7 Things have to do to become a Good Crypto Trader - page 2.

davinchi

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Quote from: palle11 on June 14, 2020, 03:41:37 PM

Quote from: Zemomtum on May 05, 2020, 06:46:25 PM

I do really agree with most of your inputs and in addition, one thing that is worth adding is that traders should not be too greedy, take profits before the market goes against you.

Fairly good advise and short. Greed in trading leads to regret. Regret happens because there has been a loss. Therefore to avoid such, all platforms of trading provides for take profit which can just be activated to help trader in exiting the market with profit even in their absence.

Thank you considerably These suggestions are specialized Success is feasible if you avoid greed and regret when it involves trading. If we follow the principles of those platforms in trading we'll be ready to become active within the trading market very easily.

Greed is not always the reason for trying to make more profit. This is a volatile market and that is why when profits are at around 3% for example, many people do not withdraw because they think bitcoin moved from 7k to 10k just recently, so why not again? If this was stock market, you would take that 3% and leave very easily, and it would make sense as well. However when you are in crypto market taking that 3% and leaving would not really make sense considering it could make 10%+ as well.

At the end of the day it is not about the people but more about the market, in gold market 3% is huge, in stock market it is good, in forex market it is great in crypto market it doesn't really mean anything at all. So as you can see I am the same guy yet I look at markets differently.

bitbunnny

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Quote from: Lanatsa on June 14, 2020, 06:45:29 PM

Those are common points but these things are most important;

1. Dont trade with emotions.
2. Dont be greedy
3. Always set limitation
4. Dont chase up losses
5. Learn from mistakes.

There are lots of factors needed but i do believe that these are the main ones.

This is very true, all the basic stuff that every trader needs to know and obey.
What I would add to this list is to be determined in making decision and always be good informed what is happening in the market. Always collect information and learn. I guess that every trader with experience becomes aware of everything you have mentioned but very often we don't keep that in mind so it's good to repeat from time to time.

justdimin

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Honestly I am already familiar with most of the rules/tips you have provided on this topic but I'm not a successful trader all the times. I mean even knowing all these rules is not helping me to get profits out of crypto trading on consistent manner. One probable reason could be, not just knowing these rules will not help any trader but they must learn these rules by heart and then should behave as per these rules while trading. Most of the time while trading, I do forget everything due to aggressiveness of trading and emotional failures.

I am sure most traders must be facing similar problem even coming across lots of suggestions and rules about trading. In my personal experience no such rules and suggestions are helping any trader but only their own experiences. Because people do remember to follow only the rules which happened to learn after a failed trading attempt and losses.

jerrison

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Quote from: UrEspasito on May 04, 2020, 11:19:05 AM

Hello Everyone !!

So, Here are the Few Tips or Say Rules that Which i would like to share with you !

I know many of you might be knowing it already for sure , but I don't know how much of you guys are following it !!😄

1 ) Never Go With Full Amount in Single trade ! We can never be full Sure, Whatever the TA/FA is, it doesn't matter !!! Never invest More than 10-15% of your total Portfolio in Single trade ‼️

2 ) Accept Losses ! Yeah it's a part of Game Man ! Many of us don't accept small losses & then it becomes so fucking Huge that they can't even think sensibly further & then just Starts Gambling !!✅

3 ) Never Go for Revenge Trading : I have seen many times that when Even a Small loss happens, many of us will just go with double Amount in next trade just because we can't accept loss & wanted to recover that with injecting double Amount ! It's really Silly Boys !! How you can be sure that your that trade will go on perfect way 100% Huh

4 ) Don't Try to get Rich Quick !! You will get REKT FOR SURE !! U can takeit in written from me !! So Just STOP GAMBLING, If your really Want to just Try your luck, better go For the Casino !! 🎲

5 ) Apply Stoploss & Trail it whenever coin goes up ! I will advise you that whenever any of our call / your trade goes 4-6% Up bring your stop at Entry & Secure some Profit then keep raising Your Stoploss with Raise In Price of that Coin !✅

6 ) STOP DIGGING IF YOU FOUND YOUR SELF IN A HOLE ! It means Don't just keep adding your funds On losing Position Just with a hope that It Will Turn Around & you will become a Fucking Rich !🚫

7 ) Go with Flow !! Don't Trade against trend !! You Can't Just Go LONG because it DUMPED & can't go For SHORT Just because it PUMPED !!📈📉

So Guys, This is all i wanted to tell you !! This aren't just lines, but this is what I have Experienced Myself In Years of trading !! I Hope At least few of you Will Follow this !! So At least my Time for Writing this All will Not Go in Vain !!😅

Wish You All The Very Best !!

