Risk control strategy while trading (Plan the trade, trade the plan)
The guy running the telegram channel I'm in, where we discuss Technical analisys and plan our targets, gave us a pep talk the other day about sticking to the plan.
Remember Most of the Profitable Traders of the world having have accuracy of 40%-55%, Still they are sitting at Huge Funds, WHY??
Because of Trading Discipline and Taking High RTR Trades.
"Plan the trade and trade the plan".
Don't confuse sentiment with using intelligence acquired information to secure your profits.
Entering and exiting according to plan is part of the Risk control strategy.
There are two TPs and the way I see it. TA will almost 100% of the time properly tell TP1, however TP2 is a possibility which is much more influenced by external factors. (Not necessarily Sentiment)
For example:
BTT jumped because it was listed on KuKoin and that is what triggered TP2 and above.
The same way, PHX lost its momentum because of the Volume migration to BTT initial listing hype and didn't reach TP2 (yet?)
I don't know if I'm right but I try to keep an eye on external factors and then choose if I stay for TP2 or content myself with TP1
Like big bet, small bet... but the risk is the same because what controls it is your stop loss
What do you think?
Over the long term I need to be Bullish on STEEM hopefully I will be able to put more SP on my account once i finish this operation.
Emotional trading lost me a ton of money. It is really hard for me to let me trade sit as 1) I really like trading, and 2) I always forget to set a stop loss.
Trading on Binance was difficult for me as I could only set a stop loss or a take profit, but not both. Then (usually at work) when I would see the price spike, I would need to do something THAT INSTANT, but couldn't due to needing to cancel limit orders and the like.
So I made a tool. I can now do some real TA, set up my trades, and walk away. It's been nice. =)
(I get more done at work too!)
Good for you!
I have python scripts for that as i dont like the risk of sharing my API keys and i am able to code.
Just a pain in the ass to bug-hunt them every time binance changes their API.
I haven't had the API change happen to me yet... but all the new coin pairings can sometimes hurt.
Learning to code changed the world for me. This is for sure. This has never been more true:
Additionally, as I feel the need to reference it, all the apps I make don't need API information. For instance, my trading app can use Telegram to tell you about a point you were looking for and my tax app can output a xlsx file for all your trade information to go in.
Can never be too careful!
Hahahaha loved the image... so effing true lol... (most of the time I'm da dogz...
Bro you say you dont use the API... but you need to link to the api to do this
Furthermore later on it says this:
I'm confused...
So i decided to give it a try... And clicked man... and this happened
Still turning...
Just thought of letting you know
cheers
Wow! That's a bit embarrassing that it wouldn't download for you. Tell you what, you email me at [email protected] and I'll send you a code for a free copy.
Further, the trading app does pretty much 3 things:
For the notifications and trends, it does not need your api. To make the trades, it does. I'll explain that in more detail on the site.
Appreciate you letting me know! My new caching plugin seemed to block it. Should be cleared up now!
Thanks man! I appreciate it.
Sending the mail now!
I sent you a reply. Let me know if you didn't get it
Sorry man i did not get your mail.
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