3 easy ways to edge your trading

CONTENTS

    Introduction

    I'm a big advocate that always trading with the same stop-loss and take profits regardless of the chart configuration is a losing strategy.
    Let's cover 3 easy steps that you can use TODAY to increase drastically your gains and more importantly, reduce your losses.

    1. Trade more than 1 asset per asset class

    What will you do if your trade get stopped-out?
    Imagine you're trading Bitcoin only but your trade is stopped-out too soon before the move begins.

    The stubborn trader limits his reward by only trading 1 asset per class.
    I guarantee you that taking the high-reward setups across a few assets does not increase your risk - assuming your entry/exit strategy is robust.
    It's a known way to increase your potential reward while decreasing your risk - which is what you are looking for as a trader

    In a scenario where you get a LONG on Bitcoin and a LONG on Ethereum, you wait for a pullback on a moving average or a specific price level
    More often than you know, one only hits your entry, while the other comes close enough but you don't get fill.
    I'm sure I'm not the only one who experienced this :)

    Trading a few assets with your most rewarding setups has great odds of profit.
    It's like investing in companies or stocks long-term.
    We never know which ones will lose and which one(s) brings the X100.
    Same with trading, being invested with several high reward trades

    2. Learn when to set a tight stop-loss

    Imagine now you set a tight stop-loss even for your high-reward trades.
    9 times out of 10, it gets hit too soon.
    Your high-reward trades needs less attention and monitoring than your counter-trend trades - do you agree?

    A BEST trader like you shall learn to identify the high-reward trades versus the rest.
    But what is the "rest" Dave?

    The "rest" includes trades with 1 or more support(s) or resistance(s) near your entry, also trades against their bigger timeframe.
    This last one means you enter a long on a 5 minutes chart whereas the trend is bearish on you 15-minutes chart and above

    I like to edge those riskier setup with a few tools:

     

    • 1. a pullback near a moving average
    • 2. being more aggressive with my stop-loss to breakeven and take profit strategy

    The pullback improves my entry such as if stopped-out, I'll lose a smaller amount.
    Having a tight stop-loss and being more reactive with my SL/TP strategy allows me to not losing on those setups.
    Those trades are still worth taking because we could start a move against the bigger trend or facing a support/resistance zone and then moon

    That's being said, those trades obviously need more monitoring and are less likely to bring you huge profits than your high-reward setups

    Turn off the news (please)

    Why would you listen to:

    - financial news fact checking nothing and feeding you the informations from the top 1% rich expecting you to buy their bags?
    - uneducated influenceurs claiming they are professional traders but you can't find anything about them online when you backgroundcheck them?
    - your family and friends: if you make more money than them, don't listen to them. You should be the one advising them instead
    - your financial advisor and broker: Those guys are paid on commission and 99% of them underperform the market average
    Someone told me once: "Brokers are called "brokers" because they're broke"

    You don't have to trust me on this but... my trading performance made a X10 when I stop listening to unreliable sources.
    It's up to you to decide of course if you should listen to my free advices and I count on you to test, backtest, forwardtest everything that I'm saying before testing those ideas on your LIVE account (please).

    Turning off social media and the news when trading reduces the useless noise.
    I still check every morning the major events of the day (FED/ECB speech, inflation numbers, jobless claims) and I avoid trading around those announcements.
    That's the only thing I do from a fundamental/macro perspective.
    For all the rest, my charts and technical analysis is my only source of information and TRUTH

    Conclusion

    To made a X10 on your account, do the following:

    1. Trade more than 1 asset per asset class
    2. Know when to set your stop-loss to breakeven and take profits according to the current chart configuration
    3. Turn off the news

    A quick note

    Each screenshot below is clickable and can be enlarged for better visibility

    Our recent Crypto trades shared on Discord and Twitter

    REN XMR ATOM

    TradingView trade REN XMR ATOM TradingView trade REN XMR ATOM TradingView trade REN XMR ATOM

    YFI BAND ZEC

    TradingView trade YFI BAND ZEC TradingView trade YFI BAND ZEC TradingView trade YFI BAND ZEC

    SOL KSM ALGO

    TradingView trade SOL KSM ALGO TradingView trade SOL KSM ALGO TradingView trade SOL KSM ALGO

    DASH ANT EGLD

    TradingView trade DASH ANT EGLD TradingView trade DASH ANT EGLD TradingView trade DASH ANT EGLD

    ZIL LUNA LINK

    TradingView trade ZIL LUNA LINK TradingView trade ZIL LUNA LINK TradingView trade ZIL LUNA LINK

    IOTA AVAX CELO

    TradingView trade IOTA AVAX CELO TradingView trade IOTA AVAX CELO TradingView trade IOTA AVAX CELO

    BINANCE:BANDUSDT

    TradingView trade Entry Signal Time 1110 1615


    BINANCE:MATICUSDT

    TradingView trade Entry Signal Time 1210 10


    GT DIA TNC

    TradingView trade GT DIA TNC TradingView trade GT DIA TNC TradingView trade GT DIA TNC

    WICC MANA AST

    TradingView trade WICC MANA AST TradingView trade WICC MANA AST TradingView trade WICC MANA AST

    KAVA CRV RSR

    TradingView trade KAVA CRV RSR TradingView trade KAVA CRV RSR TradingView trade KAVA CRV RSR

    TRB BNT JST

    TradingView trade TRB BNT JST TradingView trade TRB BNT JST TradingView trade TRB BNT JST


    Do you want a better Trading Performance?

    Hey, I'm Dave. I'm determined to make a trading account grow.
    My only question is, will it be yours?

    The signals and trading method frameworks are available to our VIP subscribers


    About Dave


    He is the co-founder of Best Trading Indicator. Previously a quant trader for a french bank in New York City, he's been trading full-time for the past 8 years.

    Dave used to teach his professional traders how to use his trading algorithms.

    Best Trading Indicator is 1 year old and already counts 600 recurring subscribers profiting from our trading course and TradingView signals.

    Learn more


    Do you want a better Trading Performance?

    Hey, I'm Dave. I'm determined to make a trading account grow.
    My only question is, will it be yours?

    The signals and trading method frameworks are available to our VIP subscribers