If these 3 keys to trading success are so obvious, why
- do most traders (like 90% or more) LOSE MONEY?
- do some traders blow out multiple trading accounts?
- do some traders lose everything they own and more (even leading to suicide?)
It all comes down to this:
Knowing what to do when faced with the stresses and pressures of trading is far easier said than done.
But, in order to practice them, let’s be sure you know these 3 “obvious” keys:
- Get your entry price or don’t trade
— the market is too volatile to “just buy”–you’ll get shaken out, get frustrated and lose money.
2. If you can’t honor a stop don’t trade
— you must be able to exit trades EXACTLY when your plan calls for (this can be a “hard stop” or a specific “scale out strategy”) – or you might find yourself in the middle of a crash hoping price comes back — AND LOSING MORE MONEY THAN YOU INVESTED (if you use margin or futures) — don’t let it happen to you.
3. Greed kills because at some point you will bet against the trend (likely without knowing it)
– in strong bull markets, you hear people say–don’t sell yet — it’s still gonna go higher–and it often does (think ETH until recently).
Many traders continue thinking that way as prices start to fall (think ETH very recently), but now it’s “hang on, it will come back” — forget all that sort of thinking and focus on big picture–
10-15% profit is GREAT for an annual return in a trading account — you don’t need many (any?) home runs and you can absorb multiple small trading losses and still achieve great returns if you can control your greed.
Maybe if you keep these 3 keys visible while you’re trading, you’ll remember they are TRUE KEYS TO LONG-TERM TRADING SUCCESS AND PROFIT, not if bitcoin is going to skyrocket because they’ve finally solved their scaling issues….
You can become a better trader even faster by subscribing to cryptopatterns newsletter for cryptocurrency trading education you won’t find anywhere else:
We are the leading (only?) cryptocurrency trader education resource and it’s our goal to help you STAY SAFE and hopefully STAY PROFITABLY IN THE GAME for years to come.
This site is for educational and entertainment purposes only and not in any way intended to be investment or trading advice. You are 100% responsible for your financial decisions at all times. It is highly recommended you DO NOT make any investment or trading decisions depending upon what you read on this blog/newsletter! All information presented (c) 2017 JBP cons, inc. All rights reserved.