For beginners it will be difficult to understand about it because they do not fully understand it so it takes time to process so that they understand the notes in the trade.
First of all, be sure of the coins you buy, because that will be the best choice in your trade, and always monitor market movements so that they are not late in their increase and stop loss is very important if the price drops continuously.
So the notes are very important and we also need accurate info about the coins being traded.
Topic: A good advice for every traders. - page 9. (Read 3669 times)
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.
What newbies need to know is that not all trades are the same. Your reason why you bought a coin today may not be applied to the coin that you plan to buy tomorrow. Don't even think that the strategy will work all the time in all coins. We all know how volatile Cryptocurrencies are. Lastly, I agree with using stop loss all the time but you must know when to use it to avoid stop loss being triggered right away. 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 say that the most important is to stay cautious, there are a lot of scams in the cryptocurrency world, that's for sure. Remember to check twice every website which you want to use to buy cryptocurrencies (and do some more). Check out for example what CoinDeal's COO and Coinfirm's Co Founder speak about scams in the cryptocurrency market: https://www.youtube.com/watch?v=83JnxuUUJ5o
In addition to that, we have to check their reviews for this is a way we could put any conclusion. I know some sites have paid reviews to promote their sites and that's gonna be hard to find out. Trading is risky as we know that, it is up to us either to put trust in a certain site or just follow what the others mostly been used. It is not about holding you to try with the others but we also have to be practical unless you don't mind losing your money.
I would say that the most important is to stay cautious, there are a lot of scams in the cryptocurrency world, that's for sure. Remember to check twice every website which you want to use to buy cryptocurrencies (and do some more). Check out for example what CoinDeal's COO and Coinfirm's Co Founder speak about scams in the cryptocurrency market: https://www.youtube.com/watch?v=83JnxuUUJ5o
My advice to you will be the following. It's very important to carefully select the place for buying and trading. In terms of convenience, it's better to stick to fiat-to-crypto exchanges (like Coinbase or CEX.IO). That'll set you free from wandering around one exchange to another.
Indeed, traders should be more careful when we're talking about the trading platforms which they'll want to trade on it. My advices are basically the trading platform as well as they need to just start with low amount of money because as a newbie you'll obviously loss some money in their starting thought. The point is you must have a target that is not too grandiose or greedy intake profit if you want to be safe when trading. The percentage of taking profit or cut loss is needed. because that's one way you manage risk. listen to your own conscience. Never make the same mistake. one of them is not listening to your heart, if you are sure to sell it then sell it. don't hold it because you listen to a friend's advice that is not necessarily true. And this often happens I guess. And regret will arrive when you make the wrong decision
Yes you are right. Trading is all about keeping yourself disciplined in accordance with the need of the hour. A person who is into the trading of cryptocurrencies must have a flexible approach towards the ever changing market. This helps you a lot in taking the right step at the right time. Trading is only beneficial when you apply your techniques at the required time.
My advice to you will be the following. It's very important to carefully select the place for buying and trading. In terms of convenience, it's better to stick to fiat-to-crypto exchanges (like Coinbase or CEX.IO). That'll set you free from wandering around one exchange to another.
The point is you must have a target that is not too grandiose or greedy intake profit if you want to be safe when trading. The percentage of taking profit or cut loss is needed. because that's one way you manage risk. listen to your own conscience. Never make the same mistake. one of them is not listening to your heart, if you are sure to sell it then sell it. don't hold it because you listen to a friend's advice that is not necessarily true. And this often happens I guess. And regret will arrive when you make the wrong decision
Yes you are right. Trading is all about keeping yourself disciplined in accordance with the need of the hour. A person who is into the trading of cryptocurrencies must have a flexible approach towards the ever changing market. This helps you a lot in taking the right step at the right time. Trading is only beneficial when you apply your techniques at the required time.The point is you must have a target that is not too grandiose or greedy intake profit if you want to be safe when trading. The percentage of taking profit or cut loss is needed. because that's one way you manage risk. listen to your own conscience. Never make the same mistake. one of them is not listening to your heart, if you are sure to sell it then sell it. don't hold it because you listen to a friend's advice that is not necessarily true. And this often happens I guess. And regret will arrive when you make the wrong decision
Yes you are right. Trading is all about keeping yourself disciplined in accordance with the need of the hour. A person who is into the trading of cryptocurrencies must have a flexible approach towards the ever changing market. This helps you a lot in taking the right step at the right time. Trading is only beneficial when you apply your techniques at the required time. 
Trading is a lot risky, it’s very difficult to benefit from trading and if you check it’s only a few people that makes profit from trading. Take your first advice for an example – imagine that someone is trusting the wrong trading plans, what do you think is going to happen 
??
So, the first thing should be finding the right plan that works, because it’s not every plan that is going to work, if you trust on the wrong plans you’re as good as finished because you will keep losing. Trading requires a lot of practice and as time goes on you will be getting perfect. Another very important advice any trader needs is to make sure that they are trading an affordable amount.
??So, the first thing should be finding the right plan that works, because it’s not every plan that is going to work, if you trust on the wrong plans you’re as good as finished because you will keep losing. Trading requires a lot of practice and as time goes on you will be getting perfect. Another very important advice any trader needs is to make sure that they are trading an affordable amount.
5. according to the records , if you find something wrong with your trading logic, fix it
I think that is were the REAL problem for most traders occur. They just dont really know what they actually have to fix. Therefore ideally you need an experienced mentor and good understanding of the Basic Success Principles in Trading. So, dont underestimate that point 5
For sometimes, we also have to realize that trading won't go smooth all the time. Suffering such difference will often to happen but yet, isn't the way we should really be disappointed, tried to work it harder and be positive.
