We’ve covered the following in previous B90X: Day 31,32,33:
1 - A sound individual psychology
2 - A logical trading system or process
3 - Good money management plan
- Your trades must be based on clearly defined rules!
- Analyze your feelings as you trade (talked about this before)
- Make sure your decisions are intellectually sound (again, talked about this before)
- Structure your money management so that no string of losses can kick you out of the game!
1 - Decide today that you’re in the market for the long haul
2 - Learn as much as you can. Read, listen to experts, but keep a healthy skepticism about everything. Ask questions, and do not accept experts at their word. EVEN ME!
3 - Do not get greedy and rush to trade - take your time to learn. Crypto is 24/7! The markets will be there with more good opportunities in the weeks and months and years ahead
4 - Develop a method for analyzing the market. Learn Technical Analysis which we covered from B90X Day 11-30. Test everything on historical data and then in the markets, using real money. Run experiments!
5 - Develop a money management plan. Your first goal must be long-term survival. Your second goal a steady growth of capital, and your third goal, making high profits. Most traders put the 3rd goal first and unaware of the 1st and 2nd goals!
6 - Be aware that a trader is the weakest link in a trading system. Learn to cut out impulsive trades. We’ve talked about personal emotion-management in the earlier episodes of Trading psychology!
7 - Winners think, feel, and act differently than losers. You must look within yourself, strip away your illusions, and change your old ways to being, thinking, and acting. Change is hard, but if you want to be a professional crypto investor/trader, you have to work on changing your personality!
- IN TODAYS B90X program, leave a comment below in TheBitcoin.Pub and let us know what you’re going to be focusing on first in order to become better at trading and investing. Also, if you’re willing, tell us where your lacking, so we can help you!!!