So one of my aims this year is to improve my trading. I.e. figure out a way to make reliable gains rather than accidental ones! All whilst minimising stress :).
To that end i’m going to start looking at some of the courses on the site here: https://www.babypips.com/learn
As it stands here are a very few things I’ve learnt so far:
- Sometime gut feel is good, (Other times it isn’t). You need the science to go make that be useful.
- It’s really hard to jump on a pump… i.e. once it’s pumping and you’ve noticed, most times it’s too late.
- Sometimes you’ve got to accept some losses, although I find that hard!
- The Fibonacci Tool is really useful to get an idea when to take profits and how to avoid jumping on a pump just before it dumps.
- Try not to get caught up in what could have, should have etc. etc. We can all say I wish I’d bought BTC five years ago, and the same applies to I wish I’d put X amount on Y coin. At this point, I’m happy if I can enter a trade make some profit and cash out. Yes I might not make as much as I could, but it reduces stress and makes some profit… As I learn more I will hopefully get closer to the margins to make the most of each trade.
- Really don’t risk more than you can cope with… and it’s hard to know what that is until you lose it. One thing I’ve found is that at the start, I was looking at 0.1 BTC as not a lot… after all 0.1 doesn’t sound much! Then again… it’s now £1000… and that’s a new sofa (as my wife likes to point out!)
I will keep updating this, or more likely create a specific page for trading tips as I learn.