Bybit Talk: Trading Strategies
If you are reading this, you decided to take part in our Bybit Talk.
It’ss a good decision. This time, it will be great if you prepare some information for us and describe your trading strategy by the next plan.
I’ll preface this section by stating that keeping a meticulous record of your trading and your trading system is of paramount importance. This should be self-explanatory.
The idea is to roughly describe what kind of trading appeals (or works) to you, the time frames and trade durations you’re comfortable with, and so on.
For example, CryptoCred (well known author) propose next questions for you, how to determine your trading style
Here are some points you may want to consider when describing yourself and your style:
- Which time frames work best for you?
- Are you able to build and hold positions for extended periods of time?
- Can you handle being in an underwater trade for days/weeks in the expectation of catching a larger trend? Or do you prefer jumping in/out of the market more frequently based on specific intraday structures?
- How many trades can you take without going full wannabe scalper degenerate mode? Can you be disciplined with intraday trading or need you restrict yourself to higher time frames?
Before start the career of trader you should write your strategy, and always add some notes: what went wrong, what works well. After approximately 1000 trades you should understand all underwater stones, where set your stop will be better, and where better to close your positions and wait for another opportunity.
I know a lot of traders without any plans/strategies — just making some analysis and after open position in their direction. All of them are not successful traders on big distance. You can have 1/3/5/10 lucky trades, but on long period of time without trading system which consist of: Money Management, Trading Strategy, Traders Plan, Trader Diary — market will beat you. It will take your money and run away.
Now, with Bybit, you have a chance to describe your strategy and share with us. We will discuss our strategies and, maybe, you will have useful tips by community members and will become better trader tomorrow.
For example: I am primarily an intraday trader. I trade using support/resistance/margin zones and indicator of volume spikes. I enter at turning points with tightly-defined risk. I trade from one level to another. I trade setups that usually quickly tell me whether I am right or wrong. I don’t like to hold positions for more than a couple of days at the very most.
My trading setups mostly consisting of +-50 margin zone, triangles and +-75 zones. Because of that I like flat, when 50/75 zone is a support or resistance. When we have strong trend moves — I prefer to wait for a retracement to the 50 zone before going long or short. Also, I am using indicator with volume spikes. When we have huge move on huge volumes — I am waiting for retracement to the 0,618 or 1 fibo on that candle.
It’s about your trading strategy. You can be swing trader, or trading weekly timeframes or 1 minute timeframe. It will be good to listen to your stories in our community.
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