1) Trade what you see not what you think
Risk Management requires confident biases.
It requires courage to stay with strategy when the market isn't performing as expected
Market is judge, jury, and employer. As a trader, you must manage the market to reduce risk and maximise earnings
2) No position=position
Before trading an asset, do adequate study and observation.
Different pricing scenarios? How would you handle your trade in these scenarios? If so, how did pricing react to a similar event?
if you feel there is no a trade, than don't force yourself.
3) Combating FOMO (Fear of Missing Out)
FOMO causes us to purchase or short too high. Watching a coin move without you is a terrible sensation.
It's worse than a loss for some traders. You'll always miss an opportunity in crypto market since so many coins move every day.
4) Correct Position Sizing to Avoid Fear
Trade management depends on position sizing. Too many traders oversize their positions. It increases their danger of a huge trading loss and worsens their trade management.
When trading large volumes, you'll grab gains at the incorrect times, stop out too early or too late, and be more emotional. Reduced size minimises emotions and improves trade control, making you MORE money.
5) Absence of Emotional Bonding
Trade the ticker, not the company. Emotional connection to equities is a problem for traders. Their connection produces mismanagement.
These traders either don't take gains when they can or don't exit positions when losses are minor.
6) Scaling Out to Reduce Greed
Timing trade exits is difficult. Too soon selling means losing out. Too late selling might turn a gain into a loss.
Scaling out means accepting partial gains to handle these two challenges.
7) Revenge Trading
How can I recover?
Most traders jump on the fastt moving coins, lose more money, and fall farther behind. Suddenly, a little red day erases weeks and months of green. Best traders don't allow losses impact trade selection and aren't emotional.
