Lately, I am starting to find that trading is distracting me from my life.
There is one crypto that I usually trade. There are opportunities (e.g. beginnings of new upswings) everyday.
I tell myself that I don't have to trade everyday. The market will always been there. I can take care of other stuff in my life first before trading.
However, whenever I see a new opportunity arising, even when I am in the middle of doing other stuff, it is difficult to tear myself away from the screen and enter into a trade. This causes two problems:
I find that I can often tell by looking at volume analysis and price action, when a new upswing is about to begin. However, in order to enter properly, I may have to look at the candlesticks develop for an hour to confirm my analysis, find a good entry point, adjust my stop loss to break even, etc.
As such, let's say I look at the chart out of habit and see that we are near the end of a downswing. Immediately, I am faced with a dilemma - Do I put down what I am doing right now to watch the chart, or do I force myself to stay away from the chart to do other stuff? If I force myself to stay away, I am thinking in my head that I am missing a good opportunity, or that I may be missing out on a thousand dollars or more.
I am thinking that maybe I should learn about swing trading instead of day trading. However, it seems to me that swing trading is in fact riskier than day trading. In swing trading, once you have made a decision, you are not able to close the position until the next time you check the chart, which may be several days later. However, in day trading, you can close a position immediately, if price is not "acting right".
The other issue is that with cryptos the chart is moving 24/7. Even when I am sleeping, the chart is still moving. I have had experiences where I entered into a trade before going to bed. I set the stop loss at break even. Then, while sleeping, I made a fortune on paper before price fell back and hit my stop loss at break even.
What are your thoughts on this?
There is one crypto that I usually trade. There are opportunities (e.g. beginnings of new upswings) everyday.
I tell myself that I don't have to trade everyday. The market will always been there. I can take care of other stuff in my life first before trading.
However, whenever I see a new opportunity arising, even when I am in the middle of doing other stuff, it is difficult to tear myself away from the screen and enter into a trade. This causes two problems:
(1) I don't have enough time to do other stuff in my life.
(2) I am trading sub-optimally, because I am multitasking trading and doing other stuff.
(2) I am trading sub-optimally, because I am multitasking trading and doing other stuff.
I find that I can often tell by looking at volume analysis and price action, when a new upswing is about to begin. However, in order to enter properly, I may have to look at the candlesticks develop for an hour to confirm my analysis, find a good entry point, adjust my stop loss to break even, etc.
As such, let's say I look at the chart out of habit and see that we are near the end of a downswing. Immediately, I am faced with a dilemma - Do I put down what I am doing right now to watch the chart, or do I force myself to stay away from the chart to do other stuff? If I force myself to stay away, I am thinking in my head that I am missing a good opportunity, or that I may be missing out on a thousand dollars or more.
I am thinking that maybe I should learn about swing trading instead of day trading. However, it seems to me that swing trading is in fact riskier than day trading. In swing trading, once you have made a decision, you are not able to close the position until the next time you check the chart, which may be several days later. However, in day trading, you can close a position immediately, if price is not "acting right".
The other issue is that with cryptos the chart is moving 24/7. Even when I am sleeping, the chart is still moving. I have had experiences where I entered into a trade before going to bed. I set the stop loss at break even. Then, while sleeping, I made a fortune on paper before price fell back and hit my stop loss at break even.
What are your thoughts on this?
