Alright, it has been a while since I've looked at the site and I just want to remind people of one thing that will help with your trading success and mental well-being: setting buy and sell orders and embracing the "set and forget" approach. As someone who used to waste countless hours staring at price charts and falling into the trap of greed, I can tell you it feels much better.
If you're anything like I used to be, you've probably spent sleepless nights watching price fluctuations, frantically trying to time the perfect entry and exit points. And yes, while there's a thrill to it, there's also an inevitable stress that comes with it. More often than not, emotional decisions driven by FOMO lead to poor trading outcomes.
Here's the good news: it doesn't have to be this way! By adopting a set and forget mentality, you can free yourself from the constant anxiety of monitoring price charts, while still optimizing your profits.
The set and forget idea goes as followed:
Set Clear Entry and Exit Points:
The key to implementing this strategy is to set clear buy and sell orders before entering a trade. Conduct thorough research and analysis, and determine your desired entry point. This way, you won't be swayed by sudden price spikes or dips, sticking to your well-thought-out plan.
Equally important, establish a realistic profit target and stop-loss level for every trade. Decide how much profit you're comfortable with, and when your chosen coin hits that target, take your profits and be content with the outcome. Similarly, determine the maximum loss you can bear, and if the trade turns against you, execute your stop-loss order and move on.
Control Your Greed:
Greed can be a trader's worst enemy. Setting a clear profit target and being disciplined enough to take profits when the target is reached can help you curb greed-driven impulses. Remember, no one ever went broke taking profits!
Avoid Emotional Trading:
Crypto is and will always be highly volatile, and emotions can easily cloud your judgment. By relying on preset orders, you eliminate the temptation to make impulsive decisions driven by emotions. Stick to your strategy, and let the market play out.
Stay Informed, But Don't Obsess:
It's essential to stay informed about market trends and relevant news, but this doesn't mean you need to be glued to your screen all day. Allocate specific times to check on your trades and the overall market, but avoid constant monitoring, as it can lead to stress and unnecessary anxiety. Find some decent sources of direct information on the projects you want to know about and do your own research.
Remember, trading should be an enjoyable and profitable experience. Embrace the set and forget strategy, and you'll find yourself reclaiming valuable time and mental clarity. Trust your research, set your orders, and let the market work for you.
Hopefully, if you follow this method of investing, you'll find yourself in the situation I was in, I was just sitting on the toilet after coming home from work and found out I made 7% on my order from last week. So, I went and set a buy order anticipating that it'll go back down to a good entry point and I went about my day.
If you enjoy my writing and would like to buy me a coffee.
BTC
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Until Then,
Ride On!
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