The problem with trading
When I started day trading crypto 3 years ago, I didn't have a plan with my trading. I just thought "if my win rate is high, I will make money gogogo".
I think everyone is missing a very important step if you just do some TA and start trading.
Freakishly true. When we were noob we thought after seeing the up rising market, this is the place where we can go and earn bucks just like that. Lol, but it is so not true since a noob is always haunted with greed of earning quick bucks. But as new comer
no one knows how volatile this market is and that the first wrong thing new comer get hit by.
"You need a strategy"
Everyone told me from day 1 "You need a strategy" - but I simply didn't know how to make one. After losing 90% of my account balance, I took a break from trading for 6 months. Then I came back with a new mindset and reviewed some of my past trades.
Thats called as self-evaluation. A very important and progressive thing which a trader must acquire in their blood stream. Literally, I have myself jumped into the trading with attitude that yeah it's just buy and sell stuff. You buy low and you sell high. But that's not the point here. You can't win the market if you don't have proper timings really.
I had no plan
When I look back at it, it was actually crazy how much I cowboyed my trading. Sometimes, I made +1%, sometimes -3%, sometimes +5%, sometimes +10%, sometimes -7%. There was no structure and I had no idea what results I could expect.
Since I had no forecast of my results, it was difficult to follow my rules. I simply lacked motivation to follow my rules. I think this is very common.
Visionary trader! One must set a goal. How much far one wants to go when it's
green, and how fast one must stop when it's going all
red!I like this one, because this is the main criteria. If you don't control yourself then you can just loose it all in a blink of an eye. Truly, its about beating the stop-loss meter which most of us fail in the initial days or if we don't walk with the strategies.
What worked for me
What made me go from a bad trader to a consistent profitable trader, was ACTUALLY using a strategy. Not only trading based on a vague strategy.
NOW - How the heck should I form a reliable strategy that works?
I opened up a Google Sheet and started writing formulas to estimate my earnings and losses from trading, based on different win rate, starting balance, leverage etc. It helped me a lot but it was so tedious to change the strategy in Google Sheets
I had enough. So I started to Google if there was a better way to do this. I found nothing. The only thing I found was a Forex Profit Calculator, but I wanted one for crypto.
It is good to know you went in depth while playing this game. Trading should be studied both from other and for your own steps. We must recollect what is wrong with our trades if we are loosing on the continuous basis. There is always time we should follow others if we are making too much mistakes in the trading.
Winrate.io was my game changer
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Yes, a tool is always needed to help our abilities and track the movement of our trades. I guess everyone must follow their own brands. This one might have helped OP but may not work for me in the best possible scenario. So choosing a portfolio manager is also great art and perhaps a suitability is also needed for the same.