Going against the trend
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Revenge trading
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Trade everyday
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Those are the few lessons I learnt from failure, what did you learn?
I will take out the last option out because I believe you can a daily trader and still be a successful trader but it depends on your time, but it is not a must that as a daily trader you need to trade everyday, the market some days might be too volatile or moving in directions you don’t like and you would just have to that day out.
Going against the trend is nothing but a gamble, if it goes your way you earn lot from the market but it is the easiest way to liquidation if it goes against you. The very first thing I say to traders is let the trend be your guide that’s why my first Analysis is always the bitcoin pair because it’s trend mostly direct the entire market.
Revenge trading is lack of risk management, there are people that usually set unrealistic goals for themselves and when they don’t achieve it they chase through the market. There is nothing that stops one from following his strategy other than revenge trading you will just be chasing the market without proper risk management
What did I learn? You don't need huge capital to make money in trading. You can still make profits by just trading 20$, because for me, experience, knowledge, and a working strategy will make you profitable, and not having a huge capital. You can have $1000, and still ending up losing it all if you don't have these 3. Of course, these 3 aren't enough for you to make money in trading because there's still so much to learn after that.
Once the knowledge is there and a very good strategy then been patient with the little capital can definitely help to grow it, I could remember funding trading account with $100 and using $10 as capital then to trade