The Successful Trader's Secret Power
One thing seems to be everywhere at the moment.
It's around when you scroll through social media or talk to other crypto traders.
Resignation.
To be very clear, I am not talking about the resignation of long-term holders. This one is about traders.
Here's what I hear constantly:
* My trade strategy doesn't work anymore
* My success rate has plummeted
* I've lost so much money in the last weeks
* The market is manipulated
* I am giving up
It's trueâthe market is tough right now. Bitcoin has been trading sideways for a month, and many altcoins have gone lowerâbleeding slowly.
As the market has changed, traders need to change too. But few do.
The majority enter a vicious cycle of desperation --> impatience --> more risk --> resignation.
The successful trader is different. They understand that fundamental conditions have changed and that they need to adapt to it.
As Darwin said, neither the strongest nor the most intelligent survives. It is the one who is most adaptable to change.
So, how can you adapt to the current market?
* Trade different timeframes (in a sideways market, it is often easier to trade in lower timeframes).
* Adjust your targets (e.g., lower your profit targets or tighten your stop loss).
* Adjust your strategy (e.g., try additional indicators to harden your strategy).
* Expectation management (be conscious that this is not the time to hit record success rates)
* Train to trade less (an often forgotten superpower)
* Risk management (lower the capital % you risk per trade)
Most importantly, choose a rational approach and analyze how to adapt to the current market. Free of emotions but filled with responsibility.
The market doesn't care about you. It's on you to adapt to the market. Quitting is not an option.
