We spoke about having a trading plan in our previous tweets.
But why is a plan so important? The old adage remains:
If you fail to plan, you plan to fail.
Click here to understand how you can develop your crypto trading plan! ⤵️⤵️
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DISCLAIMER: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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A trading plan helps you define your goals and risk tolerance. This ensures that you are clear on what you want to achieve and how much risk you are willing to take on.
Does losing $100 affect you tomorrow? No? Carry on.
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A trading plan also helps you stay disciplined. It provides a clear set of rules to follow, which can prevent you from making impulsive trades based on emotions.
Down 50% but trade is still running? Stick to the plan and stay convicted.
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Manage your risk. You can set stop-loss orders to minimize potential losses and protect your capital in MultiHODL, even before you open your trade!
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Having a trading plan can also help you stay up to date on market news and trends. By following a set of pre-determined rules, you can more easily monitor the market and make informed decisions.
@elonmusk tweeting he is buying #Bitcoin again? Go for the buy.
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In short, a trading plan helps you stay focused, manage risk, and make informed decisions. Without one, you may be more prone to making mistakes and missing out on opportunities.
Remember, DO NOT RAGE TRADE! Losing is ok, revenge trading is not.
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