The first place you should login each day when you are a new Altcoin Trader
– is your trading journal.
If you are new to trading, if you have taken some big losses, or find your self struggling to make better than break-even profits – then your trading journal should be your new best friend. Write in it morning and night. Comment on your thoughts about the market, and don’t be guarded about what you write… put it all down because you don’t know how this will benefit you in the future.
How Can An Altoin Trader Benefit From A Trading Journal?
Trading itself is a very simple activity. Stating your trading plan is pretty academic and only takes a short while to memorize and repeat it. But trading your trading plan is a deep study in self-psychology and crowd-psychology – and this takes some time, experience and reflection if you are to make the changes needed in order to trade successfully.
A Losing Trade Is Not A Bad Thing
When you start and end your day as an Altcoin Trader, you login to your trading journal and write a few notes about your trading for the day. Some days it is difficult to make honest entries – especially if you consider a losing trade a bad thing. Of course losing money is never good, but a losing trade can be an opportunity to learn something profound, that could be extremely profitable in the future.
Study your losing trades very closely, write about them in your journal. Review your thoughts as the losing trade unfolded. Make notes on the shape of the chart pattern and the character of the trade volume at the critical moments when the trade was first going sour. Ask yourself if this mistake is a pattern that is common to many of your losing trades. Consider what would have happened if you had closed your losing trade and reversed positions?
A Place For Altcoin Traders To Login
LumbridgeCity is a small private Altcoin Trading Community where Altcoin Traders login and create a daily trading journal. Study with your trading peers and start creating new habits for better success in your bitcoin and altcoin trading.
Profitable Altcoin Investing With Less Risk
The price of Bitcoin, Altcoins and Digital Currencies, can be very volatile. This creates great opportunity, but also great risk. There are safer cryptocurrency investment alternatives that can help an investor build an Income Portfolio with their Altcoin Trading Investments, rather than taking the risks of trading.