Description
⋅ 1. Reduce position size
The biggest stressor for traders is losing money.
If you're worried about how much you could potentially lose then using smaller position sizes can help you stay level headed
Even the best traders don't have a 100% hit rate. Losses will happen
2. Find high quality set ups
If nothing jumps out at you the first 10 seconds you look at a chart then there's likely nothing there
Rather than force it, map out and/or set some alerts at key areas and come back to it later
Search for another chart that's more clear
3. Stop phone trading when you're busy with other things
When you're out with friends/family, at a wedding or in the middle of something is not a good time to be trading
Trading is hard enough already. Don't handicap yourself by only being 30% focused
Bad things will happen
4. Reduce your leverage
High leverage causes losses to happen fast & liquidations even faster
ESPECIALLY ON ALTCOINS
100x liqs on alts are only a 0.75% move which can happen rapidly
Trading isn't gambling
Reduce leverage + widen stops to reduce likelihood of stop outs