4 Things Traders Must Do To Be Successful - page 5.

TheUltraElite

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Quote from: BearProfit on January 21, 2019, 06:11:32 AM

Do not trade on your own money Grin

Nice joke, but if you are being an troll, its a poor attempt. People have to put in their money to trade because in general it is risky. The alternative of taking other people's money whether legally or illegally are both the mentally of a broke trader. Margin trading and futures trading may be worth doing with money taken on a loan but thats only for the experts.

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Use stop-orders

Thats pretty general. Its depends on how and what a person's objective is when placing the order. If they want to buy a certain amount of bitcoin at a certain price hit then they will use it.

ophyrim

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I also want to a few important things
1- strong mental health and stress management
2-Self education
3-Open-minded
4-You also have to use new technology especially when you are trading at the crypto. Even big economist cannot understand BTC because they can not understand blockchain technology and they avoid to trade BTC because they think that BTC is fundamentally weak.

bitcoin31

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Information is good because they can apply for sure while in their trading. In trading you do not need to learn more the important with is you know what you are doing by simple buying and selling is good start. And you can add your little knowledge about by doing sesrching and you can grow for sure. Keep reading and learning is still to do while in trading. Like me I still learning to become more succesful in trading.

BearProfit

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Another couple of things (which might be quite enough for success)

Do not trade on your own money
Use stop-orders

TheUltraElite

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Call your grandparents and tell them you love them

Quote from: rapsa2018 on January 18, 2019, 10:48:30 AM

I see lot of traders get loss on their money even they use lot's of strategies doesn't work for them. So its better to take a advantage with those mistakes.

See there are traders who realize their mistakes and there are traders who continue to make those mistakes. It often leads to continuous losses one after the other as the person becomes stubborn and fails to rectify them. Hopefully they will and soon change their methods. Its important to be dynamic in being a trader.

Not every asset will give you good returns everyday so something a bit of off-period and putting time to other things helps them cope up with the boredom which I feel is often the cause of anxiety and leads to mistakes in placing orders.

Distinctin

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Quote from: marcous on January 18, 2019, 12:01:49 PM

that's why sometimes traders must have a decision to cut loss with the aim of minimizing losses and having a cut-off target, for example, if the loss is 20%, then it must be cut loss. any decision that we have taken should not be regretted, we can buy again at a lower price if the price still falls.
prepare your capital and mental if you want to become a true trader.

So traders must be on the look out for their trades. Nobody could say when it goes down as it can't be predicted, setting on the minimum first would be a kind of help but not we should be practice everyday. It is really hard for non full time trader and I'm afraid they could just lost in any minute.

akram143

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Quote from: Best Dreams on January 18, 2019, 02:55:36 PM

Quote from: deppil on January 16, 2019, 10:01:48 PM

Quote from: Tanmoy98 on December 04, 2018, 06:05:59 AM

I thinks this is the four things must do to be successfull-
1. The trader have to active 75% in a day
2. Always read the website of the altcoin you want to buy.
3. Everday visit their social media page.
4. And also knowing the market condition is more important.

Agree, because if you don't have a lot of free time then you won't be able to have a lot of time to monitor, analyze, and so on.
because in daytrade you look for opportunities in your monitor time, and that takes all day

Time only helps us to learn more related trading and it’s good to spend more time in market so that you will learn good things about trading. For me to enjoy trading profit we need three basic things. Buy some coins at low price, use your patience to hold it longer and use your mind to trade at right time at high price.

Yes some of the good tricks will definitely be followed by all of us because they are the universal strategies to follow by anyone but instead of four steps there are lot of tricks that to be followed for the good profit it will not be featured by anyone we will be the teacher and the trainee also without experience nothing will be given from anyone.

Best Dreams

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Quote from: deppil on January 16, 2019, 10:01:48 PM

Quote from: Tanmoy98 on December 04, 2018, 06:05:59 AM

I thinks this is the four things must do to be successfull-
1. The trader have to active 75% in a day
2. Always read the website of the altcoin you want to buy.
3. Everday visit their social media page.
4. And also knowing the market condition is more important.

Agree, because if you don't have a lot of free time then you won't be able to have a lot of time to monitor, analyze, and so on.
because in daytrade you look for opportunities in your monitor time, and that takes all day

Time only helps us to learn more related trading and it’s good to spend more time in market so that you will learn good things about trading. For me to enjoy trading profit we need three basic things. Buy some coins at low price, use your patience to hold it longer and use your mind to trade at right time at high price.

marcous

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that's why sometimes traders must have a decision to cut loss with the aim of minimizing losses and having a cut-off target, for example, if the loss is 20%, then it must be cut loss. any decision that we have taken should not be regretted, we can buy again at a lower price if the price still falls.
prepare your capital and mental if you want to become a true trader.

Dudeperfect

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As you mentioned about the journal, I have observed that experienced investors set some rules for them and they never ever act beyond those rules even if the situation is in their favour. Trading is all about discipline and implementing the lessons learned in past trades. As it is said, the experience is the best teacher but not everyone can afford the lessons learnt from it. One should always try to inculcate the habit of discipline in his behaviour while trading.

rapsa2018

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I see lot of traders get loss on their money even they use lot's of strategies doesn't work for them. So its better to take a advantage with those mistakes.

iv4n

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Quote from: tbossmitche on January 18, 2019, 09:17:51 AM

Trading as an art doesn't exactly have a set of rules that govern it. What works for me might absolutely ruin another person. The problem most people have is that they often see trading as mainstream gambling. With this mentality, they will definitely be out of funds in no time at all. Trading involves learning from others and your own personal experience, to put it simply, traders must be patient.

