I lost a lot during this time, learned valuable lessons, burned out, didn’t understand why I couldn’t do anything, and all this crap.
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But I didn’t give up, every lesson gave me understanding of the market, confidence, and experience. At the end of the year, I reached a solid 0 and recorded a small profit. And only in the 3rd year I began to get results that bring me money.
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Below is a list of rules “on the blood” that I have deduced from milking myself over all this time. Perhaps novice traders will find this useful and they will find something for themselves that will help them cope with burnout and reach another level.
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Here they are:
Don't be greedy. If the trade is a good plus, take profit and exit the trade. Don't expect mountains of gold
Don't trade at night, sleep comes first. You will open a trade at night and will be stuck watching the chart until 5 am
Don’t go into a whole deal, stick to risk management. Use 10-20% of your budget
Be prepared to lose everything in one candle calmly and without nerves if the market suddenly turns around or enters a trade incorrectly.
Don't just trade by eye on your phone. Use a laptop for analysis at a minimum.
Don’t enter into a trade just based on patterns or instincts, study the chart, do technical analysis
Don't get into trades with 75x leverage. You will earn a cutlet and/or lose everything in an instant.
Don't try to round up profits. If you earned $978, take your profit and relax!!!! In pursuit of a round number, you can lose everything.
Never trade with other people's money, or money from capital under your pillow.
Analyze the chart from 1 day to 5 minutes. Don't just look at minute charts, the picture is not complete.
Do not open a deal if the price has not reached the area of interest, do not rush
Don’t forget to set stop losses dude, it’s important. Do not be greedy.
Don't trade when you've been drinking. Need a cool head
Risk no more than 5% per trade
Risk per day 10%
No more than 3-5 trades per day
List trading pairs before starting trading
Trading hours from 9:00 to 12:00 to 15:00 to 18:00
Watch carefully for false breakouts, do not rush to enter into a trade on a pullback. Wait for confirmation
Do not always set a stop at the level of support and resistance, the price will test the level below and go for the take without you.
Don’t set your stop too short, there’s a high chance of getting busted right away
Take into account the exchange commission of 0.04 take and make, this can be 10-30 dollars.
Don’t forget to check the entry price, there was a case when I double-checked the chart, and the price was off on the lvl market.
Keep a trading diary and analyze trades
That's all. I hope you learned something new for yourself. These are my personal thoughts from my head, but they helped a lot. Re-read each time before your trading session.
Bro, and subscribe if it was helpful.
🤝🤝🤝
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