Cooking things is not enough to be a top-tier Chief cook with a toque.
Doing trades is not enough to be a good trader.
What you need is a combination of different skills
Identification of opportunities
No need to be a genius to know it's a needed skills. However, many people simply don't have it.
Watch your charts at least one time in the morning and one time in the evening.
Don't fall in the trap of digging for opportunities. If the current circumstances are not favourable, then simply don't trade, and wait for the good moment.
Patience for waiting the buy/sell spots
This is the one that will give you the best entry and exits. It can elegantly increase your profits, don't underestimate it!
If the RSI is oversold, maybe you'd better wait before selling ? Don't "fire escape" due to your fears.
Emotional management
Fear and greed at the two main assholes.
Don't let them overcome your judgement. Do meditation to master your thoughts instead of being mastered by them.
You'll keep sane, and will enjoy life without checking your Profits/Losses every 10 minutes.
Risk management
Have your stop losses and take profits ready.
Have the discipline to actually trigger them and to follow your rules: this one involve a lot of emotional management.
Trading tools and environment
By environment I mean:
- Have brokers that can follow your needed liquidity
- Being ready to withdraw or deposit large sum of money (Is KYC needed ? Is your bank crypto-friendly ?)
- Stable internet connection, with a backup in case of failure (your 4G phone, for example)
By tools I mean:
- A way to follow thoroughly your bankroll and trades. If you use a spreadsheet you must update it as soon as any action occur: never let it become outdated
- A good big screen which allows you to compare multiple charts in a second
- An adequate system to receive alerts when you are outside. You can put them in your phone (with tabtrader for example) or receive SMS through tradingview.
Legal disclaimer: Sue me if you lose. I will go to jail and give you my money. I am responsible for what you do. By reading the article, you did accept to comment, vote, and resteem it.
I like reading post like this because I believe this is more emotional than logical
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This is the best version of content to read today. Thanks for your thoughtful post @toucancrypto
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Wise words.
Fear and greed to the two main idiots.Do not let them overcome your judgment. Do meditation to master your thoughts instead of being dominated by them.The avarice breaks the bag. Sometimes because of the desperation to make quick money we do not realize that we are losing money little by little and valuable time.
When we realize that we have lost a few dollars, we enter the panic and begin with fear if we continue investing or not.
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Thanks! Resteemed. Stop loss orders are key and have saved me in the past.
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Great post, and excelent recomendations as a plus Congratulatios @ toucancrypto
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How would you do in a super-unstable economy with hyperinflation?
Your advice is very good and gives guarantees, but for example in my country, Venezuela, we have hyperinflation and everything has a different cost every day. It is horrible and frustrating as a merchant.
My business has not died, but it is always in danger thanks to the prices that always rise suppliers, who have no compassion with the merchant.
Greetings @toucancrypto, and thanks for your post
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Use another currency. Move country ?
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It is forbidden to use dollars or other foreign currency to make purchases. It is legally impossible or I can go to jail, or worse, they take away my merchandise and foreign money.
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If nobody catch you, then it's not illegal
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Hey bro pls follow me pls pls
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Very the same as to what is happening in our country as well. There is a very high inflation rate happening right now and this is the very first time for the past three decades that the inflation rate rises this far. But well, we should not lose hope. Maybe we can cling on the emotional management side. Stay positive.
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THats true.. I support your article tittle heading
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I like the title, me too 😉
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I bet you do... Smiles
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The information is really interesting, like!
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Thanks for sharing...
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This is a very helpful and inspiring post especially to a newbie here in steemit. Guides and ideas on how to make money is very highly appreciated. In my part, I surely feel the motivation upon reading the concepts presented. Thank you.
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That's a very interesting title for your post. I think this is the best version of content to read today.
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Did you just copy/pasted comment from kiddady ?
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Another great post!
I have invited you for the Minnow Booster whitelist which gives lots of benefits for quality authors, among which a higher upvote. You can read more about the MB white list on @minnowbooster or reead this post.
https://steemit.com/minnowbooster/@minnowbooster/minnowbooster-epic-update-community-whitelist-now-online
If you have any questions you can come to the white list channel in the Minnow Booster discord.
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Thanks 😀 I've always been looking to be whitelisted.
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Great post...Thanks for your sharing...
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Dear @toucancrypto
Just decided to see how have you been doing, since I didn't hear from you in a while. I noticed that you didnt post anything in a while.
Did you give up on Steemit? :(
Yours,
Piotr
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Great post, I'm encouraged .
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I agree with this.
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I learn new things thanks
please follow me
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what did you do before you were trading crypto?
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Congratulations @toucancrypto! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
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AMEN
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I like your disclaimer
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Great post
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Great post
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No ads.
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