Finally, I'll like to say that those who are largely emotional and very greedy need to work on those two characteristics before venturing into trading.

I need to go with you about this one, trading with crypto doesn't have some set of rules. It's a new ground for many people. I'm talking about that for some time, patience is for long term traders, and I support that, price rise if you wait long enough, bitcoin price never disappointed us in last 10 years.
For trading you need to know how to follow the market when you learn how to do that you start with trading, no other way around.

tbossmitche

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Trading as an art doesn't exactly have a set of rules that govern it. What works for me might absolutely ruin another person. The problem most people have is that they often see trading as mainstream gambling. With this mentality, they will definitely be out of funds in no time at all. Trading involves learning from others and your own personal experience, to put it simply, traders must be patient.

Finally, I'll like to say that those who are largely emotional and very greedy need to work on those two characteristics before venturing into trading.

Sum24

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Quote from: TheUltraElite on December 06, 2018, 07:12:31 AM

Quote from: rodskee on December 05, 2018, 06:50:02 PM

Exactly traders didn't accept weakness they want always positive in their strengths
But if they realize need to accept the weakness to reform all mistakes decision

Well most of the do understand their mistakes but in the market where predicting the price comes to be based on manipulation and social buzz its sometimes tough to know when to buy or sell. Those who dont rectify their method when they make mistakes dont run too long because they would keep losing money trying to make good profits.

But honestly speaking its a bit of a gamble when its something like crypto - because the level of panic associated with it is huge and people cant keep their trigger happy fingers under control.

Right it’s good to buy more and more coins at dropping price because if you will buy its the only way to make money with dropping price in bitcoin. After buying make the next step to hold it and let it increase by itself. Think positive as a positive mind makes more money than an active but a worries mind just buy and wait for it to rise after dropping.

deppil

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Quote from: Tanmoy98 on December 04, 2018, 06:05:59 AM

I thinks this is the four things must do to be successfull-
1. The trader have to active 75% in a day
2. Always read the website of the altcoin you want to buy.
3. Everday visit their social media page.
4. And also knowing the market condition is more important.

Agree, because if you don't have a lot of free time then you won't be able to have a lot of time to monitor, analyze, and so on.
because in daytrade you look for opportunities in your monitor time, and that takes all day

rollingstorm45

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Quote from: onrise on October 26, 2018, 01:42:03 PM

Couple of things which I have observed is that a trader should always set the goals and have the upper and lower limit of the price. If that is trigger they should exit the position and should not be greedy which can cause a huge problem. As market being very volatile it can go other way around and you make more losses if you do not exit it on right time as per your principles.

absolutely right, if we are not greedy in trade then we will not fall into an empty hope.
because our desire for profit can be a lot of missteps and we don't want to receive a little profit, so we can learn about the fall of the previous players who always crave a lot of profits without seeing the potential losses that can occur,
the key is to trade by prioritizing the situation that is happening and we always react quickly.

geyayy

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I agree about keeping a journal. It will help trader to view his strengths and weaknesses, analyze it and be an experience trader in the future. Day by day, the trader will continue to improve until such time that every time he will trade, he will make the right decisiob on every event which can only be gain by experience and knowledge.

Botnake

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Quote from: noxezzhd on December 22, 2018, 06:24:20 AM

I will agree with the rules of the author, but want to add that if you want to earn on it. You should invest a lot of your time and money. Only after these losses, you will have an oppurtunity to make profit!

Right.There's no magic in trading and everything will be learned in a long period of time.You should have to endure even lot of hardships and sleepless nights,and of course enough amount of money so that in return you can also gain good amount of profits.

rebrik7

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Quote from: TheUltraElite on December 14, 2018, 07:10:50 AM

Quote from: Lanatsa on December 06, 2018, 07:48:40 AM

Even on traditional investments like Forex and stocks where manipulation and problem of emotion would really be still present no matter what. This is really just like a gamble if we don't know on how to handle ourselves into this field.

However if you are analysing the market for a long time you will get an idea of the trend. Like for bitcoin there has been a gradual rise in adoption and due to the fact that its the biggest of all other crypto we can be sure that in future altcoins will be manipulated by rise and fall of bitcoin. Seeing the obvious growth and development of bitcoin one can decide to invest in it but when to invest is the bigger question.

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Mistakes cant be avoided but somehow can really be lessen depending on how we do handle it. Being successful cant be achieve if we wont able to experience lots of mistakes.

Sometimes not jumping in when other are jumping in is a good choice. Holding back to attack the market when people are least suspecting it often works. Mistakes will be made but there is no use having regret on those.

Yes, trading experience is very important. Sometimes you look at the BTC chart (for example), and indicators says "buy", but something inside you tells you to sell. You listen to this inner voice and in some surprising way it turns out to be right.

noxezzhd

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I will agree with the rules of the author, but want to add that if you want to earn on it. You should invest a lot of your time and money. Only after these losses, you will have an oppurtunity to make profit!

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