Guide to Trading CryptoCurrency
- Only bet less than 5% of your money on any one idea. That way you can be wrong more than 20 times.
- Always use stop.
- If a position doesn't feel right as soon as you put it on, don't be embarrassed to change your mind and get right out.
- Hold on to your winners and cut your losers.
- When the news is wonderful and a market can't go up, then you want to be sure to be short.
- The market is bigger than anybody and, sooner or later, it goes where it wants to go.
- Being a successful trader also takes courage: the courage to try, to courage to fail, the courage to succeed, and the courage to keep on going when the going gets tough.
- When you start losing, it touches off negative elements in your psychology; it leads to pessimism.
- Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose.
- Accept mistakes as significant traits of the winning trader.
- The times when you least want to think about trading -the losing periods- are precisely the times when you need to focus most on trading.