So, that’s it. Yet another blow – two actually – to add to my trading journey. My broker informed me that they’re closing down.
“I could kick myself!”
I don’t know how often I have said this to myself in the last few months.
I mentioned recently that I have finally started trading Bitcoin. There are two great aspects about this new endeavour:
- Trading is free.
- Bitcoin’s price rise compensates for my losses.
Thus, for me Bitcoin trading is essentially a safer playground compared to my stock trading account; a bit like a soft play park for toddlers.
I first heard about Adam Grimes on Chat with Traders. He struck me as somebody who has put a gigantic amount of research into his study of technical trading.
The amazing thing is that he teaches at least some of his insights in a free online course. Yeah, I hear you… yet another free course by some salesy trader. But no, it’s not!
I first got interested in bitcoin in early 2016. Back then it was trading at $350 to $450 per bitcoin. This month it broke above $5500! I am in pain! – Why? Because I listened to the voice of caution and never got involved back then. I only acquired a minute fraction of a bitcoin this week.
A friend recently recommended this book. It captivated me because it takes an interesting approach to mind management. Even though this book does not specifically target trading psychology, I think that it is very useful for traders because it gives you tools to control your emotions and mindset.
Due to two disappointing trades recently I started thinking more about exits and returns. Are 3% or 4% a good return per trade? Should I aim higher, risk having to stay in a trade for longer and potentially suffer through a temporary downturn or eventual loss? What is the effect of trading fees on my returns?