When I started crypto trading, I was excited to watch the charts. It felt like being close to the market’s heartbeat. Watching the bars go up and down was super intriguing. I remember some days when I spent 8, 10, or even more hours sitting in front of charts and flipping from one coin to the next.
It took me a while to understand that crypto trading isn’t about watching charts. I also recognized that sitting in front of the charts is only one of many consumers who spend a lot of time inefficiently.
Step-by-step I tried to imrpove my trading routines and eliminate inefficient tasks and behaviours.
In this blog post, I introduce six of the most crucial lessons I had to learn to avoid spending time with the wrong activities. So, let’s dive right in!
Trading Lesson #1 — Set It And Forget It
Before entering a trade, I define the exit points clearly. That means whenever I enter a trade, I set up stop loss and take profit orders. By doing so, I don’t have to monitor the trade constantly.
I check the trade once or twice a day, depending on the time frame I trade. And if the stop loss or take profit order gets triggered, I will be notified via mail or push notification.
This approach holds two huge benefits: First, you save time because you don’t have to monitor the trade constantly. Second, it reduces the probability of a manual interaction and forces you to stick to your initial strategy.
Trading Lesson #2 — Standardizing My Analysis
To be very clear, proper analysis is key to successful trading. Therefore, this aspect is not about cutting the analysis. Over time, I have created a standardized framework I use to analyze a trade. It’s almost as standardized as a car manufacturing process.
Again, this helps me avoid getting stuck in the analysis process and efficiently leads me to a trading decision.
Trading Lesson #3 — Avoid The Noise!
I love being on X and using Threads. I love the community, exchanging thoughts, and learning from others. But when it’s trading time, it’s trading time—nothing else. I turn my mobile to focus mode, switch off all social networks, and eliminate all other sources of distraction.
This routine helped me immensely to focus on trading and ultimately make faster and better decisions.
Trading Lesson #4 — Use Automation Tools
This one is one of my favorites because it can save you enormous time.
Initially, I tried to spot every signal independently, drew lines in the charts, attempted to identify patterns, etc. BS. Don’t do it.
Start using tools that can do the job much better. Sigal detection, chart pattern detection, trading bots—the list of intelligent support tools is endless. Each can save you a tremendous amount of time. Please make use of it!
Trading Lesson #5 — Stick To One Strategy At Time
Another aspect I had to learn over time. Don’t mix things up. Before you start your trading session, you must be clear about what you want to do: Scalping or day trading. A daily chart or hourly chart? Which strategy to use? Which tokens? Long or short? Etc, etc.
Don’t start your session and randomly search for trades. Be focused, and be clear about what you want to achieve.
Trading Lesson #6 — A Closed Trade Is A Closed Trade
One important lesson at the end. I can’t remember how much time I spent watching how the charts of recently closed trade develop.
This process included a bunch of unwanted emotions like “Why did you close it so early,” “Should I re-open it,” “Should I give it another try?” etc.
For me, this lesson has two aspects: When a trade is closed, I close the chart and force myself not to open it for a defined duration (depending on the trade timeframe). I also defined a guideline that I don’t trade the same token during a defined duration.
This lesson saved me so many hours of watching and getting bad feelings.
What’s Next?
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