I was in hurry to earn money quickly and found out that cryptocurrency trading have huge potential. I started observing the market for more than a month and then decided to step in, But i was skeptical about my skills in this field so started researching and studying as much as i can and the most important thing that i learned in this time was "Never ever use your EMOTIONS while trading".
Long story short I started paper trading on "5th Sep 2017" and i got really awesome results, I gained approx 2000% in the 30 days of paper trading and i was really happy. So I decided to step-in in the real market and this was a really big mistake.
When i step-in in the real market things change I stop following the most important rule of thumb "Never-Ever Trade with EMOTIONS".
On paper trading I was emotionless even when I was losing 5% I close my trade if it was hitting my stop-loss and I was only taking profits when market hits take-profit. But on real market I started taking small profits and don't close my trades even if market goes really down (hoping it will be go up in next candle). I still believe that crypto market are so volatile that if you bought at some decent price and market goes down you'll recover your funds in some days or months. But still if I followed my paper trading rule regardless or current loss or profit in the end I end up with huge gains.
Nevertheless I learned the lesson
It may possible for someone to win 50 trades or even 100 but if someone is not following these golden rules in the end he/she will end up with losses.
Golden Rules:
- Play Emotionless
- Always set Stop-Loss and Take-Profit and Stick to It (Even if you lose current trade)