The following are a few hacks I discovered through my experience.
1. Tradingview’s free version only supports three indicators. Here, the hack is to look for a single indicator that combines one or more indicators. SMAs by KGS, for example, combines all the emas and smas, so you don’t have to use two separate indicators for a crossover.
2. Always use higher timeframes to identify trends when in doubt or can’t control your emotions. It will eliminate all noise and improve accuracy. The higher the timeframe, the more accurate the results. Even for scalping !!
3. As humans are prone to being easily influenced by emotions, use the set and forget system as much as possible. The more you look at the screen, the more emotional you will become. So, it is always preferable to set both a stop loss and a target and then exit.
4. If you’re constantly changing strategies, start by backtesting each one. Whatever your strategy, always have data before implementing it. Whether it is based on news, price action, or an indicator. Any strategy must be backtested atleast 100 times and paper traded for a few months. You can only deploy the strategy if you have enough data. This will assist you in trading with confidence.
5. We’ve all heard how important it is to keep a trading journal when trading. However, entering every little detail can be exhausting and is not practical for many busy people. So all you have to do is take a few screenshots or screen recordings of your trades, including profit and loss, order positions, entry and exits, and chart setups in the timeframes you want to track. Also, record your emotions on the photo or video. You can do this for a week and then record all of the data in your journal. After recording your trades, make sure to review and analyze them.
6. If you are confused by all the strategies available, such as fibonacci retracement, price action, moving average, elliot wave, and so on, stick to one simple strategy with a 55% win rate or higher and a risk-reward ratio of 1:1.4 or greater. Market structure strategy is the most fundamental strategy, covering all of the fundamentals of price movement.
7. However, a risk-reward ratio of 1:1.4 or higher is not always profitable. When you are consistently profitable, you should begin trailing your stop loss. First, let the trade run its course. Book half of your profits at breakeven if it moves in the desired direction. Allow the other profits to run until your trailing stop loss is reached. For this, you can use the ATR trailing stop loss indicator or moving average indicator.
8. Make use of platform alerts only whenever possible. This could be useful if you want to enter or exit at a specific price. This system can be used in combination with the set-and-forget system.
9. If you find it difficult to maintain these systems, you can switch to algorithmic trading, in which the robot does all of the trading for you. Make sure it is fully automated, or else you will have to grant permissions for each and every step.
10. There is a lot of trading-related content on the internet. You may want to save and organize all of the content in one location so that you can easily refer back to it later. This can be accomplished with a single free app called pocket app, which is a read-it-later app that allows you to save and organize all content such as YouTube videos, blogs, tweets, and so on.
11. On the trading platform, you can experiment with various settings. In the Zerodha platform, for example, changing the chart settings or the marketwatch. On the tradingview platform, you can also change settings such as session breaks and time zone. These options will allow you to view charts in new ways.
12. If you don’t believe in trading profits, try losing on purpose. Begin trading with the intention of losing your entire capital in 6 months. The condition here is that you must strictly adhere to the strategy. You will learn that if you strictly adhere to it, even if you expect to lose all of your trades, you will not. You will gain in some trades while losing in others.
13. Before beginning, any beginner would be perplexed by the amount of information available on the internet. That is why, to navigate the trading world, use my 10-step trading process. You will learn about all of the topics required to become a successful trader.