Thoughts on trading

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:

It’s one that has been recommended a few times on the Arcane Bear site/forums/YouTube which is another site I’ve got into recently.

As it stands here are a very few things I’ve learnt so far:

  1. Sometime gut feel is good, (Other times it isn’t). You need the science to go make that be useful.
  2. 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.
  3. Sometimes you’ve got to accept some losses, although I find that hard!
  4. 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.
  5. 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.
  6. 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.