10 TIPS TO BECOME A PROFITABLE TRADER
The tips that I am about to give you can completely change your results as a trader and it can help you to start becoming a PROFITABLE TRADER or if you already is a profitable trader it can help you to increase your "win rate".
1 - Never blindly trust in the Moving Averages or any other indicator that you have set in your chart, it only takes a big spike on Bitcoin's price, or a lack of attention of your part to a bigger trend for you to be stoped in your trade.
2 - Always check your Moving Averages and other indicators in different time frames (1H, 4H, 1D, 1W), different time frames tell different stories.
3 - Identify the trend (Up, Down, Consolidation). Always look for the bigger picture.
4 - When all the MA in different time frames are giving you the same direction it's a positive sign for you to trade in the direction of that trend (but that's not the only way to use it and you need to take other indicators in consideration).
5 - DON'T EVER get in a trade just because the price went up or down 10% - 100%, first see the bigger picture (1M, 1W, 1D, 4H), then check your other indicators. Not doing it will make you lose a lot of money (constantly).
6 - Don't "FOMO" is your trades, that will make you lose a lot of money, patience is one of the most important attributes to become a profitable trader.
7 - ALWAYS check the Bitcoin chart before getting in a trade, if Bitcoin is close to a strong support and end up not holding on it and the price goes down it's very likely that other pairs of coins will go down as well.
8 - Don't get in trades that you are not sure about it, it's not worth it, sometimes you maybe right, but in the long term you will not be a profitable trader.
9 - You need to know the "Why" you are getting in that trade, and the "When" (exact moment that you will get in or out of the trade).
10 - You don't need to get into every single trade opportunity that you see, it's better to trade less with more quality trades than to trade a lot but making poor trading decisions.
The tips above are simple to understand and to apply and for some can sound really easy and common but unfortunately a lot of Traders are not practicing it or are not aware of it and not following this simple tips can lead you to failure really fast.
You will not necessarily become a profitable trader just by following this tips, but learnings and applying this tips is the beginning to a glorious path!
I'm using ADA/USDT as an example, the intent is not to predict if the price will go up or not, if the price goes 100% up or down tomorrow it doesn't make any difference. The purpose of the post is to open your eyes to see the big picture of things, to see that sometimes some indicators if not used correctly are not very helpful to our trades, to identify a trend despite the spikes of price, to understand that there are several thinks to be taken in consideration before getting in a trade, is for you to understand that patience is a key aspect to our success. My desire is that you understand that you need to be meticulous in all your analysis, trade less, win more.
1 - Never blindly trust in the Moving Averages or any other indicator that you have set in your chart, it only takes a big spike on Bitcoin's price, or a lack of attention of your part to a bigger trend for you to be stoped in your trade.
2 - Always check your Moving Averages and other indicators in different time frames (1H, 4H, 1D, 1W), different time frames tell different stories.
3 - Identify the trend (Up, Down, Consolidation). Always look for the bigger picture.
4 - When all the MA in different time frames are giving you the same direction it's a positive sign for you to trade in the direction of that trend (but that's not the only way to use it and you need to take other indicators in consideration).
5 - DON'T EVER get in a trade just because the price went up or down 10% - 100%, first see the bigger picture (1M, 1W, 1D, 4H), then check your other indicators. Not doing it will make you lose a lot of money (constantly).
6 - Don't "FOMO" is your trades, that will make you lose a lot of money, patience is one of the most important attributes to become a profitable trader.
7 - ALWAYS check the Bitcoin chart before getting in a trade, if Bitcoin is close to a strong support and end up not holding on it and the price goes down it's very likely that other pairs of coins will go down as well.
8 - Don't get in trades that you are not sure about it, it's not worth it, sometimes you maybe right, but in the long term you will not be a profitable trader.
9 - You need to know the "Why" you are getting in that trade, and the "When" (exact moment that you will get in or out of the trade).
10 - You don't need to get into every single trade opportunity that you see, it's better to trade less with more quality trades than to trade a lot but making poor trading decisions.
The tips above are simple to understand and to apply and for some can sound really easy and common but unfortunately a lot of Traders are not practicing it or are not aware of it and not following this simple tips can lead you to failure really fast.
You will not necessarily become a profitable trader just by following this tips, but learnings and applying this tips is the beginning to a glorious path!
I'm using ADA/USDT as an example, the intent is not to predict if the price will go up or not, if the price goes 100% up or down tomorrow it doesn't make any difference. The purpose of the post is to open your eyes to see the big picture of things, to see that sometimes some indicators if not used correctly are not very helpful to our trades, to identify a trend despite the spikes of price, to understand that there are several thinks to be taken in consideration before getting in a trade, is for you to understand that patience is a key aspect to our success. My desire is that you understand that you need to be meticulous in all your analysis, trade less, win more.
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