#1: If the trade doesn't jump out at me within a minute or so of looking at the chart, I'm extremely reluctant to trade it.
Find your niche.
Are you a "gem hunter" who finds coins and flips them months later for 3-4 percent digit returns?
Or perhaps you're a Bitmex sniper?
Go figure that out THEN assess your trading strategies accordingly.
Watch concept videos & market breakdowns AND take the time to understand them.
Too many people binge watch videos and expect to know it. It really doesn't work that way.. It takes me DAYS to get through a 40 minute concept video if I'm actually practicing the concepts.
Use an inverted chart to help eliminate bias.
I got into crypto right before the '17-'18 bull market. All I knew about crypto was that it just goes up. I picked up so many bad habits and one of them was being overly bullish at all times. This *helps* me see things clearer.
Figure out your trading strategy/trade-setup.
If you KNOW what you want/what you're looking for, it prevents you from doing business in compromised areas.
Follows #5 nicely.
If you can't get a good entry/exit, don't fucking trade it. You're forcing a trade that isn't there.
I try to always enter a trade knowing:
-Is this a good entry?
-Why am I entering this trade?
-Exit/Take Profit areas
I don't average up or down on my positions UNLESS that was my plan going in.
In that case I'd take a quarter of my position for the initial entry and then add as it either moves up past resistances or down through support.
Use less indicators. I used to fuck around with 5+ indicators and wonder why my trades were so inconsistent.
They're too much noise. I personally only use some combination of RSI, Vol., OBV, MACD, EMA/MAs and they're used to confirm my prediction not the other way around.
It's okay to not be able to trade in a certain market conditions. The market changes. Sometimes it agrees with you and sometimes you're better off just counter-trading yourself.
Identify the market and play to your strengths or don't play it at all. Cash is a position.
This one is a bit controversial but it's something that's helped grow my portfolio A LOT
If you're sure of a trade, enter the trade like it. If you say you really like a certain setup then why are you playing it like you don't?
Increase position size on setups you like.
Some ppl like to set quotas (if I make $1000, I'll call it a day). Imo, if you're having a hot day, where you're reading the market well, that's when you SHOULD be pushing it.
FUCK calling it a day early
You can call it early if you're having a shit day and doing your ass.
Chasing pumps and being greedy. Some of y'all are making 20-30% returns on coins a week during our mini-alt seasons and you're STILL chasing pumps.
Stop that. You might grab a couple extra % on the tail end of a pump but all it takes is one pump to dump hard and ur fucked.
If a trade moves without me, I don't chase it.
Kinda like my women.
Figure out what you want from this shit and actually adapt your trading around that.
When I began trading, I wanted to build a career around it BUT I was trading like I wanted to retire yesterday.
Make sure your goals and trading methods are congruent.
I have a good buddy who's a prop trader. He said something that stuck with me when I did something dumb a few years back.
"If you had 10 million dollars would you trade like that?"
That's why you don't have 10 million dollars.
Fucking sleep. Get your 7+ hours in.
That whole sleep is for the weak bullshit and pulling all-nighters to trade will ruin you long term.
Clarity and control comes from sleep and overall health.