TIPS: How to Improve Results of Bitcoin Systems
1. Define Simple Rules and Follow the Market Trend
The easier the system's guidelines are, the better. If the system's guidelines are too hard to understand, it will be very hard to stick to them. Hard-to-understand trading systems can also be very confusing. A simple Bitcoin trading plan makes it easier to follow the plan's guidelines.
2. Eliminate Risk Quickly and Let Profits Run
In online Bitcoin trading, lowering risk is more important than earning money. Our main goal is to make trading BTCUSD less risky. We do this by only trading when the chances are high, using stop loss orders, quickly cutting losses and never adding to losing trades, and letting good trades last long enough to make more money. Good trades are only kept open if the system shows the trend is still going. These trades should be closed right away when the system says it's time to exit.
The duration for which you decide to keep your trades active hinges entirely upon your specific classification as a Bitcoin trader. If you adhere to a day trading approach, your mandate is to hold Bitcoin trades open only until the conclusion of the trading day, closing all positions by that time, even if the prevailing trend still suggests potential for further movement. This discipline is required because you are categorized as a day trader, and open positions must not be carried over past the day's end. You cannot justify holding onto trades overnight simply to allow profits to accumulate, as this contradicts the defined strategy outlined in your trade plan.
. Select & Choose the Appropriate Bitcoin Schedule. To enhance the profitability of your Bitcoin trading strategy, identify the most active market hours for Bitcoin cryptocurrency and conduct trades exclusively during these times.
4. Adhere Strictly to Money Management PrinciplesRisk should never surpass 2% of your total capital per Bitcoin trade. Consistent application of this principle, alongside compounding, can lead to surprisingly rapid growth in your Bitcoin trading account once you employ a proven, profitable Bitcoin system.
5. Keep a Bitcoin JournalKeeping track of all your Bitcoin trades will help you become a better trader and help you follow the trading rules of your plan. A trade journal will also watch your winning trades and losses, and you can figure out why a setup made money and why it did not.
6. Set TakeProfit Targets - Decide on the amount of profit you want to make each day, week, or month. Once you reach that profit goal, stop all of your trades. This will keep you from trading too much and losing the money you've earned in the market. Aim for a high risk:reward ratio, like 3:1. This means only trade Bitcoin if you have a good chance of earning three times what you could lose.
Learn More Tutorials & Guides:
- Registering for a MetaTrader 4 BTCUSD Trading Account
- How do you draw Fibonacci pullback levels on BTC USD trends that are going up or down?
- Bitcoin: Analyzing Continuation Patterns
- Get the MetaTrader 4 BTCUSD Platform and Ichimoku BTCUSD Indicator
- How MACD Creates BTC USD Buy & Sell Signals and Strategies
- Which is the Best BTC USD Broker for a BTC USD Standard Account for BTC USD Beginners?
- Using Short Term Moving Averages for BTC USD Trading

