altcoindaddy

[altcoindaddy]

WHAT IS A TRADING PLAN 

No two trading plans are the same because no two traders are exactly alike. Each approach will reflect important factors like trading style as well as risk tolerance. What are the other essential components of a solid trading plan? find out below.

SKILL ASSESSMENT

Are you ready to trade? Have you tested your system by paper trading it, and do you have confidence that it will work in a live trading environment? Can you follow your signals without hesitation? Trading the markets is a battle of give and take. The real pros are prepared and take profits from the rest of the crowd who, lacking a plan, generally give money away after costly mistakes.

MENTAL PREPARATION

How do you feel? Did you get enough sleep? Do you feel up to the challenge ahead? If you are not emotionally and psychologically ready to do battle in the market, take the day off—otherwise, you risk losing your shirt. This is almost guaranteed to happen if you are angry, preoccupied, or otherwise distracted from the task at hand.

Many traders have a market mantra they repeat before the day begins to get them ready. Create one that puts you in the trading zone. Additionally, your trading area should be free of distractions. Remember, this is a business and distractions can be costly.

SET RISK LEVEL

How much of your portfolio should you risk on one trade? This will depend on your trading style and tolerance for risk. The amount of risk can vary, but should probably range from around 1% to 5% of your portfolio on a given trading day. That means if you lose that amount at any point in the day, you get out of the market and stay out. It's better to take a break, and then fight another day, if things aren't going your way.

SET GOALS

Before you enter a trade, set realistic profit targets and risk/reward ratios. What is the minimum risk/reward you will accept? Many traders will not take a trade unless the potential profit is at least three times greater than the risk.

TRADE PREPARATION

Whatever trading system and program you use, label major and minor support and resistance levels on the charts, set alerts for entry and exit signals and make sure all signals can be easily seen or detected with a clear visual or auditory signal.

SET EXIT RULES

Most traders make the mistake of concentrating most of their efforts on looking for buy signals, but pay very little attention to when and where to exit. Many traders cannot sell if they are down because they don't want to take a loss. Get over it, learn to accept losses, or you will not make it as a trader. If your stop gets hit, it means you were wrong. Don't take it personally. Professional traders lose more trades than they win, but by managing money and limiting losses, they still make profits.

Before you enter a trade, you should know your exits. There are at least two possible exits for every trade. First, what is your stop loss if the trade goes against you? It must be written down. Mental stops don't count. Second, each trade should have a profit target. Once you get there, sell a portion of your position and you can move your stop loss on the rest of your position to the breakeven point if you wish.

SET ENTRY RULES

This comes after the tips for exit rules for a reason: Exits are far more important than entries. A typical entry rule could be worded like this: "If signal A fires and there is a minimum target at least three times as great as my stop loss and we are at support, then buy X contracts or shares here."

Your system should be complicated enough to be effective, but simple enough to facilitate snap decisions. If you have 20 conditions that must be met and many are subjective, you will find it difficult (if not impossible) to actually make trades. In fact, computers often make better traders than people, which may explain why most of the trades that now occur on major stock exchanges are generated by computer programs.

Computers don't have to think or feel good to make a trade. If conditions are met, they enter. When the trade goes the wrong way or hits a profit target, they exit. They don't get angry at the market or feel invincible after making a few good trades. Each decision is based on probabilities, not emotion.

KEEP EXCELLENT RECORDS

Many experienced and successful traders are also excellent at keeping records. If they win a trade, they want to know exactly why and how. More importantly, they want to know the same when they lose, so they don't repeat unnecessary mistakes. Write down details such as targets, the entry and exit of each trade, the time, support and resistance levels, daily opening range, market open and close for the day, and record comments about why you made the trade as well as the lessons learned.

You should also save your trading records so that you can go back and analyze the profit or loss for a particular system, drawdowns (which are amounts lost per trade using a trading system), average time per trade (which is necessary to calculate trade efficiency), and other important factors. Also, compare these factors to a buy-and-hold strategy. Remember, this is a business and you are the accountant. You want your business to be as successful and profitable as possible.

ANALYZE PERFORMANCE

After each trading day, adding up the profit or loss is secondary to knowing the why and how. Write down your conclusions in your trading journal so you can reference them later. Remember, there will always be losing trades. What you want is a trading plan that wins over the longer term.

