Topic: ESSENTIALLY SIMPLE TRADING FACTORS THAT EVERY TRADER SHOULD CONSIDER - page 2. (Read 235 times)
January 05, 2024, 06:42:19 AM
I want to talk about the confidence part. Do you know that you can have confidence and the confidence will fail you. An instance is when you have the confidence, you analyzed the market and open a trade. After the trade was opened, the market go another side and loss started and continued until liquidation. There are more to trading than what you listed. It is not what you can use a day to learn. You need to know how to control your emotion and not using leverage. The money you put on trading, see it as the money you put on gambling. Let the money be very small and be able to afford to lose it.
January 05, 2024, 06:36:36 AM
Trading is something most persons have diverse idea, perception and biases about, especially with cryptocurrency most persons will rather want to invest (HODL) than trade because they feel safe and profitable more with that method of engagement within the cryptocurrency space. Today I will be taking a leave from the norm into some essentialities that could rather help your trading journey just Incase you see an opportunity with it some day, there are various opportunities with trading not minding the risk and volatility involved, these opportunities to be explored could be seen in spot trading or futures trading and sometimes currency cross pairs (BTC/USD). I will be highlighting three points I consider very essential if you must succeed and stay profitable trading.
Specifically I will be talking about three things I think if you consider and fix them, there's no limit to how successful you can be trading, they includes 1. Discipline 2. Patience 3. Confidence. After proper studies and gaining the much needed knowledge to trade you need the above to helping your trading journey turn out a success.
1. DISCIPLINE: The ability to sticking to your strategy and risk management while trading can be considered discipline, in trading discipline entails a whole lot that if it were to be discussed it will have a thread of its own. After much learning and developing a strategy which cuts across your risk Management and your trading set ups which includes signs you see in the market before you take a trade, it's very important that you stick to this strategy especially your risk management strategy, it may not work some days but it definitely will some other days but sticking to it and maintaining it long enough gives you that edge of profitability whenever you set up shows up and you take good advantage of it, switching in-between different strategies does not maximize profitability staying true to one does.
2. PATIENCE: You must know that you strategy will not work in all market conditions depending on the kind of trader you happen to be and you are definitely not going to see your set up playing out all day on the charts and this is where patience comes in. You have to learn to be patient to waiting to see the signs and the set ups that tells you it's the best market conditions to trade and if you don't see these do not trade regardless of what is happening in the market, you shouldn't trade until you see your set up then you can maximize the opportunity to make good money from the market.
3. CONFIDENCE:if you have been patient enough to see your setup play out you can confidently execute your trades without doubts or waiting any further and having to trade emotionally due to FOMO. Confidence in that your set up over a good period of time has proven to be profitable, know that on the chart history repeats itself most often and your profitablity depends greatly on how you understand how it played out before and why it did happened that way, this will further boost your confidence into taking trades without fear and staying profitable, entering rightly and exiting rightly aswell.
Staying simple on the chart makes trading much more easier and less emotional avoiding so much complexity helps your confidence while trading. The above isn't a must but you will be profitable if you stay simple with that which is stated but if you find a different way suitable for you then stick to it and stay profitable Trading is dynamic but have its own basics you must follow els you may just be gambling.
Specifically I will be talking about three things I think if you consider and fix them, there's no limit to how successful you can be trading, they includes 1. Discipline 2. Patience 3. Confidence. After proper studies and gaining the much needed knowledge to trade you need the above to helping your trading journey turn out a success.
1. DISCIPLINE: The ability to sticking to your strategy and risk management while trading can be considered discipline, in trading discipline entails a whole lot that if it were to be discussed it will have a thread of its own. After much learning and developing a strategy which cuts across your risk Management and your trading set ups which includes signs you see in the market before you take a trade, it's very important that you stick to this strategy especially your risk management strategy, it may not work some days but it definitely will some other days but sticking to it and maintaining it long enough gives you that edge of profitability whenever you set up shows up and you take good advantage of it, switching in-between different strategies does not maximize profitability staying true to one does.
2. PATIENCE: You must know that you strategy will not work in all market conditions depending on the kind of trader you happen to be and you are definitely not going to see your set up playing out all day on the charts and this is where patience comes in. You have to learn to be patient to waiting to see the signs and the set ups that tells you it's the best market conditions to trade and if you don't see these do not trade regardless of what is happening in the market, you shouldn't trade until you see your set up then you can maximize the opportunity to make good money from the market.
3. CONFIDENCE:if you have been patient enough to see your setup play out you can confidently execute your trades without doubts or waiting any further and having to trade emotionally due to FOMO. Confidence in that your set up over a good period of time has proven to be profitable, know that on the chart history repeats itself most often and your profitablity depends greatly on how you understand how it played out before and why it did happened that way, this will further boost your confidence into taking trades without fear and staying profitable, entering rightly and exiting rightly aswell.
Staying simple on the chart makes trading much more easier and less emotional avoiding so much complexity helps your confidence while trading. The above isn't a must but you will be profitable if you stay simple with that which is stated but if you find a different way suitable for you then stick to it and stay profitable Trading is dynamic but have its own basics you must follow els you may just be gambling.
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