Viza
@viza
My posts serve as a note-to-self of the lessons I've learnt and to monitor how I develop in terms of the way I think. No fancy charting, no conspiracies.
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$WIF If you find yourself sunk in the loss, here are some things to help you. I don't promise to make your losses back, and I certainly cannot promise that I will always be right, but there are a few fundamentals in the world of trading that we should never forget to improve our odds in this cut-throat (literally) community.
1. Set clear goals
Ideally before you take a trade or after you've taken one, set your goals. Where do you want to place your stop loss most importantly. Take profits are important but not as much for active traders and if you are confident in your trade. Don't let your losses drain out in hopes of a rebound. Yes they do happen but how often? And could you have generated a better return with liquid tradable assets instead of watching them locked up and burnt?
2. Test your theory
And no I don't mean backtesting although that can be a useful tool in many technical based strategies. I mean what is your confluence for trading? I'm an aspiring macro-economist and a strong believer in macro factors that impact the markets. Look at news, follow some live reporting accounts like financial juice on twitter. Be informed. Challenge your confluences. If it's technical, pick out opposing patterns on a larger time frame, what are some key price levels that may interrupt your plan? If it's fundamental, how significant is the news event? Has it been overly priced in? If both, do the same things. TEAR your strategy apart and if the odds are in your favour, be blessed.
3. Discipline
Learn to sit on your hands. Don't move your stop loss for no good reason. Before you modify your trading position, run your new idea through the same process as before. Nothing can save you from yourself. Don't take trades you're not confident in and gamble your hard earned clams away. No confidence, no trade. You lose no money in waiting for an opportunity. This is where most people fail even if they read this. Put in the WORK. DYOR as always.
#tradesafe
1. Set clear goals
Ideally before you take a trade or after you've taken one, set your goals. Where do you want to place your stop loss most importantly. Take profits are important but not as much for active traders and if you are confident in your trade. Don't let your losses drain out in hopes of a rebound. Yes they do happen but how often? And could you have generated a better return with liquid tradable assets instead of watching them locked up and burnt?
2. Test your theory
And no I don't mean backtesting although that can be a useful tool in many technical based strategies. I mean what is your confluence for trading? I'm an aspiring macro-economist and a strong believer in macro factors that impact the markets. Look at news, follow some live reporting accounts like financial juice on twitter. Be informed. Challenge your confluences. If it's technical, pick out opposing patterns on a larger time frame, what are some key price levels that may interrupt your plan? If it's fundamental, how significant is the news event? Has it been overly priced in? If both, do the same things. TEAR your strategy apart and if the odds are in your favour, be blessed.
3. Discipline
Learn to sit on your hands. Don't move your stop loss for no good reason. Before you modify your trading position, run your new idea through the same process as before. Nothing can save you from yourself. Don't take trades you're not confident in and gamble your hard earned clams away. No confidence, no trade. You lose no money in waiting for an opportunity. This is where most people fail even if they read this. Put in the WORK. DYOR as always.
#tradesafe
Win again.
$WIF I always short till a coin is cheap enough to buy. Might be time to load up.
I tried a $50 challenge and here are the results after a month.
Pretty simple strategy trading within known price ranges and trading for reversals.
Tips for growing a small account:
1. Pick your coins.
A significant part of my strategy is picking the right coins. For growing a small account quickly, you want to look for decent volatility memes. You can see the coins I traded for reference. I do not pick coins with a market cap under 200 million to keep myself safe from rug pulls and significant whale activity.
Study these coins and figure out the kind of range it likes to trade in. For me my main coin is WIF which I've traded and watched since launch. I have a good baseline for how it likely moves.
2. Range trading.
For a small account, you will likely be leveraged in any hopes of growing quickly. With that in mind, you want to take smart safe trades. If you notice a coin is trading back and forth in a 2-3% range, that's a good opportunity to take advantage of. You have a decently likelihood of revisiting said prices.
3. Leverage tapering.
As your account size grows, take less risk and use less leverage. I transitioned from around 10x leverage in the beginning to now 2x. I prefer to trade in fixed position sizes as opposed to using the leverage meter in order to be more leverage disciplined. For example at 4k I might use 10k position size, and use the same size up till maybe 5-6k.
Lastly, if you have no confidence in your trade playing out, don't trade. I am experienced so I have a stronger risk tolerance than most and it has paid off for me. This has only been possible by trusting my analysis and setting wide stop losses. I set them as wide as 20% since at later stages of the challenge I am trading with profits. No loss to my capital and my strategy is rock solid.
Note that I have been trading for a long time so by no means is this easy.
Pretty simple strategy trading within known price ranges and trading for reversals.
Tips for growing a small account:
1. Pick your coins.
A significant part of my strategy is picking the right coins. For growing a small account quickly, you want to look for decent volatility memes. You can see the coins I traded for reference. I do not pick coins with a market cap under 200 million to keep myself safe from rug pulls and significant whale activity.
Study these coins and figure out the kind of range it likes to trade in. For me my main coin is WIF which I've traded and watched since launch. I have a good baseline for how it likely moves.
2. Range trading.
For a small account, you will likely be leveraged in any hopes of growing quickly. With that in mind, you want to take smart safe trades. If you notice a coin is trading back and forth in a 2-3% range, that's a good opportunity to take advantage of. You have a decently likelihood of revisiting said prices.
3. Leverage tapering.
As your account size grows, take less risk and use less leverage. I transitioned from around 10x leverage in the beginning to now 2x. I prefer to trade in fixed position sizes as opposed to using the leverage meter in order to be more leverage disciplined. For example at 4k I might use 10k position size, and use the same size up till maybe 5-6k.
Lastly, if you have no confidence in your trade playing out, don't trade. I am experienced so I have a stronger risk tolerance than most and it has paid off for me. This has only been possible by trusting my analysis and setting wide stop losses. I set them as wide as 20% since at later stages of the challenge I am trading with profits. No loss to my capital and my strategy is rock solid.
Note that I have been trading for a long time so by no means is this easy.
$WIF if you buy when the coin has pumped considerably and pray that it 2-5x's you will lose 90% of the time. Just trade within a known range. Know what price WIF sits comfortably at. Don't buy at the bottom, don't sell at the top. If everyone thinks the same way, the early birds win big.
$1000SATS $WIF $DOGS If you buy when the market is up, you can't always expect it to keep going. Conversely, if you sell when the market is already in deep red, how much lower can it go? You need guts to make it in crypto. Majority of people lose, fight the fomo, make the money.
#tradesafe
#tradesafe
short dogs at 5x you'll make it in 24hrs
please advice me how do turn my 1100$ to 1500$ in week ?
$WIF same formula as always. Bitcoin strong, WIF weak, bitcoin weak, WIF collapse. The only reason WIF is still sustaining above 3 is because it has gotten listed on 2 exchanges. Outside of that the downward pressure is incredibly strong.
$WIF feel as though $BTC will reverse and unwind soon lagging behind the broader US economy. Primed for alts to tank.
$BTC if you are buying now, I pray for you. Purely driven by FOMO and irrational exuberance. Giant crypto bubble.
$BTC I'm all for a bull market but we are getting so exuberant. It's much too expensive to buy here...