Discipline to follow trading plan, avoid greedy and unpatient is others more important thing in trading. 95% trader failed because they have bad psychology in trading so we should be learn how to manage it. And for knowledge about technical analysis is only second thing in trading.
I think that trading skills are the first thing that must be owned, because in my opinion without skills, it is useless for your patience and control. trading is not gambling, so the skills you must have first. and self-control you will automatically you have when the basics of trading already you know 
Topic: 95% OF YOU Will Fail Trading: Learn how to overcome this stat - page 2. (Read 643 times)
I don't believe the failure rate is that high but very few people will be able to earn a substantial amount from trading. If you lack patience then trading is essentially just gambling at its core. The only consistent winners are the exchanges because they always make money off fees whether in a bull or bear market.
trading is very different from gambling, if trading if we lose then our capital money does not disappear only decreases but if we gamble if we lose then our capital money will also be lost because the winner takes it, so don't be afraid to trade because the loss of traders is always the best teacher later on we can understand trade and we can benefit. 
~snip
I am referring to places like PowerBot that 'trade for you' to get a 1.5% ROI per day. There basically scams. Not algorithm trading bots, should of made that more clear.
Thanks for clarifying. I think I want to create a clear difference between those. At least it's better understanding, especially that there are a lot of people who got scammed by it. Algorithm bots are legitimate, and the ones that ask people for money and tell them they are going to trade for you, immediately scam. I am referring to places like PowerBot that 'trade for you' to get a 1.5% ROI per day. There basically scams. Not algorithm trading bots, should of made that more clear.
Trading is really a risky business. As the saying goes, Hiroshima was destroyed in a day, meaning that it is VERY easy for you to lose your money if you're trading recklessly, or without any prior experience.
Another saying goes by "Rome was not built in a day". To me, hodling is definitely the best way to keep long term wealth. There are living examples like Warren Buffett around who does this.
I occasionally trade too, but mainly with money I can afford to lose. When I first started, I would start with some guides. Once I learned the basic, I would then try trading on a demo account, so I can see my mistakes and learn from them, without having to lose any money. I have linked an exchange that allows you to do demo trading.
Another saying goes by "Rome was not built in a day". To me, hodling is definitely the best way to keep long term wealth. There are living examples like Warren Buffett around who does this.
I occasionally trade too, but mainly with money I can afford to lose. When I first started, I would start with some guides. Once I learned the basic, I would then try trading on a demo account, so I can see my mistakes and learn from them, without having to lose any money. I have linked an exchange that allows you to do demo trading.
First of all, based on what data did you come up with the "3% of the total balance" idea? Is there are significance of trading only 3% of the total balance? Wouldn't that just make trading with small balances render useless? And learning is not possible without any capital. You will need to trade using real investments to get real experience. Trading experience with fake money vs real money is never the same.
I am referring to Margin trading here. If for example you have 3% risk of your account then you add a multiple on it, for example, BitMEX has 10X your technically playing with 30% of your stake anyways. 3% is mainly for new people wanting to learn. You increase the % as you go I suppose.
~snip
- Only trade yourself and DO NOT use auto trading bots led by a company
Can you show some examples of those auto trading bots led by a company? - Only trade yourself and DO NOT use auto trading bots led by a company
It’s immediately a possible scam if you will deposit some kind of money to somebody elses account and expect to give the profits back to you. You should control all your accounts and make sure to have 2FA enabled. That’s one thing to consider when you are starting to trade.
I don’t completely agree with this. Maybe you are not well educated enough with the legitimate crypto trading bots that are around. Like Gunbot, you will connect to your chosen exchange via API. You won’t disclose anything towards another person, just your API key and the activation license towards it. Keep your API Secret a secret.
I think you have bad experience towards the “auto trading” part but I assure you that it’s different when you control your account and you download the software. It’s not in the cloud. Check out Gunbot
I am referring to places like PowerBot that 'trade for you' to get a 1.5% ROI per day. There basically scams. Not algorithm trading bots, should of made that more clear.
Just a basic tips for trading. Anyway, I appreciate it.
But if you are a margin trader, using small leverage is really useful especially when you are not sure about your TA. Setting also stop loss is very significant if you are a trader. Another thing that I've noticed based on experience that using many indicators will just let you confuse and sometimes makes you feel unconfident.
But if you are a margin trader, using small leverage is really useful especially when you are not sure about your TA. Setting also stop loss is very significant if you are a trader. Another thing that I've noticed based on experience that using many indicators will just let you confuse and sometimes makes you feel unconfident.
Thank you for sharing this tips with us and it is really very important we adopt it into our trading. I am more impress on practising as much as you could with demo. This is very important because it almost impossible to show profits in real account if your demo trade is full of loss. It is an unwise decision to jump into cryptocurrencies and financial assets investments without adequate knowledge on how it works and the ways to personally analyzed the market properly.
Good strategy its not easy to control your emotion especially when you fomo to the altcoin, I only use 5% of my capital wheb doing trading then a 2 to 3% stop loss just be patient to entry because a wrong move can cause losing all your capital, just learned how to read the launguage of trading to easily win the your trade.
