Sloppy is such a nasty word and it is synonymous to being careless, disorganized, hasty and negligent. Does this describe you as a crypto trader? We certainly hope not, but sometimes our priorities change or something happens and we stop paying attention to what’s happening in the crypto markets and how it’s affecting our trading portfolio.
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Really ask yourself: Do I fit in the sloppy trader category?
It’s okay to admit if you do because admission is the first step to recovery – or so I’m told. Certainly, every trader wants to get rich but sometimes the pressure of being “on” all the time can lead to burn out. And then there are people who really are sloppy traders because they either don’t know how to trade or they don’t care enough to be better at it.
For this article, sloppy might be synonymous to lazy trading so let’s pinpoint what some issues are so you can turn it around and lose the sloppy label.
Unprepared
You thought school was over when you graduated? Nope. With trading comes a certain amount of homework if you hope to be successful in this endeavor. If you’re going into the crypto markets without any research, chart analysis or some kind of plan, you’ve basically shown up to class without your homework only this isn’t going to affect your grades; this affects your financial success or determines your failure.
Some traders have an elaborate list of things they must do before they begin their trading session. If you’re a sloppy trader the consider starting with a simple routine and expand from there. Set realistic goals, do some analysis, and gain confidence with the small wins.
Bad Attitude
Mindset and attitude often determines how your trading day will go. No, it’s not a magic crystal ball that tells you how volatile the market will be, but it does help how you react to the swings. If you’re having a bad day, it might not be a good day to trade because that bad ju-ju could end up disrupting your trading plan by making slip-shod decisions.
Making emotional decisions for a volatile, apathetic market will siphon your wallet surely as well as giving your funds away. Check your attitude at the door. And if you can’t, take the day off from trading.
Bad Recordkeeping
Journaling is a big deal and Crypto Trader News has shared information on this particular subject. The importance of recordkeeping is knowing what you’ve done in the past to help guide you into the future.
If you are not keeping a journal of your trades, the price points, your market actions, and what’s happening in the news, and even logging the highlights of your day that may have affected your trade strategy, then you are missing an opportunity to truly understand what works and what doesn’t.
Yes, it takes work, dedication and consistency, but the end result is better than losing your shirt because you didn’t make the time to be a better trader.
No Action Plan
Your trading plan, trading strategy, or plan of attack is crucial. Do you know the difference between master chess players and mediocre ones? Masters already know their end game. They have the strategy already in place and they are using all of their knowledge to make that plan of action happen.
No plan = No strategy = No money
I cannot give you the stats on how many people get a lucky trade that will change the trajectory of their life. You probably have a better chance at winning the lottery than tossing sloppy trades at the crypto markets. Do yourself a favor, get in the game or get out, unless you really like losing.
No Inspiration
A good friend of mine said that we don’t change the trajectory of our life until we hit the bottom. Some of us just wallow in the in-between, satisfied with the status quo and the mundane. Where is the inspiration in that?
The best traders envision the wins, have a goal, and do the work to get there. I’ve already mentioned the pitfalls of emotional trading and how bad that is so do not mistake emotion for inspiration.
As we are inspired by our goals and the willingness to leverage the market for gain, we must find the determination to keep going instead of allowing the adrenaline of a “quick-fix” lucky trade be our guide to success. That almost never ends well.
Inspiration can breed a surge of positive things that help you get to your financial goals. With inspiration comes energy and the will to find a good balance between work, life, and trading.
Sloppy traders kind of poke around and often have a trail of dead trades that took them nowhere. Start asking yourself WHY you started trading and how you feel about it now. Maybe it is burnout. Maybe it’s laziness. You’re the only one who can fix the problem.
If you’re feeling a little beat up after reading this, then there is something that resonates with you. If that is the case then you have the capacity to switch gears. It’s time to lose the sloppy and step up to success.
Disclaimer
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
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