I don't have a daily written trading plan. My trading plan, if it can be said to exist, is more or less the system that I described in the first post, granted that I have settled upon this system for at most a few weeks. (I first started trading around two months ago.) More particularly, (1) I look at one crypto in particular. (I have attempted to transplant this system onto other cryptos (quite unsuccessfully). I decided upon this one crypto, because it seems to have more vitality compared with other cryptos of similar market cap.) (2) I look for signs that an upswing is happening or is about to happen. I usually do this via volume analysis. By volume analysis, I mean looking at the volume and price data on the chart. I don't usually use indicators. This process is without a doubt subjective and intuitive. Usually, I look for (a) a serious down swing, (b) stopping volume, (c) further efforts to the downside stalling, and (d) volume tapering off with price moving sideways - in that order. I also look at hammer candles, (if they occur in clusters). I don't enter immediately, as I have been told not to enter during accumulation. However, I start looking for potential breakout entries. (3) When a breakout seems likely, I apply the system. In terms of the system, I also look for: (a) trapped bears, (b) prolonged consolidation, (c) price breaking clear water, (d) and high volume as price moves past resistance, and (e) a possible final push to the downside before the breakout. (4) After I enter, if I entered successfully, I would set my stop loss around or slightly above break-even. Then, I would wait. Once price has moved up quite a bit, I might move my stop loss up as well. Ideally, I would sell when price stops "acting right". However, I have rarely been successful. (I can usually spot price not "acting right". However, it is hard to force myself to pull the trigger. Instead, I move my stop loss up right below price, so that even if I don't sell at the very top, I am selling near the top.) As an example, (1) During the recent crypto crash, price fell from over 0.200 to below 0.100. Around 0.095, I had a strong feeling based on volume analysis that that was indeed the bottom. (2) I set up my system to start working around 0.098. (3) Then, unfortunately, as price moved up from 0.098 to 0.120, I kept getting stopped out. (4) Around 0.120, due to FOMO, I abandoned the system and started buying in in huge quantities. (5) Price started falling from 0.120 to 0.098. During this process, I sold around 0.099. (Remember that I had abandoned the system already. I sold, however, because I remembered that limiting my losses and protecting my capital was the most important priority.) (6) After price moved sideways for a while around 0.098, I bought in again. I bought in again, because I told myself that I should trust in my judgment based on volume analysis, and that there were signs that the fall from 0.120 to 0.098 was merely a pullback. (More particularly, the volume on the down candles was abnormally huge. Price did fall as a result, but did not fall as much as expected. My judgment was that, as volume tapered off due to profit-taking sellers having sold off their holdings, price would soar again.) (7) Then, Price went up to 0.200. During this process, when price moved to around 0.160, I moved my stop to around 0.145. Then, I was stopped out. Afterward, I kept trying to get back in using my system, but was stopped out each time. (8) I gave up, when price moved past 0.180. Fortunately, this was near the end anyway. Price has fallen since then from 0.200. Ultimately, there was a small profit, but much less than what I could have obtained, as I kept getting stopped out. In this instance, if I had simply relied on my judgment instead of the system, then I would have made a much bigger profit. However, in many previous cases, the system saved me from losing a lot of money, and the failure to use the system cost me a lot of money. The other issue was position sizing. During my initial unsuccessful efforts, e.g. when I bought at 0.120 and sold at 0.099, my position was larger. Then, when I bought in again around 0.098, my position was smaller. This was because I became cautious after losing money. However, this ultimately limited my profit. I feel like I need experienced eyes to tell me whether I am doing something wrong.
Be your own expert. The operable phrase in your post above is "In this instance". The word if is fun too. You know that if your aunt had balls, she'd be your uncle, right? Now. What can be a great help is knowing what works over the broad range of instances which you expose your capitol to. You might consider keeping a 'sidebook' spiral notebook to pencil in dated notes as you go along. Maybe jot down any errors you feel are made. Nothing fancy. This can come in handy after a couple of months over a nice cool beverage for a session of cool minded analysis of how it goes. What's in the till at the end of the Week/Month. Is it more? What works? What doesn't work? Keep good records. You'll do fine.