1. Have Discipline

  • Just like in the real world there are rules and regualtions
  • Following the rules and regulations prevent oneself from being penalised
  • Discipline means self control
  • Discipline means accepting the ‘punishment’ when you deserve it (eg: when you stray from a trading plan and you lose more than you should have)
  • We can’t be perfect but following a path of self control will more often than not bear fruit in the end

2. Be Conservative

  • Being conservative with your trades will keep you alive
  • Continual rashness will end of killing your hoopes of being a trader

3. Exercise proper risk manangement

  • Minimise your risk with proper risk management
  • Lower your exposure to loss with stop loss & take profit placement strategies

4. Have a trading mentor

  • If you can find a trading mentor
  • The apprentice will learn best from a true master
  • Having a mentor will train you to trade with ‘proper form’ and with correct discipline

5. Follow a trading plan

  • Have your plan and follow it
  • Be disciplined a stick to your plan
  • Only make adjustments if they are part of the original plan
  • Try not to think on the spot until you have a lot of experience

6. Learn, Learn, Learn

  • Educate yourself
  • Read books by master traders
  • Listen to podcasts
  • Follow top traders on social media

7. Learn Trading Psychology

  • Control the mind by adopting a correct trading psycholgy
  • Read books on the subject
  • Learn as much as you can as 80% of good trading starts with your psycholgy

8. Keep Trading Records

  • This will help you avoid making wrong decisions
  • Keep accurate records of your trading to show your profit & losses
  • The record doesn’t lie
  • You can track your improvement

Uncle Bob is veteran of the crypto game. None of what is written should be taken as financial advice and before investing everyone should do their own due diligence.

Uncle Bob has a well followed crypto related twitter account and can be viewed here

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