Quote from: crypmike on May 04, 2021, 07:44:34 PM

Hi all
I'm 4 years on the market but suddenly found a lifehack:

Before you buy a coin, you should write down the plan — the main reason why you buy it. And circumstances when you sell it, with profit or loss.
If this event happened, you should sell.
Or write a new plan. Old plan should be visible too
It's important to analyze mistakes and strategy then

It sounds simple but when your plan is in your head, not on paper, you always have temptation not to follow it
Fixin it on paper (notes on your phone, whatever) makes it more formal
This is the key. It helps me a lot.

For example — your plan is to wait for binance listing
Then you should sell the coin right after listing, don't hold it more. Because you should stick to your plan.
Or write a new plan — I will sell after [this] event

That's it

This is called a trading journal, diary, or log and it is very common to see traders to recommend the use of this to newbies, in the past traders did this with pen and paper but with computers you can do this more easily and even include pictures of the market at the moment and pictures of what you expect the market to do.

This is really important because in the case you lose a few trades you can see written proof of what you thought at the time about the trade and what went wrong allowing you to improve your skills as a trader, unfortunately almost no one does this which is why we see the majority of traders losing all their money in a relatively short amount of time and learning nothing in the process.