THE BOTTOM LINE

Successful practice trading does not guarantee that you will find success when you begin trading real money. That's when emotions come into play. But successful practice trading does give the trader confidence in the system they are using, if the system is generating positive results in a practice environment. Deciding on a system is less important than gaining enough skill to make trades without second-guessing or doubting the decision. Confidence is key.

There is no way to guarantee a trade will make money. The trader's chances are based on their skill and system of winning and losing. There is no such thing as winning without losing. Professional traders know before they enter a trade that the odds are in their favor or they wouldn't be there. By letting their profits ride and cutting losses short, a trader may lose some battles, but they will win the war. Most traders and investors do the opposite, which is why they don't consistently make money.

Traders who win consistently treat trading as a business. While there is no guarantee that you will make money, having a plan is crucial if you want to be consistently successful and survive in the trading game.

[altcoindaddy]

WHAT IS METAVERSE

To help one understand how how broad and complex the  term “ metaverse” can be, here's a simple way to try: ordinarily replace the phrase “the metaverse” in a sentence with “digital space.” Ninety percent of the time, the meaning won't substantially change. That's because the term doesn't really refer to any one specific type of technology, but rather a broad shift in how we interact with technology. And it's entirely possible that the term itself will eventually become just as antiquated, even as the specific technology it once described becomes commonplace.

Some even link the concept of metaverse to a game, like Fortnite. And this is where most people get it right because the idea of a metaverse (in some way) is quite similar to the idea of entering a new world of gaming, like Fortnite. Many features of the metaverse, like having a consistent identity across various closed platforms, giving users the ability to get compensated for content, and being a gateway to a multitude of features, are already offered by the game. However, because this is a "closed" world (read: metaverse), this again fails to encompass the much wider expanse of the metaverse. Thus, while Fortnite is definitely conceptually a metaverse, it is one that exists in itself and operates within the boundaries set by its creators.

[altcoindaddy]

P2E GAMES

Over the years, the digital asset environment has seen various improvements, particularly in gaming. Developers have embraced cryptocurrencies to make games better while building a venture for wealth creation. Today, play2earn games are fun and excellent for every game lover. So, if you are a huge fan of game, you might benefit extensively from play 2 earn games.

What Is Play 2 Earn?

Play 2 earn, especially in crypto, is a game form, that gives users the oppotunity earn in-game rewards, which can be converted to real-world currencies. Gaming has continually evolved from arcades to mobile phones and laptops for the past few years. While games were fun, people could not earn money from playing them during those times. People played for the fun of it and not to earn rewards.

During the arcade era, players spend their money to play games. Those games require coins to work, making it necessary to insert coins before playing your favorite arcade games. And since these were one of the earliest gaming mediums, consumers quickly gained interest, parting with their coins to enjoy it. Today, you don’t need to go to a center to access games as they are now in laptops, phones, and game consoles, made specifically for gaming needs.

Play 2 earn games are widespread in the crypto-verse because they leverage blockchain technology to run seamlessly and easy. This allows players to win rewards by playing the game and buying vital in-game assets to succeed on quests and other adventures. Game developers make this possible by tokenizing items, making them highly efficient as a means to generate wealth.

While there are many kinds of play 2 earn like Diagon,Hashland,mobox,sandbox one of the most played is Axie infinity. This game continues to make massive waves within and outside the digital asset space. The basics of this platform are simple; you can acquire these creatures and breed them while taking part  in battles. It’s safe to state that this game also utilizes NFTs for enabling rewards.

                      WHAT GAVE RISE TO P2E GAMES

Game Developers created this game to shift the previous perspective that games are not lucrative and rewarding. Thanks to blockchain technology, you can enjoy another medium to increase your income. However, you need to understand the dynamics of every game before playing these games. If you invest in these games without understanding what they entail, it could lead to financial losses. Getting educated about the subject matter would go a long way in improving your knowledge.

Conclusions:

The P2E sector will continue to reshape the traditional Gaming sector, creating a new digital economy. In-game finance opens up unlimited opportunities for receiving rewards for simple actions: completing game stages, pumping and selling an avatar, and more. In the future, this sector will continue to evolve and will contribute to the formation of entire gaming metauniverses. In a sense, play is a stage of awareness and transition for the entire community, allowing it to attract attention and, at the same time, identify the tasks and goals of the general movement. The game is not only a game but a new reality capable of projecting into life what is right and fair in relation to everyone.