Common Mistakes to Avoid while Trading: https://bitcointalksearch.org/topic/common-mistakes-to-avoid-while-trading-5246443

Very succinct. These are mostly the mindset i possessed and i am still working on it to unlearn it as is does not in anyway build a profile that is recommendable in the trading space. i appreciate this tips and will update my "do not" list to continue with the trading successfully. please keep more of this updated in here if the need arises.

iv4n

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Quote from: Flangler on June 17, 2020, 03:50:08 AM

Quote from: Lanatsa on June 14, 2020, 06:45:29 PM

Snip

I m not sure about the last step, the market is different every time, so If you, for example, closed position with small profit cuz you saw something off and price just blasted off after you closed, next time when you do the same and price can return. The only thing we are sure in trading is when we exit a trade, it is better to take small profits even few dollars, instead of keeping a position and end up with losses.

There's a word for that, greediness. Settling with some small profit is better than any lose (small or big), but people don't understand that part because majority of so called traders wishes quick and high profit. In long run such traders get busted, or face with many loses, while taking small profit when ever you can is a strategy for long run. And if you make 1-2% everyday with time your profit will be higher, simple math as you grow your trading amount 1-2% becomes more too.
And you have to agree that we need to learn from mistakes, its the best way to find out what is there for you or not, not everything works every time for everyone. You need to find what suits you, to come to that point you will make at least a few mistakes.

Flangler

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Quote from: Lanatsa on June 14, 2020, 06:45:29 PM

Those are common points but these things are most important;

1. Dont trade with emotions.
2. Dont be greedy
3. Always set limitation
4. Dont chase up losses
5. Learn from mistakes.

There are lots of factors needed but i do believe that these are the main ones.

I m not sure about the last step, the market is different every time, so If you, for example, closed position with small profit cuz you saw something off and price just blasted off after you closed, next time when you do the same and price can return. The only thing we are sure in trading is when we exit a trade, it is better to take small profits even few dollars, instead of keeping a position and end up with losses.

Oilacris

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Quote from: Yatsan on June 16, 2020, 08:22:24 AM

Quote from: Vitalicus on June 16, 2020, 01:45:59 AM

Quote from: KrisAlex18 on June 14, 2020, 10:00:53 PM

if we are losing continuously then we should think wise, it's better to stop than to fight. You may try it for some other days, do not remove it on your entire life just take a rest.

Agree! Taking a break when trading are really helpful! It provides you a time when you can relieve the stress and fresh your mind! Nothing is better than trading with a fresh mind and make clear decisions without affected by any emotions!

That's why a lot of trader are losing because they are not taking a break! Instead of stopping they are going hot and their trade is going to be bigger thinking that if they make it, they will get back all the money that they lose on trading (It's pretty similar on gambling). Taking a break is always the solution on consecutive lose, it's hard to control the emotion when losing so, taking a break is indeed the best move for that.

Most of us would really experience that kind of scenario on where we dont mind on taking a break with trading and do continue to trade

even if there were no good positions to entry on.This would really act like gambling if you do treat it on that way..Fear of missing out good opportunity it
common or normal but you should really take some breaks to avoid mistakes since you are already exhausted or get stressed for long durations on dealing up with the market.

Just be consistent and determined which is a good recipe to last up into this kind of market.

FanEagle

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Do not rush into investments is the most important one there is. Too many people invest with emotions and they do not know when to stop, that is why I try to keep those people away from my trading circle, they keep on finding new coins each week and how it will "TO DO MOON" or whatever the lingo is these days and they end up buying it right when it increased 85% and suddenly they realize they are too late and the price starts to drop.

