Topic: What I think every trader should do to stay in the green - page 6. (Read 1566 times)
Traders should stay focused on their asset by monitoring the fluctuations, because this helps them become updated with every changes. Having gains to stay in green signals is very difficult to maintain while market sometimes saturate due to resistance. Long term holds will be effective for a meanwhile so trying this as an alternative strategy might be efficient as well.
The problem with trading
When I started day trading crypto 3 years ago, I didn't have a plan with my trading. I just thought "if my win rate is high, I will make money gogogo".
I think everyone is missing a very important step if you just do some TA and start trading.
"You need a strategy"
Everyone told me from day 1 "You need a strategy" - but I simply didn't know how to make one. After losing 90% of my account balance, I took a break from trading for 6 months. Then I came back with a new mindset and reviewed some of my past trades.
I had no plan
When I look back at it, it was actually crazy how much I cowboyed my trading. Sometimes, I made +1%, sometimes -3%, sometimes +5%, sometimes +10%, sometimes -7%. There was no structure and I had no idea what results I could expect.
Since I had no forecast of my results, it was difficult to follow my rules. I simply lacked motivation to follow my rules. I think this is very common.
What worked for me
What made me go from a bad trader to a consistent profitable trader, was ACTUALLY using a strategy. Not only trading based on a vague strategy.
NOW - How the heck should I form a reliable strategy that works?
I opened up a Google Sheet and started writing formulas to estimate my earnings and losses from trading, based on different win rate, starting balance, leverage etc. It helped me a lot but it was so tedious to change the strategy in Google Sheets
I had enough. So I started to Google if there was a better way to do this. I found nothing. The only thing I found was a Forex Profit Calculator, but I wanted one for crypto.
Winrate.io was my game changer
So I made my own one. I created a website called winrate.io where you can test your current strategy or create a new strategy if your current one doesn't work.
This was a game changer for my own trading - Since I realized that my current strategy was not efficient at all and I was trading on an exchange with crazy fees. I sat down for 1-2 hours and tried different setups, and found out that I just had to make a few tweaks to make my current strategy work a lot better.
This is free and it will not ask for anything from you - not even your email. This is simply my Google Sheet in a more user friendly version that I personally use to improve my trading. My friends also use it regularly. So I wanted to share it with you as well. Hope thats OK!
I really think this step is very important but something that a lot of traders does not do - because it is difficult to do in Google Sheets or Excel.
Please let me know if you think this is helpful and if you have any questions.
All the best,
Joel
When I started day trading crypto 3 years ago, I didn't have a plan with my trading. I just thought "if my win rate is high, I will make money gogogo".
I think everyone is missing a very important step if you just do some TA and start trading.
"You need a strategy"
Everyone told me from day 1 "You need a strategy" - but I simply didn't know how to make one. After losing 90% of my account balance, I took a break from trading for 6 months. Then I came back with a new mindset and reviewed some of my past trades.
I had no plan
When I look back at it, it was actually crazy how much I cowboyed my trading. Sometimes, I made +1%, sometimes -3%, sometimes +5%, sometimes +10%, sometimes -7%. There was no structure and I had no idea what results I could expect.
Since I had no forecast of my results, it was difficult to follow my rules. I simply lacked motivation to follow my rules. I think this is very common.
What worked for me
What made me go from a bad trader to a consistent profitable trader, was ACTUALLY using a strategy. Not only trading based on a vague strategy.
NOW - How the heck should I form a reliable strategy that works?
I opened up a Google Sheet and started writing formulas to estimate my earnings and losses from trading, based on different win rate, starting balance, leverage etc. It helped me a lot but it was so tedious to change the strategy in Google Sheets
I had enough. So I started to Google if there was a better way to do this. I found nothing. The only thing I found was a Forex Profit Calculator, but I wanted one for crypto.
Winrate.io was my game changer
So I made my own one. I created a website called winrate.io where you can test your current strategy or create a new strategy if your current one doesn't work.
This was a game changer for my own trading - Since I realized that my current strategy was not efficient at all and I was trading on an exchange with crazy fees. I sat down for 1-2 hours and tried different setups, and found out that I just had to make a few tweaks to make my current strategy work a lot better.
This is free and it will not ask for anything from you - not even your email. This is simply my Google Sheet in a more user friendly version that I personally use to improve my trading. My friends also use it regularly. So I wanted to share it with you as well. Hope thats OK!
I really think this step is very important but something that a lot of traders does not do - because it is difficult to do in Google Sheets or Excel.
Please let me know if you think this is helpful and if you have any questions.
All the best,
Joel
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