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Topic: A good advice for every traders. - page 14. (Read 3669 times)

sr. member
Activity: 868
Merit: 257
December 14, 2019, 08:31:29 PM
#68
Quote
5. according to the records , if you find something wrong with your trading logic, fix it
All of you mention are more important for us if we doing in trading.
And Ill agree with this number 5 in your list, Because they have time we are make some mistake in trading on why we are losing some profit in trading.
So we need have some records of which are we have wrong for trade, So that we can fix it early and avoid it if we trade again.

It was risky if we are in trading situation so thats why we need more plan and strategy for trading.
Being new in trading I really don’t know enough about trading but as per my short time experience I think you said all right things that we should try to make list of our mistakes and we should know about good time to trade. We should be aware of time to purchase and time to sell. Trading as a newbie is good for long term and avoid being so emotional.
Mistakes aren't avoidable but it can be lessen. Listing it can help but it's hassle for you since it can be easily remembered by our minds. I think it's better to focus more on strategies and technicalities rather than figuring out what wron we have done. In terms of type of trading, as a newbie it's not good for them to trade for long term because it could lead them to failire since they can lose too much if they are holding on somethint they know not too much about.
sr. member
Activity: 952
Merit: 251
December 14, 2019, 05:31:03 PM
#67
Quote
5. according to the records , if you find something wrong with your trading logic, fix it
All of you mention are more important for us if we doing in trading.
And Ill agree with this number 5 in your list, Because they have time we are make some mistake in trading on why we are losing some profit in trading.
So we need have some records of which are we have wrong for trade, So that we can fix it early and avoid it if we trade again.

It was risky if we are in trading situation so thats why we need more plan and strategy for trading.
Being new in trading I really don’t know enough about trading but as per my short time experience I think you said all right things that we should try to make list of our mistakes and we should know about good time to trade. We should be aware of time to purchase and time to sell. Trading as a newbie is good for long term and avoid being so emotional.
legendary
Activity: 1932
Merit: 1737
"Common rogue from Russia with a bare ass."
December 14, 2019, 10:11:12 AM
#66

Quote
A good advice for every trader?

Don't.

It's a common fact that in forex, 96% of new traders lose money and give up when their funds run out.

There is no reason to believe that this % is any different in crypto: if you factor in the extra risks of being scammed by wallets, exchanges and sundry thieves, the % is probably even higher than that.
copper member
Activity: 126
Merit: 12
December 14, 2019, 10:03:31 AM
#65
Quote
5. according to the records , if you find something wrong with your trading logic, fix it
All of you mention are more important for us if we doing in trading.
And Ill agree with this number 5 in your list, Because they have time we are make some mistake in trading on why we are losing some profit in trading.
So we need have some records of which are we have wrong for trade, So that we can fix it early and avoid it if we trade again.

It was risky if we are in trading situation so thats why we need more plan and strategy for trading.

The time for thinking must be more than the time that your are trading, just like Warren Buffet, the 80% of his time be used to read and thinking, how wonderful life it is .
sr. member
Activity: 812
Merit: 260
December 14, 2019, 09:59:44 AM
#64
Usually, we are trading with market, and we have our own trading logic. But , after you are trading for a long time , you will find you are trading with yourself and the biggest enemy is you.


Everything else doesn't matter if you are doing this already.
Trading with emotions.
That had been discussed here for so many times.
Emotion is what comes after a newbie luck.
Happened to me way back. I thought I was the luckiest guy in the world but yet loss happened. I didn't quite understood at start but it came to me when so much loss happened.
It takes experience. It wont go to your head with just a little amount of time.

We can't please everything and we can't guide everyone here, they do have their own strategy how they are going to maximize their fund, and if they are too hard headed , then it is not our fault but it is their own responsibility and consequence for being carelessness, so they don't need to blame the team or anyone from here.
sr. member
Activity: 1400
Merit: 259
December 14, 2019, 09:53:54 AM
#63
Usually, we are trading with market, and we have our own trading logic. But , after you are trading for a long time , you will find you are trading with yourself and the biggest enemy is you.


