Reddit reviews The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading Book 399)
We found 1 Reddit comments about The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading Book 399). Here are the top ones, ranked by their Reddit score.
Hey man, it sounds like trading crypto is your first foray into trading.
What you've done must've felt like a roller coaster, and most new traders go through a similar experience in whichever market and style they've chosen. Most important you need to learn from that experience.
It sounds like you're getting whipsawed, meaning you're constantly chasing what the market is doing with short-sightedness. Unfortunately crypto has been super volatile in the past 6 months, and this will naturally lead you to having positions quickly going in and out of red/green.
What I've noticed you don't really comment about in your story is any form of rigorous planning. If that's the case you are not deciding under what conditions you would buy and sell, and if you do also deciding at what price and conditions do you exit (good or bad). It seems like you see the price fall, you go for a short, if you see it rising over the last few days you go long. This kind of behaviour leads to an avalanche of losses, especially in a whipsaw market, and most dangerously it impacts and damages your trading psychology and mental health. Chances are you had this thought: "everything I touch turns to sh*t".
In my experience, by extension you are likely betting way too of your money on any given trade, or put simply you're likely lacking a good money management system. The general rule of thumb for swing/medium term trading is a maximum loss of 2% of your capital for any given bet. When you lose heaps on a trade this also impacts your psychology just as hard.
You may also want to consider some age old of trading wisdom:
"Always enter too late, and exit too early"
"You can't catch all the moves"
Since this is impacting your master's study, if you consider it a serious threat to your performance I hope you will find the courage to simply just go hiatus on trading until things improve again. No doubt it takes courage, especially when you have suddenly experienced a roller coaster of emotions and experiences recently and your body is just screaming at you to win that money back. If you just love trading you will need to simply just do the obvious thing and scale your operation down to pennies on every trade (or whichever is the lowest allowable on your platform). If you are feeling desperate to win your money back ( I think you've implied you aren't on net loss yet since you've begun, that's good, in this game breaking-even is winning and beating retail trading odds significantly) you will just have to accept money comes and goes, and there will always be big bad markets for you to exploit in years to come. The market will always be there, cypto especially, the opportunity for you to finish your masters is comparatively restrictively much less so.
Edit: if you are looking for a great book on psychology I recommend 'The Daily Trading Coach' by Brett Steenbarger. It's a all round book on trading psychology, how to plan and prepare trades, and self improvement.
https://www.amazon.com/Daily-Trading-Coach-Becoming-Psychologist-ebook/dp/B0023SDQRG/ref=sr_1_1?ie=UTF8&qid=1520576563&sr=8-1&keywords=The+daily+trading+coach
If you are looking for a more scientific and also practical book centred on psychology there is 'The Hour between Dog and Wolf: Risk-taking, Gut Feelings and the Biology of the Boom and Bust' by John Coates.
https://www.amazon.com/Hour-Between-Dog-Wolf-Risk-taking-ebook/dp/B006KWAJP8/ref=sr_1_1?s=digital-text&ie=UTF8&qid=1520576688&sr=1-1&keywords=The+hour+of+the+dog&dpID=519Ex%252BQDmxL&preST=_SY445_QL70_&dpSrc=srch