The Trading Signal Is The Beginning Of Managing Your Trade
Today the cryptocurrency market AMP completed a verified trading signal for The 'Simple Trading Plan', using charts by Coinigy.
That is the beginning of managing a trade correctly - for the best profits, and for the best lifestyle.
The trading entry signal is simple and clear.
You can see this trading signal from a mile away - it's not difficult, and I think anyone can identify these trading signals in the historical charts.
The 'Simple Trading Plan' looks for
- Down trend-line breach
- 1-2-3 bottom formation breakout
- 3 month EMA crossover
We can see this market (AMP traded on Poloniex) just passing this phase - and yet, this is also the most dangerous time to trade the 1-2-3 formation and take a big position! Start small and guard for the high likelyhood of a a fake-out break-out and price reversal to re-test the #3 point...
Trading For Profit
Even this simple and obvious trading signal is a high risk entry point. Take all measures to reduce exposure to risk - but, according to The 'Simple Trading Plan' this is the time to take that considered risk, and to increase that risk only if proven correct. The Trading Signal is the beginning of managing your trade.
Trading For Lifestyle
If you are actively trading - then you are at the front of the line to achieving financial success. You have two things going for you... you are working for money, and your money is working for money! That way you can have enough money that you have some extra money... and when you put that extra money to work for you - you begin to accelerate your speed toward the goals you have set for yourself.
Putting your money to work is a key advantage. Compounding the extra money is like rocket fuel!
What do we want the extra money for? Lifestyle!
But if you are spending more than a few minutes each day on reviewing the markets - then it may be that you are not letting your money work for you, while you enjoy other things in life!
Examine your trading style and see if there is a profitable way to benefit - without it becoming a second job. Seek to trade in a way that adds wealth to your future and freedom to your life in the present.
Disclosure - I do own AMP currency, and journal the details of The 'Simple Trading Plan' as my way to study and compare how I am trading against this simple and idealistic methodology. Provided as a case study and framework for the trading course and community that I facilitate. All examples are hypothetical.
Crypto-Life Balance.
https://twitter.com/lumbridgecity/status/984949935291412481
Right after posting this, the markets made a sharp move. And there may be questions about how to manage the trade...
The red circle is where this original post was written, and you can see in these short term price charts, that AMP prices did a wild swing right afterwards.
Assuming you put on a small part of your position to begin with, step back and take a look at the longer term view... and then be sure you are comfortable to let the market move within the technical levels.
In the longer term view, below, you can see how small and insignificant those daily price fluctuations are to the overall change in trend.