Hey everyone, we’re all on the hunt for easier trading methods, right? Whether it's finding setups quicker, trying out bot trading, or getting news updates faster. Like today, I got a notification about the US DOJ greenlighting the sale of 69,000 BTC. That pushed me to short the market since it’s bad news, and I managed to score 2X on that position with 100x leverage. Yeah, I know it’s risky.
Lately, I’ve been using indicators from LuxAlgo on TradingView to simplify my trades. They help me identify Couch, OB, and discount and premium zones way faster. But I’m also keen to check out other strategies like spot grid trading, bots, or even copy trading.
I know many of you here have a lot of experience with this stuff, so I wanted to ask if you’ve tried any of the methods I mentioned. How are you planning to up your trading game this year?
One simple strategy is to learn from mistakes, and you can learn from mistakes in trading this year by keeping a trading journal so that you could document errors that you made so that you do not repeat them. The more of your personal errors that you notice, take note of, and learn from, the better the trader you will become.
Another way to become more efficient is to never stop learning. Keep looking for resources to make your strategy better.
Im not experienced trader but also considering the news or fundamental events that will affect the price such as fed rate, interest and any other potential event that might trigger a down low or fast bullish scenario. Sometimes it could be use as credible indicator than charts or some parameters.
Maybe try to compare and use historical info and some trading factor.
News really has a huge impact on the market trend, but of course, we can't make it our only basis, as we still need other factors to further analyze and make final decisions. With all of these things, I can't say that trading is easy, and we can make a profit fast. Because without proper knowledge about this, we will surely not get anything other than losses.
Indeed, exploring and trying new ways or strategies is the best thing we can do to improve. That is why trading is quite pressured and stressful especially if we are taking this seriously.
Trading could be somewhat hard due to its market uncertainty. However, if you stick to your trading plan, I think that will make your trades more efficient and effective. Stay informed with your decisions and keep emotions in check so that your trades will not make you stressful but will definitely increase your chance of success.
Hmm, Staying humble when training is something that people find most challenging. Focusing on the plan also requires discipline, so in my view, in any kind of market situation, your personality behavior should be the same. It can be achieved by practicing discipline, honest emotional control, following the plan, and acting like a robot. All these things are only dependent on how disciplined you are.
Good for you, and that must be the reason why the market dumped really hard a few days ago.
This is also one reason why we shouldn't ignore the news because while most are focusing on analyzing the market through technical analysis, let's not forget that the news can also have a huge impact on the market as well. Good for you that you took the risk, and got rewarded with it.
This is what I'm planning to do this year when it comes to trading:
1. Focusing on at most 2 trades per day or 3-5 trades per week.
2. Be more patient because patient is a key trait that every trader has.
3. Always put a stop-loss just in case things go south.
I believe we have different ways to be efficient in trading, and for me, this is what I'm doing this year. There are some that feel that they're more efficient when they make more trades (at least one a day). There are some who aren't putting stop-losses because they can look at the market constantly. There are some who are using multiple indicators, and so on, and so forth. We just need to find the perfect or the right one that works for us.
Hey ruchiman thanks for this. You've got tips on how to efficiently keep the trading journal, I always see it as as dicey. I'll also check some YT contents for this..
Okay. Does Fed rate affect crypto? That that's only for forex . The link you sent talked about is an opportunity for trading bot users.. tasks looks simple though, so when I'm free I'll check it out in details..tq
That's not very simple to do, easier said than done
My simple strategy I always tell people to try is to get a trading buddy. He tells you when he's making a big trade, you tell him when you're making a big trade. And both help each other stick to the plan.
I'm not sure if that is more efficient though, as OP is asking about efficiency. I would say in this regard, learn to use limit orders. And only use limit orders. You should log in to place them, not to watch trades.
I am not a pro trader and only use manual trade because I don't know how to use the bot. I feels it is better to analyze with our skill because we don't have to bother to set the command on the bot when the market change the direction. If I am sure that the market will go up or down, I will use bigger leverage but I also prevent when the market moves to the other direction by watch the market moves so I can act fast before it is too late.
I am trying to focus with my trade and although my profit is not bigger than others, I will keep trying to learn and trade. That can improve my skills in trade and I will have a chance to make more profit.
