$UMA Knowledge when trading is what distinguishes between | Kiprop Kimutai on Binance Square

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$UMAKnowledge when trading is what distinguishes between a gambler and a profitable trader!
#TradeNTell
#Write2Earn:

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Trade Lessons on RISK! #Write2Earn The last post I did was a loss. This happens to the best of the best. (I mean it happened to me!) The thing about losses is that it indicates a weakness in your trading. It's similar to failing at school, however instead of losing marks. Trading is harsher! You lose actual money. The great thing about failure is the lessons that come with it! Here are a few I learnt: 1. Focus on your strategy => What happened to me was, I get into a trade. I see a post here explaining the negative case. I get skeptical and exit the trade prematurely. I enter the trade with the new insight and get burned! This leads to my next lessons. 2. The only person you should listen to is yourself. Trust your gut. Mute out all the noise here => This is very important. The so called "Guru's" here are just making speculations. In a human market no one can absolutely predict the trend with 💯 certainty. If you don't believe me go ahead and ask AI to verify my claim. It's all bullshit and the only one who can do a good trade is you. Because everyone has different financial statuses and risk tolerance. Don't listen to anyone just because they were right once or twice. Any assumptions made will eventually come to pass in a long enough timeframe. For Example, $BTC will reach 45K soon. (Bearish). No matter what statistics I give or no statistics. At some point this will be true. I will repost this when that happens and everyone will be impressed by my "fortunate prediction." 3. Journal your trades or atleast have a feedback loop => Writing down at minimum, the entry, exit, reasoning behind your trade and it's result is what allowed me to write this article. Obviously my trade journal has more parameters than this. If you'd want that shared you can comment "journal" down below. I am confident that this is helpful to most of you. If you found value in this post, do a kind thing to someone else. More importantly share it with your network so that you make gains as a crew! Due to the word limit here, check the full post on LinkedIn at Kiprop Kimutai

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Woke up to getting ReKT! This happened because I didn't have proper risk management set for this trade. All this happened in less than 24hrs. The crypto markets are wild and ruthless. Stay safe and as you go through this post, REMEMBER TO ENFORCE PROPER RISK MANAGEMENT! As someone who shares his wins. It's important to also share the lessons from my losses! STAY SAFE. #Write2Earn #TradeNTell

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Remember, there are 3 types of trades you should involve yourself in: 1. Trades that lead to Massive Profits 2. Trades that lead to Small Profits 3. Trades that lead to Small Losses. Avoid trades that lead to Huge Losses. This is achieved by PROPER RISK MANAGEMENT!

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In my 3rd year of trading, I am learning that trading, like many other things, requires a high degree of discipline to be profitable. You make a loss, be disciplined enough to not revenge trade. After 3 years and I still feel the urge to revenge trade after making a loss. Managing your emotions is very vital. Be better than me. Don't revenge trade! #TradeNTell

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Trading is great when you know what you're doing . I started out in a bull market, in 2021. Before the beginning of the bear market. I had zero knowledge but I managed to be profitable. Why? because it was a bull market! Every long made some returns. I didn't even know the concept of shorting the marekack then. But at the beginning of 2022 and the crash began. Losses began and I was rekt! Multiple times too! Rekt at 40k, rekt at 30K then 20k! The bear taught me trading. So whenever you get into seeing your portfolio -30% bear or loose everything. Remember that you need knowledge to come back better and stronger. As I said. Trading with knowledge is sweet. Use the bears to learn. NB: LEARNING NEVER STOPS! We live in a human system that keeps changing daily. #TradeNTell #Write2Earn: If you found value hit that like button to let me know you'd like to get more content like this. See you on the flip side!

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