Pattern recognition skills

The patterns mentioned here are not merely candlestick patterns or price patterns for trading. There is an article The patterns often appear in times of market slowing, no trend or sideways, they act as trend connection components.

So, the identification of these patterns is the basis for traders to know the market context, whether the trend will continue or weaken, and how will these patterns be broken ..

You will notice patterns that will be formed over and over again at the stops of a trend, especially in the accumulation and distribution phase of the market.

It works when we trade to profit from repeating patterns, but traders need to have experience identifying the market patterns and behavior behind these patterns.

Market behavior and system building

You need to be flexible to increase your profits as well as minimize losses for your account. When you're wrong, you have to get out of the market and don't allow your mistake to damage your trading capital.

Psychologies such as hope, fear, and greed are the most influential drivers of the market and are capable of moving the market in many ways. The price action of the market is simply an expression of the psychology of the crowd at work.

Building a system needs to be based on the characteristics of the market, your psychological basis as well as your trading style. And it takes many other skills for you to do this well.

System building is essential for a trader's trading process because the system will help traders to trade in a disciplined, well-ordered manner and will focus on what is needed to make a profit.

Here are 8 important tasks that a professional trader needs to do:

  1. Analyze yourself daily: Successful trading is about 40% risk control and 60% self-control.
  2. Train your mind every day: Practice the discipline of your mind before making daily trading.
  3. Keep your risk limit low
  4. Patiently observe and wait for the right good opportunity to enter the trade.
  5. Decisively execute the trade when the signal conditions are met.
  6. Keep track of what happens around your trading order to respond promptly.
  7. Be ready to cut your losses when you are wrong.
  8. Set a profit target according to the rules or exit the position at the signal. However, if there is an opportunity, move the stop loss towards the trend to maximize profits.

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