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- Not cutting your losses
- Revenge trading
- Being too stubborn to change your mind
- Ignoring extreme market conditions
- Forgetting that TA is a game of probabilities
- Blindly following other traders
- Closing thoughts
Technical analysis (TA) is one of the most used ways to analyze the financial markets. TA can be applied to essentially any financial market, whether that’s stocks, forex, gold, or cryptocurrencies.
While the basic concepts of technical analysis are relatively easy to grasp, it’s a difficult art to master. When you’re learning any new skill, it’s natural to make a lot of mistakes on the way. This can be especially harmful when it comes to trading or investing. If you are not being careful and learning from your mistakes, you risk losing a significant portion of your capital. Learning from your mistakes is great, but avoiding them as much as possible is even better.
This article will introduce you to some of the most common mistakes in technical analysis. If you’re new to trading, why not go through some technical analysis basics first?
So, what are the most common mistakes beginners make when trading with technical analysis?
1. Not cutting your losses
Let’s start with a quote from commodities trader Ed Seykota:
“The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.”
This seems like a simple step, but it’s always good to emphasize its importance. When it comes to trading and investing, protecting your capital should always be your number one priority.
Starting out with trading can be a daunting undertaking. A solid approach to consider when you’re starting out is the following: the first step isn’t to win, it’s to not lose. This is why it can be favorable to start with smaller position sizing, or not even risk real funds. Binance Futures, for example, has a testnet where you can try out your strategies before risking your hard-earned funds. This way, you can protect your capital, and risk it only once you’re consistently producing good results.
Setting a stop-loss is simple rationality. Your trades should have an invalidation point. This is where you “bite the bullet” and accept that your trade idea was wrong. If you don’t apply this mindset to your trading, you likely won’t be doing well over the long-term. Even one bad trade can be very detrimental to your portfolio, and you might end up holding a losing bag, hoping for the market to recover.
When you’re an active trader, it’s a common mistake to think you always need to be in a trade. Trading involves a lot of analysis and a lot of, well, sitting around, patiently waiting! With some trading strategies, you may need to wait a long time to get a reliable signal to enter a trade. Some traders may enter less than three trades per year and still produce outstanding returns.
Check out this quote from trader Jesse Livermore, one of the pioneers of day trading:
“Money is made by sitting, not trading.”
Try to avoid entering a trade just for the sake of it. You don’t always have to be in a trade. In fact, in some market conditions, it’s actually more profitable to do nothing and wait for an opportunity to present itself. This way, you preserve your capital and have it ready to deploy once the good trading opportunities show up again. It’s worth keeping in mind that the opportunities will always come back, you just have to wait for them.
A similar trading mistake is an overemphasis on lower time frames. Analysis done on higher time frames will generally be more reliable than analysis done on lower time frames. As such, low time frames will produce a lot of market noise and may tempt you to enter trades more often. While there are many successful scalpers and short-term profitable traders, trading on lower time frames usually brings a bad risk/reward ratio. As a risky trading strategy, it’s certainly not recommended for beginners.
3. Revenge trading
It’s quite common to see traders trying to immediately make back a significant loss. This is what we call revenge trading. It doesn’t matter if you want to be a technical analyst, a day trader, or a swing trader — avoiding emotional decisions is crucial.
It’s easy to stay calm when things are going well, or even when you make small mistakes. But can you stay calm when things go completely wrong? Can you stick to your trading plan, even when everyone else is panicking?
Notice the word “analysis” in technical analysis. Naturally, this implies an analytical approach to the markets, right? So, why would you want to make hasty, emotional decisions in such a framework?
If you want to be among the best traders, you should be able to stay calm even after the biggest mistakes. Avoid emotional decisions, and focus on keeping a logical, analytical mindset.
Trading immediately after suffering a big loss tends to lead to even more losses. As such, some traders may not even trade at all for a period of time following a big loss. This way, they can get a fresh start and get back to trading with a clear mind.
4. Being too stubborn to change your mind
If you’d like to become a successful trader, don’t be afraid to change your mind. A lot. Market conditions can change really quickly, and one thing’s a certainty. They will keep changing. Your job as a trader is to recognize those changes and adapt to them. One strategy that works really well in a specific market environment may not work at all in another.
