I AM romello the mellow fellow and I am tired of losing money on cryto and need to hone my skill so thank you guys for this group.
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The main reason why traders lose money is that they don’t detach their mindset from emotional reactions. FEAR of losing out, and avoiding PAIN are normal human reactions, and that’s what is the largest challenge to being a successful trader.
The only control you have is your risk exposure, but you have no control over what the market throws at you. If a day trader, one way is to open a trade with both T/P and S/L in place, and turn off your computer until the next day.
Or you could try this. Losing trades must be closed early, and never add to losing positions. While it hurts, it would hurt more if you let it run longer than your winning trades. There’s always another trade waiting.
Winning trades need to be nursed instead. Aim to move your S/L to breakeven cost plus one pip, scalp off 30% - 50% profit and let the balance move with a trailing stop to run into your next profit zone.
I hope that helps.