3 RULES WHALES DON'T WANT YOU TO KNOW BEFORE DAY TRADING BITCOIN
Welcome back everybody,
Thanks for the 587 likes on my previous video. I hope i can help you out in this video as much as i possibly can as well.
In this video, we have talked about 3 RULES THAT YOU NEED TO KNOW BEFORE DAY TRADING BITCOIN.
Thanks for the 587 likes on my previous video. I hope i can help you out in this video as much as i possibly can as well.
In this video, we have talked about 3 RULES THAT YOU NEED TO KNOW BEFORE DAY TRADING BITCOIN.
- The first rule is HAVING A TRADING PLAN. It is the most important one of all. If you don't have a plan, you will simply be eaten by Megalodons (Rational Investors/Traders). The plan must have trading setups (specific patterns on indicators or price/volume action, network data indicators such as Unique wallet addresses, or fundamental news like halving events, government policies). These setups will be your why to buy or sell. The trading plan should also have how much are you willing to risk and how you will manage this risk (stops/targets) This risk/reward ratio that you want to follow needs to be at least two. It can be smaller than two depending on what is your percent profitability with your trading setups.
- The second rule is OBEYING YOUR PLAN. You always need to obey the plan to completely remove any and all emotions. This is another important rule because we are all emotional beings. We need to make sure how we will completely remove our emotions while trading or investing. Are you going to meditate before you start trading and have a check list before you put any trades? Are you going go heavy on the coffee 5 days a week to be completely focused on your plan and take a 2 day tolerance break? Are you going to go for a hike every morning before the market open?
Another important point with this rule is that "If you could find yourself another motivator other than money, you will be more successful." For me, i love to help people. I trade everyday to teach people, so that, they will NEVER experience the hard times that i have gone through when i first started trading. It might be something else for you, something that you can achieve with money. It should preferably be something you are really passionate about.
- The third rule is RE-ADJUSTING YOUR PLAN. No one knows what is going to happen tomorrow. If the plan is not working, then, re-adjust your plan. You need to figure out where your trading plan had failed you. Was it your setups that did not work more than 50% of the time? Was it the risk/reward ratio? Did you fail to obey your trading plan? Did you drink coffee 7 days a week to trade 13 hours a day and became too emotional? You really need to figure the missing part here, then, re-adjust your trading plan.
I hope this was helpful and i really appreciate you all! [
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~Bo
Megalodon Trading
Enlightening the modern investors
Telegram Here t.me/bugrasukas
