Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet
What I do when I build a bad trade - Getting caught on a trade
I have only been trading for two and half years, it has been a learming experience and recently I start making some money, have meet a few people online that have help me, there is a LOT of GOOD FREE Technical Analysis Online, paying for a signal service or trading group is not enough, one of the hardest lessons to learn is how and when to accept you have lost. Lets put it this way:
NO RETURN POINT
You are pilot flying across the sea but as a pilot you should plan your route and know how much fuel you need to get to your destination, if at some point that calculation was wrong you should know whats the minimum of fuel require to return to land instead of crashing and die.
Based on this example you cant risk and loose all your money on a single trade, if eventually you work hard and learn how to trade you still have some money to recover what you lost on your last trade, there will always be situations when your main plan was wrong or either something happen in the market that moves the price against your position.
During the common learning process, school, high school, college, most likely there is no course or class that teach you how to loose or how to take looses, most ppl learn this when playing sports and most of the time collective sports because you cant control the rest of the players or your team mates and same as in trading there will be situations where you get injure and thats something you wont be able to control most of the time so most likely nobody will teach you how to loose, thats obvious too because who want to be a looser in life nobody, so its very hard when you decide to take trading serious and try to make a living or at least a monthly income out of it. At first without someone next to you teaching and advising how to proceed and double checking your trading plan, most likely if you try my way learn by yourself then its even harder.
Trading psychology is something that ppl dont think exist but IMO why not if at the end of the day everything in life is affected by psychology and trading is about taking decisions, most of them quick and will have a big impact on your trade there for you will fee tense most of the time at first, with time that goes away but only after taking a few considerable looses, this doesnt mean that you have become a looser but you are better at taking a loss and move on, something I have not been able to do is deatach from the value of money when you are trading aka watching your PNL and for sure I still have a lot to learn.
To start trading spot trading is the best IMO, the main reason is because you dont get liquidated there for dont matter if you buy high keep your coins and let them recover considering that you didnt go ALL IN, NEVER go ALL IN. For about a year I have been using certain tools besides manual trading, on of them Profit Trailler and most recently Lick Hunter, both are semi-automated trading bots, at least this two trading bots will do the trades but not the trading, what I mean is that you still have to do some TA because both tools will only do what you put in the settings.
Today there was an announcement that cause the pump of a few coins, to be more exact CRV, ANKR and STORJ
Coinbase listed all this three coins on their Coinbase Pro service, this make coins pump hard in very short amount of times, I got stop out on STORJ for a -35% on a 5% trade of my wallet, my losses can be recover in four days with the average per day Im generating, when using this kind of tools example Lick Hunter there are no safe settings and what works for me may not work for others, I change settings about three to four times a day since I have divided the day on three trading sessions, each of three hours with a one hour brake, reason for this is that I have notice that trading none stop at least in my case make me loose the sense of whats going on, if I make a lot of money during the day I may turn blind and dont consider when to stop or lower the risk.
When STORJ pump it was the beginning of the day, what a start, got caught into STORJ and THETA at the moment, have been building my gains after I got stop out on MATIC last week so had enough to go through another stop without touching gains from last month so I was ok if it happen, getting stop out is like watching the train come and usually I wanted to stop it but most of the time you wont be able to stop the train it will run you over, this time I decided to wait and the move was fast STORJ went up very fast about 40% in 5 minutes
STORJ FUTURES CHART 1Mn
After getting stop out I didnt felt anger like other times, did feel bad for about two hours or less and after that all I had left was to try to recover but this time didnt try to rush things neither felt afraid to continue, so kept trading and end up recovering about 20% of my looses, within two good days or four average days should be fine again, I will try to recover slowly without rushing things but sash pumps are not all the time and its about been consistent, you will eventually get stop out but if you are not risking too much and what you are risking can recover fast enough then should have plenty of time to keep those gains coming, dont be afraid to loose, you wont be able to win them all, nobody can.
I didnt wrote this small article for you to learn how to trade, my main idea is for you to take my experience as an example that it doesnt matter if you plan fail as long as you follow your plan and that its ok to loose some but not to get totally rest.
STORJ is now +106% for the day with a max of +140%
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