If you are bigenners and tired of inconsistent trading results and losses? Want to create a strategy that works for you? Here's a 90-day challenge to help you develop a profitable trading strategy:
Day 1-30: Learn and Research
If you are begennirs and learning crypto and frustrated.Don't fear trading is very easy .We ourself made trading very complicated .
1. Study successful traders and their strategies.
2.write your goals first
What You want to become a scalper٫swing trader٫Intraday trader or invested.
3. Learn technical analysis
PRICE ACTION
learn about candle psychology and candlestick patterns like Hammer ٫inverted Hammer ٫doji candles
After that you learn about chart patterns like Bullish flag bearish flag etc.
Master about supply and demand/support and resistance
Strong Grip on volume
Learn about trend lines.
Price action with volume confirmation show strong result.
Market structure
Market structure is backbone of crypto٫ forex and stock trading.
Master how marks higher highs and higher lows
Learn about inducement and pullbacks.
Master BOS(break of structure)
Master choch (change of character)
BOS and CHOCH are sign of trend reversals
Master trading view tools
Fibonacci retrasment
Volume profiles
Moving averages
RSI
Mastering trading view is very very important.
MASTRING LIQUIDITY
Liquidity is fuel of market.
Crypto is game of liquidity.
Types of liquidity
Enternel liquidity
Externel liquidity
Trend line liquidity
Fundamental Analysis
Stay focused on incoming news٫ geopolitical situations and war situations.
Important websites for fundamental Analysis:
Coinmarketcap.com
Coingeko.com
Coin telegraph.com
Forex factory(for important economics data) like cpi٫ ppi٫core cpi that influence whole market.
Cryptoqouant.com
Day31 -60:Backtesting
1. Choose a trading platform and tools
2. Backtest different strategies using historical data using onchain analysis
Eyes on whale activities
4. Experiment with indicators and parameters
4. Analyze results and refine your approach
5. Start a trading journal to track progress
Improve psychology
Improve Psychology means high win ratio
Don't panic due to fear or FOMO
Always do your in research.
Risk Management
Always manage risk
Use low leverage. Use High leverage when position size is so small.
Use 1 to 2 percent portfolio per trade
Use DCA(doller cost average to mimize risk and not use all portfolio in single coin.
Day 61 -90:Refinement and live trading
1. Start with a small live trades
2. Implement your refined strategy
3. Monitor and adjust as needed
4. Focus on consistency and discipline
5. Continuously learn and improve
Key Principles
1. Start small: Don't risk too much capital
2. Stay disciplined: Stick to your plan
3. Keep learning: Trading is a continuous process
4. Be patient: Success takes time
Take the challenge and develop a profitable trading strategy that works for you! 💪
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