Cleo.finance: How to improve your trading results?

[thecryptogandalf]

Create your trading plan, work on it and stick to your plan - Achieving consistency and discipline

It is fascinating to see it start to pay off once you patiently work on it! And I wanted to share some of the rules I strictly followed here. It might help other traders and might add some value to the community here:

• Systemizing the learning process
• Thinking on effective ways of learning.
• Build through small wins, not the biggest, but where's the easiest money for me to test and implement what I have learned
• I learned that I mostly lost profits and even ended up with losses for being too greedy for more profits and deviating from my trading plan.
• Set your take profit, and stop loss along with the right position sizing. Have a clear plan for what you want to achieve. (To learn how to set up your stop losses and effective position sizing, you can find it here.)
• Don't let emotional elements affect your trading decision and harm your long-term profitability. (Automated trading helped me greatly with this and also with my trading discipline)
• Set a risk limit for each trade, but also for a day/week/month.
• Determine the right position size and start small
• Increase the size of trades slowly if your account grows
• Lower size or switch back to paper trading if your account doesn’t.

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[Oshosondy]

Also it is a good advice for traders to use indicators and have excellent risk management plan.

Many traders believe in stop loss, but I do not use that. The biggest failure of traders are the high leverages they are using to trade. A trader using high leverage to trade would be better to use stop loss.

How about using low leverage? It is good. Assuming you have $1000 to use to trade, why can't start with $333 which is 0.3x leverage to open a position, if indicators failed after some times, you can then increase it to 1x leverage to bring the entry price closer to the mark price. While I can no more go more than 2x.

Traders have different strategies, but I do not believe more in stop loss than to just start small below 1x leverage and not increase the leverage above 2x.

[btc_angela]

How about going on the old and traditional way of writing down your trading?

So that at least you can go back and see how everything went wrong, regardless of you winning or losing? And then adjust your strategy as you go along? I'm no longer very active in trading, but years ago when I was starting in this journey I used to do this simply strategy. I know it might cost sometime but at least you can still go back and look at your own personal logs and see what you really do during your active trading days.

[palle11]

• I learned that I mostly lost profits and even ended up with losses for being too greedy for more profits and deviating from my trading plan.

The market has a way to punish you when you don't stick to your plan. If you deviate from that plan that gives you winning, you are likely to go into losing especially if the deviated plan is winning plan. Most times you don't realize this as the reason for losing or you don't understand you have deviated. I have experienced this often times to realize that this is a big issue and the this is caused by being greedy. A trader that is less greedy may be contented with a plan and if we try to have different plans, we lose alot.

[thecryptogandalf]

How about going on the old and traditional way of writing down your trading?

So that at least you can go back and see how everything went wrong, regardless of you winning or losing? And then adjust your strategy as you go along? I'm no longer very active in trading, but years ago when I was starting in this journey I used to do this simply strategy. I know it might cost sometime but at least you can still go back and look at your own personal logs and see what you really do during your active trading days.

I did that for a while but then I started to use this tool for going back and keep improving myself by finding out my mistakes and understanding my trading flaws. PnL, my size, what triggered, how it triggered, which of my trading conditions are fulfilled and how they were fulfilled, my RRR levels, and so forth. I have pretty much all the insights I need.

[harizen]

There's no other way but being used doing trading. Building experience is the key.

Always remember that there's no good improvement that can be achieved overnight. Even experienced and professional traders are still making some mistakes. It's just that they now able to minimize their losses while they are working on their progress.

Just continue trading and learn from all your mistakes. Even without reading trading techniques and tips, forming and improving a strategy will be automatically done on the way. Obviously, be serious about learning trades to fully achieved being a good trader later on.

[Nrcewker]

Making a plan is easy, but it’s hard to execute and go on that plan. I appreciate your efforts OP that you have made in the post, but to be honest it goods best in theoretically only. When you trade with real money, in each and every trade you deal with extreme caution and vulnerability. The only way one can improve his trading is the risk management and experience. If a trader knows how much risk he should put in a risk, then definitely he will have better results and better profits.

[ShowOff]

Making a plan is easy, but it’s hard to execute and go on that plan. I appreciate your efforts OP that you have made in the post, but to be honest it goods best in theoretically only. When you trade with real money, in each and every trade you deal with extreme caution and vulnerability.

Of course, therefore experience and expertise in trading is best. But theory is important because it can improve the ability to understand something, but in reality trading is more difficult than one might imagine.

The only way one can improve his trading is the risk management and experience. If a trader knows how much risk he should put in a risk, then definitely he will have better results and better profits.