Trading is driven by people's emotion but don't let your emotions to be in if you want to overcome your losses because you can make profits only when you thing against the normal people's mindset.JUst create your own strategy,I don't think is there any formula available to be successive in crypto trading.
~snip
- Only trade yourself and DO NOT use auto trading bots led by a company
Can you show some examples of those auto trading bots led by a company? - Only trade yourself and DO NOT use auto trading bots led by a company
It’s immediately a possible scam if you will deposit some kind of money to somebody elses account and expect to give the profits back to you. You should control all your accounts and make sure to have 2FA enabled. That’s one thing to consider when you are starting to trade.
I don’t completely agree with this. Maybe you are not well educated enough with the legitimate crypto trading bots that are around. Like Gunbot, you will connect to your chosen exchange via API. You won’t disclose anything towards another person, just your API key and the activation license towards it. Keep your API Secret a secret.
I think you have bad experience towards the “auto trading” part but I assure you that it’s different when you control your account and you download the software. It’s not in the cloud. Check out Gunbot
The grim thing to hear, I know but it's how the markets work. You cannot all win. But the ones that do, guess how? They take all the money from the people who constantly lose money within the markets.
So how do you overcome the fear of failure and go against the statistics? It's like anything when you consider success only so many people walk through it all and get to the other side and are actually considered to be a success; movie stars, sportsmen and women and so on. It is no different from trading.
A quick cheat list to help you
- YOU must understand the importance of RISK MANAGEMENT
- YOU need to know elements of technical analysis
- YOU are also required to understand fundamental analysis
- Create a journal and record all of your trades.
- LEARN as much as you can and practice without any capital.
- Understand the concept and process of compounding and why it is so important.
- Only trade yourself and DO NOT use auto trading bots led by a company
- Use 3% of your entire balance
- Make sure you have a trading plan and follow it each time
- Look for the formula and not the feelings.
[/list]
I've helped a lot of people in the past get over the trading hurdle. The problem is, everyone wants to be as good as the rich guy. Sometimes you got to get years and years of experience under your belt to get very good and get very profitable.
yes you are right because of don't following some simple steps and simple strategies will made you to a huge disappointment in the end so following some good strategies will always be helpful for you to get the extra income for your work so I think this is called as smart work. So how do you overcome the fear of failure and go against the statistics? It's like anything when you consider success only so many people walk through it all and get to the other side and are actually considered to be a success; movie stars, sportsmen and women and so on. It is no different from trading.
A quick cheat list to help you
- YOU must understand the importance of RISK MANAGEMENT
- YOU need to know elements of technical analysis
- YOU are also required to understand fundamental analysis
- Create a journal and record all of your trades.
- LEARN as much as you can and practice without any capital.
- Understand the concept and process of compounding and why it is so important.
- Only trade yourself and DO NOT use auto trading bots led by a company
- Use 3% of your entire balance
- Make sure you have a trading plan and follow it each time
- Look for the formula and not the feelings.
[/list]
I've helped a lot of people in the past get over the trading hurdle. The problem is, everyone wants to be as good as the rich guy. Sometimes you got to get years and years of experience under your belt to get very good and get very profitable.
First of all, based on what data did you come up with the "3% of the total balance" idea? Is there are significance of trading only 3% of the total balance? Wouldn't that just make trading with small balances render useless? And learning is not possible without any capital. You will need to trade using real investments to get real experience. Trading experience with fake money vs real money is never the same.
I have learned trading, reading many books of important speculators such as Wyckoff, Livermore and other books that open the way of thinking about trade.
The important thing is to know what to do in the market, to achieve it, you must understand it, then you can rely on technical analysis and fundamental analysis, it is not very good that you only do technical analysis if there is no clarity in which direction the market can go, it is better to have good arguments to enter a position, either in high position or down, in that way, at least the losses can stop.
The important thing is to know what to do in the market, to achieve it, you must understand it, then you can rely on technical analysis and fundamental analysis, it is not very good that you only do technical analysis if there is no clarity in which direction the market can go, it is better to have good arguments to enter a position, either in high position or down, in that way, at least the losses can stop.
Following some good points and strategies in trading is the most important and common thing for every traders because it will be the way to get success you don't have any idea about what you are doing at this moment it may give you are different mind set for taking wrong decision also.
Trading bots aren't actually all bad. If you're willing to take the time to learn about how to properly use them, how to configure the particular bot you have, and how to create a good configuration for the bot (and also maintain the bot from time to time to ensure best performance), they're actually pretty effective. The bots themselves usually are not the problem, the real problem is most people aren't willing to put much time into them and end up with an overall loss or don't know how to configure the bot they have.
Some trading bots also have official forums or Discord servers where you can learn more about the particular bot you have or are planning on buying (and some example configs, etc), and I highly suggest reading up on whatever trading bot you're getting before you buy it. Some are better than others.
