Topic: 5 Things All traders should Do - page 6. (Read 5641 times)

Mistake, the advice given by the OP is correct, but this is in no way all what you need to know, if you want to be a successful trader you will probably need to read and digest a few books and probably you will need hundreds of hours of practice doing trades, trading is a lot more difficult than what you may think.

That's what you called a having an extra ammo if the price went to a more dipping movements after you did a buying action on the said price. In other term, taking advantage of every dip.

So in here, analyzing all the possible factors why the price dips after your last move must be placed on the table so eventually your extra ammos is worth to execute.

I agree with all of those points. You could also say don't buy all your coins at once. Sometimes it's good to hold some cash to buy if the price drops lower than you expect.

Quite general pieces of advice, though. I'd add some points like 'Stay tuned about the ltest cryptocurrency news', 'Always research before investing in new currencies', etc. The lack of information often leads to losses.

You made a point with this 5 things we should do to be successful in trading. I tried to trade, and I didn't have luck. I think it's not so easy to follow this advice's. I can move emotions on a side, but preparation is different. I'm not sure how we can prepare ourselves, I'm reading about alt coins but every coin has some follower's that wrote nice things about it. How can I know what is true and what is lie?
I think like some other people, trading is not for everyone.

I just finished reading it and I like it because it is so detailed, this is all I need to know to be a successful trader.

Admittedly, sometimes I cannot hold my emotions to take over my decision making in gambling, maybe I need to control myself a bit.

This is true if you look for the very best in any area, whether this is soccer, chess, physics, etc. You will find persons that are obsessed with being the best that they can be, I think this is called “The Rage to Master”

Yeah so true ,as the traders saw the coin they invested or bought was dump far from the buying amount they actually both ,one thing will come to their mind is a panic selling which don't let their mind think about what are the guidelines and we don't have the right to blame them because of their experiences on other coins especially on scam coins .

I will add Researching about coin.
Diversify (divide your money )
Buy and hold
When to buy and sell(Right timing )
Monitor the move of traders

I don't need to elaborate if youre a trader you will understand it .

Yes I believe that not only should you put in the same basket all the egg when the basket fell all broken . So when you invest you do not put all your money in one investment to lose one if you have more money left to compensate . And preferably before you invest to study carefully so you do not sink .

Thanks for good tips, i really like this one "never put all your eggs in one basket". Yes better to diversify your investment over several coins than bagholding shitcoins for years.

It may seem no less weird, but without such addiction (maybe, a little bit less pronounced) you may not get to the top of the trade, so to speak. Any activity requires a kind of dedication if you want to become successful at it at all, and I think that trading is no exception to this rule. So just staying cold-blooded may lead you nowhere unless you get there by going through extremes, or at least by getting a feel of the extremes with your own skin. You won't lose much, but you won't earn much either, just like if you were staying away from trading altogether...

In other words, no gain without pain

This  is a great advice.  The amount of wisdom on trading that is inculcated in my mind had grown.  this is good for a beginner trader like me.  I have always been impatient when it comes to waiting on the right time to sell. 


I think this is called fluidity. Being able to adopt in certain situation.  We all know  that rules are not applicable all the time.

Seems you are an experienced trader, because these points and tips can be obtained after many losses and profits, all your points are absolutely important and any trader should follow it in order to avoid a lot of losses.

This is good advice but I would like to add the next as a side note, following principles and rules to the letter is fine but you must recognize that there are moments in which sometimes the correct move is to break the rules, those that know this, by instinct or experience, end up being the best in their fields.

Wow! Thank you for all your replies!

Never be emotional is meant to say that it's the same as always be logical - stated in the positive. It's the same phrase stated in the opposite way. Just a grammar typo. Thank you for pointing it out.
Logic in crypto is maintaining a buy-low/sell-high mindset even when coins are having massive fluctuations in price.


Trading XMR above .015 is really gambling, even if you can make a lot of money with it, it isn't following the fundamentals I'm suggesting here.

I liked what you said about 99% of the coins information being irrelevant. It's mostly true, because basically all the alt- coins can be viewed as basically the same. What you really need to be prepared about is everything I stated in my post. Understand how people are generally talking about the coin. If it was super hyped and has dropped 80-90% from its peak, but not because a developer dumped their coins or because of a scam accusation, then there's an insane likelihood that the coin will pump - even if it takes 1.5 years lol.

Make sure trading doesn't turn in to a gambling habit for you - waking up at 2 AM to "check your trades" is pointless. You should have buys and sells placed intelligently so that if the coin goes up or down you are making a profit.

dunfida- i'm sorry you're confused about number 5. When you are accumulating a coin, you can start to put small sell orders in the orderbook so that if there are price increases you make money, then you put small buy orders down so that if there are any price decreases, you're prepared and are buying more. When pumps happen, it can be very tempting to sell after 150% increases, but if you sell all of your coins after 150%, you may miss out on 3 more days of pumping that lead your chosen coin to be at 1500% and you've missed out. does this answer your question?

I wanted to say that if you make many buy orders on the way down - following a proper accumulation method (outlined here: https://priceslide.wordpress.com/2016/09/16/accumulate/) and you get filled, you need to sell as the coin goes up, not all at once.

It is not but still pretty close. When you get agitated you can't think logically since the emotions you feel simply switch off that part of your brain which is responsible for logical thinking, and your reasoning becomes chaotic and disruptive. But if you don't possess good logical thinking skills as such, whether you are agitated like a wasp or cool as a cucumber is utterly irrelevant...

This seems to be the point you are trying to make