I need to buckle back down and discipline my trading habits. Holy shit, Was I ever this bad back in the day? 4 years off the horse, I feel rustier than the tinman.
I had ChatGPT crap this out for me.
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Before opening a Bitcoin trade, it's important to have a plan in place to help manage risk and maximize potential profits. You can use the following checklist to guide you:
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Trading Strategy:
Determine your trading strategy for this trade (day trading, swing trading, position trading, etc.).
Investment Amount:
Decide on the amount of money you're willing to invest in this trade.
Risk Tolerance:
Determine your risk tolerance for this trade (high, medium, low).
Entry Point:
Identify your planned entry point for the trade (price level or indicator).
Stop-Loss Order:
Determine your stop-loss order (price level or percentage of investment).
Take-Profit Order:
Determine your take-profit order (price level or percentage of investment).
Trading Platform:
Decide which trading platform you will use to execute the trade.
Fees:
Be aware of the fees associated with the trade on your chosen platform.
Trading Currency:
Decide which currency you will use to execute the trade (USD, EUR, BTC, etc.).
Market Conditions:
Stay informed about current market conditions, such as trends, news, and events.
Exit Plan:
Have a plan in place for exiting the trade if it doesn't go as planned.
Monitoring:
Determine how frequently you will monitor the trade once it's open.
Risk Management:
Decide what steps you will take to manage risk during the trade.
Profit-Taking:
Determine at what point you will take profits or adjust your take-profit order during the trade.
Remember to personalize this checklist based on your own trading style and risk tolerance, and to always conduct thorough research before opening any trades.