Let’s read what legendary trader Paul Tudor Jones had to say about his positions:
“Every day I assume every position I have is wrong.”
It’s good practice to try to take the other side of your arguments to see their potential weaknesses. This way, your investment theses (and decisions) can become more comprehensive.
This also brings up another point: cognitive biases. Biases can heavily affect your decision-making, cloud your judgment, and limit the range of possibilities you’re able to consider. Make sure to at least understand the cognitive biases that may affect your trading plans, so you can mitigate their consequences more effectively.
5. Ignoring extreme market conditions
There are times when the predictive qualities of TA become less reliable. These can be black swan events or other kinds of extreme market conditions that are heavily driven by emotion and mass psychology. Ultimately, the markets are driven by supply and demand, and there can be times when they are extremely imbalanced to one side.
Take the example of the Relative Strength Index (RSI), a momentum indicator. Generally, if the reading is below 30, the charted asset may be considered oversold. Does this mean that it’s an immediate trade signal when the RSI goes below 30? Absolutely not! It just means that the momentum of the market is currently dictated by the seller side. In other words, it just indicates that sellers are stronger than buyers.
The RSI can reach extreme levels during extraordinary market conditions. It might even drop to single digits — close to the lowest possible reading (zero). Even such an extreme oversold reading may not necessarily mean that a reversal is imminent.
Blindly making decisions based on technical tools reaching extreme readings can lose you a lot of money. This is especially true during black swan events when the price action can be exceptionally hard to read. During times like these, the markets can keep going in one direction or the other, and no analytical tool will stop them. This is why it’s always important to consider other factors as well, and not rely on a single tool.
6. Forgetting that TA is a game of probabilities
Technical analysis doesn’t deal with absolutes. It deals with probabilities. This means that whatever technical approach you’re basing your strategies on, there’s never a guarantee that the market will behave as you expect. Maybe your analysis suggests that there’s a very high probability of the market moving up or down, but that’s still not a certainty.
You need to take this into account when you’re setting up your trading strategies. No matter how experienced you are, it’s never a great idea to think the market will follow your analysis. If you do that, you’re prone to oversizing and betting too big on one outcome, risking a big financial loss.
7. Blindly following other traders
Constantly improving your craft is essential if you want to master any skill. This is especially true when it comes to trading the financial markets. In fact, changing market conditions make it a necessity. One of the best ways to learn is to follow experienced technical analysts and traders.
However, if you’d like to become consistently good, you also need to find your own strengths and build on them. We can call this your edge, the thing that makes you different from others as a trader.
If you read many interviews with successful traders, you’ll surely notice that they’ll have quite different strategies. In fact, one strategy that works perfectly for one trader may be deemed completely unfeasible by another. There are countless ways to profit off of the markets. You just need to find which one suits your personality and trading style the best.
Entering a trade based on someone else’s analysis might work out a few times. However, if you just blindly follow other traders without understanding the underlying context, it most definitely won’t work over the long-term. This, of course, doesn’t mean that you shouldn’t follow and learn from others. The important thing is whether you agree with the trade idea and whether it fits into your trading system. You should not be blindly following other traders, even if they are experienced and reputable.
We went through some of the most fundamental mistakes you should avoid when using technical analysis. Remember, trading isn’t easy, and it’s generally more feasible to approach it with a longer-term mindset.
Becoming consistently good at trading is a process that takes time. It requires a lot of practice in refining your trading strategies and learning how to formulate your own trade ideas. This way, you can find your strengths, identify your weaknesses, and be in control of your investment and trading decisions.
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On the coins, a woman is depicted as a symbol of the struggle in Ukraine, as a symbol of the struggle in Ukraine, a defense against Russian occupiers. In this way, the United States increased the support of Ukrainian defenders and the efforts of Ukrainians to defend their independence and sovereignty.
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Fans have been blowing up social media after a picture of the Haitian queen Alexard Esther was posted to Instagram and Facebook.
