RE: Completely Changing My Strategy on Steem! Full Powerdown, Yet More SP to Vote With!
I’ve been trading for a couple years now...generally take my profits off the exchange and power up Steem.
One thing I’ve found helpful is for the first couple weeks just do “paper trades.” Write down what trade you would do (how many at what price)...both entry and exit. Then just watch and see if you would have gotten the trades through.
Sure, if the trades are successful, you won’t make any real money cause you didn’t actually place them, but you also won’t lose by making a noob mistakes.
I found that it helped to build my confidence as well, and I learned some lessons without any risk.
So far, in two years I’ve only lost on two (out of hundreds) trades, but they were big and hurt bad. I think one of the toughest lessons to learn is when to take a loss and move on instead of watching it get worse.
Also, don’t panic about every move the market makes against you...you’ll drive yourself nuts.
Best of skill to you (luck has little to do with it)!
That's definitely some good advice, I'm currently already going down the paper-trades route, through demo-accounts on various exchanges. Following the theory which I've learned, I've only made a couple of mistakes in the beginning, but rectified them pretty quickly.
Another little trick...when you see a huge green candle, wait...they generally come in threes. If you sell on the first one you’ll often get burned out.
It’s never the goal to pick the top or the bottom, so don’t regret missing out on “money you could have earned.” As long as you make some profit, you’re good.