Who wouldn't want to make thousands of dollars a day looking at candles moving up and down? However, there are a few things that hold traders back, myself included.
✅1. Take money away from trading
Trading is a skill, and like everything, money is a side effect of the skill.
If you only treat trading as a way to make money, you slow down your growth. Focus on learning how the market moves, and when the movers trade. Master your strategy first, and then worry about money.
✅2. Become emotionless
The market is fuelled by greed, fear and wealth.
Those who are able to detach fear and greed from the equation are left with only wealth. The more scared you are, or the greedier you get, the more likely you are to be my liquidity.
Master the art of detachment and discipline by sticking to your trading plan religiously, regardless of market fluctuations. When you trade with a clear mind, you'll make smarter choices and see your profits soar.
✅3. Don't tell anyone you trade!
People you love will never understand you, and for a good reason. Imagine your child telling you how they are continuously losing money with nothing to show for it. They don't care if you improved by the day, until you have solid cash.
Don't tell anyone you trade, especially your loved ones, until you finally become profitable. The outside noise and opinions will affect you, increasing losses.
I'll be honest, I am a intermediate trader myself (have been trading for two years), and I want to form a community with other traders to help boost my skills.
I am in the works of creating a telegram group that I will release once I hit 400k followers on Instagram. If you're interested, comment "Profit" and leave a follow. #IntroToCopytrading #BinanceTournament #Megadrop $BNB $BTC
It is crucial to learn from losses while improving your trading for several reasons. Here's why:
✅Identify weaknesses: Analyzing losses helps you identify the areas where you went wrong or made mistakes in your trading strategy. ✅Avoid repetitive errors: Learning from your losses enables you to avoid making the same mistakes again, minimizing potential losses in the future. ✅Adapt and evolve: Adapting strategies based on past losses allows traders to evolve and stay ahead of market trends. ✅Capital preservation: Understanding the reasons behind losses can help you preserve your capital by implementing risk management techniques. ✅Emotional control: Learning from losses helps in taming emotions and making rational decisions, preventing impulsive trading based on fear or greed. To improve your trading, start by thoroughly evaluating your past losses. Analyze the market conditions, entry and exit points, risk management, and evaluate your emotions during each trade. Identify the patterns or mistakes that caused losses and brainstorm ideas for improvement.
Once you have identified areas for improvement, develop a plan of action. This may include refining your entry and exit strategies, implementing stricter risk management rules, enhancing your market analysis techniques, or seeking guidance from experienced traders or mentors.
Remember, learning from losses is an ongoing process in trading. Continuously educate yourself, adapt to changing market conditions, and stay disciplined. Embrace losses as learning opportunities to grow as a trader and improve your long-term profitability. #IntroToCopytrading #US_Inflation_Easing_Alert #MtGoxJulyRepayments $BNB $BTC $SOL