I am sorry but if making money was as easy as "buy whatever is going up" everyone would have done it, you have to buy it BEFORE it goes up and nobody realizes that when they deal with emotions. At the end of the day I like to take my time, not rush into things, as long as I can take my time and research something I would be capable of picking something nice.

Yatsan

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Quote from: Vitalicus on June 16, 2020, 01:45:59 AM

Quote from: KrisAlex18 on June 14, 2020, 10:00:53 PM

if we are losing continuously then we should think wise, it's better to stop than to fight. You may try it for some other days, do not remove it on your entire life just take a rest.

Agree! Taking a break when trading are really helpful! It provides you a time when you can relieve the stress and fresh your mind! Nothing is better than trading with a fresh mind and make clear decisions without affected by any emotions!

That's why a lot of trader are losing because they are not taking a break! Instead of stopping they are going hot and their trade is going to be bigger thinking that if they make it, they will get back all the money that they lose on trading (It's pretty similar on gambling). Taking a break is always the solution on consecutive lose, it's hard to control the emotion when losing so, taking a break is indeed the best move for that.

Vitalicus

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Quote from: KrisAlex18 on June 14, 2020, 10:00:53 PM

if we are losing continuously then we should think wise, it's better to stop than to fight. You may try it for some other days, do not remove it on your entire life just take a rest.

Agree! Taking a break when trading are really helpful! It provides you a time when you can relieve the stress and fresh your mind! Nothing is better than trading with a fresh mind and make clear decisions without affected by any emotions!

TheGreatPython

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Quote from: Lanatsa on June 14, 2020, 06:45:29 PM

1. Dont trade with emotions.
2. Dont be greedy
3. Always set limitation
4. Dont chase up losses
5. Learn from mistakes.

It seems the first 2 points are talking about the same thing Grin

.
When you have predetermined plans then you can set limits before getting into trading which could be followed when you are having strong will power (people do call it discipline in trading.).

When you are not emotionally failed and you are ready to accept loses then you will never go for chasing you losses.

Continuous learning is mandatory for every trader. When you do not want to repeat your mistakes then you must take time to studying your mistakes which helps not repeating same mistakes.

Quote from: KrisAlex18 on June 14, 2020, 10:00:53 PM

if we are losing continuously then we should think wise, it's better to stop than to fight. You may try it for some other days, do not remove it on your entire life just take a rest.

Taking break regardless of we are making profits or losses will help any trader to go further with more confident and with more innovative ideas. I mean if you make profits then also you may go for a break; this will help you to make your skills more stronger and better. After a lose, we must take a break without any exception.

ethereumhunter

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Number one will be the thing that traders can forget to remember because the trend of the coin suddenly change the direction, and make the price increase in a short time. They will be blind to expect a bigger profit when they see the price moves to the higher price, and they will go with all-in to buy the coin before they lose the chance to buy at a low price. I think there are many others that we need to become a good crypto trader, and we need to learn one by one, so we can have more knowledge.

Desscount

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don't follow FOMO, don't follow REKT, can read charts, have analytical techniques, and can control emotions,
i don't have 7 things, i have 5 is enough if you can to do it

dragon695

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Quote from: Lanatsa on June 14, 2020, 06:45:29 PM

Those are common points but these things are most important;

1. Dont trade with emotions.
2. Dont be greedy
3. Always set limitation
4. Dont chase up losses
5. Learn from mistakes.

There are lots of factors needed but i do believe that these are the main ones.

Yup! Besides, learning and be advised by others' experiences are also helpful. Generally, to become a good trader, a person needs to start learning and then practicing, going through failures, and getting experiences out of it themselves. There's no easy way to be successful without dedication,hard works, failure, and experiences.

Lorence.xD

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Quote from: KrisAlex18 on June 14, 2020, 10:00:53 PM

There are already many threads related to this one, learning should be the first things that the beginners should prioritize, you should learn first the nature of trading, there are many beginners who don't even have any knowledge about trading buy they still do trading that is why they ended up losing their money, which is really normal for the beginners, in order for us to learn we should have experienced first, as what others say, the experience is the best teacher which is really true based on my own experience, other people would also be a good help for you, they may give you some advice. You may also use youtube for watching some tutorials for you to learn it.