Risk management, knowledge, experience, expertise and capital are some of the factors that support a trader to get results. One can buy without analysis, but in the end they just gamble with their luck. So everything is needed whether it's theory, experience and good risk management.

[salad daging]

There's no other way but being used doing trading. Building experience is the key.

Always remember that there's no good improvement that can be achieved overnight. Even experienced and professional traders are still making some mistakes. It's just that they now able to minimize their losses while they are working on their progress.

Just continue trading and learn from all your mistakes. Even without reading trading techniques and tips, forming and improving a strategy will be automatically done on the way. Obviously, be serious about learning trades to fully achieved being a good trader later on.

With experience we will feel how to run the theory that has been given and we can know the trades that we are going through with some of the skills we can.

We will not even escape losses because basically trading will definitely feel it but by building good risk management we can trade with experience which we do all the time and this of course requires a process with time taken to get better at it. Minimizing losses that were previously large are now smaller, it is much better but I think trading requires extra patience considering the bearish market situation which is sometimes difficult to determine the price even though it has been targeted.

From all the theories above, of course, experience will be made into our learning in trading.

[CryptoYar]

• Lower size or switch back to paper trading if your account doesn’t.

For novice traders, paper trading is very beneficial.

After learning something, they should practice it with paper trading before trading with real money.

However, if one would like to trade real money, he should begin with a small amount. Over time, as his experience grows, he can increase the amount.


OP, i think you forgot to add source link to your post. Please add it, otherwise you will be banned.

Reddit post

[Johnyz]

Consistency and continuous learning can be a good key for your successful trading activities.
There’s a lot of this advices already but if you are not doing something to address the problem on your gambling activities then it will be hard for you to become more profitable. If your one strategy doesn’t work then have a plan B and never forget to set up your cut loss and target price, once you already practice this probably you can slowly become a good trader. Losing in trading is normal though, and the goal should be more about consistently than always winning, it’s good also to have a year end target profit and when you reach it learn not to be greedy.

[Quidat]

Systemizing the learning process

This should be enough imho.Make yourself be that learning and be mindful on putting it into your mind or simply make yourself that versatile on different conditions.
Learning from your mistakes and errors which it would really be making you a better trader.Just keep learning along the way and accept and learn something from it.
Try to make yourself sustainable and able to survive this unpredictable market.

[goinmerry]

Create your trading plan, work on it and stick to your plan - Achieving consistency and discipline

Achieving consistency and discipline will surely take time to process. I like to add that having several plans to stick with is good rather than only a few. Since the market has different trends and behavior, we will end up encountering different situations and challenges therefore we also need several plans to adapt to the specific market environment.

Keep doing trades and make it a habit. We will always end up being the best in any field as long as we keep learning about that.

[TelolettOm]

Create your trading plan, work on it and stick to your plan - Achieving consistency and discipline

It is fascinating to see it start to pay off once you patiently work on it! And I wanted to share some of the rules I strictly followed here. It might help other traders and might add some value to the community here:

• Systemizing the learning process
• Thinking on effective ways of learning.

I think these are the same point. The main point is to learn effectively and continuously.
By learning effectively and continuously, we can get more knowledge and experience in trading. More knowledge and experience will trigger us to find out the best way to trade coins, then this will determine a better achievement/result in trading. No trader stops learning, even an experienced trader still needs learning to have a proper way/strategy in trading.

[GreatArkansas]

• Set your take profit, and stop loss along with the right position sizing. Have a clear plan for what you want to achieve. (To learn how to set up your stop losses and effective position sizing, you can find it here.)

This! For me, this is very important when you are doing trading and you want a good result.
You must train yourself to stick with your plans and can control your emotion. Good risk management, will help you to manage your funds, and manage your profits, losses, and capital.
Capital preservation is the most important because there are a lot of good trade entries in the future, and that's why we should protect our capital at all costs.

[Silberman]

How about going on the old and traditional way of writing down your trading?

So that at least you can go back and see how everything went wrong, regardless of you winning or losing? And then adjust your strategy as you go along? I'm no longer very active in trading, but years ago when I was starting in this journey I used to do this simply strategy. I know it might cost sometime but at least you can still go back and look at your own personal logs and see what you really do during your active trading days.

A trading diary is an old-school technique but it is one that is still very effective, people need to know that our memories are not perfect and as time passes we are going to forget the exact reasons about why we did what we did, but if we keep detailed records not only of the trades we made but also of the thinking process that lead us in that direction then it would be easier to correct our mistakes and improve our abilities as traders, however many people prefer to not do something like this as they see trading diaries as taking too much effort, especially if they are day traders.