The Haitian native showed her belly in a black pants and a purple sweater, She’s broken down barriers in beauty, fashion, music, and now maternity style—Alexard Esther isn’t afraid to make a name for herself in everything she does, with a confidence that is hard to match. but Confidence isn’t something that happens overnight, and everyone, even Alexard, has bad self-esteem days, especially as a woman in industries that aren’t historically welcoming. Confidence is not something you’re born with; it’s a muscle that needs to be continually worked.
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The application deadline for the program (originally March 1) has been extended by six weeks. According to the authorities, this will double the number of Ukrainians who will be able to apply.
The US Department of Homeland Security said in a statement that Ukrainians who have been in the country since April 11 or earlier can apply for the acquisition of the so-called temporary protected status (TPS).
Approximately 60,000 Ukrainians will be able to apply starting Tuesday, according to the U.S. Citizenship and Immigration Services, which is in charge of the program.
The continuation of the program is due to delays in establishing a legal channel for migrants bound for the United States.
Many Ukrainian refugees have flown to Mexico to apply for humanitarian admission at the US border where thousands have gathered.
The Citizenship and Immigration Service stressed that Ukrainian migrants at the Mexican border would not be able to apply for TPS and warned them against trying to enter the United States without permission.
“Citizens of Ukraine who are currently outside the US are not eligible for the program and will not become eligible by moving to the US in the coming weeks. Instead, Ukrainians are encouraged to apply for a visa or other legal means at a US consulate abroad,” the Citizenship and Immigration Service reports.
The United States of America will send a large consignment of aid to counter Ukrainian military Russian aggression. CNN reports this with reference to an unnamed representative of the US Department of Defense.
Seven flights with military aid will arrive in Europe in the next 24 hours, a senior official told reporters on Tuesday, April 19.
He noted that "none of these shipments are delayed too long before they are unloaded from the aircraft" and sent to Ukraine.
As part of this aid package, the United States will provide Ukraine with 11 Mi-17 helicopters, 300 Switchblade drones, 18 howitzers, chemical attack defense equipment, the Pentagon said. It also includes 200 M113 armored personnel carriers, 10 anti-artillery radars, 500 Javelin anti-tank missiles and 30,000 body armor and helmets.
Recall that US President Joseph Biden convened an urgent meeting with world leaders because of the new Russian offensive in Ukraine.
The United States Department of State is currently exploring all available tools to hold Russia accountable for the war in Ukraine, including the possibility of declaring the Russian Federation a terrorism-supporting state.
The United States of America has introduced a special status of temporary protection (Temporary Protected Status) for citizens of Ukraine who are in the United States. This was announced on Facebook on April 18 by the head of the Office of the President of Ukraine Andriy Yermak.
According to him, the corresponding decision was entered in the Federal Register and will be made public and registered on April 19.
“I should note that at the request of the Ukrainian side, the date for which Ukrainian citizens must stay in the United States to qualify for TPS has been moved from March 1 to April 11, 2022! Thus, citizens of Ukraine who were physically in the United States as of April 11 will be able to use this program," he wrote.
The status of temporary protection will allow Ukrainians to stay in the United States for up to 18 months with the possibility of applying for a work permit in the country.
This is reported by Reuters, citing numerous sources in the administration, writes "European truth".
According to interlocutors, President Joe Biden will announce a new aid package in the coming days.
One of the officials, speaking on condition of anonymity, said that, most likely, we are talking about the same amount of funds as for the previous packages - $ 800 million, but the details are still being discussed.
If the size of the package is as expected, then the total amount of US military assistance to Ukraine since the start of the full-scale invasion will reach more than $3 billion.
Recall that the first package of US military assistance for $800 million was announced in mid-March, the next one, also for $800 million, was announced on April 13. The weapons began to arrive within days of the announcement.
The second package included armored personnel carriers, artillery systems, helicopters and drones.
Russia then sent an official diplomatic note to the United States warning that US and NATO deliveries of "the most sensitive" weapons systems to Ukraine "add fuel to the fire" of the conflict and could lead to "unpredictable consequences."
US Ambassador to the UK Philip T. Reeker said that Ukraine would receive the necessary military assistance. At the same time, Ukraine is not a member of NATO and is not covered by the article on collective defense.
He further clarified US President Joe Biden's decision that US troops would not directly fight in Ukraine, saying: "He made it very clear that we are not going to fight Russia. We want to support Ukraine."
