I'm Back In The Saddle Again! First Trade In A Month Is A Win!

I am back on the BTC trading train and it feels good to take a win on the first trade in a month! Not a huge win, but I am just playing my little 1:1 scalping strategy hoping to hit at least 66% wins for the month to help grow my account back up from basically nothing.

While I have been taking some time off after getting my account liquidated thinking I was going to be smart and short FTT on the day of the FTX collapse, but yeah, that was a dumb move... LOL... Liquidity dried up FAST which sent the price swinging in both directs quickly and I got liquidated. Such is life though.

Taking A Break Is Needed As A Trader

Sometimes you have to take a break when you are trading to get your head back in the game after a hard loss. Not only that, but you have to rebuild your account while still trying to cover bills, fun times. But when I take breaks, I make them count. I go back over my old trade logs and critique myself, educate myself on different trades that I can add to my playbook, and also take time to study and figure out what the institutions are doing and just ride the wave.

Learning How The Big Boys Trade

I have been spending time listening to some traders for big institutional firms and it's funny to hear how they approach the markets versus retail traders. Basically, they use technical analysis to figure out the best points to buy or sell. They use very few indicators on their charts and more or less most of the ones I talk to use order flow and tape reading in their real-time trading versus using standard charts. The ones I have talked to use mainly the VWAP, and both time and price volume profiles. Some use RSI for momentum indications, but other than that, it's all about the price action and volume.

Institutions trade with way more money than any retail trader trades with so in the Bitcoin markets, they have to be somewhat sneaky in their approach to hide the fact that they are making moves. I have been taking some advice from them and doing some practice trading, and well, their methods have been seeming to work.

Confidence Building Trades

Winning my first trade back was a big confidence boost in knowing that I was able to sit down and watch the Bitcoin price action and set up my trade with confidence. Once it was set up and I was in the trade, I was able to get up and let it do its thing, and low and behold, I got one!

My biggest lesson has been risk management. One thing that has helped is now knowing how the big boys set their orders and knowing how to set my stop loss so that I was not getting stopped out too soon. Having this knowledge in my playbook allowed me to set a proper buy order and when it hit, I was pretty much in the positive the whole way up.

Building confidence in trading is not always about hitting home runs. Although those feel real good when you hit huge gains on a trade, they aren't always going to go that way. The biggest way to build your confidence in trading is to take more base-hit trades and work on just getting your way around to hitting those huge home runs. The more you end up positive, the better. So you have to build your confidence just like you build a house, brick by brick. Yeah, I know my metaphors are all over the place today, lol. But you get what I am saying... At least I hope... I may have to do a whole post on Coin Logic about building trading confidence...

Anyway, hope the week goes well for everyone, and be safe out there trading!

Remember, this is not financial advice, just my own journey that I like to share!

Be Cool, Be Real, and always Abide!

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