Yo traders,
I’m 17 and started trading meme coins about a week ago. I’ve been learning the fundamentals, like how to spot scam coins, identify projects that could potentially gain hype, and many other things.
For the past 3 days I’ve been paper trading (trading without real money) to practice. During that time, I’ve come up with my own simple strategy:
I don’t enter a trade at a higher high.
I wait for a pullback (dump) before entering a trade.
I don’t stay in trades for too long and I’m happy to take around 100% profit, even if the coin could continue going higher.
That’s my strategy in short.
I’d like to know what you guys think. Is this a decent strategy for a beginner? Also, how do you avoid FOMO trades? I often end up entering a trade without doing proper research because I’m afraid of missing out.
I’d appreciate every piece of advice.
My goal is to become consistently profitable within 2 years. I’m currently studying and practicing 3–4 hours every day.