-- Educational - Good & Bad trading habits --
Formatted as follows:
1⃣ 7 habits of a highly effective #Crypto trader
2⃣ 7 habits of a Rekt #Crypto trader
I hope you like it. If you do I would appreciate a like ♥️ retweet, so others can also benefit
#Bitcoin #tradingpsychology
Formatted as follows:
1⃣ 7 habits of a highly effective #Crypto trader
2⃣ 7 habits of a Rekt #Crypto trader
I hope you like it. If you do I would appreciate a like ♥️ retweet, so others can also benefit
#Bitcoin #tradingpsychology
--7 habits of a highly effective #Crypto trader--
TLDR:
1⃣ Develop a trading plan
2⃣ Manage risk
3⃣ Start with a demo trading account
4⃣ Be proactive, adapt to the market
5⃣ Control your emotions / Never FOMO
6⃣ Keep a trading journal
7⃣ Trading / Life balance
+Personal habits
TLDR:
1⃣ Develop a trading plan
2⃣ Manage risk
3⃣ Start with a demo trading account
4⃣ Be proactive, adapt to the market
5⃣ Control your emotions / Never FOMO
6⃣ Keep a trading journal
7⃣ Trading / Life balance
+Personal habits
-- 1⃣ Develop a trading plan --
🔥Failing to plan is planning to fail🔥
A trading plan is a back tested guide with criteria to enter & exit a trade
🔸Entry and exit levels
🔸Position size
🔸Stop-loss level
🔸Take profit level
🔸Indicators to use to confirm your entry and exit
🔥Failing to plan is planning to fail🔥
A trading plan is a back tested guide with criteria to enter & exit a trade
🔸Entry and exit levels
🔸Position size
🔸Stop-loss level
🔸Take profit level
🔸Indicators to use to confirm your entry and exit
-- 3⃣ Start with a demo trading account --
🔥Don't rush into losing your money🔥
🔸Familiarise yourself with the trading platform & different order types
🔸Back test different trading strategies without committing real money
🔸Gain confidence in entering & exiting trades
🔥Don't rush into losing your money🔥
🔸Familiarise yourself with the trading platform & different order types
🔸Back test different trading strategies without committing real money
🔸Gain confidence in entering & exiting trades
-- 4⃣ Be proactive, adapt to the market --
🔥ONLY UP isn't a trading strategy🔥
🔸Stay up to date with news, upcoming FED meetings, rate changes, economic events...
🔸#Crypto market conditions change RAPIDLY, don't hold a bias!
🔸Be prepared to switch strategy or exit
🔥ONLY UP isn't a trading strategy🔥
🔸Stay up to date with news, upcoming FED meetings, rate changes, economic events...
🔸#Crypto market conditions change RAPIDLY, don't hold a bias!
🔸Be prepared to switch strategy or exit
-- 5⃣ Control your emotions / Never FOMO --
🔥Fear & Greed are not your friend🔥
🔸FOMO drives you to jump into a trade without prior validation and fail to follow your plan
🔸Greed can cause you to over trade or to allocate too much of your capital in a single trade.
🔥Fear & Greed are not your friend🔥
🔸FOMO drives you to jump into a trade without prior validation and fail to follow your plan
🔸Greed can cause you to over trade or to allocate too much of your capital in a single trade.
-- 6⃣ Keep a trading journal --
🔥Learn from your mistakes🔥
🔸Not just a summary of your trades, but also a tool where you write your observations & notes which help you to identify your strengths and weaknesses
🔸Analyze why trades were & weren’t successful & improve
🔥Learn from your mistakes🔥
🔸Not just a summary of your trades, but also a tool where you write your observations & notes which help you to identify your strengths and weaknesses
🔸Analyze why trades were & weren’t successful & improve
-- 7⃣ Trading / Life balance --
🔥Trade to live, understand why you do it🔥
🔸Burnout can be a killer
🔸Take time away from the screens, set trading times & use alerts to allow you to step away
🔸If your on edge watching a trade, then you have added too much risk, scale out
🔥Trade to live, understand why you do it🔥
🔸Burnout can be a killer
🔸Take time away from the screens, set trading times & use alerts to allow you to step away
🔸If your on edge watching a trade, then you have added too much risk, scale out
-- EXTRA - Personal GOOD habits --
🔥Understand what works for you🔥
🔸Exercise daily
🔸Have a hobby outside of #Crypto
🔸Have a long term goal i.e. financial freedom by age X
🔸Make time for others & support each other
🔸Find your edge & stick to it
🔸Live & enjoy life!
🔥Understand what works for you🔥
🔸Exercise daily
🔸Have a hobby outside of #Crypto
🔸Have a long term goal i.e. financial freedom by age X
🔸Make time for others & support each other
🔸Find your edge & stick to it
🔸Live & enjoy life!
