There are a couple of people that I follow on Twitter for insight and tips when it comes to crypto trading. One of my favorites is the account of Crypto_rand, simply because he comes with some great piece of advice, he is solid at TA, and he also has a Discord channel in which he gives even more insight and information.
It is also cool that he every month releases a report showing the loss or profits of all the recommended projects that he recommended in the previous month.
But, a few days ago, he shared the following message to members of his Discord channel, and it was some absolutely awesome tips to every single trader. And the cool thing is that it didn't really have anything to do with trader. Instead, it had to do with all the other aspects of your life, that in the end, will help you become a better trader.
Take a look at the full inspirational text from Crypto Rand yourself!
The message from Crypto Rand to his followers - How to be a good trader!
EVERYTHING BELOW HERE IS A PART OF WHAT CRYPTO RAND WROTE TO HIS FOLLOWERS.
By the way guys, given the comments of some of you on the recent market moves. Let me share some thoughts that can be useful. Because trading is not only about money, and needs a balance with your own life.
Everyone wants to make more money as greed is a necessary part of our nature. But trading isn’t everything. Movement in price looks exciting but it doesn’t mean you need to trade every move. If you spend all of your time thinking about trading, there will be a point when your trading efficiency will get a hit and your loss ratio will increase.
You need diversity and balance in your life in various ways which will not only give you the content of mind but will also ultimately make you a more successful trader. As Yvan Byeajee, a successful trader in his book “The essence of trading psychology in one skill” said: “Money is just something you need in case you do not die tomorrow. Let this as a reminder for you not to obsess over profits and losses. In whatever you do, strive for enjoyment, focus, contentment, humility, openness. Paradoxically your trading performance will increase.”
Financial goals do contribute to achieving the content of mind but are only a small percentage of it. It’s good to have money goals but you should be balanced with your personal and social goals.
Personal goals
Giving time to yourself and your body is most important. A healthy and fresh mind improves the decision making significantly so if you are not looking to keep or make yourself healthy you will soon get exhausted from your routine and your efficiency level will keep decreasing over time. You need to opt for a healthy diet and have a regular exercise routine. Taking part in sports is even better as it improves your body and mind fitness at the same time. Some prefer yoga exercise as that gives them more content of mind than anything else.
Going on vacations at some peaceful place is another exercise that gives your mind and body a substantial level of relaxation so always keep the vacation plan in your calendar at least once a year and I can assure you it will have a positive impact on your trading.
Social goals
Humans are social animals and rightly so as it makes your mind healthy and increases your knowledge as well. Maintaining a balanced relationship with your family, friends, and community gives you peace of mind that money cannot give. A study based on interviews with successful business owners concluded that only those business owners are happy who have a better relationship with their family and friends. So you need to spend more time with them to positively impact your mind as trading is only a game of mind. One wrong decision can cause you millions of losses.
Do things that make you happy
Every human is different and feels relaxed & happy by indulging himself in various activities. One might feel more pleasure by volunteering for some social work and others would feel gratified by giving donations to the people who are deprived of basic living even. Maintaining a good relationship with your friends or helping them in achieving their goals can be other things that can make you feel happy.
All these things will only positively impact your trading, and I promise you will have far better results than you ever imagined. But setting too many goals will not serve the purpose as balance in everything is the key to success.
That's it! I will not add anything to the message of Crypto Rand... just read it once again, and really spend some time thinking about what you have just read and try to put your life in line with the message. That is my best suggestion!