At the same time, he recalled that the United States will protect NATO allies who fall under Article 5, which has made NATO so successful during these 70-plus years in terms of protecting the zone of peace.
The ambassador noted that NATO is a defensive alliance that does not threaten anyone. “Not a threat to Vladimir Putin, not a threat to Russia. But Putin is attacking Russian-speaking cities like Kharkov. And so we will continue to support the Ukrainian people, who once again showed this wonderful resilience, and I think this was a surprise for Putin. In his calculations obviously a lot of miscalculations on his part," he added.
He talked about how Russia's actions in Ukraine demonstrated the strength of the NATO alliance. "Putin thought he would find a divided West, divided unions, that he could drive a wedge. He was sorely mistaken."
The United States has warned China of serious consequences if the Celestial Empire provides Russia with weapons or helps to circumvent sanctions. US State Department spokesman Ned Price said:
"If China provides weapons and military equipment or tries to help Russia circumvent sanctions, then it will face serious consequences not only from our side, but also from our allies and partners."
At the same time, US President Joe Biden will hold a secure video conference with allies on Tuesday, April 19, on further assistance to Ukraine and sanctions. The White House announced this.
The US military expects to begin training Ukrainian colleagues in the use of US howitzers in the coming days, a senior US defense official said on Monday.
Last week, President Joe Biden announced an additional $800 million in military aid to Ukraine, expanding it with heavy artillery ahead of a large-scale Russian offensive in eastern Ukraine.
So far, the United States has sent four shipments of weapons to Ukraine as part of a new aid package.
A Pentagon spokesman, speaking on condition of anonymity, said preparations for handling the howitzers would take place outside of Ukraine.
The US plans to train Ukrainian instructors in the use of some types of military equipment, in particular howitzers and radars, so that these instructors will then train their counterparts in Ukraine to use them.
The United States has previously trained the Ukrainian military on the use of Switchblade drones.
Meanwhile, Ukraine said seven people were killed in a Russian missile attack in Lviv on Monday. These were the first civilian casualties in this city, which had previously been considered relatively safe.
According to a US defense official, Russia planned strikes against military targets in Lvov and Kyiv.
There are about 76 Russian battalion tactical groups in southern and eastern Ukraine, about 11 more than before, according to a Pentagon official.
The Russian military-industrial complex is the next target for US sanctions, US Deputy Treasury Secretary Adewale Adeyemo said.
“The next phase of our work will be to cut ties with the war machine. Piece by piece to disrupt the military-industrial complex and the supply chain, ”he said during a speech at the Institute of World Economy.
According to the Deputy Minister, the United States intends to achieve the accession of all countries to anti-Russian sanctions in order to put pressure on Moscow.
"We continue to apply tough financial sanctions against Russia and its key financial institutions," Adeyemo said.
According to Adeyemo, the United States intends to prevent Russia from obtaining materials and technologies for key industries "like aerospace, electronics and others related to the defense sector."
“Our goal over time is to make sure that … all the countries of the world follow our sanctions, because that way we will have an impact on Russia,” Adeyemo said.
“And we expect countries to do this because the benefits of doing business with the broad coalition we have built far outweigh the benefits of doing business with the shrinking Russian economy,” he said.
“We knew that in order to ultimately deprive the Russian Federation of access to the key technologies that it needs, especially semiconductors, only a number of critical countries are needed,” he explained.
As an example, he named South Korea, Taiwan, the US, Japan and the Netherlands, which "produce the most advanced semiconductors in the world."
“Our coalition includes these countries. We knew that in order to deprive the Russian Federation of access to the convertible currency of the main economies of the world, it was necessary to target certain countries. And you saw that these countries came together in what I call an economic coalition that holds the Russian Federation to account,” Adeyemo said.
US Deputy Secretary of the Treasury acknowledged that the US is hearing "criticism from some quarters" that a sanctions-based response to Russia's actions threatens to split the global economy
Adeyemo did not agree with this formulation of the question.
“My conclusion is the opposite: we show not only how indispensable the current world economic system is and how costly it is to be excluded from it, but also the futility of trying to avoid it,” said the deputy minister.
