crypstos

⚠️ TRADING JOURNAL TRACKING ⚠️ Creating a trading journal will help you track and reflect on your progress on your journey. If you don't journal your trades, you will not be able to assess and understand why a setup did or did not work and that will be your biggest mistake. You will only make it harder for yourself and hinder your improvement as you can't learn from your negatives and positives. Connect the dots as you grow and you'll start to understand the game that many can't play 👁️. Improved Decision Making 🧠 You may not recognise it in the moment but as you reflect over time, your decision-making will slowly improve. You will be able to see your decision-making processes for each trade which allows you to identify what works best for you. By understanding your reasoning for each trade, you will recognise patterns and biases which will lead to making better-informed future trades. Emotional Discipline 😐 Your emotions will be triggered when you make good or bad trades such as fear, anxiety, overconfidence or greed. These wild emotions can sway you from your original strategy and cause you to make mistakes. Your trading journal will help you become more aware of these emotional triggers helping you become more emotionally stable. Documenting your emotional responses creates accountability, discipline and rational decision-making reducing revenge trading and your ability to stay calm under pressure. Learning From Mistakes ✍️ You will make many mistakes in your trading journey. It's inevitable but repeatedly making the same mistakes is avoidable. The goal is to minimise the amount of mistakes you make over time. Your journal will highlight where things go wrong and by understanding your losing trades, you'll 👁️ the common patterns in your trading approach. This awareness will assist you to avoid repeating those mistakes, significantly improving your effectiveness in your trading approach. Refinement of Trading Strategies 🎯 As you journal, you will refine and optimise your strategy. Regularly monitoring and reviewing your trades will help you precisely see which strategies perform well under certain market conditions and which don't. Using real data from your own trading experiences, you will continually improve your methods, align strategies with certain market conditions and boost your overall success rate. Performance Monitoring and Goal Achievement 📈 A trading journal is very important as you will be able to track your trading performance over time accurately. You will monitor your win rate, R/R ratios and total profit/losses. It's important to have these goals set. It will help you lock in profits as you aim to hit your weekly, monthly or yearly targets. Identification 🔎 Consistently tracking in your trading journal will help you identify your strengths and weaknesses. You may discover you excel in one part of the strategy but fail in another. For example, entering trades, exits, risk management, etc. Identifying the weak points helps you focus on improving specific skills while leveraging your existing strengths. Long-Term Consistency and Profitability 💰 Journalling promotes long-term profitability. The key to sustainable success in trading is consistency which derives directly from your systematic reflection and disciplined practice. Your trading journal will clearly show you what produces positive results, making it easy for you to replicate those successful actions repeatedly. As your strategy becomes more structured, your trading results become more predictable and profitable in the long run. Here are some templates that I recommend for people to use. You may prefer certain templates to others. Buy them and experiment with which ones you like best: Template I use 👉 https://t.co/uaeCE342Ew @studentoffew 👉 https://t.co/yctyezEA3W @IamZeroIka 👉 https://t.co/A4cZfdfW28 (I have not been paid or told to promote these templates) It will be tedious but these are the tasks people do to achieve such wealth. Follow what the 5% do and you'll eventually become one of them if you stay consistent. A detailed trading journal isn't just beneficial, it's essential. It will discipline you into the trader you desire to be 👁️.