Everything else doesn't matter if you are doing this already.
Trading with emotions.
That had been discussed here for so many times.
Emotion is what comes after a newbie luck.
Happened to me way back. I thought I was the luckiest guy in the world but yet loss happened. I didn't quite understood at start but it came to me when so much loss happened.
It takes experience. It wont go to your head with just a little amount of time.
copper member
Activity: 2968
Merit: 575
www.Crypto.Games: Multiple coins, multiple games
December 14, 2019, 08:41:41 AM
#62
Just blindly believe in your trading "logic"? Well, I guess you this won't end up well. Never believe in everything confidently. If you are trading with your strategy/logic and then you see that you are continuously making loss, then don't just keep on believing that you will eventually make profit (unless it is backed up with some true facts and mathematically). You will need to admit your believe is wrong and then you need to see whats wrong over there. Eventually you will be able to fix your "logic", thus improving your trading profit.
sr. member
Activity: 2436
Merit: 343
December 14, 2019, 07:58:36 AM
#61
Quote
5. according to the records , if you find something wrong with your trading logic, fix it
All of you mention are more important for us if we doing in trading.
And Ill agree with this number 5 in your list, Because they have time we are make some mistake in trading on why we are losing some profit in trading.
So we need have some records of which are we have wrong for trade, So that we can fix it early and avoid it if we trade again.

It was risky if we are in trading situation so thats why we need more plan and strategy for trading.
Finding solutions to our mistakes is really good but don't just stop to that, the most important thing is we need and must have to do is to don't let it happens again. Most traders come to lose their funds cause they don't consider trading as a serious task (which I believe it was). Then I have to say that, having a concrete plan is very important, not only that it will guide us but also it helping us to find which part we've been wrong.
sr. member
Activity: 1414
Merit: 260
December 14, 2019, 06:26:33 AM
#60
Quote
5. according to the records , if you find something wrong with your trading logic, fix it
All of you mention are more important for us if we doing in trading.
And Ill agree with this number 5 in your list, Because they have time we are make some mistake in trading on why we are losing some profit in trading.
So we need have some records of which are we have wrong for trade, So that we can fix it early and avoid it if we trade again.

It was risky if we are in trading situation so thats why we need more plan and strategy for trading.
copper member
Activity: 126
Merit: 12
December 14, 2019, 05:57:49 AM
#59
You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.
I think I will say no to that. Greed is needed to hit the jackpot. Imagine the early bitcoin trader's if they sell their bitcoin to 1$, it will be a vast lost if you compare the price today. And imagine first bitcoin trader's that sell after they double their investment. You need greed to hit the jackpot. If all of the early trader's have that, then they are wealthy today. Just imagine the 10,000 bitcoin pizza, if he held his bitcoin until today, he would be swimming on the money.

Link for BTC10,000 pizza: https://bitcointalksearch.org/topic/pizza-for-bitcoins-137

Yeah, i want to say. Long term trading is one of the trading plans.So if you have your own plan, just do it.
full member
Activity: 714
Merit: 104
December 14, 2019, 04:54:03 AM
#58
You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.
I think I will say no to that. Greed is needed to hit the jackpot. Imagine the early bitcoin trader's if they sell their bitcoin to 1$, it will be a vast lost if you compare the price today. And imagine first bitcoin trader's that sell after they double their investment. You need greed to hit the jackpot. If all of the early trader's have that, then they are wealthy today. Just imagine the 10,000 bitcoin pizza, if he held his bitcoin until today, he would be swimming on the money.

Link for BTC10,000 pizza: https://bitcointalksearch.org/topic/pizza-for-bitcoins-137
In fact, you spoke very correctly and I completely agree with you, but such characteristics of a cryptocurrency user cannot be called greed, as many people do, since only a cryptocurrency user who knows how to use his money rationally and at the same time can achieve good results  .  It would also be nice to have forecasts for the future in relation to a particular cryptocurrency, in order to be able to really rely on some results in the future.
hero member
Activity: 1386
Merit: 504
December 14, 2019, 03:10:47 AM
#57
You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.
I think I will say no to that. Greed is needed to hit the jackpot. Imagine the early bitcoin trader's if they sell their bitcoin to 1$, it will be a vast lost if you compare the price today. And imagine first bitcoin trader's that sell after they double their investment. You need greed to hit the jackpot. If all of the early trader's have that, then they are wealthy today. Just imagine the 10,000 bitcoin pizza, if he held his bitcoin until today, he would be swimming on the money.

Link for BTC10,000 pizza: https://bitcointalksearch.org/topic/pizza-for-bitcoins-137

Sometimes but not always beacuse greed can turn a profit into a loss or can be a reason of becoming broke on trading because i am once a very greedy trader who use to trade and loss so i am greedy to bring back my money and that greedily feels like i am not going to stop within that day and resulted into a revenge trading which have no good outcome at all.
legendary
Activity: 2576
Merit: 1252
Leading Crypto Sports Betting & Casino Platform
December 14, 2019, 02:50:17 AM
#56
You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.
I think I will say no to that. Greed is needed to hit the jackpot. Imagine the early bitcoin trader's if they sell their bitcoin to 1$, it will be a vast lost if you compare the price today. And imagine first bitcoin trader's that sell after they double their investment. You need greed to hit the jackpot. If all of the early trader's have that, then they are wealthy today. Just imagine the 10,000 bitcoin pizza, if he held his bitcoin until today, he would be swimming on the money.