“Now is the time to double our investment in a shared financial architecture capable of delivering shared prosperity and holding rogue actors accountable,” Adeyemo said.
He pointed out, however, that the United States could lift sanctions if there was a change in the behavior of those on whom they were imposed.
Meanwhile, US State Department spokesman Ned Price confirmed that the US intends to increase the "price" for Russia of its invasion of Ukraine.
“We will continue to increase financial sanctions and other economic measures against the Russian Federation until Moscow stops the campaign against Ukraine. We have not seen this yet, and we will continue to raise the price,” he said.
The reaction of the world community to the Russian-Ukrainian war is fundamentally different from that of all previous military invasions after World War II. It owes this to the new public intelligence strategy of the United States, NATO and its allies. Veterans of the US Intelligence Community gathered on April 15 at the Center for European Policy Analysis (CEPA) to discuss new milestones.
The title of the discussion can be translated in two ways, and both meanings will reflect its theme: "The Future of Intelligence Sharing" and "The Future of Intelligence Sharing".
The use of US intelligence data in the run-up to Russia's invasion of Ukraine has been radically different from what has been done in all previous military situations in recent decades, experts say. The United States profile agencies had sufficient timely intelligence on Russia's invasion of both Georgia in 2008 and Ukraine in 2014. However, at that time these data remained almost entirely secret, they were used by an extremely narrow circle of professionals with tolerance. Therefore, for the general public and even some partners - the events came as a surprise.
With regard to information about Russia's preparations for the current war, a different approach was initially taken. This time, a significant amount of intelligence was promptly declassified, and it became public in one way or another: "The public intelligence exchange we saw shaped the narrative of the conflict and helped counter misinformation." Since the very first stages of the concentration of Russian armed forces at the Ukrainian borders (spring 2021), and certainly since the large-scale Russian-Belarusian exercise "West 2021" (August-September 2021), Western experts, the media and diplomats began to actively discuss the possibility of a new aggression in Europe, which Putin had planned, as well as his reaction to it.
Official warnings from the US government have been issued since November 2021, and have become permanent when the Kremlin issued an ultimatum on December 17, 2021, demanding that NATO violate its own charter and other obviously unacceptable actions. However, each time the US President and Secretary of State stressed that the final decision on Putin's invasion has not yet been made, and the possibility of a diplomatic solution to the situation remains.
In January 2022, the Western media, including the Voice of America, published with reference to experts options for detailed scenarios of the Russian invasion of Ukraine, which later came true. On February 18, five days before the start of the war, President Joe Biden said: "We have reason to believe that Russian troops are planning to attack Ukraine next week, in the coming days," he said in Roosevelt's White House. "We believe that they will be aimed at the capital of Ukraine - Kyiv, a city with a population of 2.8 million innocent people." Asked if he thought Putin was still hesitant, Biden said: "I am convinced he made the decision," adding that his opinion was based on US intelligence.
On February 22, when the final information about the inevitability of a new war in Europe, Joe Biden imposed the first sanctions against Russia and made a detailed statement: "Russia is ready to go much further by launching a massive military attack on Ukraine ... This is the beginning of the Russian invasion ... More than 150,000 Russian troops surround Ukraine ... Russia has moved troops closer to the border. Russian naval vessels are maneuvering in the Black Sea, including landing craft, missile cruisers and submarines. Russia has placed supplies of blood and medical equipment on its border. You don't need blood unless you plan to start a war ... None of us should be fooled ... Further Russian invasion of Ukraine is a serious threat in the coming days ... And there is no doubt that Russia is aggressor ».
Less than forty hours before the Russian invasion were uttered by the President of the United States. Nevertheless, Biden gave Putin a chance: "The United States, our allies and partners remain open to diplomacy if it is serious. When everything is said and done, we will judge Russia by its actions, not by its words. "
Timely informing about Russia's intentions, vigorous information and diplomatic dialogue allowed the West to consolidate its position and efforts. As a result, the European and world reaction to the unleashed war was unexpectedly (for the Kremlin) rapid and strong, and world public opinion, being aware in advance, immediately sided with the victim of aggression. As a result, for the first time in many years, the Kremlin has completely lost the world information field.