Ahoy mates! This will be my first post on MEDIUM. Today I’m sharing simple tricks to improve your cryptocurrency trading skillz.
1) Set your targets before hand
When you do this it helps you to limit yourself from potential losses when using stop-loss order and being overly greed if the price starts mooning to unsustainable levels by setting profit targets in advance.
2) Never risk too much capital in one trade
You always want to have some fiat or btc available in your account so you won’t miss on other trading opportunities that there are on the market. That’s why it’s not recommended to trade with your total portfolio size, instead using only certain percentage from it.
3) Be disciplined and patient
It’s not easy to be disciplined or patient in the vast world of cryptocurrencies. Your worst enemies are greed and fear. Greed is keeping you in long positions and fear is making you to miss on trading opportunities. Create a plan to stick with.
You don’t need to trade everyday to be successful, if there isn’t any trade opportunities that fills your criteria, then it’s better to be patient and not to force it.
5) Have a strategy and stick to it!
If you are using technical, fundamental or any other analysis type, then you certainly need a strategy! Having a trading strategy is like your well working navigation system that helps you along the way. If you are not having a good or tested strategy, then it’s likely time to change it.
I have written a guide on trading strategy that I like to use on daily basis. Check it out here: “Beginners Guide: How To Day Trade Using Moving Averages.”
6) Don’t #FOMO and buy pumps
Bad execution is followed on trades and greediness strengthens which can get you stuck on long positions. Pumps are usually short lived and can be artificially manufactured.
Thumb rule: Learn to sell against pumps and when other people are #FOMOing.
7) Don’t personalize losses!
Instead of learning that losses are part of the game and not accepting them. Causes you to take more riskier traders to cover up your losses. It’s better to keep a break than to lose more. More you lose, the more it’s harder to gain back.
Here’s an example:
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Information about me:
I’m full time crypto trader and blockchain startup investor. I like to talk about trading strategies and insert educational information on my reports. I tend to discuss about small cap gems with my crew.
Twitter — https://www.twitter.com/YarrPiratez
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If you have questions, feel free to ask and I’m more than happy to help.
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.