“If you don’t know where you are going, you’ll end up someplace else.” ― Yogi Berra, former New York Yankees catcher
Planning is thinking in advance about what is to be done when it is to be done, and how it is to be done. In otherwords, planning bridges the gap between where you are today and where you want to reach.
Planning involves setting objectives and deciding in advance the appropriate course of action to achieve these objectives.
The importance of planning in any business or trade or endeavor cannot be over-emphasized, it is very important and essential to plan ahead.
The cryptocurrency trading space is a very volatile and highly fluctuating space in which without planning, you will just always end up losing and leaving the flourishing market frustrated and biased. You need to plan when to buy, when to sell, which percentage loss you can risk, which percentage gain is your target, all these if not noted will make your trade looks like a child’s play.
Planning is thinking in advance about what is to be done when it is to be done, and how it is to be done. In otherwords, planning bridges the gap between where you are today and where you want to reach.
Planning involves setting objectives and deciding in advance the appropriate course of action to achieve these objectives.
The importance of planning in any business or trade or endeavor cannot be over-emphasized, it is very important and essential to plan ahead.
The cryptocurrency trading space is a very volatile and highly fluctuating space in which without planning, you will just always end up losing and leaving the flourishing market frustrated and biased. You need to plan when to buy, when to sell, which percentage loss you can risk, which percentage gain is your target, all these if not noted will make your trade looks like a child’s play.
Why Plan Your Trade
Here are the reasons Why You Should Plan Your Cryptocurrency Trade:
1. Planning provides Direction: Like I said earlier, The Cryptocurrency trading space is a very volatile and highly fluctuating space. You need to have a direction. For example; If you buy an Altcoin, you have to plan ahead (with reference to the price you bought the coin), when to sell, which percentage profit you want on the coin and which percentage loss you can take on the coin. For instance; if you buy AAVE at $86, with reference to purchase price, you will have to plan which percentage profit you want; maybe 5%, that is you want to sell it at 5% of $86 + $86 which is equal to $90.3. So with a plan you have been able to make your profit.
1. Planning provides Direction: Like I said earlier, The Cryptocurrency trading space is a very volatile and highly fluctuating space. You need to have a direction. For example; If you buy an Altcoin, you have to plan ahead (with reference to the price you bought the coin), when to sell, which percentage profit you want on the coin and which percentage loss you can take on the coin. For instance; if you buy AAVE at $86, with reference to purchase price, you will have to plan which percentage profit you want; maybe 5%, that is you want to sell it at 5% of $86 + $86 which is equal to $90.3. So with a plan you have been able to make your profit.
2. Planning reduces wasteful activities: Most especially for day traders, planning makes you have focus and not just waste your time unnecessarily in the market. When you have a plan, you execute the plan and exit the trade. ASAP!
3. Focus: With proper planning, you will have focus and be able to prevent and shy-away from any unnecessary market fluctuations from affecting your profits. Even if the market is not going your way, planning makes you have a focus that will keep you positively in the market.
4. Planning controls Anxiety and Covetousness: With planning, you will be able to prevent falling into any trap or anxiety caused by the natural volatility of the market.
3. Focus: With proper planning, you will have focus and be able to prevent and shy-away from any unnecessary market fluctuations from affecting your profits. Even if the market is not going your way, planning makes you have a focus that will keep you positively in the market.
4. Planning controls Anxiety and Covetousness: With planning, you will be able to prevent falling into any trap or anxiety caused by the natural volatility of the market.
How do I Plan my trade?
Planning a trade differs from each other. But there are some general practices which are:
1. Note your capital
2. Have a percentage profit
3. Trade, Hit your percentage profit and exit the trade (if you wish).
Get planning, and make sure you plan every trade. ASAP!
1. Note your capital
2. Have a percentage profit
3. Trade, Hit your percentage profit and exit the trade (if you wish).
Get planning, and make sure you plan every trade. ASAP!
