Viza
My posts serve as a note-to-self of the lessons I've learnt and to monitor how I develop in terms of the way I think. No fancy charting, no conspiracies.
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$WIF If you find yourself sunk in the loss, here are some things to help you. I don't promise to make your losses back, and I certainly cannot promise that I will always be right, but there are a few fundamentals in the world of trading that we should never forget to improve our odds in this cut-throat (literally) community.
1. Set clear goals
Ideally before you take a trade or after you've taken one, set your goals. Where do you want to place your stop loss most importantly. Take profits are important but not as much for active traders and if you are confident in your trade. Don't let your losses drain out in hopes of a rebound. Yes they do happen but how often? And could you have generated a better return with liquid tradable assets instead of watching them locked up and burnt?
2. Test your theory
And no I don't mean backtesting although that can be a useful tool in many technical based strategies. I mean what is your confluence for trading? I'm an aspiring macro-economist and a strong believer in macro factors that impact the markets. Look at news, follow some live reporting accounts like financial juice on twitter. Be informed. Challenge your confluences. If it's technical, pick out opposing patterns on a larger time frame, what are some key price levels that may interrupt your plan? If it's fundamental, how significant is the news event? Has it been overly priced in? If both, do the same things. TEAR your strategy apart and if the odds are in your favour, be blessed.
3. Discipline
Learn to sit on your hands. Don't move your stop loss for no good reason. Before you modify your trading position, run your new idea through the same process as before. Nothing can save you from yourself. Don't take trades you're not confident in and gamble your hard earned clams away. No confidence, no trade. You lose no money in waiting for an opportunity. This is where most people fail even if they read this. Put in the WORK. DYOR as always.
#tradesafe
1. Set clear goals
Ideally before you take a trade or after you've taken one, set your goals. Where do you want to place your stop loss most importantly. Take profits are important but not as much for active traders and if you are confident in your trade. Don't let your losses drain out in hopes of a rebound. Yes they do happen but how often? And could you have generated a better return with liquid tradable assets instead of watching them locked up and burnt?
2. Test your theory
And no I don't mean backtesting although that can be a useful tool in many technical based strategies. I mean what is your confluence for trading? I'm an aspiring macro-economist and a strong believer in macro factors that impact the markets. Look at news, follow some live reporting accounts like financial juice on twitter. Be informed. Challenge your confluences. If it's technical, pick out opposing patterns on a larger time frame, what are some key price levels that may interrupt your plan? If it's fundamental, how significant is the news event? Has it been overly priced in? If both, do the same things. TEAR your strategy apart and if the odds are in your favour, be blessed.
3. Discipline
Learn to sit on your hands. Don't move your stop loss for no good reason. Before you modify your trading position, run your new idea through the same process as before. Nothing can save you from yourself. Don't take trades you're not confident in and gamble your hard earned clams away. No confidence, no trade. You lose no money in waiting for an opportunity. This is where most people fail even if they read this. Put in the WORK. DYOR as always.
#tradesafe
If you shorted when I said this you would be up 20% unlevered.
$1000SATS can and always will fall. I've been short on this for like 7 days now.
$WIF Big W's for us shorters. I have no idea where it'll go from here though. Might have to find a different coin.
$WIF There will come a time to buy, but it is entirely short season right now. Just go with the flow until tides change. It is the only logical thing to do. You lose your trades because you are stubborn and narrow-minded.
$WIF I feel validated :) Now that all the charlatans are dead, we feast on their remains and look for longs. US Market open tonight could send us roaring, but it is not worth pursuing if it breaks a dollar.
$WIF All the bullish charlatans are quiet now. They asked you to buy too high, buy at the peak. Now that they are bleeding and questioning, is when we can start considering buying.
$WIF where are all the people that said it was going to 2.3, 2.5, 3 yesterday? Thought so. Charlatans. Just trade in the known range and stop FOMO shooting yourself in the foot.
$WIF the coin is trading in a range. Always make me laugh when charlatans try to say WIF will go to 2+ or 1.5.
Win again.
$WIF I always short till a coin is cheap enough to buy. Might be time to load up.
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