Yes, the trading market is always volatile and full of uncertainty, but if you gain skills in trading and trade using the right strategy, the chances of success are very high. However, to trade using the right strategy, you first have to learn trading, trading is not an easy thing, learning trading completely, it requires a lot of time, patience, and hard work. Many experienced traders also face losses, so to be successful in trading, you have to learn trading first, and when a new trader first starts trading after learning trading, he may have to face a lot of losses at first, but at that time if he is not emotional, and sees his losses as a means of learning, and tries to learn better, then he will be able to succeed at some point.
Buying at $60,000 and trading at $69,000, well, is not a huge profit, but at least we have earned some. Could this be a good idea? Not for greedy traders, but for me, this is indeed enough rather than losing an opportunity. Honestly, I have experienced before where I ignored the notif and just let it pass. But I'm regretting it because the price never recovered back to what I thought.
In this volatile market, one way to earn from trading is to sell high as much as possible and never hold long with your coins. Avoid being too greedy, or else this will be a reason for missing a great opportunity.
For me I learned a lot from my mistakes last year and I am trying to develop my trading by focusing on avoiding these mistakes as much as possible, the problem is that sometimes you know the mistakes but you get carried away by them because of fear or greed so one of the most important basics is to practice controlling your emotions.
I also tried spot grid trading and bots but in a simple way as an experiment, it was not completely successful so I intend to develop this experience more this year when I have the opportunity.
I have not used a bot to trade before, I dont even know how it works so I dont even see it as my thing. How to maximize my potential win in trading this year it to focus more on market on the higher time frame, they give more probable wins but just requires you to be patient enough for the market to reach your point of interest. I have noticed that the most profitable traders encountering less risk in their trades are swing traders, so focusing more on swing trading will be my thing from now.
Your decision based on that fundamental was a right one. It's like getting heads-up of a token unlock and not dumping one's hodling before the time, that will be a most regrettable decision. Investors are more likely to take profit at news of a token unlock than not, unless it's a very small quantity being unlocked. I believe that was what happened with the DOJ news. I missed that news as I wasn't trading that period, I would've done the same by shorting it though not on that high leverage of yours. I only got to know of it when I noticed how quickly Bitcoin had nosedived and decided to surf online to see if there was any kind of FUD. Behold there was no FUD, it was that news and it dropped Bitcoin real hard. It simply shows that no matter what we do as traders, we shouldn't ignore news.
I think when it comes to Bitcoin, fundamentals are big in this game and can be profitable if you know how to interpret them..and the fact that we have Trump in the driving seat..this means more of those tweets means easier way to know if markets get bullish or we short the market.
But when we also talk of efficient trading, for me less is more...you know how everyone says over trading can lead to losing more this is why I have settled for less is more and it's kind on one's mentality.
Yes it may be in general form or knowledge but lets agree that it really affects the market. Like the recent win of Donald Trump, during that time of the election when Donald Trump almost secure the office the bitcoin market pump hard since Trump is bullish on it. So we didnt need chart analysis there as major markets agree to its sentiment.
Profit is profit and this is should be having that main priority into your mind on now matter how small it is as long it do shows green then it will really be that counted. Therefore, you should really be that knowing on what are your priorities and on what are the things that you will be that trying out to achieve. When it comes to trading then we do really know that on the moment that you will be having that tons of adjustments because on the moment or time that you had that become that too hasty with your decisions or simply being careless then it might be understandable if you are new but if you are already that old and having no learnings and adjustments into your trading then there's something wrong with you.
After all the hours that you've been dealing up with trading then it will really be that impossible that you cant be able to distinguish on which are the things that be wrong or something not ideal on doing so. Experience will really be the key because lack of experience will be leading out to mistakes and errors but as you do go ahead then you will be that eventually learn up all things along the way. Just dont make yourself on a rushed way on dealing up with things because this will really be that having that very huge problem and might ending up for you to have that huge problem and ending up on surrendering or stopping your trading career just because you cant be able to sustain or survive up.
Fundamental analysis is good, but it is not always clear.
There are some news events that you can be sure of the effect it will have on the market while there are some other news events that you will be uncertain if it will make the market bullish or bearish this is why technical analysis is always needed to support fundamental analysis to increase the efficiency and chance of winning a trade.
There are thing people don't usually learn while (or) when trading, they so much focused on the profits and the possibilities to explore for effective trading, of course is good to explore additional modelaties for effectives trading but, they had refused to take note of their past mistakes within their trading histories and how they have performed so far while trading. If they would learn to spot out those errors while trading the better for them and it would give them an edge for corrections and learning additional methods to win the market.