When I first dipped my toes into the vast ocean of crypto trading, I was overwhelmed by the complexity and the strategies bombarding me from every direction.
It took me a while, but I realized that success in trading often boils down to a few key principles executed with unwavering dedication.
Here’s my personal blueprint I followed to dramatically transform my trading approach in just one month:
My blueprint consists of six essential steps, plus one additional ingredient I will present at the end of the newsletter.
Let’s dive into it!
Embrace the Silence
The first thing I learned was to cut through the noise, a crucial step that significantly sharpened my focus. I realized the importance of steering change the way I use platforms like X, which, despite their popularity, are often flooded with overhyped sentiments, influencers peddling biases, and an overwhelming amount of noise that does more harm than good (and don’t get me wrong here — I love being on X and meeting the community — but it’s a different purpose).
Instead, I directed my attention towards reading valuable resources such as white papers and project websites. Diving deep into these materials allowed me to understand the core fundamentals, technology, and vision behind each project, which are essential for making informed trading decisions.
Forge Discipline
Trading is less about making money on every trade and more about sticking to a plan. I set trading hours, stuck to predetermined entry and exit rules, and learned to accept losses as part of the process.
Discipline is everything and something you have to learn. It doesn’t come over night. Personally, I am struggling with this from time to time too. So I have to remind myself.
Journaling is Key
Here’s one of the most simple and quick hacks that can massively improve your trading success, yet many traders overlook it: maintaining a trading journal. A trading journal isn’t just a record of buys and sells; it’s a window into your trading psyche, strategies, and their outcomes. It forces you to confront the reality of your decisions, providing invaluable insights into your trading habits, patterns, and tendencies. Here’s how it transformed my trading success:
- Clarity in Strategy: Writing down my trading plan for each trade made me more disciplined.
- Emotional Insight: Documenting my emotional state for each trade helped me identify how emotions influenced my decisions.
- Error Correction: By reviewing losing trades, I could pinpoint my mistakes and ensure I didn’t repeat them.
- Success Replication: Analyzing winning trades enabled me to understand what worked, allowing me to replicate similar strategies.
- Accountability: The act of maintaining a journal held me accountable to my trading decisions, fostering a mindset of continuous learning and improvement.
Ironically, the simplicity of keeping a journal is perhaps why it’s often overlooked. Yet, it’s this straightforward habit that can provide profound insights and foster a strategic mindset, setting the foundation for lasting trading success. (Btw: If you don’t know how to start, you can download my free trading toolkit that includes a journal template).
Daily Market Analysis
Dedicate time each day to review market trends, news, and analyses. Understanding the broader market context became indispensable for making informed decisions.
Set Realistic Goals
I learned the hard way that setting overly ambitious goals can lead to unnecessary pressure and disappointment, almost as detrimental as not setting any goals at all.
Initially, I aimed for sky-high profits in impossibly short timeframes (believe it or not but my first goal when I started trading was to make 1m profits in 60 days), which only led to frustration and a sense of failure when the market’s volatility turned those dreams to dust.
The shift to small, achievable targets was transformative.
These more realistic goals, such as improving my trade analysis skills or achieving a modest, consistent monthly profit, kept me grounded and motivated.
Celebrating these small wins provided a steady stream of positive reinforcement, fueling my journey towards larger victories.
Continuous Strategy Refinement
No strategy is perfect from the get-go. I regularly reviewed my trade journal to refine my strategies, discarding what didn’t work and enhancing what did.
The Secret Sauce (Special Tip)
Here’s one more essential thing: Never Stop Learning!
The crypto market is dynamic. I dedicated at least an hour daily to learning — be it new trading tools, blockchain technology advancements, or macroeconomic factors affecting the markets. This habit massively compounds over time and can become your super power. You just have to stay consistent!
What’s Next
Whenever you are ready, there are 3 ways I can help you:
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#2 Need to get a better structure for your trade? Discover our Crypto Trading Toolkit containing trading journals, asset manager, and risk assessment templates. >>> It’s available for free here
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