Little but important. Trader lifehack

[crypmike]

Hi all
I'm 4 years on the market but suddenly found a lifehack:

Before you buy a coin, you should write down the plan — the main reason why you buy it. And circumstances when you sell it, with profit or loss.
If this event happened, you should sell.
Or write a new plan. Old plan should be visible too
It's important to analyze mistakes and strategy then

It sounds simple but when your plan is in your head, not on paper, you always have temptation not to follow it
Fixin it on paper (notes on your phone, whatever) makes it more formal
This is the key. It helps me a lot.

For example — your plan is to wait for binance listing
Then you should sell the coin right after listing, don't hold it more. Because you should stick to your plan.
Or write a new plan — I will sell after [this] event

That's it

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[cryptoperkele]

Agreed, and plan helps to keep your emotions checked and makes you less likely a hopeless bag holder. I have never yet regretted selling anything when it was the plan all along. But i have regretted selling out of boredom, because chart was too stable, or when i didn't sell because i got greedy.

[stomachgrowls]

Sounds simple but it wouldnt really be easy as it sounds because even if you do wrote it on a paper or making up some notes but doesnt mean that you would
guaranteed follow that stuff that you had wrote because there are factors which would really be affecting into those plans that you had set out.

Also, not all would really be having the same level when it comes to emotion handling where this one is the biggest factor that could influence into your plans that made out earlier.
Human being is way too emotional and when they saw that people are panicking on a price crash or decline then likely you would definitely do the same.

Let your experience and knowledge will tell you on what you should gonna do- neither you do wrote it up on a paper or just simply in your mind then it doesnt
matter but its good that you do really have some basis in regarding with the action you are tending to make in a particular situation.

[Fivestar4everMVP]

Totally agree with you, its very helpful to have a plan, not just a plan in the head but a written plan, a plan one have stored in the brain is like no plan, but when you write the plan down, some where you look at it everyday, it sends some kind of signal to the brain which makes the brain take it as something very serious, and as such, the plan is likely to be followed than when the plan is left in the brain.
Many times, I've personally sold coins I should've have sold just because I had no plan, and when it seems like it's taking to long to go up in price, I turn and sell only to end up regretting when eventually the coins starts moving up, I've learnt to have a plan for all my crypto investments as well as set a target for where I hope to exit the market.

[tabas]

I agree. I don't write my plans but I dictate it to my mind that I should be buying this and selling it in this specific period of time. But when the temptation comes and even if it's not the period that I've set, I'll sell because I'm satisfied with the profits.
It can be on a case to case basis but the purpose is to follow the plan that you've written.

[Blitzboy]

Many people must need this and myself finds it useful. Thanks for the best advice. I will start writing down my plan cause I am holding 3 coins that is Amepay, Battle pet and Amber. They all have the targets and Im scared that I will become greedy and procrastinate to sell them for profit

I will try to stick closely to my plan

[wxa7115]

Hi all
I'm 4 years on the market but suddenly found a lifehack:

Before you buy a coin, you should write down the plan — the main reason why you buy it. And circumstances when you sell it, with profit or loss.
If this event happened, you should sell.
Or write a new plan. Old plan should be visible too
It's important to analyze mistakes and strategy then

It sounds simple but when your plan is in your head, not on paper, you always have temptation not to follow it
Fixin it on paper (notes on your phone, whatever) makes it more formal
This is the key. It helps me a lot.

For example — your plan is to wait for binance listing
Then you should sell the coin right after listing, don't hold it more. Because you should stick to your plan.
Or write a new plan — I will sell after [this] event

That's it

This is called a trading journal, diary, or log and it is very common to see traders to recommend the use of this to newbies, in the past traders did this with pen and paper but with computers you can do this more easily and even include pictures of the market at the moment you made the trade and pictures of what you expect the market to do.

This is really important because in the case you lose a few trades you can see written proof of what you thought at the time about the trade and what went wrong allowing you to improve your skills as a trader, unfortunately almost no one does this which is why we see the majority of traders losing all their money in a relatively short amount of time and learning nothing in the process.

[crypmike]

This is called a trading journal

Not really...

No, it's not a trading journal and that's why: A trading journal is much complicated (entry point, reason, sizing, setup quality, etc)
This one is much simpler and easy to use. Furthermore, it's not counting your profit/loss

This is a NOTE, not JOURNAL

Anyway, they both work in a similar way 

[crypmike]

Thanks for the best advice.

Welcome, hope more people will know this method