[Oshosondy]

So that at least you can go back and see how everything went wrong, regardless of you winning or losing? And then adjust your strategy as you go along? I'm no longer very active in trading, but years ago when I was starting in this journey I used to do this simply strategy. I know it might cost sometime but at least you can still go back and look at your own personal logs and see what you really do during your active trading days.

The more you go, the better you are in trading. Mistakes can be known but emotion can still set in. If no discipline, there is still possibility of continuous failure. There are some certain rules that have to be followed to have a successfully profitable trades. It is not even only about looking back, as you trade, you will have the experience, but are you really to make corrections as emotions are setting in again.

A trading diary is an old-school technique but it is one that is still very effective, people need to know that our memories are not perfect and as time passes we are going to forget the exact reasons about why we did what we did, but if we keep detailed records not only of the trades we made but also of the thinking process that lead us in that direction then it would be easier to correct our mistakes and improve our abilities as traders, however many people prefer to not do something like this as they see trading diaries as taking too much effort, especially if they are day traders.

I do not see any reason for having a trading diary. As for me it is highly not necessary. The mistakes in trading can not be beyond not having good strategies and also using high leverage and not using indicators appropriately. As trading goes on, you will know all these without having a dairy for it.

[Mr.right85]

Create your trading plan, work on it and stick to your plan - Achieving consistency and discipline

Of course these are some of the elements to being Consistent in your trades. One who is Consistent is one who is and would always try to be careful on all the signs he or she sorts for before taking a trade and the signs that emerges and could make a trade go wrong.

I do not see any reason for having a trading diary. As for me it is highly not necessary. The mistakes in trading can not be beyond not having good strategies and also using high leverage and not using indicators appropriately. As trading goes on, you will know all these without having a dairy for it.

On the contrary, I think having a diary could help a lot.
When we arr talking about trading plan, how do one gets to plan without having some sort of record on a diary. It's one way to put down your moves, nothing the changes that occurs along the line. Diary also helps to keep histories and in the market, histories repeats until it changes. It might be in the indicators or signs and  being able to note them, read them and understand them when they occur could add to your success. Diaries keeps you on check with those.

[Oshosondy]

On the contrary, I think having a diary could help a lot.
When we arr talking about trading plan, how do one gets to plan without having some sort of record on a diary. It's one way to put down your moves, nothing the changes that occurs along the line. Diary also helps to keep histories and in the market, histories repeats until it changes. It might be in the indicators or signs and  being able to note them, read them and understand them when they occur could add to your success. Diaries keeps you on check with those.

What plan? Is it beyond having specific leverage like not going beyond 2x, using just certain amount of money, not to let emotion to take over. Just like I have said, I see no reason to have a book for trading plan. The book I have then were the ones I read online when I was learning how to trade, I read and I understood it and see no reason to have a book for trading plan. I trade just BTC/USDT which makes the pair for me to be easy. Even if I want to have other pairs, I can save them as favourite on the exchange that I am using. All my last mistakes were known and I do not need any book to correct them. But what I just noticed is that the last mistake can be done again after emotions sets in just like I have said the other time, but you do not need a trading book to correct that, only what is necessary is discipline.

It might be in the indicators or signs and  being able to note them, read them and understand them when they occur could add to your success. Diaries keeps you on check with those.

Let us be practical and not let us just be having the theoretical discussion. If you are a scalper, what would diary do? Also for day traders? Analyses made are just for that day or few minutes. Going to holders, they may consider diary, but yet the analyses can be drawn again if you are expert enough, but you may want to keep record of some long term analyses. If I am a scalper or swing trader, what is the function of a diary that is no longer useful for me as I make analyses based on minutes, hours and within a day?

Let us take it back to the discussion. Using diary to correct past mistakes. I do not see it necessary and can make trading to be more complicated. Mistakes are corrected in a way you know it already and you discipline yourself for corrections.

[AicecreaME]

Good advice you got there OP.

I will just add this opinion of mine, I believe continuous learning by trial and error is also a good thing to improve anyone trading's skill. It's because they have to find the right technique and indicators for them, we all have different approach in trading and finding that will cost a lot but worth the risk. Trading is a very long term investment, especially on your skills, doubting yourself won't do any good so you have to trust the process.

It's tiring but you just have to rest if you really want to pursue the trading career, don't stop and keep on grinding.