Hi all, recently lost a huuuuuge chunk of my trading capital while trading Crypto’s…decided to go back to school before I lose everything…rather late than never
Hey, don’t lose hope… You might need to learn more… this is a great place to start…
Focus on risk management, and emotional control, first and foremost. Everything else is secondary. Easy to say, hard to manage. Humans will try and avoid pain at all costs, and they want to be right all the time. See 3 & 4 below.
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Risk per trade 1-2%. No more than two correlated pairs open at the same time. Set a day limit and keep to it, whatever the circumstances.
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Aim your RRR at 1:1.5. which is the sweet spot and will bring back confidence in your system.
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Do NOT chase losses, overtrade or revenge trade. Ignore history, there’s the future trades to look after.
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Don’t nurse losing trades - cut them quick before they hit your S/L
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Patience and Discipline will get you through this bad patch, and perseverance will pay off eventually.
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Write this on a piece of paper and pin it on the wall so you can see it every day. Your subconscious will be strengthened.
Good luck.