Read more in the Terms of Use. Get started. Understanding Yourself In Trading 🌼 Education. Fundamental Analysis Beyond Technical Analysis trading tradingview psychology ideas Bitcoin Cryptocurrency Stocks Cryptocurrency Forex chart. fundamental beyondta trading tradingview psychology ideas bitcoin stocks cryptocurrency forex chart. A Short Post about Psychology. Some people dismiss this area but in my opinion it is a huge determining factor as to whether someone will make it or crash and burn as a trader.

In meeting many new traders I find that most questions that they pose revolve around trading systems and how to make the most money from the market. Rarely am I asked questions related to the mentality and mind of a trader which we all soon discover in our trading journey is a major facet that will determine if we will be successful or not.

In this post I wanted to illustrate the importance of trading psychology and understanding your own mental parameters by using the experiences of 3 different traders that I met.

THE FIRST TRADER The First Trader I ever met was veteran bank trader who had little formal education, was divorced, drank too much and enjoyed drugs. I was shocked as to how someone with excessive habits like this could have had such a long trading career.

It was not too long into my trading journey that I discovered that this type of individual was common place on the trading floor. I spent much time with this trader to try to pick up any useful tips or what trading system he used. I noticed that he placed very little weight on technical analysis walk onto the FX trading floor of any bank and ask them what they think of the RSI indicator and the stochastics - most won't have a clue what you are talking about and the rest will probably say something obscene!

He traded more based upon ' gut instinct ' of the market that was developed over considerable time. His key to success was learning over time price behaviour price action. In addition he told me that he never trades when he has a hangover, is high or had a recent arguement with his ex-wife!! How true it is that events taking place in our lives outside of our trading can have a major impact upon our trading.

How many traders have traded whilst angry at the market and then make a trade to try to get one back only to further their losses. How many people have traded whilst convinced that their broker is out to get them only to make more bad trading decisions.

How many have traded at times when their life is undergoing major changes only to lose the necessary concentration and confidence that it takes to be successful. If trading SPY options on Wednesday, looking to trade Friday options.

If trading Friday, looking to trade the following Monday expirations. There are ways to mitigate the short time effects in the options world, that is by understanding the Greeks and using them to your advantage.

Short-term options are more volatile, meaning you have to have the right process to select options when day trading the SPY. Based on the options ladder below we can use the information above to choose our ideal put options or call options on the SPY. First, we look at the expiration, we can trade 0dte, 2dte, 5dte. You can then see the IV measure at the top right. The Making the options more expensive. If you want to learn more about options selection take a look at this article: HERE.

Day trading technical analysis for the SPY is pretty simple, we never want to overcomplicate things with multiple indicators or too much noise on our screens. First starting on the daily chart to get major levels and using the volume profile ledges to really construct a better image of what is to be expected in the market throughout the session. More on volume profiles here. Then drop down to the hourly chart.

Where you can refine the levels and add other levels of importance to your chart. When you continue to do this down to the 5-min, the 5-min chart will be the main chart that you trade-off. Where you are going to look for either extremes massive supports and resistances or a trend to trade. Meaning trading the extremes is the most advantageous. Especially around the resistance for a sell. You can also look for the trend continuation if you follow the day EMA on the 5-min which is the blue moving average line in the image.

In the final piece of the puzzle, we want to make sure that the volume is in our direction. The thicker the volume in the horizontal histogram at the bottom of the chart the better for that direction.

If you want to learn more about this, check out the following page! The options trading strategy used to day trade SPY options is fairly simple, we look for market extremes and ledges in the volume profiles to see if there can be a shift in balance.

Meaning we follow the rules above and look for the technical analysis as laid out as well as the options selection.

Using the same example as stated above. We can identify the as a key resistance from the prior day where we see the volume profile ledge drop off. Meaning that price wants to hold in balance and sustain under and into the area.

What SPY day traders need to wait for is the move to the upside to stall out in terms of volume as well as a few rotations at the tops. Seeing a 5-min red candle close on heavier volume is a really good indication to start the extreme move to the downside.

The more we rotate with the heavier volume on the moves lower the better the opportunity for that sell. In this case, we did this live in our trading room. We looked for the sell side at the tops of that resistance at and took a quick piece on three different options strikes. These were done with 0dte so they were riskier and we were looking for quicker moves off the resistance to take advantage of the extreme move.

The SPY is a combination of large-cap companies in the US and has daily moves that can be extremely opportunistic with the right strategy. Check out TRADEPRO Academy for a SPY and QQQ strategy in the options market, that we trade each day in the morning room session LIVE. For more information on options trading and a live trading room that does it successfully each day, check out the options trading community! If you want to join with us in our live trading room, Check This Out. The information contained in this post is solely for educational purposes and does not constitute investment advice.

The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable for your own financial situation. TRADEPRO Academy TM is not responsible for any liabilities arising as a result of your market involvement or individual trade activities.

