ESSENTIAL TIPS TO SIMPLIFY YOUR CRYPTOCURRENCY TRADING PLAN

For every Crypto-currency trader, having a definite trading strategy is crucial to trading success and also essential for risk management. Simplifying your trading plan would go a long way in in improving your trading strategy and also increasing your level of success.
Below are important tips for simplifying your trade plan:

1. Always have a trading plan before you buy.
2. Do not spend too much time watching the charts; find your entry and make your trade. (Stick to Your plan)
3. Stay logical, avoid panic and trading news, control your emotions
4. Avoid using too many indicators for trading
5. Beginners should stick to only a few trades at any given time.

TIP 1 - Plan Your Trade and Stick to it.
• If you don’t plan your trade then you can get stuck. You must have a plan so you can minimize stress. Trading without a plan would make it easy for you to get lost.
• Always guard yourselves with a stop-loss
• Be Consistent

TIP 2 - Track your Progress!
• Keep a trading journal and enter every trade you make.
• Your mistakes are your most valuable lessons. Don’t get discouraged, learn from them and keep going.
• Writing down why you entered a trade will make you become familiar with how to find more entries

Trade Journal Entry Example

• Coin: Antshares
• Entry: 4.6324
• Exit: 6.77539
• Stop: 4.1334
  Entered because I am aware strong indications reveals there would be a rise in the rate adoption of Antshares in China and the rest of the world.

TIP 3 – Staying Logical
• Avoid chasing coin, just step back, relax and find a good trade. Chasing coins won’t help you at all
• Do not trade based on news, although it is good to be well-informed. Good news, bad news, real news, fake news all causes panic.
• While panic pumps and dumps may fetch you quick cash, the risk involved is also very high.

TIP 4 – Don’t get yourself inundated
• Learning how to trade on coin can be very tricky, so it is wise to only increase your amount of positions when you have the capacity to manage them
• Learn to apply numerous trading strategies at once (short term/midterm/long term)
• Use a Portfolio manager to track all of your coins (Blockfolio, Cointracking.info, e.t.c)

I hope this post is helpful resourceful and educative.
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Have a great day.
Love you all. Fellow Steemians