You should know what you're looking for, how to execute the idea, and how to manage it.
The majority of the time is spent waiting - doing nothing when there's no trade, and doing very little whilst letting the trade play out in most cases.
If you have a good trade selection process in place, going through your watchlist or dashboard shouldn't be an arduous or time-consuming process. You should be able to more or less eyeball the chart/price/spread/whatever you trade and quickly tell if there's something there.
The best trades should jump out at you, begging to be traded.
Once you've punted, don't fall for the low time frame false idol of being stuck on the tick chart micromanaging every little move. Most of the time that is unproductive.
Instead, it is often a symptom of not having a clear trade management process in place. It is also a symptom of not being comfortable with the risk you've taken. If you've put on too much size on a mediocre opportunity, that is something you subconsciously recognise and compensate via obsessively managing the trade. It does little more than offer you a false sense of security and increase the odds that you fumble an otherwise salvageable trade.
Social media makes this difficult. You're bombarded with charts, shills, PnL cards, random squiggles labelled as 'trade ideas', the next big narrative, and so on. It can make you feel like if you're not in a trade making money right this second, you're losing.
In reality, most of that stuff is noise. In crypto, a disproportionate majority of your lifetime PnL will come from a handful of good positions in a relatively short period of time.
Focus on building your process for those opportunities instead of arbitrarily filling your 'positions' tab to feel something.
Trading should be boring
Posted Using InLeo Alpha
well said eric. you need a game plan and execute once the plans hit. can't devoid of the plan. the plans should also cover the risks as well and everything O.O.
trading is only fun for the degens and true gamblers o.o. it's not for us poor fishes
Trading is boring when one fails to achieve expected targets, there are high term success along with failures as in PnL, loss sometimes hits hard.
Yet when a chart shows something good, it might be as bad as to fall short in price again.
Thats part of the game,I suppose.
The thought of 'fast money' is always attractive. Your post is a good explanation of what a better mindset should be. Thank you for sharing!
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