Contact us for more information. How to day trade futures using price action and order flow Learn the secret strategy to trade like a pro in our FREE upcoming masterclass.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use. Get started. Understanding Yourself In Trading 🌼 Education. Fundamental Analysis Beyond Technical Analysis trading tradingview psychology ideas Bitcoin Cryptocurrency Stocks Cryptocurrency Forex chart.

fundamental beyondta trading tradingview psychology ideas bitcoin stocks cryptocurrency forex chart. A Short Post about Psychology. Some people dismiss this area but in my opinion it is a huge determining factor as to whether someone will make it or crash and burn as a trader. In meeting many new traders I find that most questions that they pose revolve around trading systems and how to make the most money from the market.

Rarely am I asked questions related to the mentality and mind of a trader which we all soon discover in our trading journey is a major facet that will determine if we will be successful or not. In this post I wanted to illustrate the importance of trading psychology and understanding your own mental parameters by using the experiences of 3 different traders that I met.

THE FIRST TRADER The First Trader I ever met was veteran bank trader who had little formal education, was divorced, drank too much and enjoyed drugs. I was shocked as to how someone with excessive habits like this could have had such a long trading career.

It was not too long into my trading journey that I discovered that this type of individual was common place on the trading floor. I spent much time with this trader to try to pick up any useful tips or what trading system he used. I noticed that he placed very little weight on technical analysis walk onto the FX trading floor of any bank and ask them what they think of the RSI indicator and the stochastics - most won't have a clue what you are talking about and the rest will probably say something obscene!

He traded more based upon ' gut instinct ' of the market that was developed over considerable time. His key to success was learning over time price behaviour price action. In addition he told me that he never trades when he has a hangover, is high or had a recent arguement with his ex-wife!! How true it is that events taking place in our lives outside of our trading can have a major impact upon our trading. How many traders have traded whilst angry at the market and then make a trade to try to get one back only to further their losses.

How many people have traded whilst convinced that their broker is out to get them only to make more bad trading decisions. How many have traded at times when their life is undergoing major changes only to lose the necessary concentration and confidence that it takes to be successful. THE SECOND TRADER Another trader that I know told me that he went to a seminar about swing trading and came back from the seminar fired up that he was going to change his method to swing trading.

Convinced that this was the path to greater profits he began to research various swing trading systems until he finally found one that he was going to adopt.

After failing miserably and having to go back to day trading that had been working for him he told me why he had failed. He said that he found himself lying awake at night wondering what the market was doing and would get out of bed and check on his trade. He said that he also would execute a trade and then panic when the trade went against him because he could not wait for the big swing that he was expecting. Finally he concluded that this style of trading just was not good for his personality and went back and resumed his day trading style and was able to sleep at night again without worrying what was happening in the Asian session!

This reminds me of the old adage ' if it aint broke then don't fix it '. How often are traders enticed away from models that have been working for them in favor of the latest or most fashionable indicator. If your trading model is working and making you money then keep doing it. Secondly it is important that your trading method works within the parameters of your own mentality. Whilst you can work on changing your mentality it may be better to understand yourself and adapt a style or method around yourself as opposed to trying to adopt someone elses mentality.

THE THIRD TRADER The Last Trader that I met is one that I met recently. This trader told me that whilst he has had some success this was somewhat diluted and in some cases replaced by his losses. Every time his trade was up 10 pips he would exit the trade being afraid that the trade would turn against him and every time the trade was down 5 pips he would exit afraid that it would get worse. Lack of confidence will destroy you as a trader. Confidence needs to be developed over time and in trading it does not come over night but it can be developed as we understand the market better.

One way to boost your confidence level is to thoroughly research your trading model - know it inside and out and especially know how it responds around the vulnerable areas because all trading models have an achilles heel and it is how you handle those points which is vital.

FINAL WORDS Well there it is folks just a few things that I have picked up along the way in the wonderful world of trading. If this business was easy everyone would be doing it but over time and with the right approach and mentality success whatever you define it to be can be achieved.

Wish you all the best in becoming the best trader YOU can be. Enjoy Your Weekend 😸😸 -Monaco SOURCE : Monaco FF PngAAA.

With the large trading volume, day traders, investors, and hedges rejoice in the use of the SPY on a daily basis. Tick charts "adapt" to the market. Beta of 1. Check out TRADEPRO Academy for a SPY and QQQ strategy in the options market, that we trade each day in the morning room session LIVE. The options trading strategy used to day trade SPY options is fairly simple, we look for market extremes and ledges in the volume profiles to see if there can be a shift in balance. These were done with 0dte so they were riskier and we were looking for quicker moves off the resistance to take advantage of the extreme move. In this way, tick charts allow you to get into moves sooner, take more trades, and spot potential reversals before they occur on the one-minute chart.

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