Common Mistakes These are the most common mistakes when I look at your screenshots submitted Finding good entry points 1. Do you have the settings for Heikin Ashi on? Sometimes we have the wrong candles on 2. Was it a NO TRADING ZONE when you entered? Then do no trade these days 3. Was the direction for the day clear? Can you tell clearly if we are in a green or red day? 4. Did you long the top? Example a candle just comes out and its GREEN but we are at the top and its climbing, do we enter the top? NO. Get your FOMO emotions in check and ask yourself: Self: Do I enter the top because it's climbing? No! 5. Are you shorting the bottom? Zoom out and see what price we have been at lately and if it is very low, we should not be shorting close to the bottom. Wait instead. It is better to do nothing and wait for the chart to set up where we can clearly see a good entry 6. On the 6Hour are we in the white area on MFI? Those are the best entries when you not sure and also the most success rate. Trading less is better than trading often. Trade less and be more sure. 7. On the 1M I don't always refer to MFI but I like to sometimes have it on and even on the 1 min I would not trade every white area. Are you trading every white area of the MFI? If yes then that is a mistake. Please do not trade every white area, but do enter when it is in a white area. These are better entries that in the middle of a range 8. Are you trading the middle of a range? Then do not. Please only trade the top or bottom of a range. 9. Going in on a trade and it turns against you and then realising there is a better entry. Do you have another account that is ready and free to trade where you can enter in the other account and take some profit sooner? Being prepared is key. Have some accounts ready with bitcoin in case a better opportunity comes along. Leverage Let's talk about 50x, 25x, 10x, 2x Now, we have different techniques for different leverages. 1. For the Japanese Hiking Strategy, this is where we ride the waves up and down on a very volatile day. This means we can go against the Green or Red day! We usually want to go WITH the trend of the day however in certain times we can make exceptions. We can use HIGH leverage 50x, 25x We can then take a profit sooner rather than later. On 25x the ROE on 4% are fees and anything over will be profit - Therefore the price moving does not have to go too far for us to take profit! On 50x the price can move even less for us to take a profit! 2. Higher risk is higher leverage. Your trade goes right then you profit a bit at a time. When the trade goes bad here you can lose it all. SO ask yourself, are you trading with small amount here? Sometimes that 0.1 BTC sometimes that 0.01 BTC use a small amount every time. You can withdraw and you can re-enter Withdrawals 1. In the 2% Theory we withdraw and only reinvest 2%. Are you reinvesting the whole thing? Please consider that let's say you are in a long and something crazy happens and Bitcoin is in green but falls 150% if this was the case, you would probably cut your trade or lose it. Now you will be happy to have withdrawn it! I often still make this mistake. It is tempting after a loss especially to go in with more next time. Need to avoid this natural urge and be more safe and withdraw your wins. Managing your Risk 1. Do you have multiple Bitmex accounts on? 2. Are you holding 50% not trading with safely off the exchanges? 3. Are you trading drunk, angry, sleep deprived, in a high strung emotional state? FOMO in because you think you will miss it? Flip Flopping back and forth cause you lost one? 4. Please only use 10% of your port to enter trades. If you have another account where you are going in 50x then understand you could lose that 5. The most money you have the less the % risk you need to be taking so lower leverage and make sure you won't get liquidated. If you are not sure, then put more into holding and trade with less. 6. If you are nervous in a trade, you are risking too much. Ask yourself if you would be ok losing this. If the answer is no, then do not trade with it. Only trade with money you are willing to lose to take the risk
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