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You're reading from  Zero to Hero in Cryptocurrency Trading

Product typeBook
Published inSep 2023
PublisherPackt
ISBN-139781837631285
Edition1st Edition
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Financial Technology
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Author (1)
Bogdan Vaida
Bogdan Vaida
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Bogdan Vaida

Bogdan Vaida is a seasoned private investor who has backed over 300 crypto startups. He is a founding member of Iron Capital, a VC company incorporated in Dubai. Eight years ago, he founded his own company and has managed teams at various stages of development. He is an advisor for several blockchain projects, including Gravvity, Blockchain Valley Virtual, Gentlemen Capital, Bountie, MetaVill and Umay. For fun and profit he trades daily, having his own trading course and programming his own trading indicators and strategies.
Read more about Bogdan Vaida

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Your trading plan

A trading plan means setting conditions for getting into and out of trades, establishing how much money to risk, and preparing a path with an expectation of profit.

Figure 6.4 – What is a trading plan?

Figure 6.4 – What is a trading plan?

You can base your trading plan on multiple factors and conditions; let’s see a few of them:

  • Timeframe (position trading, swing trading, day trading)
  • Market type (bull market, bear market, sideways market)
  • Entry strategy (trade a breakout or a parallel channel without leverage)
  • Exit condition (exit after two red candles or at channel top)
  • Position size (2% risk)
  • Expectations (weekly profitability > x% for day trading)
  • Analysis (going over all trades one week after they closed and checking whether there’s something to improve)

A trading plan can be a lot of things.

It can be a sentence such as “a swing trade in a bull market, entering with a 2% risk every time BTC drops...

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Zero to Hero in Cryptocurrency Trading
Published in: Sep 2023Publisher: PacktISBN-13: 9781837631285
© 2023 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Bogdan Vaida

Bogdan Vaida is a seasoned private investor who has backed over 300 crypto startups. He is a founding member of Iron Capital, a VC company incorporated in Dubai. Eight years ago, he founded his own company and has managed teams at various stages of development. He is an advisor for several blockchain projects, including Gravvity, Blockchain Valley Virtual, Gentlemen Capital, Bountie, MetaVill and Umay. For fun and profit he trades daily, having his own trading course and programming his own trading indicators and strategies.
Read more about Bogdan Vaida

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