Smart Trading Habits: Setting Goals and Sticking to Them

.The human brain is a fascinating entity, capable of incredible speed and complexity. It is hard to conceive of building a machine that could replicate its functionality, as well as the abilities of other living creatures created by a divine force.

Image by Jan from Pixabay

Our brain and heart, while capable of making sound decisions and bringing us joy, also have the potential to lead us astray and cause us immense suffering. This can be especially apparent when we allow our emotions and desire for profit to take over while engaging in trading.

This was solely my perspective, and if you have any thoughts or feedback, please feel free to share them in the comment section below.

At first, I was unaware of how cryptocurrency prices were determined and the underlying principles behind them. However, after reading several posts and watching videos on YouTube, I gained a greater understanding and became more knowledgeable about trading. I learned that the value of cryptocurrency is determined by the balance of buying and selling pressure and that low selling pressure and high buying pressure can result in a positive outlook for the product. This newfound understanding helped me mature as a trader.

Armed with this fundamental understanding, I ventured into the world of leverage trading, where the potential for profit is greater if the market moves in the anticipated direction. However, it also means that losses can increase if the market doesn't behave as expected.

I remember a time when I invested my entire savings of approximately $1500 in a leverage trade. Unfortunately, the trade resulted in a loss of $200. In an attempt to recover the loss, I increased the leverage value from 2x to 20x, which led to my account being liquidated within seconds. The experience was emotionally challenging and difficult to manage, but after some time of introspection and logical reasoning, I concluded that revenge trading is always ill-advised and only leads to more negative outcomes.

I would like to offer a piece of advice to newcomers who are considering investing in cryptocurrency. It is important to only invest an amount that you can afford to lose. While I am not suggesting that cryptocurrency will cause you to lose your entire portfolio, it is important to recognize that there are risks involved in investing in any asset. It is human nature to take risks and make trades, which could result in a loss of all your funds. Please note that these are only my personal opinions. 😁🙏

Conclusion:- A wise strategy in trading is to avoid greed and instead set a target profit range. Once you have reached your goal, it is advisable to exit the trade and end the session. This approach can help you to stay focused on achieving your trading objectives and avoid making impulsive decisions driven by emotions such as greed or fear.

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