Trading lesson by Dr Alexander Elder
i wish i had listened to this audio trading lecture, before venturing into Crypto currency trading, it would have made lots of difference and most of the errors and mistakes, i made the pass years wont have happened, although its better late than never learning, i never developed the proper trading psychology before entering the market there by making amateurs move and loosing a huge part of my investment during trading i was too emotional about it, there by not managing my risk properly, i have been trading crypto currency since early 2017 and was fair well until the Bear market sets in distinguishing amateur traders from the professionals, was busy waiting for the bulls instead of shorting some of my positions, 2018 recorded my highest trading and lost as i see my portfolio slung down to 120%, the more i put in Dumb money and the more i increased the volume of my loss, as i didn't have the proper tools a trader needed i was a half baked trader who was to afraid to take risk, i forgot the number rules of trading
Be Afraid when everyone is excited and Excited when everyone is afraid
Dont be greedy when there is price pump and be quick to cut your loss on lost positions
Trade without emotions or attachment to assets.
Initial i used to thinking Cypto-currency was very different from forex but the truth is they are the same, with a different puzzle, in cypto-currency trading investors holds their assets Tokens/Coin with little or no leverage or margin, where as in forex there is high margin and leverage, which make Forex traders to have massive profit/loss from little price actions from the market, i was too busy following the masses always waiting for whales to pump the price , taking unnecessary risk, and day dreaming of being a whale trader in a short while, while fails to cut my loss as soon on losing trades because of the po as possible.
The bulls and the bears will always be at it,as both helps to create market liquidity, determining market losers/winners, a professional trader always watch the market makes his TA and FA before entering the market. Trading is an art and sciences at same time that is why you need to have the right psychology if you want to be a successful trader or learn more on how to always make winning trades take out time to listen to this, watch the video above