Take Profit Part 1: Finding the Best Approach

It seems that many are waiting for the bottom. I'm new to crypto swing trading and am forward testing my self developed strategy 🥲. It gave me an enter signal to go short on 2 altcoins last week so I setup a sell entry. To be fair with my readers, I have entered short twice before this and got my stop loss hit 😅

There is no news, anticipation nor prediction involved. Just followed the strategy, set the stop loss, and that's it.

After that I just waited for my stop loss to get hit but market is generous this time and now it's gaining. I have started to trail stop my small gain 🫰.

Why do I not put a hard take Profit Price?
My mentor in fx never believed in setting a Take Profit price. The strategies I was taught were all like that in nature. That made me wonder and asked why. Somehow now I got my answer, because in this way I can ride the tide until it dies. Hence, once PNL is positive there will only be two outcome, Small Gain or Big Gain.

#stresslesstrading
#saynotofomo

Lessons I learned in my Trading x Journey.

Struggling to be profitable in the current bull market ?

You are not alone. I too am struggling finding the right strategy, the right timeframe, and the right type of chart that suits my personality.

Tried to get, well I think a profitable mentor. Though I wasn't able to be profitable yet like my mentor but together I have learned a few things on my journey.

1. Risking only money I can afford to lose.

2. What type of trader are you? I tried but I am not a day daytrader; I think swing trading suits me better.

3. What is the best Chart for you? There are different type of charts. We have the traditional candle stick, haiken ashi, there is renko and a few more.
I originally am a candle stick user but my mentor uses renko, so for a year now that's what I use.

4. Are you an IMPATIENT trader?

5. Do you HOPE the price will go into your favor after you buy/sell?

6. Have you ever entered a trade due to ANTICIPATION?

There could be more but for now I will focus on these topics. I will try to discuss each in my Next Posts.

say no to fomo part3
$ATOM
/USDT

waiting for my exit 🫢

#renkotrader
#stressless
#stoplossrespect

say no to fomo part2

trailing stop initiated

$ATOM
/USDT

#renkotrader
#stressless

say no to fomo part1
$ATOM
/USDT

#renkotrader