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CryptoChase

@CryptoChase02

over 1 year ago

⚠️ STOP LOSS ⚠️ A stop loss (SL) is used to limit losses and manage risk. If PA moves against your desired direction and your SL is hit, your position will automatically close, protecting your capital from rapidly decreasing. Using a SL will allow you to focus on other trades without the worry of your current trade. If your SL is hit, it doesn't mean you were wrong; the probabilities were against you. Anything can happen in this market, and you have to be ready for multiple scenarios. SL acts as a pillar for your risk management. Without a SL, your risk management will be terrible. Read about my risk management post here 👉 https://t.co/OKJmqTkfrv One place to put your SL is underneath the key level that you identified. The higher the volume on your chosen coin, the more likely your key level will be respected (Focus on higher R/R + Smaller SL). A personal method I like to use is to place my SL just below the equilibrium of the wick created for the FVG. From previous experience, I tend to have more successful trades doing this. Test out your theories and journal the trades to see what works best for you. That's how I discovered this. Another way to place your SL is underneath a Fibonacci level. PA likes to touch or get near Fib levels so it can be a good idea to place the SL underneath them. Mentioned this briefly in the Fibonacci education post (scroll down to the bottom of the Fib post) 👉 https://t.co/06crLZbR51 The Main Idea If you're entering a trade from a key demand/supply zone then place the SL under the swing low/high. If you're entering a trade from a key hidden level then place the SL under the BB. Tips Sometimes PA will be very volatile and seek to liquidate current positions. Therefore you should wait for a MTF/HTF candle close to see if the key level is still respected. If respected, then enter and place the SL below the wick created. The HTF candle close is more significant than the MTF candle close. Use macro charts to judge where your SL is most appropriate. If your key level has already been hit, and the macro charts still need to be hit, then you can assume PA will wick outside your key level. Judge the distances. This is very important, as it will save you from entering too early with a potential liquidation. This will level you up in becoming a better trader as you are mastering when to invalidate a setup. If you find multiple key levels that are very close together but separate, it may be best to use your SL to cover both key levels. This will ruin your R/R but you're thinking about your risk management. Sometimes people think about having the smallest SL possible to have the best R/R but during volatile times they will be quickly liquidated leaving them confused about why their setup didn't work. You either set your SL wide enough to cover both key levels or place two separate entries, willing to sacrifice one SL for the 2nd entry with a greater R/R. Always think 3 steps ahead and have multiple scenarios ready. Caution For a Stop Loss Sometimes you will find a refined level within a HTF OB, potentially giving you a higher R/R. However, be aware that PA may want to fill most of the HTF OB, which could wick your high R/R refined trade. ETH Example: Here we have a 1M OB that can be refined down to a 2D HOB. You could place the SL just below the 2D HOB or you may decide to place the SL below the 1M OB (at least below the equilibrium of the 1M OB) as a safety. Evaluate the type of trader you are. Do you like risk or tend to be risk-averse? The picture is in the comments below 👇 (I hit max amount of pictures for one post) Trailing Positions When a trade goes in your favour and you get your desired reaction, moving your SL to break even or below a key level is important. From there you can't lose money as you either get stopped with no profits/loss or stopped with little profits. As your trade moves on you should trail your SL strategically placing your SL below/above a key level. With a HTF trade, trail under a MTF/HTF key level (Any TF above the 4H). With a LTF trade, trail under a LTF/MTF key level. If you don't trail your position with a SL, the price can come back to your entry level and sometimes a ⚡️ wick can occur, potentially liquidating your position rather than just kicking you out with a profit or worst-case scenario, break-even (no loss). The further your position is from your entry level, the safer you are. Trailing your position after entering a successful trade is very important. There is no definite answer to where a SL should be placed as every setup is different and the market sentiment is never the same. Look at these scenarios and decide on the current sentiment and your setup to decide which SL strategy is best for the current situation. I try to make these topics as friendly as possible and it does take some time out of my day so if you want me to provide more educational posts, please like and repost so they can reach more people 🙏 If you have any questions, put them in the comments below 👇

CryptoChase02's tweet photo. ⚠️ STOP LOSS ⚠️

A stop loss (SL) is used to limit losses and manage risk. If PA moves against your desired direction and your SL is hit, your position will automatically close, protecting your capital from rapidly decreasing. Using a SL will allow you to focus on other trades without the worry of your current trade.

If your SL is hit, it doesn't mean you were wrong; the probabilities were against you. Anything can happen in this market, and you have to be ready for multiple scenarios.

SL acts as a pillar for your risk management. Without a SL, your risk management will be terrible. Read about my risk management post here 👉 https://t.co/OKJmqTkfrv

One place to put your SL is underneath the key level that you identified. The higher the volume on your chosen coin, the more likely your key level will be respected (Focus on higher R/R + Smaller SL).

A personal method I like to use is to place my SL just below the equilibrium of the wick created for the FVG. From previous experience, I tend to have more successful trades doing this. Test out your theories and journal the trades to see what works best for you. That's how I discovered this.

