The above chart is based on symbol BTCUSDT - Binance.
An alert have been set.
After reviewing the trading journal I had instances where price reversed a few dollars short of entry or reversed a few dollars after stoploss.
The trading plan is to ladder in 0.5% below Entry, on Entry and 0.5% abovr entry and extend the Stoploss to 1.5%.
Risk Management is always important. Let the trade come to you.
Stoploss(SL) 1% above entry. Take Profits(TP) at 1% increments.
First TP1 will have a higher percentage of take profit.
Do Techincal Analysis(TA) stick to your plan, let the trade come to you, and don't FOMO, if your plan does not come to fruition (not hit) then you have not lost any money, have a SL to ensure best practice so you can continue trading, journal your trade for self development and reflection.
An alert have been set.
After reviewing the trading journal I had instances where price reversed a few dollars short of entry or reversed a few dollars after stoploss.
The trading plan is to ladder in 0.5% below Entry, on Entry and 0.5% abovr entry and extend the Stoploss to 1.5%.
Risk Management is always important. Let the trade come to you.
Stoploss(SL) 1% above entry. Take Profits(TP) at 1% increments.
First TP1 will have a higher percentage of take profit.
Do Techincal Analysis(TA) stick to your plan, let the trade come to you, and don't FOMO, if your plan does not come to fruition (not hit) then you have not lost any money, have a SL to ensure best practice so you can continue trading, journal your trade for self development and reflection.
Trade active:
TP1 hit, TP2 hit.
Trade closed: target reached:
Cashed out at TP2.