Topic: 5 Things All traders should Do - page 7. (Read 5660 times)

Wow, that is just weird!

I know that trading is a very stressful job, as he said the more money you invest the bigger your stress would be. But I never thought there are people with this much stress still continue trading. Someone should tell them "Change your job already!"

Nobody is forcing you to put yourself through agony just to be involved with trading and investment.

Absolutely you are right, these points really help us, and should learn for the trading, I also realize something, if we follow the rules, than definitely we can make profit from trading, not only these rules, but made rules for yourself. But as you said, these are basic rules and follow it than of course it help us.

Unfortunately people think that they will win during their trading. This is the biggest mistake they make. I know a few friends who used to wake up at 2 Am to just check how their trading was going.

They couldn't sleep and started to have sleep disorders. They started showing signs of addiction, not clear thinking and this impacted their life and their jobs.

It's been a while I don't know anything about them but I am sure they have not committed suicide otherwise I would have seen that in the news.

What I want to say is that trading just like gambling is not for everyone.

But to be honest its very hard to follow does steps if those traders doesn't have any patience to wait for the right time and suddenly drop bad decision upon their hodl/buy coins and sometimes we cannot do some preparedness since not all traders have enough time to monitor all happenings on their desired altcoins, and so maybe lacking of time to do trades affecting those emotional feelings of fellow traders upon giving quickly decision about selling immediately their coin to avoid lose or more lose.

yeah I agree, trading is not for everyone not only because it needs a lot of analysis and a strong will with no emotions but also because it is a very stressful job that can cripple you especially if you have invested a lot of money in it.
it has caused a lot of suicides in the history because people couldn't handle the big losses they sustained.

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.

read the two sentences before that. it is about not being emotional and not just simply following the other sheep in the herd!

but when you separate the part about not buying when the price is going up, it can have a lot of exceptions. for example there are a lot of times that you can't catch the rocket to the moon and the price has not yet reached the moon so you get on mid way and get out with a smaller profit but still make a nice profit out of it.

as an example i can say XMR when the price was rising i made a lot of trades and made a lot of profit short term because i got in late but still got in before the top.

All of that is a part of the important reason is need to be remember for traders, but thanks before bout this article... maybe there are another point is not listed in there.

"Always be logical" isn't the opposite of "Never be emotional".  Just Fyi.  I do agree with both of them.  Fear and greed drive traders to do some really stupid things.  Not sure what kind of logic exists with crypto.  There's not much to analyze.

I would have thought such gems as "know when to pull out", "don't over commit" and "be prepared to wait" would have been more obvious ones.

Will be interested to see what other ones are thought up.

Thanks for the heads up. In number four, you said we should be selling when the coin is going up, not buying.
How would you know a coin is going to go up? You can only risk that move with coins that have stayed at top 10 for at least two months.

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/