Most traders unfortunately do poorly. Too much leverage. Stops too tight. Fear of lossing. Trading against the trend. Too many edgeless tools. Guru fixation. Trade like retail and will lose like retail.
https://twitter.com/Tradermayne/status/1339509479012925440
Things I'd recommend to traders until becoming consistently profitable:
- eliminate leverage
- use only very wide stops
- reduce size accordingly
- never go all in
- focus on 1-4 assets
- eliminate indicators aside of volume and maybe 1/2 MAs
- trade only with the larger trend
- eliminate leverage
- use only very wide stops
- reduce size accordingly
- never go all in
- focus on 1-4 assets
- eliminate indicators aside of volume and maybe 1/2 MAs
- trade only with the larger trend
Could make that list longer, but that's the core.
I am certain whoever does that will do well for the following few years, as odds are markets will trend higher.
A great thing about crypto in particular is that being so volatile, one can do extremely well even without leverage.
I am certain whoever does that will do well for the following few years, as odds are markets will trend higher.
A great thing about crypto in particular is that being so volatile, one can do extremely well even without leverage.
Can think of trading as driving a car. Need to know how to drive on the streets before going on the freeway. Need to be able to drive safely at 60mph before speeding up to 120mph. Shouldn't drive at 120mph if unable to avoid crashing at low speeds.
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