Topic: 5 Things All traders should Do - page 2. (Read 5641 times)

The following 5 things are easy to internalize because these tips were “written in blood” (my own blood  Lols   ). However, it’s still difficult to apply them in real-time. After all, we are not rational human beings.

1) Reason For Entering Trade: Start a trade only when you know why you’re starting and have a clear strategy for afterwards.
Not all traders make gains from trading, since this is a zero-sum game (for everyone who benefits someone else loses on the other side).The Altcoins market is driven by large whales (yes, the same ones responsible for placing huge blocks of hundreds of Bitcoins on the order book).

2) Target & stops: For each trade we must set a clear target level for taking profit and more importantly, a stop-loss level for cutting losses. A Stop-loss is setting the level of loss where the trade will get closed.

3) Meet FOMO (fear of missing out): Indeed, it really isn’t fun to see such situations from the outside – when a certain coin is being pumped up like crazy with huge two-digit gains in minutes.

4) Risk Management: little pig eats a lot, big pig gets eaten. This statement tells the story of the market profits from our perspective. To be a profitable trader, you never look for the peak of the movement. You look for the small profits that will accumulate into a big one.

5) The Asset creates Volatile Market Conditions: Most Altcoins are traded according to the Bitcoin value.
Bitcoin is a volatile asset (relative to FIAT) and this fact should be taken into consideration, especially in the days when the Bitcoin value is moving sharply.

There are many things like Maintaining a Journal,Upgrading your strategy,Dynamic change in market Behaviour, Checklist for your Trading Plan, Psychological Mindset , all these plays a vital role in traders career and these are also important to know for Every trader.

Priceslide Strategy
1. Never be emotional – especially afraid

It’s easy to come in with mentality that it’s exciting to make money, because it is. However, trading has to be looked at with a cold and calculating eye. Don’t let the ups get you excited, or the downs get you depressed. People with a loser’s mentality trade with emotion. When the coin is down, just start slowly buying. When it’s up just start slowly selling (more on this later). If you allow fear to come into the trading process – fear of missing out, or fear of selling too soon / too late, you will never be an effective trader.

2. Always be prepared

Know your market, read the ANN thread of the coin you’re buying. Know the development team, their past, their scam accusations. Know the total amount of the coin in circulation and the inflation rate. Know how many coins the top holders have. Plan on coin accumulation over time – even when a coin can seem at its bottom, there’s always a chance scared people will push it 20% lower before there’s someone to pick up the pieces

3. Never put all your eggs in one basket

This should be obvious to everyone, but never champion a specific coin. “believing in a community” is the single most ridiculous thing that the altcoin traders have come up with. The dogecoin community was massive and actually got a nascar sponsorship through, but the excitement of the past doge days is long gone. My point here is that no community sticks around for too long, because there’s nothing to actually lock anyone in after big traders have abandoned the coin.

4. Always be logical

The same as never be emotional, stated in the positive. It is important enough to restate, because it is the single most critical, and common, mistake that traders make. The herd moves with what “seems” correct. Buy when a coin is going up. However, you should be selling when the coin is going up. That is the time to take profit – when everyone else is trading with emotional excitement, thinking only of their greed. It’s easy to take advantage of if you know what to look for

5.Never sell all your coins at once

Space your trades out – pumps can start and stop at any time, and any price level.

Even if you “know” it’s at the top, it can always go higher. Don’t live with that regret.

This is from my blog !

https://priceslide.wordpress.com/2016/09/20/5-things-all-traders-should-do/

The following 5 things are easy to internalize because these tips were “written in blood” (my own blood  Lols   ). However, it’s still difficult to apply them in real-time. After all, we are not rational human beings.

1) Reason For Entering Trade: Start a trade only when you know why you’re starting and have a clear strategy for afterwards.
Not all traders make gains from trading, since this is a zero-sum game (for everyone who benefits someone else loses on the other side).The Altcoins market is driven by large whales (yes, the same ones responsible for placing huge blocks of hundreds of Bitcoins on the order book).

2) Target & stops: For each trade we must set a clear target level for taking profit and more importantly, a stop-loss level for cutting losses. A Stop-loss is setting the level of loss where the trade will get closed.

3) Meet FOMO (fear of missing out): Indeed, it really isn’t fun to see such situations from the outside – when a certain coin is being pumped up like crazy with huge two-digit gains in minutes.

4) Risk Management: little pig eats a lot, big pig gets eaten. This statement tells the story of the market profits from our perspective. To be a profitable trader, you never look for the peak of the movement. You look for the small profits that will accumulate into a big one.

5) The Asset creates Volatile Market Conditions: Most Altcoins are traded according to the Bitcoin value.
Bitcoin is a volatile asset (relative to FIAT) and this fact should be taken into consideration, especially in the days when the Bitcoin value is moving sharply.

