Everybody will ask you to learn technical about trading. But I am asking you to identify your hidden timesbomb in your Mind.
After trading for first week, Specially scalping type day trading. Ask these questions to you.
📌What gave you most happy feeling? 1. profit 2. your decisions
📌 How do you feel about losses? 1. it breaks you totally? 2. it makes you angry? 3. It makes you revengeful.
📌 Is it really the profit makes you happy or is it the trading process i.e. constant up/down movement makes you stay glued to the screen?
The answers can discover the hidden timebomb sitting in your brain.
🚨If the profits makes you hyper or makes you feel you hit a jackpot!!
🚨If the losses destruct you or makes you angry or revengeful.
🚨If you like the process more than the outcome.
THEN DAY TRADING IS NOT FOR YOU! YOU HAVE GAMBLING ADDICTION. STAY AWAY FROM DAY TRADING. NO MATTER HOW HARD YOU TRY, EHAT STRATEGY YOU FOLLOW, IT WILL RUIN YOUR FINANCE AND EVENTUALLY YOUR LIFE.
Day trading is 10% Technical knowledge and 90% Psychological Discipline. Anybody can learn technicals in 7 days. But many can't practice discipline for even 30 days.
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I see a pattern in these community postings. Specially the call givers.
When some big shot influencers give long/short calls coins seems to do exact opposite in short term.
Generally these influencers have large funds so they can withstand the losses but their followers mostly small account holder who gets liquidated first.
Name a coin, MYX, COAI, siren, sto all were given short calls mostly but the coins pumped so heavily and majority of retail traders got liquidated. Many lost heavy funds but if you check majority of the influencers booked profit at endbecause they simply waited out the pump.
So my advice is, when shorting based on influencers calls be very careful. Don't jump with all and try to book small losses rather loosing everything.
Gamble short trade for $RAVE Entry: 2.5-3 VOLUME 50-500 rave (or based on your capital) Book : 2.1-1.5 SL- time based. 1-3 minutes. if it's not in profit close your eyes and exit.
Long: Enter above 2.2 Book around 2.5-2.9 SL 1.98
Warning: Don't take real trade, just do paper trading. You will see what happen.