Now that you've had a look into the minds of our Analysts, you can begin to understand how the pros navigate the markets with their minds.
The next step is to put the principles into practice.
Of course, there is no rush to do so, but you can do this with minimal risk.
Go through the summary with our Lead Analyst Daniel, and create a strategy for yourself to use on 25 trades, each with a position size of only $1.
The purpose of this is to become disciplined and to refine your process. If for example, you have a win rate of 70% from those 25 trades, then you can have more confidence in your strategy when using significant amounts of money.
Conversely, if you have a win rate of 50% or less, then you can go back through your strategy and adjust accordingly. Then repeat the 25 trade process again to test if your adjustments are effective.
Time Stamps
3:50 – TRADING PSYCHOLOGY
- Work out a trading strategy
- Understand and accept the risk on every trade
- Stick to the plan and remove emotions
5:19 – DO YOU?
- Second guess yourself when entering trades?
- Have fear during the trade?
- Not stick to your original plan of the trade?
- Have a plan?
6:33 – UNDERSTANDING AND ACCEPTING THE RISK
- People accept they can lose, but they do NOT accept the risk
- EXAMPLE: You take a long trade with stop loss and take profit set. Each downwards move causes fear.
- Seeing profits sometimes hurts people – they close out too early cause they see profit
15:38 – I CAN LOSE ANY TRADE I TAKE
- Daniel fully accepts the risk he takes on every single trade
- You cannot accept your wins if you do not accept your losses
- All it takes is one person to invalidate your trade (risk management!)
- Daniel trades probabilities.
- We are the casino owning the slot machine
19:21 – TRADING STRATEGY – CHALLENGE
- Decide the set-up you are going to take for the next 25 trades and take that set-up every single time.
- On each trade use only one dollar and record each trade result. What went wrong and what could be improved.
- At the end of the 25 trades see your win percentage and if any adjustments need to be made.
- If you can do this with one dollar, you can do with more as well – find your personal tolerance after the challenge is completed.
- If you want to take trading seriously, this is a MUST (after watching all the educational videos).
29:45 – THE SECRET TO TRADING
- You need to go through the process of study and preparation in order to reach the excellence
- Trade with no fear or overconfidence
- When you get a trade set-up stop overthinking and think of a percentage over a series of trades perspectives.
39:46 – SUM UP + Q&A
56:18 – BTC TA