Some trading bots also have official forums or Discord servers where you can learn more about the particular bot you have or are planning on buying (and some example configs, etc), and I highly suggest reading up on whatever trading bot you're getting before you buy it. Some are better than others.
Everything points mentioned here in your short write-ups are all valid except one which I personally disagree with is the 7th point, but that doesn’t make it invalid though, because I believe that what worked for Jack might not work for jill. It is not completely bad to use BOT trading software from a reliable company, many trader are willing to trade, but lack the time to do so as a result of one activities or another that they are also engaged in it to make more money, and for those people, it is best they engaged the service of a BOT software to do that on their behalf while they are away.
The grim thing to hear, I know but it's how the markets work. You cannot all win. But the ones that do, guess how? They take all the money from the people who constantly lose money within the markets.
So how do you overcome the fear of failure and go against the statistics? It's like anything when you consider success only so many people walk through it all and get to the other side and are actually considered to be a success; movie stars, sportsmen and women and so on. It is no different from trading.
A quick cheat list to help you
- YOU must understand the importance of RISK MANAGEMENT
- YOU need to know elements of technical analysis
- YOU are also required to understand fundamental analysis
- Create a journal and record all of your trades.
- LEARN as much as you can and practice without any capital.
- Understand the concept and process of compounding and why it is so important.
- Only trade yourself and DO NOT use auto trading bots led by a company
- Use 3% of your entire balance
- Make sure you have a trading plan and follow it each time
- Look for the formula and not the feelings.
[/list]
I've helped a lot of people in the past get over the trading hurdle. The problem is, everyone wants to be as good as the rich guy. Sometimes you got to get years and years of experience under your belt to get very good and get very profitable.
thank you for your great points that you are mentioned above in your statement and there will be in most of the times we are doing some common mistakes if we get out from that we will be a good trader for long time so I think some of these points were very useful for everyone to be a best trader in his journey. So how do you overcome the fear of failure and go against the statistics? It's like anything when you consider success only so many people walk through it all and get to the other side and are actually considered to be a success; movie stars, sportsmen and women and so on. It is no different from trading.
A quick cheat list to help you
- YOU must understand the importance of RISK MANAGEMENT
- YOU need to know elements of technical analysis
- YOU are also required to understand fundamental analysis
- Create a journal and record all of your trades.
- LEARN as much as you can and practice without any capital.
- Understand the concept and process of compounding and why it is so important.
- Only trade yourself and DO NOT use auto trading bots led by a company
- Use 3% of your entire balance
- Make sure you have a trading plan and follow it each time
- Look for the formula and not the feelings.
[/list]
I've helped a lot of people in the past get over the trading hurdle. The problem is, everyone wants to be as good as the rich guy. Sometimes you got to get years and years of experience under your belt to get very good and get very profitable.
The grim thing to hear, I know but it's how the markets work. You cannot all win. But the ones that do, guess how? They take all the money from the people who constantly lose money within the markets.
So how do you overcome the fear of failure and go against the statistics? It's like anything when you consider success only so many people walk through it all and get to the other side and are actually considered to be a success; movie stars, sportsmen and women and so on. It is no different from trading.
A quick cheat list to help you
- YOU must understand the importance of RISK MANAGEMENT
- YOU need to know elements of technical analysis
- YOU are also required to understand fundamental analysis
- Create a journal and record all of your trades.
- LEARN as much as you can and practice without any capital.
- Understand the concept and process of compounding and why it is so important.
- Only trade yourself and DO NOT use auto trading bots led by a company
- Use 3% of your entire balance
- Make sure you have a trading plan and follow it each time
- Look for the formula and not the feelings.
[/list]
I've helped a lot of people in the past get over the trading hurdle. The problem is, everyone wants to be as good as the rich guy. Sometimes you got to get years and years of experience under your belt to get very good and get very profitable.
making the trading plan and establishing it in a right time will be the best point of you for everyone to get the perfect trading and the rest of other points are always being very useful for me to get clear mind about trading so thank you for your valuable points about trading. So how do you overcome the fear of failure and go against the statistics? It's like anything when you consider success only so many people walk through it all and get to the other side and are actually considered to be a success; movie stars, sportsmen and women and so on. It is no different from trading.
A quick cheat list to help you
- YOU must understand the importance of RISK MANAGEMENT
- YOU need to know elements of technical analysis
- YOU are also required to understand fundamental analysis
- Create a journal and record all of your trades.
- LEARN as much as you can and practice without any capital.
- Understand the concept and process of compounding and why it is so important.
- Only trade yourself and DO NOT use auto trading bots led by a company
- Use 3% of your entire balance
- Make sure you have a trading plan and follow it each time
- Look for the formula and not the feelings.
[/list]
I've helped a lot of people in the past get over the trading hurdle. The problem is, everyone wants to be as good as the rich guy. Sometimes you got to get years and years of experience under your belt to get very good and get very profitable.
I think the most important thing is to monitor your emotional state. Sometimes you want to throw everything and go for some desperate action. But in most cases it does not lead to anything good. Therefore, you should always trade in a good mood. As well, recording all your transactions is also useful.
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