If you are reading this, then you already recognize crypto trading as an alternative source of income for you and your family.
Day Traders Routine
Choosing the right day trading crypto app and establishing a solid day trading routine, is the secret weapon to successful day trading.
A couple of things to get clear first. This is not an “easier” way to earn a living. In terms of stress and time management, this is as hardcore as it gets.
Secondly, this is a full-time job. The perks? you and only you (in theory, subject to the markets, wife, and kids) decide when the work gets done and where.
Trading crypto daily in response to market trends, news, and analysis, allows you to benefit from price movements on the same day. It is a short-term speculative strategy for a long-term goal.
Day Trading Routine 101
Like any routine, you need to find what works for you. But whatever your routine, consistency, and discipline are key.
Have a trading plan
Before you start any trading at all, you need a trading plan. Developing this plan forces you to research and gain critical knowledge. A plan also takes some of the emotion out of your trades.
Trading can feel like psychological warfare sometimes. It is important to go into a day of trading with a clear mind, positive energy, and balance. Personally, I meditate and work-out first thing. But find what clears your head and gets you focussed.
Stick to your routine
Yes, it can get tough around evenings, weekends, and holidays. But you need to keep your end goal in sight. Establish a routine and don’t waver from it.
Make your routine achievable
Day trading is a 7-day a week job, so your routine needs to be something that can work during holidays and weekends with the wife and kids.
Set your goals
How much do you want to make? You need to have this goal in mind every day. Now divide that by 200 trading days and you have your daily figure. What will you do if you hit that goal in the first hour of trading? Answering these questions is vital to success.
Set trades for the day
The optimum is 3-5 trades to focus on. Before you start your trades, review things like entry triggers, stop losses and charts. NEVER skip this step or you will be trading emotions not crypto.
End of day analysis
At the end each day, assess your trades. How did you do on individual trades and all trades overall? Where do you need to make changes? Keep in mind that not every day will be a win. Some days you will lose. You need to aim for continuous development and improvement to reach your goals.