There is no king without a throne
Cooking things is not enough to be a top-tier Chief cook with a toque.
Doing trades is not enough to be a good trader.
What you need is a combination of different skills
Identification of opportunities
No need to be a genius to know it's a needed skills. However, many people simply don't have it.
Watch your charts at least one time in the morning and one time in the evening.
Don't fall in the trap of digging for opportunities. If the current circumstances are not favourable, then simply don't trade, and wait for the good moment.
Patience for waiting the buy/sell spots
This is the one that will give you the best entry and exits. It can elegantly increase your profits, don't underestimate it!
If the RSI is oversold, maybe you'd better wait before selling ? Don't "fire escape" due to your fears.
Emotional management
Fear and greed at the two main assholes.
Don't let them overcome your judgement. Do meditation to master your thoughts instead of being mastered by them.
You'll keep sane, and will enjoy life without checking your Profits/Losses every 10 minutes.
Risk management
Have your stop losses and take profits ready.
Have the discipline to actually trigger them and to follow your rules: this one involve a lot of emotional management.
Trading tools and environment
By environment I mean:
- Have brokers that can follow your needed liquidity
- Being ready to withdraw or deposit large sum of money (Is KYC needed ? Is your bank crypto-friendly ?)
- Stable internet connection, with a backup in case of failure (your 4G phone, for example)
By tools I mean:
- A way to follow thoroughly your bankroll and trades. If you use a spreadsheet you must update it as soon as any action occur: never let it become outdated
- A good big screen which allows you to compare multiple charts in a second
- An adequate system to receive alerts when you are outside. You can put them in your phone (with tabtrader for example) or receive SMS through tradingview.
Legal disclaimer: Sue me if you lose. I will go to jail and give you my money. I am responsible for what you do. By reading the article, you did accept to comment, vote, and resteem it.
I like reading post like this because I believe this is more emotional than logical
This is the best version of content to read today. Thanks for your thoughtful post @toucancrypto
Wise words.
Fear and greed to the two main idiots.Do not let them overcome your judgment. Do meditation to master your thoughts instead of being dominated by them.The avarice breaks the bag. Sometimes because of the desperation to make quick money we do not realize that we are losing money little by little and valuable time.
When we realize that we have lost a few dollars, we enter the panic and begin with fear if we continue investing or not.
Thanks! Resteemed. Stop loss orders are key and have saved me in the past.
Great post, and excelent recomendations as a plus Congratulatios @ toucancrypto
How would you do in a super-unstable economy with hyperinflation?
Your advice is very good and gives guarantees, but for example in my country, Venezuela, we have hyperinflation and everything has a different cost every day. It is horrible and frustrating as a merchant.
My business has not died, but it is always in danger thanks to the prices that always rise suppliers, who have no compassion with the merchant.
Greetings @toucancrypto, and thanks for your post
Use another currency. Move country ?
It is forbidden to use dollars or other foreign currency to make purchases. It is legally impossible or I can go to jail, or worse, they take away my merchandise and foreign money.
If nobody catch you, then it's not illegal
Hey bro pls follow me pls pls
Very the same as to what is happening in our country as well. There is a very high inflation rate happening right now and this is the very first time for the past three decades that the inflation rate rises this far. But well, we should not lose hope. Maybe we can cling on the emotional management side. Stay positive.
THats true.. I support your article tittle heading
I like the title, me too 😉
I bet you do... Smiles
The information is really interesting, like!
Thanks for sharing...
Dear @toucancrypto
Just decided to see how have you been doing, since I didn't hear from you in a while. I noticed that you didnt post anything in a while.
Did you give up on Steemit? :(
Yours,
Piotr