Nice!. I'm a long time stock and option trader (amateur though). I have about 16 years of trading off and on. I've recently added cryptos to my arsenal. I traded Ether up last year until it rolled over. But I started back on it at $8 as that was a key bottom pattern. In and out of BTC too. Tonight I'm in Dash but will stop at $93...Always know you're stops or I promise you will be out of the game before too long. (that's my tip from experience).
You are viewing a single comment's thread from:
Thanks for the tip! Still lost on the majority of trading terminology, (only been at it for about 6 months, but the desire has been in my heart for years) my presumption is that you're stating to always know when to trade out?
Yes. Every trade must have a stop where your thesis is wrong and a target where you take profit. And, that profit should be 2x or more your stop. And, IMO no trade should be more than 3% of your account at risk (entry to stop). Following these rules will keep you from going broke. Every trader has a series of bad trades. Keep the losses small.
Many thanks for all your wisdom here. I really appreciate you taking the time to share what you have learned. And yes you are so very right of course. Though I have not been good at sticking to the no more than 3% rule however!
Apparently I entered at a time when Ethereum & Dash were growing uncharacteristically fast, so basically got lucky with my main investments and put the rewards back out into the field when they stopped growing.
Only time will tell how I did with my choices :)
Good picks and I concur.. " So if the current price is lower than my buy price, I hold." That's the best thing you said Sammy. All love :)
Thanks bro. Love a good simple system. I'll let you know in a year if it works :)