Personal logic with business logic must be one-way. If we don't manage to make the smart trades the losses are going to be massive and the wins will be tiny. You have to keep a close record of your trades and make sure you don't get stopped out in these massive fields of chopiness. You have to stick to your strategy if you trust it and have good money management.
Yes it is important to have skills about everything you start using to make money. You should learn from different resources about trading and then choose the one you like the most. A trader should not be in a hurry to win profit or try to be rich faster, before buying coin just know about the coin and about trading platforms. If you will trust and trade blindly the result will be only lost so be careful.To avoid any circumstances on trading blindly, don't be too aggressive on picking those non reliable and sustainable asset. Being to rush on every decision along with the desires of quicker profit will put you at risk and you'll tend to loss everything you had. Personally, my experience could let me share to anyone in order to help them prevent any possible mistakes. It's not easy to fail, that's why we needed to choose the best asset and hold it for several months to take into full maturity before earning the profit that we wanted.
5. according to the records , if you find something wrong with your trading logic, fix it
I think that is were the REAL problem for most traders occur. They just dont really know what they actually have to fix. Therefore ideally you need an experienced mentor and good understanding of the Basic Success Principles in Trading. So, dont underestimate that point 5
2 years ago is the best time to make money from trading and no way you lost lot of funds during those beautiful days. But if it was real then is okay, no one makes real profit in the first day of trading, as long as you learn from your mistake and you fix it in the next time then you should be okay.
Let's keep learning of everything so we can adapt in any condition.
Let's keep learning of everything so we can adapt in any condition.
You're basically just saying what most people who pay attention will realise: the only time traders consistently make money is during a bull run. Even all the famous crypto funds and basket funds and algorithm traders find a huge correlation of profit with a bull run.
What's the take away from all this? Don't waste your time trading if you're just a guy going with the flow. Buy, hold, keep your day job. At least you'll gain back all that time lost in trading to actually earn something and maybe even learn from your job.
When the bull market comes, everyone will know it, you won't need to be a trader to know when ATH hits. Then you sell what you're comfortably letting go of.
2 years ago is the best time to make money from trading and no way you lost lot of funds during those beautiful days. But if it was real then is okay, no one makes real profit in the first day of trading, as long as you learn from your mistake and you fix it in the next time then you should be okay.
Let's keep learning of everything so we can adapt in any condition.
Let's keep learning of everything so we can adapt in any condition.
You're basically just saying what most people who pay attention will realise: the only time traders consistently make money is during a bull run. Even all the famous crypto funds and basket funds and algorithm traders find a huge correlation of profit with a bull run.
What's the take away from all this? Don't waste your time trading if you're just a guy going with the flow. Buy, hold, keep your day job. At least you'll gain back all that time lost in trading to actually earn something and maybe even learn from your job.
When the bull market comes, everyone will know it, you won't need to be a trader to know when ATH hits. Then you sell what you're comfortably letting go of.
About 2 years ago I started Trading that time I lost my many fund for trading.
Now I am very careful about trading.
I always research any coin which i want to trade.
Thanks for share about trading.
Now I am very careful about trading.
I always research any coin which i want to trade.
Thanks for share about trading.
2 years ago is the best time to make money from trading and no way you lost lot of funds during those beautiful days. But if it was real then is okay, no one makes real profit in the first day of trading, as long as you learn from your mistake and you fix it in the next time then you should be okay.
Let's keep learning of everything so we can adapt in any condition.
Personally, I'm afraid of the bad news because it's the time I often panic sell and it's hard to avoid losing money so hopefully this year there won't be news that will make this market worse.
Every traders should have a plan. if you don't have a plan, you will fail, and never jump into a trade blindly. It is not the trade that kills you, it is the size of the trade. So, use leverage carefully. Money Management is the most important though. But you also need to make sure your trading plan will produce profits. One could use money management on a losing strategy and still lose it all, they'd just lose it slower. Also do not trade with a small amount of money. Have at least $2,000-$4,000 before start trading.
A lazy trader will never succeed because all the OP said is correct and as a trader you really have to create a monitoring list for you to know and to remind when to execute your trading plan. I do have a trading book, and I'm using it every time I trade I consider this one as a real job. Trading is more profitable if you are more discipline and responsible, don't be a trader who always depend on the trading signals, market fud news and the advice of someone.
The point is you must have a target that is not too grandiose or greedy intake profit if you want to be safe when trading. The percentage of taking profit or cut loss is needed. because that's one way you manage risk. listen to your own conscience. Never make the same mistake. one of them is not listening to your heart, if you are sure to sell it then sell it. don't hold it because you listen to a friend's advice that is not necessarily true. And this often happens I guess. And regret will arrive when you make the wrong decision
For every single trader, these are very basic logic, if you don't do any of these you've been doing very wrong so far. I agree with every single step OP has talked about because these are basically the most important trading parts, without any of them you're looking at a trading that has no purpose and you'd never know what to do with your next trading since you haven't learned your lessons. So do these things but don't think they're going to be enough, they're just the most simple naked stuff you've got to do without putting anything on top of it, you're doing these things but then you're adding what you're doing and making it better and better the more you're dealing.
A lazy trader will never succeed because all the OP said is correct and as a trader you really have to create a monitoring list for you to know and to remind when to execute your trading plan. I do have a trading book, and I'm using it every time I trade I consider this one as a real job. Trading is more profitable if you are more discipline and responsible, don't be a trader who always depend on the trading signals, market fud news and the advice of someone. Jump to: