Mark Douglas. in his book "The Disciplined Trader" (excuse me for not having the reference link at the moment), shows us why most traders are unprepared for the various - often bizarre - strategies that must be adopted to succeed in a trading environment, and how, being a disciplined trader is the first step to joining an elite minority who have learned to manage their trading behaviors, that small handful of traders who consistently extract the largest proportion of profits from the markets by developing a systematic, step-by-step method for winning week after week, month after month.
Being a trader with a prosperous career in the cryptoasset market is a very elusive dream for many of us, but not an unrealistic utopia. Sticking to a trading plan and not succumbing to impulsive decisions can turn the trades we make into a profitable and enjoyable activity, instead of a stressful and losing one.
Outlining a methodology and sticking to it with discipline helps traders think more objectively as they seek to improve. You can begin each trading day with a review of the previous day's trades, followed by an assessment of market conditions and adjustment of your action plans. This will help you focus on the strategy you need to follow rather than getting lost in details or tense moments when it comes time for your next trade, to avoid this, practice can be the key; patience and discipline will help you stay on track.
Familiarize yourself with the trading platform, the types of orders - market and limit orders - as well as the various order parameters such as duration, price and quantity. If you are new to trading you can practice placing orders without actually executing them, which will help you feel more comfortable with the process. Closely following market movements and volatility over several days will allow you to better anticipate price movements when placing new orders. It can be helpful to set alerts at key support/resistance levels; this way, you will receive notifications when prices reach certain points that may require action or further analysis before entering new trades.
Many traders are impatient and initiate trades without proper analysis, which leads to losing trades. Having trade triggers or alerts helps ensure that trades are only taken when the setup is favorable and the trader has had time to analyze internal market conditions and any geometric patterns on the charts.
Patience and discipline can be difficult for many traders to maintain; however, anyone who has a well-defined trading plan to know what type of setup will trigger the entry or exit of a trade has the odds in their favor. Don't rush, take your time to analyze the charts before entering a trade; look for key price movements on various time frames, as well as any geometric patterns, for maximum chances of success. Avoid over-trading by limiting yourself to taking only good quality setups that meet your criteria; this helps prevent impulsive decisions that can lead to losses.
It is important to maintain a consistently balanced mindset to achieve your desired trading goals. Everyday activities such as journaling or meditating can help develop patience and discipline in trading, the benefits of these good practices can take weeks, months, years, it doesn't matter, it's worth it. Now, as I was writing, I remembered a phrase that goes something like this "...patience is not the ability to wait, patience is the attitude we assume while we wait...
Successful trading requires the trader to tailor his strategy to his own needs, goals and risk tolerance. Test your trading system on a simulation account before using real money, even with the best strategy, there will be times when a simple failure of discipline can result in a loss. Take the right actions at the right times, this does not assume that your trade will be a winner or a loser, it means following the default rules of your system, even when it is not easy or convenient to do so.
If you make a mistake (and we all make mistakes) do not deny to yourself that you have made a bad decision, it will only lead you down the path of "blindness" in trading, accept the losses, do not get carried away by emotions or your decision making ability is affected. We are, fortunately and unfortunately, emotional creatures, those uncontrolled emotions ruin your trading plans and your wealth. Trade when you are confident that you have made the right decision according to your strategy regardless of whether the market moves for or against your position.
Last but not least, remove fear from your entire strategy, if a trader is afraid (and he can try to hide it all he wants) the results of his trades will easily reflect what he really feels. This leads me to mention a quote from Will Smith as "Cypher Raige" in the movie "After Earth" - "Fear is not real. The only place fear can exist is in our thoughts about the future. It is a figment of our imagination, which causes us to fear things that neither exist in the present nor perhaps ever will. That almost borders on insanity, Kitai. But don't get me wrong. The danger is very real, but the fear, it's a choice." Good profit for everyone.
Related to the links, what is marked in parentheses are the invitation or referral codes that in some cases are necessary to receive the reward or bonus. The promotions offered by the different tools, applications and platforms tend to vary over time, I recommend that you do your own research.
Some of the best Hardware Wallet or Cold Wallet: Remember that it is one of the few places where your cryptoassets will be truly secure.
553b0c2d2056GHXOZEBixBox029qhM1vbhe20FkIPQEllipal Titan7114862.6897e230FkIPQ7115442.43b3fc0FkIPQ
Some tools:
- CoinMarketCap
NELT6UUC) - The world's most recognized website for monitoring crypto asset prices with several very interesting sections (Indispensable tool for traders). - TradingView- Charting platform and social network (Indispensable tool for traders).
Some cryptocurrency exchanges (Uncensored):
- StormGain
BNS16466839) - Very useful especially for beginners because they can start without investment and without risking their own money. Upon registration you receive a bonus of . The capital is acquired with the Bitcoin Cloud Miner. Go to the Bitcoin Cloud Miner section, click the green Activate button to get your first mining reward, repeat the operation every 4 hours, withdraw when you reach $10 (in BTC). The capital obtained in mining will be used only to invest in the platform, the profits obtained by the operations if they are withdrawable to the portfolio of your choice. - QuantFury
JRRU2593) - After registering, you receive free cryptocurrencies or a share of a company (such as American Airlines, Uber, Apple or directly Bitcoin or Ethereum) worth up to - ) - Upon registration you receive a bonus between , non-withdrawable, only for trading, valid for 6 days, profits are withdrawable to the portfolio of your choice.
rBPYVZS) - After registering on the platforms you begin to receive different types of bonuses.
"You will ask yourself: And if I take a risk and lose...? I will ask you: AND IF YOU RISK AND WIN? Success begins with thought, because sooner or later the man who wins is the one who believes he can do it. Do not be afraid of mistakes or failure, winners are not afraid of losing, losers are, in most cases the risk comes from not knowing what you are doing, so trust yourself, learn, be patient, manage your emotions and above all, enjoy the journey, what the wise man does at the beginning, the fool does at the end" - Anonymous.
Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.
