Hello everyone, this week is a week without videos so I took the time to write a few lines in Chart Corner to share with everyone. I've been a bit busy these past few weeks, so Chart Corner doesn't come out on schedule every week. Please forgive me!
Like last time, I promised to write about the topic of Traders not bringing value to society. But when I think back, this topic is mainly asked by new people, and my channel is mainly for people who have experience in the market.
So if you are just wondering, you can search Google and think Trading is not in line with your ethics, so you should not participate in the market. This market is inherently fierce, if you don't have enough love and perseverance, it's best to stay out.
In this topic of CHART CORNER 11, I will share some of my experiences in making trading positions more beneficial for myself.
These are just very simple things that anyone can do but will help increase your profits and winning rate in the market:

CHOOSE TRADING PRODUCTS
To give yourself an advantage when trading, you should choose products with high liquidity and low spreads to trade.
For traders like us, we can trade any trading product, as long as it brings profit. So trading XAUUSD, GBPUSD, EURUSD, USD30, USOIL,... are the same, just different in name.
What is important is which of these products we choose to bring the best advantage when trading.
You should not choose minor pairs or products like Coffee, Corn, or minor pairs in Forex because these products have high spreads, are unstable, etc. Especially some of you choose to trade an index you haven't heard of yet. As always, there are only a few small exchanges that support... (probably because when I first joined IBs gave me advice).
Choosing major pairs will have low spreads to help you minimize losses due to the difference between buying and selling prices when trading, your profits will also increase, orders will also be easy to match and limit spread expansion causing orders to fail to close. as the.
One thing I see is that most Vietnamese traders are crazy about Gold, perhaps due to a lot of news about Gold in the media.
Also partly because many IBs guide newbies to trade Gold because Gold products will have the highest commissions. Gold will have a higher spread than Forex pairs such as GBPUSD, EURUSD,... the price will also jerk sharply and be susceptible to stophunting.
The products I recommend people choose are: GBPUSD, EURUSD, USDJPY, AUDUSD, USDCAD,...

CHOOSE TIME FRAME
As I said in many videos, choosing a time frame depends on each person's time and trading preferences.
I just want to share some experience when choosing a time frame like this.
If you choose a time frame that is too long like M, W, D, there will be few bets, so you have to choose a lot of pairs to survey to have a bet to enter an order, so it's easy to get confused. The advantage is that the spread will have less impact on trading results because your SL and TP are very large. But choosing these long bets will mean you have to hold the order for a long time, so you will lose a lot of overnight fees.
If you choose a very short time frame like M5, M1, the advantage is that with just 1 pair, there are many bets, but the limitation is that with a short frame, the SL and TP will be short, less than 10 pips, so the spread of just 1 pip is reduced. 1/10 of your profit is gone. Short frame trading also makes you mentally unstable, making it easy to make wrong decisions.
This is the reason why I choose the 4h, 1h, 15m frame because I can close orders during the day to limit overnight fees, TP and SL are not too short to bring spread advantages when trading. This time frame is the most harmonious for me.

HOW MANY ORDERS TO TRADE?
Don't think that the more you trade, the bigger your profits will be. This is a misconception that can cause you to lose more than you gain.
Entering too many orders makes us psychologically affected, the winning rate decreases because entering too many uncertain bets, too many orders you cannot sit and ponder to learn from experience.
Therefore, instead of many bets, choose few bets with high win rate and R:R ratio.
It will help you increase your advantage when accepting small risks but high profits, and long TP will also reduce the percentage of profit loss due to spread. (For example, the spread is 1 pip, then TP 20 pips will be twice as profitable as TP 10 pips at the rate of %)

CHOOSE A TRADING FLOOR
Choosing a good exchange will help you feel more secure with your deposit. At the same time, reputable exchanges will connect directly to liquidity organizations to help with faster order matching and lower spreads. And do not suffer from cases of candle repair causing customers to lose money like some scam floors.
With account types, commission-free accounts (Standard, Mini,...), the exchange will profit through Spread. Accounts with commission fees (ECN, Raw, Pro,...) will have low spreads but will incur commission fees based on order volume.
Therefore, when entering orders with a No-commission account, people should calculate the spread when placing SL and TP. When trading small frames, you should use accounts like ECN, Raw, Pro.
Those are some of my experiences that hopefully will help people have an objective view of the benefits of trading instead of making emotional choices.