Store is live
Store is live with some really great products. Not only that, we have some fun apps on the way. Let's get it in 2025! 💥
Store coming soon 👀 http://coinstare.omg.lol
The Life of a Trader: Trading Beyond Charts and Data
In the world of trading, it’s not just about nailing entries and exits, studying charts, or hunting for the “next big move.” Trading is a marathon of discipline, grit, and calculated risks—a constant test against your emotions. Anyone can trade; staying profitable over the long run is what separates the daydreamers from the truly committed. 1. Master Your MindsetTimothy Sykes once said, “If you can control your emotions, you can control your trading.” That’s it. Markets—especially crypto—are beasts of volatility. Emotional control isn’t optional; it’s your edge. There will be euphoric wins and frustrating losses. Winning traders recognize patterns, not...
Diversification: Don't put all your capital into one trade or one type of asset. Diversification can help mitigate risk, though it doesn't eliminate it.
Breakout and Retest
Favourite two setups for a breakout and retest trading strategy:The second pattern on the first candle of the day works well. And you can close your trading for the day by lunch time. See in more detail: https://www.youtube.com/watch?v=LlHZil_7Ueg
How to be a trader
Becoming a trader typically involves a blend of education, practice, psychological preparedness, and strategic risk management. Here's a step-by-step guide on how to start and progress in the trading world: Educate Yourself• Understand the Markets: Learn about different markets like stocks, forex, commodities, and cryptocurrencies. Each has its own dynamics, risks, and strategies. • Study Economics and Finance: Basic knowledge of economics, finance, and macroeconomics can provide a foundation for understanding market movements. • Trading Psychology: Understand the emotional aspects of trading. Books like "Trading in the Zone" by Mark Douglas can be insightful. Choose Your Trading Style• Day Trading:...
Avoid Overtrading: Sometimes doing nothing is the best action. Overtrading can lead to higher fees and potentially poor decision-making due to fatigue or haste. Wait for your setup to appear. You don't always need to be in a trade.
Continuous Learning: Markets evolve, and so should your knowledge. Read books, attend webinars, join trading forums, buy trading courses. Watch the odd YouTube video here and there but don't overload yourself and get analysis paralysis. Learn and follow a teacher and style you like, but be sure to crack on and start becoming self sufficient as soon as possible.
Pennystock Supernovas
Timothy Sykes has a great framework to focus on stocks that usually run pre-market. The step to focus on is step 3: Step #1: The Pre-Pump or Promotion Step #2: Ramp Step #3: Supernova • This step represents the peak of the stock's price increase during the pump. It's often the point where the stock achieves its highest valuation due to the cumulative effect of the promotion. At this stage, there's typically high volatility, with the price possibly fluctuating widely even within a trading day. It's a critical moment for traders to decide whether to sell or hold, as the...
Study patterns
“Price action - when looking at a chart, we're looking at a literal painting of how the entire neural network of traders as a whole reacted under certain situations.” And they may do it again and again. So spotting the patterns that repeat can give us an advantage in the market to forecast what might happen in the future.Source: Cameron Fous - https://youtu.be/5vhU7u79_as
Use Leverage Wisely (or not at all): While leverage can amplify profits, it also magnifies losses. If you use leverage, understand it fully and manage your risk accordingly.
Avoid Prediction, Focus on Probability: Instead of trying to predict the market, focus on probabilities. What are the odds that your strategy will work based on past performance? Go through the charts and backtest your strategy at least 100 times and try and see if it will work for you, then try it out.
Risk Management is Key
Never risk more than you can afford to lose. A common rule of thumb is to risk no more than 1-2% of your total trading capital on a single trade. This approach helps protect your capital and ensures that a series of losses won't devastate your account. Additionally, always use stop-loss orders to limit potential losses on each trade. This discipline is crucial in maintaining a sustainable trading strategy.
Understand What You're Trading
Whether it's stocks, forex, commodities, or cryptocurrencies, know the specifics of what you're dealing with. Each market has its own dynamics, trading hours, and influencing factors.
Twitter (x) is a great tool to gauge market sentiment and research projects to invest in. Sometimes you can spot counter trends and get a sense of things like greed and fear in the market. But it shouldn't be a place to blindly follow advice. Do your own research and be careful. My account to connect: https://x.com/coinstare