💡 Lesson Twenty-Seven: How to Create a Successful Trading Plan Before Entering the Market? 🧭
Success in trading does not begin when you open the trade 💰
But rather with clear and studied steps beforehand 🔍
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🧠 1️⃣ Define Your Goal Accurately:
Do you want quick profits or a long-term investment?
⏱️ Each goal requires a different strategy.
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📈 2️⃣ Choose Your Currency After Research:
Do not just follow the trend.
Look for a currency with a real project, strong liquidity, and continuous trading activity.
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⚙️ 3️⃣ Define Entry and Exit Points Before Execution:
• Entry Point: when breaking resistance or from a strong support area.
• Exit Point: when achieving the profit target or before the next resistance.
• Do not forget to place a Stop Loss order to secure your capital.
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💵 4️⃣ Risk-to-Reward Ratio (R:R):
Choose trades where the reward is at least double the potential loss (1:2).
With this approach, even if you lose some trades, you will profit in the long run.
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🧩 5️⃣ Monitor Your Emotions:
The biggest enemy of a trader is emotion.
Do not enter because you are afraid of missing the rise (FOMO),
And do not exit because you are worried about a slight decline.
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⚡️ Advice from CryptoMario101:
“The plan that is not written down is not executed.”
Write your plan and stick to it no matter what emotions are around you 🔥