Link for BTC10,000 pizza: https://bitcointalksearch.org/topic/pizza-for-bitcoins-137
member
Activity: 476
Merit: 12
December 14, 2019, 02:00:09 AM
#55
You are right. The most important thing that you need to always apply and always need to remember is your trading plan. Because it is the guideline that brings you to your own success. And I think you forget something on you tip list which is avoiding too much greed because it will bring you to loss.
legendary
Activity: 2338
Merit: 1084
zknodes.org
December 13, 2019, 09:20:10 PM
#54
I think every trader must prepare this before trading. 
1. Trading Plan. 
2. Know Your Character. 
3. Set goals. 
4. Set a Target. 
5. Risk Capital
6. Determine Your Trading Strategy. 
those are the basics that must be prepared by a novice trader or professional trader.
hero member
Activity: 798
Merit: 506
December 13, 2019, 08:21:18 PM
#53

I'm expecting to read a bit of repetitive advice here such as risk an amount you afford to lose, patience, don't put all eggs in one basket , etc. but those mentioned by the OP are by far do have sense compare to other threads created before which just stated obvious and common advice.

Yes, looking at our past performance where did we go wrong can create an effective strategy in the long-run. By looking at those, we can think of a strategy to somehow avoid it next time. Not totally will avoid it but we can deal with it without any major problem.

Indeed, some simple strategies that people don't aware of, and keep suggest some repetitive advice in general.
Basically, someone who has been in trading for months should have a journal and many notes regarding the trade he had executed, for a reference in the future.
These 3 should be noted for every traders who want to maximize the chance to get profits.


2. record the reason when you open trade
4. back to the records when you close trade, and think why you are earning or lossing
5. according to the records , if you find something wrong with your trading logic, fix it


full member
Activity: 938
Merit: 105
December 13, 2019, 06:12:32 PM
#52
Only I could suggest here is that "Don't stop learning and find ourselves comfortable of doing this" cause nothing could help us with this, it is only "YOU". If we are about to engage in trading, we have to know the risk that we are facing in the future. The openness we have in the other suggestions and ideas the more we gain knowledge. Learning is a process and takes time.
sr. member
Activity: 630
Merit: 265
December 13, 2019, 12:01:13 PM
#51
Usually, we are trading with market, and we have our own trading logic. But , after you are trading for a long time , you will find you are trading with yourself and the biggest enemy is you.

You may have a good trading logic , and you always earning money from the market , but you are still afraid of lossing, am i right?

Every trader should believe in his own trading logic just like a belief, you can't move it. Lossing are not terrible and you should like it.

So i have some advices:

1. make sure you are believe in your trading logic
2. record the reason when you open trade
3. take profit and stop loss strictly
4. back to the records when you close trade, and think why you are earning or lossing
5. according to the records , if you find something wrong with your trading logic, fix it
6. add your trade into a trade journal (advice from @GreatArkansas)
7. do the things 1-6 above again


Does any trader record the reason of opening trade? And how do you guys practice it? Let's talk about it.
I would also like to add that you need to have patience and you should know how to control your emotions to avoid panic selling because when we are facing a bear market you should expect that we will experience losses, that is why you need to have patience, so you could wait your holdings to increased it's price for you not to have any regrets when you are about to sell your coin in a low price.
sr. member
Activity: 1236
Merit: 252
December 13, 2019, 01:48:12 AM
#50
I love the point take the profit and stop the loss strictly because many users expecting more profit and losing their money on investing more on money on exchanges.
See people always have trading as the partial income resource and plant the other running option partially and invest on the right coin at the right time if you follow these both things will be able to make some money and for new business I will suggest you to don't go in trading field as a newbie.
This is not a good suggestion because we know that for being an expert we once will have to be new to trade but if you are new you will take double care as not to panic and not to think about making a fast profit. Be slow but be wise keep learning at the earnings you invest at red and then just trade for long term never be greedy to get rich faster.
full member
Activity: 798
Merit: 109
https://bmy.guide
December 11, 2019, 10:41:01 AM
#49
So i have some advices:

1. make sure you are believe in your trading logic
2. record the reason when you open trade
3. take profit and stop loss strictly
4. back to the records when you close trade, and think why you are earning or lossing
5. according to the records , if you find something wrong with your trading logic, fix it
6. add your trade into a trade journal (advice from @GreatArkansas)
7. do the things 1-6 above again
That was good advice but let me add my own opinion.
How about using tools in trading to have easy trading and more reliable when it comes to monitoring the market price.
And also don't rely on this, we should have DYOR in choosing good coins that have the potential to gain profit.
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