There is no king without a throne
cryptocurrency·@toucancrypto·
0.000 HBDThere is no king without a throne
<html> <p><center><img src="https://cdn.steempix.com/i/RkrDnGjG1Z2.png" width="572" height="139"/></center></p> <p>Cooking things is not enough to be a top-tier Chief cook with a toque.<br> Doing trades is not enough to be a good trader.</p> <p>What you need is a combination of different skills</p> <p><center><img src="https://cdn.steempix.com/i/JVDjnxlpnmL.png" width="519" height="427"/></center></p> <h2>Identification of opportunities</h2> <p>No need to be a genius to know it's a needed skills. However, many people simply don't have it.</p> <p>Watch your charts at least one time in the morning and one time in the evening.</p> <p>Don't fall in the trap of digging for opportunities. <strong>If the current circumstances are not favourable, then simply don't trade</strong>, and wait for the good moment.</p> <h2>Patience for waiting the buy/sell spots</h2> <p>This is the one that will give you the best entry and exits. It can elegantly increase your profits, <strong>don't underestimate it</strong>!</p> <p>If the RSI is oversold, maybe you'd better wait before selling ? Don't "fire escape" due to your fears.</p> <h2>Emotional management</h2> <p>Fear and greed at the two main assholes.</p> <p>Don't let them overcome your judgement. <strong>Do meditation to master your thoughts instead of being mastered by them</strong>.</p> <p>You'll keep sane, and will enjoy life without checking your Profits/Losses every 10 minutes.</p> <h2>Risk management</h2> <p>Have your stop losses and take profits ready.</p> <p>Have <strong>the discipline to actually trigger them</strong> and to follow your rules: this one involve a lot of emotional management.</p> <h2>Trading tools and environment</h2> <p>By environment I mean:</p> <ul> <li>Have <strong>brokers</strong> that can follow your needed liquidity</li> <li><strong>Being ready</strong> to withdraw or deposit large sum of money (Is KYC needed ? Is your bank crypto-friendly ?)</li> <li><strong>Stable internet</strong> connection, with a backup in case of failure (your 4G phone, for example)</li> </ul> <p>By tools I mean:</p> <ul> <li>A way to <strong>follow</strong> thoroughly your bankroll and trades. If you use a spreadsheet you must update it as soon as any action occur: never let it become outdated </li> <li>A good <strong>big screen</strong> which allows you to compare multiple charts in a second</li> <li>An adequate system to <strong>receive alerts</strong> when you are outside. You can put them in your phone (with tabtrader for example) or receive SMS through tradingview.</li> </ul> <p><br/></p> <p><em>Legal disclaimer: Sue me if you lose. I will go to jail and give you my money. I am responsible for what you do. By reading the article, you did accept to </em><em><strong>comment, vote, and resteem</strong></em><em> it.</em> </p> </html>
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