In this post, I have put together 10 actions I follow daily when in trading mode.
10 actions that have helped to improve my trading skills massively. Moreover, these are 10 actions everyone can start doing immediately. You don’t need specific knowledge, no access to paid groups, or any tools — all you need is the discipline to do it daily!
So, let’s dive into the top 10 actions to improve that will improve your crypto trading skills.
1 — Daily Market Analysis
The bedrock of successful trading lies in understanding the market’s pulse. Dedicate morning time to review market trends, news updates, and economic indicators. This ritual ensures you’re always aligned with the broader market dynamics and ready to make informed decisions.
But be careful: Daily market analysis does not mean binge-watching the charts. Actually, this is the opposite of a daily market analysis. You want to get the market’s vibe and not get lost in candlesticks.
2 — Trade Journaling
Trade journaling has been an absolute game-changer for me. I like to separate my journaling into two categories:
- Trade Documentation: This is about the hard facts. Document every trade, including the strategy, entry and exit points, and the reasoning behind each decision. This practice not only helps in refining strategies but also in learning from past mistakes and successes.
- Daily Check-In: This is more about the soft facts. I put them together every day before I go to bed. How did I feel when trading today? What kind of emotions were helpful, and which distracted my decisions? The whole exercise is about discovering why I made a decision and how I can improve.
3—Risk Management
Here’s another saying: “A beginner trader tries to make money; an expert tries not to lose money.”
Many traders are obsessed with profits. This often leads to sacrificing the risks. However, implementing strict risk management protocols, such as setting stop-loss orders, is crucial.
Determine the maximum percentage of your portfolio you’ll risk on a single trade and stick to it, no matter what.
And here’s the critical aspect: “No matter what!” I have seen (and personally experienced) that traders set a stop loss to delete or adjust it when the price hits that level. Don’t do that. Once you’ve opened a trade you should never change your strategy!
4 —Continuous Education
The learning never stops in trading. Allocate at least an hour daily to consume educational content — be it books, online courses, or webinars. Staying updated with the latest strategies, technologies, and market insights will keep you ahead of the curve.
Oh, here’s another pro tip: Education is not about scrolling through X and reading the input from so-called influencers.
5 —Technical Analysis Practice
Proficiency in using charting tools and understanding technical indicators is essential. Regular practice will help you identify patterns and signals that guide your trading decisions.
6—Train Emotional Discipline
Trading can be an emotional rollercoaster. Developing routines to manage your emotions before and after trades, such as meditation or regular exercise, can significantly improve your psychological resilience.
And believe me, I was rolling my eyes when I read about it the first time. My first thought was, “C’mon, I’m here to make money and not to meditate.”
Today, I know how powerful meditation can be. And well, you don’t need to sit there in yoga pants and listen to Ashram music. Go outside, take a walk, and recapitulate your last trade. The effect will be massive!
7—Automate Daily
When it comes to crypto trading, there are so many things that can be automated. Automation helps you focus on the essential tasks and have more time for them.
I automate daily. Every slight improvement helps to have more time for other things.
For example, I don’t watch charts anymore. I have tools, such as CryptoKnowledge, that alert me in case of price signals, trading signals, or chart patterns. Moreover, I rarely trade actively but have bots that execute my strategies flawlessly. The list is endless.
8—Diversify
Another lesson I had to learn the hard way. Don’t go all in with one token. The risk is just too high.
Instead, plan some time to review your portfolio to ensure it’s well-diversified across different crypto tokens from different sectors. This practice helps in balancing the portfolio to weather market volatility.
9—Community Engagement
Joining trading forums and networks for weekly discussions can provide new insights and perspectives. Engaging with a community of like-minded individuals can offer support, motivation, and valuable learning opportunities.
10—Define Trading Hours
In the 24/7 world of crypto trading, it’s easy to fall into the trap of constant market monitoring, leading to burnout and decision fatigue.
Setting specific trading hours is crucial to avoid getting caught up in the never-ending cycle. Just like a traditional job, define the hours during which you will analyze the market, execute trades, and review your strategies.
Outside of these hours, permit yourself to disconnect completely (!!!) from trading activities. This approach helps maintain a healthy balance between work and life and ensures that you’re trading with a fresh perspective, ultimately contributing to better decision-making and improved overall well-being.
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