The Traders Journey: Clarity Understanding Your Plan
Welcome to the of crypt. I show once again. Version of the traders junie tonight will cover around. I guess the The free checklist to my checklist. So once you found the trade you know what sort of things do you need for. Tried to be tried. But this this is going assad from the actual checklist to find a trade. Obviously i've got three trading strategies for those that don't know three trading strategies they all have checklist of essential factors that must be met and bonus factors that helped to build from ability. And if you've got a couple of trades. John pick which one or which ones to go with. But just for those of you know the trading strategies and trying to work out what constitutes trade to an investment. We'll trade for me requires at least two things. It needs to have an entry and the stop loss. Now i say many people talking about trade. They've taken bit but they they basically don't have a stop loss and it's not really trading buying something and hoping it goes up that's cool investing essentially you know buying it and going well a white until it gets back up to the before still. That's not a great strategy. It's okay for investing if you're looking to be buying solid projects that you believe in long term but that's not trading to me. You need to have an entry in a stop loss plan as well so getting into a trade is one thing was the entry point is where you enter the stop losses where you get at if If you think it's going against you if the reason for entering the trade becomes invalidated this is where you'll stop plus be so they're three things you must have for it to be a try. The third thing as i say is a plan. Now you going to scale out. I take some profit on the way maybe minimize the risk or are you going to take a full profit. You're going to take the entire profit. Two three two one four to one or do you feel as though might be a good time to let this bad boy run. Trial your stop-loss higher lows in an uptrend as they are set and that way you can look to take advantage of potentially much much bigger moves. So that's really really important to understand. What a trade actually constitutes for you and then you can go about how. You're going to plan that something else that you want to consider is what sort of trying to be a you. Are you trying to trade for dollars. Are you trying to try to increase your bitcoin stack for example or you trying to trade so you try to increase your theory balanced now. These are the typical markets. You can try against terror. You can try it against bitcoin. Obviously and you can try it against the theory and there are some other platform tokens. You can try it against such as bonnet. it's talking that sort of thing but more or less most of the volume occurs against the big dogs adult the theory of ambig- bitcon. So if you're going to be trying a theorem for example through twitter. A questions coming about building a theorem stack for long-term investments. If you're looking to build your theory stack. I think the trading against twitter trading trading against theorems a good option. The only issue you've got. He is on a theory as you often have themed books which means you have thin volume. Which means you're susceptible to slippage k so you might not get fulfill or you might get filled at different price. This is more common. Notice calling me. Try against bitcoin or you try and against the dollar ted because there's a lot more volume going on now. If you do decide you want to try to increase your theorem stuck. It doesn't really matter where the money comes from. If you're trying to build your us detail that will send that over and by therion if you'll try against bitcoin and you get a good prophet and you bank in. Bitcoin sent that bitcoin across will transfer that for a theory. And it doesn't necessarily mean you have to try it against that one pay consistently you've just gotta work at what you do your profits and where you move them to. So that's another thing to consider what you're going to do what you're trading for you trying to build a portfolio or. Are you trying to pay your bills. Ossified now ideally. If you're fulltime trader it's a nas position to being where you can actually pay bills and you can keep money aside for investing and building that portfolio. This is something that needs to be considered second to that is what is the plan beyond that. Okay are you going to reward yourself and you must do this. You've got to be rewarding yourself. If you don't plan everything. I've i've i. I wouldn't hold a dream board because such along those lines of knowing what. I'm after this this trips that i want to do with my family There's you know when. I'm fifty years all y'all that i can travel around australia and see this wonderful country from the ocean side. There's a lot of different things different parts of my life now. These goals are tied back to my day to day. Actions to keep me focused. So it's about keeping him on clear and the best way to keep your mind clear. Obviously it's retains bet your exercise meditation diving. Whatever it is you do that makes you and keeps you grounded. That's important when it comes to trading knowing what you're doing this fall helps a kit. You sent in within that moment because remember the only time that you have is the now you've only got now. There is no other time than you have any control of other than right now. So focused on now. Having that clarity of your plan is going to help you and clarity. Well you make better decisions and better decisions. Generally quite a bit or outcomes so this helps have a fantastic day off now.