ELIMINATE THE GAMBLING ELEMENT 

The first step in managing risk is accepting that it always exists and that it needs to be managed. Risk management will help you significantly reduce the gambling element of your trading and ultimately, give you a better edge in the way you operate, even in the turbulent market turbulence.

LUCKILY WHEN THE OPPORTUNITY KNOCKS ON THE DOOR YOU HAVE BEEN PREPARED

Defining a work plan that is ready for the unexpected and the unexpected is essential. You must also develop your mentality and self-awareness in order to create or modify a trading method and habits that give you maximum control over uncertainty!


In theory, it's not too difficult to imagine a scenario in your brain of a series of rudimentary actions to deal with the risk. In practice, however, it's much harder to follow and follow. Simply put, when something needs immediate adjustment, you need a quick and responsive plan of action. The longer you think and think about how you react to bad times, the more you will be prepared to face unexpected events in trading.

Once you have planned a potentially negative scenario, you need to constantly remind yourself of all the necessary combat weapons in such cases. If done as planned, you will significantly reduce your trading risk and reduce the amount of money you are likely to gamble. Also, the implementation of the plan has to do with your trading style too, as you know, no trading style exists without a well-rehearsed contingency plan. both!

IMPLEMENT YOUR ACTION PLAN

The first step in any emergency plan is to have a solid trading plan in place. This trading plan is intended to provide you with specific rules and instructions for you to follow. It is a map of possible events in the market, customized according to your analysis style. Take time for it, research it, and come up with a detailed plan!

PUSH YOUR ENTRY POINT DEEPER INTO THE STOP LOSS AREA


The next part of the plan is to limit your entry points to a position with the lowest risk of risk. This is a tough pill to swallow, as you'll lose some entry points (which might be pretty great), but the long-term rewards are even better! If you are only performing the best probabilistic trades under low-risk conditions then this step is really beneficial for you in the long term. This technique will give you a nice R: R ratio and confirm quicker whether your trade is right or wrong. This also means that you will spend less time in the negative zone, helping you build your confidence and possibly become a better trader. Who wouldn't want to spend more time on the more profitable and comfortable side of the action?

HAVING A HIGH LEVEL OF RISK TOLERANCE IS FALSE

Many amateurs can lose money for a very long time as they face a mental battle over a plan with a more stable income. They will put all their energy into the losses just because of the idea that the market will suddenly change direction and bring them luck from the sky. Instead, lean completely towards successful trades, which will help you reduce your tolerance to losses, thereby promoting you to significantly reduce your trading risk. Never consider losing trade as a failure. A real failure in the context of improper risk management can only be due to not sticking to your trading plan. If it is a loss in the plan that you have predetermined, then you are still a trader capable of managing that risk!

LOVE TAKING YOUR STOP LOSS ONCE IT HAS FORMED IN YOUR PLAN

While it is up to the individual trader to determine the potential loss, there are a few common ways to reach an entry point with the lowest probability of risk ... being very patient and waiting for Other conditions in your turn plan are fully present. It is important not to take any shortcuts. Accept the possibility that you will miss a few deals, as they are inherently out of your plan!

IT'S FOCUSED WHILE IN A POSITION


Once you have placed your command, don't think your job is done! Keep an eye on your trades because you have no control over what the market will do. You should always be open to the market and you should always analyze it. This behavior will keep you mindful of the trading and won't create any distance from the trading. Live the trading, watch it evolve, and nurture it. However, don't forget that anything can happen in training, so preparing yourself for an event that is contrary to your thinking and planning is very practical for a trader!

NEVER STICK WITH PRE-TRADE TREND ANALYSIS

From a psychological point of view, don't try to reason or convince yourself with your pre-entry analysis. Stay focused on the current reality and follow the transaction from the latest developments. Don't be attentive to the steps in the past and don't justify anything! They are meaningless!

WILLING TO FIGHT BEFORE MOST SITUATION CAN HAPPEN

As part of your overall strategy, make sure you have yourself a prism of action for each potential market situation before entering a trade. When the time comes to act, you must act quickly and quickly, without hesitation, without hesitation. Literally speaking, at this time, you do not need to think, formulate anything, just act according to predetermined feelings and plans.

For quick action, have a checklist (execution checklist), and no matter what the outcome, rejoice that it has been successfully applied. Plans can be modified after the event, but pre-event planning needs to be completely trusted! If not, it is easy to make the wrong decision because you are not ready in case you need to make a quick decision!

PROTECT YOUR WINNING TRADES

One of the remaining risk management methods available to you is to ensure the safety of your winning trades. When you have a good bet in hand, don't let it turn into a losing trade! What does that mean? That is when the market shows you that it has gone through a perfect wave and it is in the next, then it is time to secure your entry point and lock in profits. Don't forget to withdraw some of the profits and let the rest act as provisions and give you additional profits.

THERE ARE MODERATE GOALS


Finally, be very modest in your profit goals. You should cut the level of risk in the market as well as take profit just right to cover the next trading. You will experience a greater sense of positivity and enjoyment when making tangible profits in your pocket, right?

MAINTAIN A STABLE PROFITABLE HABIT

Remember, because you are trading as a serious career, you are here to create a reliable workspace for yourself to provide a steady income. Although the market moves up and down and many traders are just waiting for a chance, it is possible to build a safer and more secure career.

How? It's about working to the rhythm of the market and not letting your desires interfere with your rational moves. Therefore, the discipline to follow the plan is the key to every successful trader!

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