-- The 7 habits of a Rekt #Crypto trader --
TLDR:
1⃣ Blaming others for your loses
2⃣ Straying from your plan
3⃣ Emotional attachment to a trade
4⃣ Repeating mistakes
5⃣ Revenge trading
6⃣ No risk management
7⃣ Over Trading
+ Personal bad habits
TLDR:
1⃣ Blaming others for your loses
2⃣ Straying from your plan
3⃣ Emotional attachment to a trade
4⃣ Repeating mistakes
5⃣ Revenge trading
6⃣ No risk management
7⃣ Over Trading
+ Personal bad habits
-- 1⃣ Blaming others for your loses --
🔥Its not my fault, i was following X influencers tweets🔥
🔸Be responsible for your own actions
🔸Did you test the strategy or have a plan?
🔸Did the trade meet your criteria?
Its your money, you are responsible for your trades
🔥Its not my fault, i was following X influencers tweets🔥
🔸Be responsible for your own actions
🔸Did you test the strategy or have a plan?
🔸Did the trade meet your criteria?
Its your money, you are responsible for your trades
-- 2⃣ Straying from your plan --
🔥I know what i'm doing, its ok🔥
🔸Discipline is key, biggest mistakes come when traders don’t stick to their rules
🔸Set a max loss amount & if you hit it, walk away
🔸If you have consecutive loses step away and come back later / the next day
🔥I know what i'm doing, its ok🔥
🔸Discipline is key, biggest mistakes come when traders don’t stick to their rules
🔸Set a max loss amount & if you hit it, walk away
🔸If you have consecutive loses step away and come back later / the next day
-- 3⃣ Emotional attachment to a trade --
🔥I know I'm right, its such a good project🔥
🔸Don't let emotions dictate your trade
🔸A small lose now is better than a big one later
🔸Traders can be profitable with a < 50% win rate if you use good money management
🔥I know I'm right, its such a good project🔥
🔸Don't let emotions dictate your trade
🔸A small lose now is better than a big one later
🔸Traders can be profitable with a < 50% win rate if you use good money management
-- 4⃣ Repeating mistakes --
🔥It will be different this time🔥
🔸Impatience or stretching losses are some of the mistakes that traders tend to repeat
🔸Evaluate your performance regularly / at the end of each session
🔸Keep a trading diary, its key to success long term
🔥It will be different this time🔥
🔸Impatience or stretching losses are some of the mistakes that traders tend to repeat
🔸Evaluate your performance regularly / at the end of each session
🔸Keep a trading diary, its key to success long term
-- 5⃣ Revenge trading --
🔥If i double down this time, i will make it back & more🔥
🔸Revenge trading, is an emotionally driven response to a loss
🔸Control your emotions with discipline and sticking to your plan
🔸Set a rule not to trade for X mins after each loss
🔥If i double down this time, i will make it back & more🔥
🔸Revenge trading, is an emotionally driven response to a loss
🔸Control your emotions with discipline and sticking to your plan
🔸Set a rule not to trade for X mins after each loss
-- 6⃣ No risk management --
🔥I don't need a stop, there's no way it'll drop > 10%🔥
🔸Don't kid yourself buy trading an unproven strategy
🔸Work out your trade invalidation points
🔸Set hard or soft stops, that you stick to
🔸Know your trading odds / Risk : Reward
🔥I don't need a stop, there's no way it'll drop > 10%🔥
🔸Don't kid yourself buy trading an unproven strategy
🔸Work out your trade invalidation points
🔸Set hard or soft stops, that you stick to
🔸Know your trading odds / Risk : Reward
-- 7⃣ Over Trading --
🔥Just 1 more hr, i am on a role🔥
🔸24x7 in front of the screen is unnecessary
🔸Being tired can cause you to think irrationally and FOMO breaking your rules
🔸Set a routine and chose your trading sessions
🔸Know your limits, your not super human
🔥Just 1 more hr, i am on a role🔥
🔸24x7 in front of the screen is unnecessary
🔸Being tired can cause you to think irrationally and FOMO breaking your rules
🔸Set a routine and chose your trading sessions
🔸Know your limits, your not super human
-- EXTRA - Personal BAD habits --
🔥None i am perfect 😁🔥
🔸I, at one time or another, have been victim to all the previously mentioned BAD habits
🔸I am sure my wife would tell you many more
BUT currently i am trying to work on spending less time in front of the screens
🔥None i am perfect 😁🔥
🔸I, at one time or another, have been victim to all the previously mentioned BAD habits
🔸I am sure my wife would tell you many more
BUT currently i am trying to work on spending less time in front of the screens
-- Conclusions --
A lot of what is mentioned boils down to 2 things
1⃣ Emotions
2⃣ Discipline
Master your emotions and foster a solid base for a disciplined trading plan, and you will be well on your way to being a successful trader!
Pls like ♥️ & retweet, its appreciated
A lot of what is mentioned boils down to 2 things
1⃣ Emotions
2⃣ Discipline
Master your emotions and foster a solid base for a disciplined trading plan, and you will be well on your way to being a successful trader!
Pls like ♥️ & retweet, its appreciated
Loading suggestions...