Another way to place your SL is underneath a Fibonacci level. PA likes to touch or get near Fib levels so it can be a good idea to place the SL underneath them.

Mentioned this briefly in the Fibonacci education post (scroll down to the bottom of the Fib post) 👉 https://t.co/06crLZbR51

The Main Idea
If you're entering a trade from a key demand/supply zone then place the SL under the swing low/high.
If you're entering a trade from a key hidden level then place the SL under the BB.

Tips
Sometimes PA will be very volatile and seek to liquidate current positions. Therefore you should wait for a MTF/HTF candle close to see if the key level is still respected. If respected, then enter and place the SL below the wick created.

The HTF candle close is more significant than the MTF candle close.

Use macro charts to judge where your SL is most appropriate. If your key level has already been hit, and the macro charts still need to be hit, then you can assume PA will wick outside your key level. Judge the distances. This is very important, as it will save you from entering too early with a potential liquidation.

This will level you up in becoming a better trader as you are mastering when to invalidate a setup.

If you find multiple key levels that are very close together but separate, it may be best to use your SL to cover both key levels. This will ruin your R/R but you're thinking about your risk management. Sometimes people think about having the smallest SL possible to have the best R/R but during volatile times they will be quickly liquidated leaving them confused about why their setup didn't work. You either set your SL wide enough to cover both key levels or place two separate entries, willing to sacrifice one SL for the 2nd entry with a greater R/R.

Always think 3 steps ahead and have multiple scenarios ready.

Caution For a Stop Loss
Sometimes you will find a refined level within a HTF OB, potentially giving you a higher R/R. However, be aware that PA may want to fill most of the HTF OB, which could wick your high R/R refined trade.

ETH Example:
Here we have a 1M OB that can be refined down to a 2D HOB. You could place the SL just below the 2D HOB or you may decide to place the SL below the 1M OB (at least below the equilibrium of the 1M OB) as a safety.

Evaluate the type of trader you are.
Do you like risk or tend to be risk-averse?

The picture is in the comments below 👇
(I hit max amount of pictures for one post)

Trailing Positions
When a trade goes in your favour and you get your desired reaction, moving your SL to break even or below a key level is important. From there you can't lose money as you either get stopped with no profits/loss or stopped with little profits. As your trade moves on you should trail your SL strategically placing your SL below/above a key level.

With a HTF trade, trail under a MTF/HTF key level (Any TF above the 4H).
With a LTF trade, trail under a LTF/MTF key level.

If you don't trail your position with a SL, the price can come back to your entry level and sometimes a ⚡️ wick can occur, potentially liquidating your position rather than just kicking you out with a profit or worst-case scenario, break-even (no loss). The further your position is from your entry level, the safer you are.

Trailing your position after entering a successful trade is very important.

There is no definite answer to where a SL should be placed as every setup is different and the market sentiment is never the same. Look at these scenarios and decide on the current sentiment and your setup to decide which SL strategy is best for the current situation.

I try to make these topics as friendly as possible and it does take some time out of my day so if you want me to provide more educational posts, please like and repost so they can reach more people 🙏

If you have any questions, put them in the comments below 👇

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Mindful Maven

@mindfulmaven_

almost 2 years ago

2. It’s only a problem if you think it’s a problem. If you think something is a problem, then your thoughts and emotions will be negative. But if you think it’s something you can learn from, then suddenly, it’s not a problem anymore.

crypstos retweeted

Mindful Maven

@mindfulmaven_

almost 2 years ago

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Emperor👑

@EmperorBTC

about 2 years ago

@CryptoCred Great Advice. A lot of these seems like common sense when you're an Experienced trader BUT New traders are hard coded to disagree with these advices, hence they lose.

EmperorBTC's tweet photo. @CryptoCred Great Advice.

A lot of these seems like common sense when you're an Experienced trader BUT

New traders are hard coded to disagree with these advices, hence they lose. https://t.co/7zyjigwCFt

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crypstos @crypstos

about 2 years ago

@Moneytaur_ Apologies, meant in terms of functionality. I understand that fibs indicate potential reversals, but I was unsure what tp was based on. I couldn't identify a specific significance for the fib on the chart, but I assume there is one since they are included. just trynna learn sorry