The threads that spawn related to lessons you should consider when trading is a good thing actually because they serve as perspective of different OP and their respective experiences, they make diverse option to make people choose what the newbies like me could ponder on and follow. Though the threads that pops up about trading advice, I think that it is a good thing.

KrisAlex18

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There are already many threads related to this one, learning should be the first things that the beginners should prioritize, you should learn first the nature of trading, there are many beginners who don't even have any knowledge about trading buy they still do trading that is why they ended up losing their money, which is really normal for the beginners, in order for us to learn we should have experienced first, as what others say, the experience is the best teacher which is really true based on my own experience, other people would also be a good help for you, they may give you some advice. You may also use youtube for watching some tutorials for you to learn it.

Quote from: GreatArkansas on May 04, 2020, 07:09:45 PM

Very well said, especially the number 4 and number 5. They really important, especially the stop-loss for our every trade, because I believe there is no trade 100% every time, so it will always safe to set our stop-losses for every trade we do. Risk Management is important and being greedy is very no for me.

Well said, we should know how to limit ourselves in trading, if we are losing continuously then we should think wise, it's better to stop than to fight. You may try it for some other days, do not remove it on your entire life just take a rest. It

Pamadar

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Quote from: UrEspasito on May 04, 2020, 11:19:05 AM

Hello Everyone !!

So, Here are the Few Tips or Say Rules that Which i would like to share with you !

I know many of you might be knowing it already for sure , but I don't know how much of you guys are following it !!😄

I only have on these 7 advises to comment for because it is important to be imposed and tackled .

Quote

1 ) Never Go With Full Amount in Single trade ! We can never be full Sure, Whatever the TA/FA is, it doesn't matter !!! Never invest More than 10-15% of your total Portfolio in Single trade ‼️

i don't think that there are still stupid trader that Putting all their money in single currency?because diversifying or at least saving other amount to make trade in the next days.

Quote

3 ) Never Go for Revenge Trading : I have seen many times that when Even a Small loss happens, many of us will just go with double Amount in next trade just because we can't accept loss & wanted to recover that with injecting double Amount ! It's really Silly Boys !! How you can be sure that your that trade will go on perfect way 100% Huh

Nope that is a gamblers attitude.

I have some friends that doing that but majority never chase losses because this is more than risky to do.

Quote

5 ) Apply Stoploss & Trail it whenever coin goes up ! I will advise you that whenever any of our call / your trade goes 4-6% Up bring your stop at Entry & Secure some Profit then keep raising Your Stoploss with Raise In Price of that Coin !✅

Lol stop loss is not applicable at any time,because there comes a instances that we cannot apply this when we are doing other strategy like artbitrage .

Quote

6 ) STOP DIGGING IF YOU FOUND YOUR SELF IN A HOLE ! It means Don't just keep adding your funds On losing Position Just with a hope that It Will Turn Around & you will become a Fucking Rich !🚫

this is like chasing losses,we must not do such a thing if we want to be successful in trading.

Lanatsa

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Those are common points but these things are most important;

1. Dont trade with emotions.
2. Dont be greedy
3. Always set limitation
4. Dont chase up losses
5. Learn from mistakes.

There are lots of factors needed but i do believe that these are the main ones.

palle11

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Quote from: Zemomtum on May 05, 2020, 06:46:25 PM

I do really agree with most of your inputs and in addition, one thing that is worth adding is that traders should not be too greedy, take profits before the market goes against you.

Fairly good advise and short. Greed in trading leads to regret. Regret happens because there has been a loss. Therefore to avoid such, all platforms of trading provides for take profit which can just be activated to help trader in exiting the market with profit even in their absence.

mornb

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I think we don't need to apply stop-loss. we just need to wait a little more.

Topic: 7 Things have to do to become a Good Crypto Trader - page 2. (Read 1257 times)