Trading Pairs in Crypto
Gonna try to learn pairs trading in Crypto again with some new insight from a childhood buddy of mine.
Main obstacles I can think of right now:
1) Thinking in the base pair's currency vs USDT
- I never really gave it that much effort in the past to begin with, I think i'll get the hang of it after two weeks.
I've pretty much gotten the hang of it. It still weirds me out that me playing 0.5BTC size has much much less of an emotional impact than me seeing 2000$. Although it doesn't take much to convert btc sizes or 0.00027000 (BTC-TRIG) into $, i'm too lazy to do so and actually has a positive impact on me. It's pretty much similar to hiding my P/L in stocks except that I can't cheat peeking into my P/L because I have to manually convert the BTC to see it in USD.
Since I think about the money a lot less, I can stay objectively much better in trading pairs than in stocks.
2) Haven't daytraded in months.. I have to make sure to focus on setting up the trades correctly prior to trading and not just jump in just the mere fact that the crypto sector is in a huge bull run.
Overtrading is still somewhat an issue but it's not as bad, the biggest problem I'm running into is the holding on/hope. As long as I specify my risk prior to the trade and manage my risk instead of focusing on the gains, I will be golden.
Minor obstacles:
1) Sooo many plays, have to prevent myself from scalping and overtrading.
Same as above
2) Getting used to a whole different set of tools/scanners than stocks. Two weeks and i'll get the hang of it.
I still have yet to comb through the different coins and have only focused on TRIG/BTC/LTC
Things to apply in Crypto:
1) Visualize the trade prior to the trade. This is something that I had been planning but haven't had the chance to apply yet.
A lot better this week, and much better than in stocks.
2) Utilize setting hard stops / hard profit targets until I finish working on replacing my bad habits which gets me out of my objective state of mind.
A lot better this week as well.
No Stock Trading til December
Daytrading stocks is going to be put on hold but the studies goes on.
At least until I finish the DVDs and caught up to half the Challenge Webinars
Habits Update
Been really good in applying:
1) Doing the most important task in the beginning of the day
2) Seinfeld's X's
3) Never miss than 2 days in a row
The biggest boo boo for the week is that I was consistent during days of work but my routine crashed once my off days hit. I try to fit my schedule in with Thi's and it fails miserably throwing me off, imma tweak it a bit next week and see if i can find something better.
My day's off this week was better and was able to put some hours into studying, big problem was that I missed a huge move in OK Cash/TRIG while I wasn't watching cryptos. I feel less emotionally distraught that I missed OK cash from 6k to 18k (300%) move than I have been in the past missing moves. Not where i'd like to be at emotionally yet but at least " a step better than yesterday".
Marks for the week:
Need to work consistency with 5min daily journaling
I'm still way off on it. On the mornings where I have to rush to get to work i'll miss the journaling. I tried for a week waking up an hour early from work to get the important things done but I have just been too lazy to do so since I prefer not to wake up early prior to work. After my PT Test this week i'mma change it up to an hour early and just suck it up since it's what's best for me.
As far as the end of day journaling, I'mma test attaching it to a cue that I already do every night before I go to sleep which is: (Insert something that I do before I go to bed here). Yep, that's my problem--I will test stuff up this week.
Need to work on reading pages of actual books and not just articles of the intended topics
Haven't read up on pages of actual books but as a backup, I've been very consistent in listening to 1hr of audiobooks / day on the way to work/on the way home.
Need to work on studying off the actual challenge material and not just general stocks/cryptos
yessshhh. Been a lot better this week since I've put the challenge material in front of everything else other than my flossing.
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Cryptos pros:
- 24/7
- Plays for days
- Much higher % gains than in small caps
Cryptos cons:
- 24/7 Hard for me to unhook/busy with other stuff to be able to fully focus on cryptos right now
- Much higher % loss than in small caps if I don't set my risk properly before the trade or if i'm in a position while i'm not watching/asleep
Smallcap Stocks pros:
- Much higher liquidity than in cryptos
- Usual trading times for me is 8AM-10:30AM CST, and sometimes 3pm-4pm CST <4hrs/day leaving me a ton of time to spend elsewhere
Smallcap Stocks cons:
- Boring since plays aren't every day.
- I'm usually tired when I get home from work to try to trade and I'm asleep during the afternoon.