There are many things like Maintaining a Journal,Upgrading your strategy,Dynamic change in market Behaviour, Checklist for your Trading Plan, Psychological Mindset , all these plays a vital role in traders career and these are also important to know for Every trader.

Priceslide Strategy
1. Never be emotional – especially afraid

It’s easy to come in with mentality that it’s exciting to make money, because it is. However, trading has to be looked at with a cold and calculating eye. Don’t let the ups get you excited, or the downs get you depressed. People with a loser’s mentality trade with emotion. When the coin is down, just start slowly buying. When it’s up just start slowly selling (more on this later). If you allow fear to come into the trading process – fear of missing out, or fear of selling too soon / too late, you will never be an effective trader.

2. Always be prepared

Know your market, read the ANN thread of the coin you’re buying. Know the development team, their past, their scam accusations. Know the total amount of the coin in circulation and the inflation rate. Know how many coins the top holders have. Plan on coin accumulation over time – even when a coin can seem at its bottom, there’s always a chance scared people will push it 20% lower before there’s someone to pick up the pieces

3. Never put all your eggs in one basket

This should be obvious to everyone, but never champion a specific coin. “believing in a community” is the single most ridiculous thing that the altcoin traders have come up with. The dogecoin community was massive and actually got a nascar sponsorship through, but the excitement of the past doge days is long gone. My point here is that no community sticks around for too long, because there’s nothing to actually lock anyone in after big traders have abandoned the coin.

4. Always be logical

The same as never be emotional, stated in the positive. It is important enough to restate, because it is the single most critical, and common, mistake that traders make. The herd moves with what “seems” correct. Buy when a coin is going up. However, you should be selling when the coin is going up. That is the time to take profit – when everyone else is trading with emotional excitement, thinking only of their greed. It’s easy to take advantage of if you know what to look for

5.Never sell all your coins at once

Space your trades out – pumps can start and stop at any time, and any price level.

Even if you “know” it’s at the top, it can always go higher. Don’t live with that regret.

This is from my blog !

https://priceslide.wordpress.com/2016/09/20/5-things-all-traders-should-do/

There are people who have this kind of mentality on which they do fixed their minds on just holding.Depending on what kind of investor you are but as a wise one we should really always secure profits on peak prices and sell them off on those ranges and then buyback when theres a dip i would be that you will able to enjoy on seeing profits on short time than on longer ones.If you dont like the risk then stick on what you believe.

This may not be true always especially if you do not have knowledge and analytical skills to analyze market. Just for example I bought at 4500$ and say in future the prices is continuously falling, so as a smart investor I will sell off my holding and if further the markets dip I would buy more at a low. As bitcoin price will rise so I will sell later and can easily average out if any loss incurred in previous selling.

1. Stop trading
2. Hold
3. Hold
4. Hold
5. Hold

I always lose when it comes to trading because I trade with emotion but thank you for sharing this strategy, It's very helpful for newbie trader like me, hope that I will successful trader in the future.

Priceslide Strategy

4. Always be logical

The same as never be emotional, stated in the positive. It is important enough to restate, because it is the single most critical, and common, mistake that traders make. The herd moves with what “seems” correct. Buy when a coin is going up. However, you should be selling when the coin is going up. That is the time to take profit – when everyone else is trading with emotional excitement, thinking only of their greed. It’s easy to take advantage of if you know what to look for

5.Never sell all your coins at once

Space your trades out – pumps can start and stop at any time, and any price level.

Even if you “know” it’s at the top, it can always go higher. Don’t live with that regret.

This is from my blog !

https://priceslide.wordpress.com/2016/09/20/5-things-all-traders-should-do/

I find that is very hard to follow this rules, they are good but how to not be emotional? How to be prepared? I read so much about different coins, how to know is some coin is just a scam, or coin have a future?
I think not everyone can be a trader, analytical mind is needed for this.Mind that can proces million different informations, where are 999 990 informations stupid and irrelevant.

1. Stop trading
2. Hold
3. Hold
4. Hold
5. Hold

Controlling emotions becomes the most difficult thing to do. Every trade wants a profit, when it makes a profit it is perfectly normal to want to keep it. Human nature is like that. Already getting 10% then he's trying to get 20% and so on. Emotions that make us lose control and not focus. in the end we lose our strategy or worse lose money.

Controlling emotions becomes the most difficult thing to do. Every trade wants a profit, when it makes a profit it is perfectly normal to want to keep it. Human nature is like that. Already getting 10% then he's trying to get 20% and so on. Emotions that make us lose control and not focus. in the end we lose our strategy or worse lose money.