This post is about red flags. Signals that indicate you probably won’t succeed in crypto trading.
You may ask, who can I know? Well, this post is based on a true story. My story.
I experienced each of these signs. I made the mistakes. I learned from it.
And I hope this post helps to avoid at least a couple of these mistakes.
#1 – You don’t stick to your strategy
Creating a crypto trading strategy is one thing — sticking to something completely different, no matter what happens. But this is where it gets decisive. You should have 100% trust in your strategy and stick to it at any time.
#2 – Your trading decisions rely on emotions
There’s no room for emotions in crypto trading (if you want to know more about emotions and how they screwed my decisions, you can read this post). Again, your trading strategy has to be thoroughly assessed so you can solely rely on facts.
#3 – You think backtesting is a waste of time
It’s complex, time-consuming, and doesn’t help – that’s what I thought about backtesting when I started trading. Wrong, wrong, wrong. Make use of it!
#4 – You exceed the trading limits you set
This is very dangerous since it can ruin you very quickly. I experienced it and lost money I should not have lost. Don’t do it!
#5 – You don’t journal and analyze your trades
Journaling and analyzing trades is one of the most straightforward measures to improve trading results massively. Yet most crypto traders don’t do it. Why? Because it’s tedious and unnecessary.
And I guess this is exactly the reason why it is so helpful.
#6 – You increase your margin after you lose a trade
One of my favorites. After losing a trade, you should increase the margin of the following trade so you can come back even stronger. Spoiler: It NEVER works.
#7 – You’re trying to win money back after you lost a trade
This goes hand in hand with #6. Once you’ve lost a trade, emotions take over. Instead of thoroughly analyzing and improving, you jump into the next trade and want to make the money back. Again, spoiler: It NEVER works.
#8 – You chase new tokens/strategies/approaches every day
Instead of gradually improving your trading system, you are constantly searching for shortcuts: the hidden gem, the secret strategy, etc. One last spoiler: Neither exists! You have to put in the work—constantly.
#9 – You switch between timeframes to justify your decisions
Something I did so often! You analyze the hourly chart, set your trade, and execute. After a while, your trade is about to hit the stop-loss level. So, you quickly change the timeframe and find reasons to adjust the stop loss. In other words, you search for reasons to stay in the trade.
#10 – You get nervous if you haven’t placed an order for an hour
Trading is a waiting game. A lesson that is really hard to learn.
#11 – You’re constantly searching for influencers and rely on their calls
Isn’t it much easier to rely on influencers? They indeed have more information than I have. Well, as I learned, they also have a different agenda that has nothing to do with my trading success 🙂
#12 – You are searching for that one shot, that one gem that will change your life
Trading is not about that one shot. It’s a constant development. Period.
#13 – You‘re feeling stressed if you can’t check the charts for a couple of minutes
If you have a solid trading system, you don’t have to check the charts at all. Actually, it is a complete waste of time and only a sign that you don’t trust your strategy.
#14 – You spent most of your time watching charts instead of building trading systems
See #13
#15 – You trade lower timeframes because you think this is how you can reach your goal faster
It took me a while to understand the key to success is “slow trading.” Read this post – it’ll change everything!
Check out Crypto OS
If you want to succeed, check out Crypto OS. It’s the platform I developed based on all my mistakes.
It contains data-driven trade signals, backtest data, AI forecasts, trading bots, and so much more.
