Do you have trading rules? Do you follow a trading strategy? Write down the single word that represents your MAIN CRITERION and a MANDATORY CONDITION — just one word that defines your entire system.
I’ll start: *ALERT*. I am only permitted to enter a trade if an alert has triggered for it. I don’t go hunting for entries in a screener or fabricate setups. I enter only according to a specific scenario and at a specific point.
This criterion PROTECTS ME from acting impulsively or emotionally. Of course, there are other rules, too, but "ALERT" encapsulates my entire system: Find, Plan, Wait, Execute.
Market situation: Big candles after major news. Most of you: “I need to do something.” Reality: Wait for continuation. Make a plan.
Situation: You hear an alert Most of you: “I need to act NOW.” Reality: Wait for the reaction.
Situation: Your stop-loss gets hit. Most of you: “I need to fix this immediately. Just one more trade.” Reality: Journal the trade and wait for the next setup.
Situation: Price is approaching your take-profit. Most of you: “I’ll move it further away and make even more.” Reality: Switch to a lower timeframe and wait.
Trading secret: Waiting is part of a trader’s job — and it can be what gets you to profitability.
If you feel like you urgently need to do something, close the terminal and go for a walk. 🚶♂️
Even if you have profitable long positions now, don't be overhoped. Remember that market is not bullish until $BTC will not get higher 64000 and holds it