Rule 2 - Resist FOMO (covered in detail later)
You will NEVER miss an opportunity
Why? For each one you miss, 9 more are coming!
You don't know what they are until they are upon you.
Mind Set Rule 3 - Avoid Negativity
It hurts trading. Bad day, bad mood, tired? Don't trade.
If were arguing with nitwits in an IDEA room.. Don't trade.
Mind Set Rule 4 - Talk to those IN THE KNOW
Do not seek your friends opinions about trading
They don't get it.. UNLESS they are traders, too.
Mind Set Rule 5 - Keep CALM
You only LOSE YOUR ASS when...
You leverage money you do not have
Work with crazy amounts of money
Mind Set Rule 6 - Practice First
Pretend to trade... before you trade
Emmulate trading without MONEY
Make a bet with yourself and follow your trade
Mind Set Rule 7 - Panic is a Disabler
Pertains to top 10 coins only:
If buy cyrpto and price drops you have NOT lost money
That money is only lost when you SELL
If you hold, you will get that money back
Hence, never PANIC during price crashes
Mind Set Rule 8 - Positive Environment
Watch the market even if you are not trading
Visit GOOD TA ideas and rooms on Tradingview
Read LOTS of GOOD NEWS OUTLETS
Get as much sleep as you can, eat well
Mind Set Rule 9 - You win if you believe it
Never give up, FIGHT THE FEAR OF LOSS
Bad trades lead to good trades
Experience is your teacher
Mind Set Rule 10 - Adhere to Strategy
Never abandon a good trade strategy
Strive to improve your trade strategy
Test your strategy by using it
SPECIAL BREAK DOWN SECTION
RULE 2 - FOMO - The Trader Killer
When I first began trading, it was periodic
This occured in a neutral market, trading ETHER
Finished with a bit over $ 400 profit (after fees)
Was working with $ 1500 capital, no leverage
Do the math, that's a damn good return
Made the decision to day trade...
And my FOMO addiction began.
Became terrified of missing any big price movements
Lost sleep, lost weight, started losing money.
Learned to stop my losses.
Perfected my TA, Wild Theory, Law of 20/80.
Returned to making great profits.
Regained all my lost funds, doubled profits weekly.
Then started reading about FOMO and its dangers.
Decided to learn to beat FOMO.
and do this while still making great money.
Motiviation? Regain control of my life.
It worked. Still miss big trades and just shrug.
When I logged my profits vs habits...
THE SPREADSHEET DATA IS STARTLING
Profits were nearly the same when comparing:
- A week of non-stop trading with little sleep
- To strategic trading.. and when I was in the mood
How FOMO destroys your reasoning:
You make a series of trades with great profits
Suddenly you watch price movement non-stop
Small trades get you excited (real addiction starts here)
You sleep less and eat less (or more)
You fear leaving the house, fear missing movement
Many of your frequent trades make profit.. but
- A majority pull in very small amounts, some are losses
- You make serious judgement mistakes
- You do HALF your proper TA before buying in
- You skip other methods that STOP you from a trade
- You get back in too quickly after getting out
- Friends are annoyed; alt coin is all you talk about
- Little else interests you
Broke my FOMO habit by commiting to HODL (holding)
Decided to resume trading when I was back to normal
Tested myself; resisted a few of my own BUY forecasts
(Even got followers who said they profited on my forecasts)
Was happy MY ADVICE was STILL GOOD, happy I was normal again.
Prepare a check-list of things to do before you trade
Watch price movement at the 5 minute charts and 1 week
Beware knee-jerk reactions to sudden price drops
Watch when a price drop stops at a support trend line
Not all lines are strong, price often continues down
Give more weight to general trend, market VOLUME
Visit all the TA in Tradingview you can handle
Create a plan, execute your plan
DO NOT TRADE ON WHIMS OR PURE FEELING
always question when you 'feel' FOMO
SECTION 4 - Sourcing Valuable NON-TA for Price Forecasting
Fundamentals, Sentiment and MARKET FACTS
Just by being a member of Tradingview...
You will learn a lot by :
- chatting with members
- trading in simulation (I think Tradingview has that?)
- trading in real time
- visting Published Ideas
- asking questions, followed by HOW WHAT WHERE WHY
You can get good at spotting people talking nonsense
... by asking these questions...
Having done YOUR OWN research in advance
I FORCE myself to read 20 or more articles EVERY day
(whether I trade or not)
If train yourself to do this, expect to:
- learn a lot about what the experts think
- stumble on real studies that are factual!
- see good forecasts way BEFORE others on Tradingview
- understand driving and current market fundamentals
- learn the difference beteen FUD and real news
- develop your own market sense for price movement
and below is the BEST of my secret stash of News sources
You can trust these sites in general
but the article is only as good as the writer
if you see a good article..
try to Google key words of the topic
see who is repeating it, see if their opinion differs
if it states any decisions of a Federal Agency
visit the agency web site to make sure it is NOT fake news
listed alphabetically (4 stars are best)
coindesk.com/ (biased but still good)
Tradingview has a 'side panel' icon for news feeds
Using that is better than nothing
There is no bias to what they publish, it's random
I personally beleive market fundamentals are important TODAY
when the market matures, less so
There is a recent scientific study that sentiment affects price
Half your TA publishers on here deny this is important
And in my opinion, it]s why they are accurate 50% of the time
Last I checked, 50% odds is mere chance.. Las Vegas style.
New research shows I am correct. See the link below:
Read this article CAREFULLY... it's the silent majority that is stressed here.
--- SPECIAL SECTION --- Analysis Bias ---
This is where EVERYONE gets into trouble...
And if you do trades based on someone else's TA...
well, your trades might be influenced on THEIR BIAS
Many wise people, teachers and professionals will advise:
Gather all the information you can on a subject
Do Research on the Internet
Compare to your own instincts
Compare to your own analysis (if possible)
Compare to other methods
Then make an INFORMED decision
With member advice on TA, bias is a BIG risk
Most authors will NOT confess their bias
Some are in total denial about this bias
Others have intentional bias
Others have an manipulation agenda (may not be honest)
I trust day traders more than holders, bears and bulls
They trade for profit, they rarely have a leaning
They make money in all markets
The only thing important to them is profit
However, that is NOT a complete removal of bias
Because METHOD of analysis is clearly a bias
Facts that some AUTHORS do not want you to know:
Their TA is right 50% of the time
TA is not faulty, it is incomplete
This is because it has been recently proven:
A combination of methods are more accurate than any one
If you combine the analysis of:
Crypto News (reliable sources)
Insider Information (hard to come by)
Your own experience with trading
Now you can consider EVERYONE's work..
alter it as you see fit and...
make profitable trades that you call yourself.
The best, most accurate TA advice you will get includes:
- short term price targets; that might happen TODAY
- alternative Bear and Bull price targets (by same author)
- when an author admits their own bias
- when an author mentions other methods other than their main focus
- direct and clear discussion in their summary and comments
- reveals their plan in an organized manner
- shows patience with others who disagree
- ability to admit when their TA was off target and starts a new plan