Topic: Characteristic of trader (Read 793 times)

1. Greedy
Greedy is first characteristic that can make us ending in loss. If we trade without profit target, this greedy can kill your profit. Try to make target for your trade for example 50% or 100% from your capital in long term or 5% in short term. Sell your asset after touching the target, if not the price maybe go back to bearish.

Hello everyone
I am newbie here in cryptocurrency trading so i can feel what newbie feel when they start trading.
As newbie, one thing we have to do is learning. Learning can be from any source for example this forum, google, youtube or maybe private with expert. You can choose betwen those source to learn how to start trading so of course we do it to get skill which we can use to trade. Skill is very important but there are other thing such characteristic that we can not learn so easy from those source.

1. Greedy
Greedy is first characteristic that can make us ending in loss. If we trade without profit target, this greedy can kill your profit. Try to make target for your trade for example 50% or 100% from your capital in long term or 5% in short term. Sell your asset after touching the target, if not the price maybe go back to bearish.

2. Patience
This is specially very important for long term trader. Dont ever sell your coin in the bottom of buying price. We should be patient waiting the price return back to bullish.

3. Panic
Panic can be solved by choosing the right coin. Becasue if we choose the shit coin then we will sell it in panic if the price goes down rapidly. So panic also very dangerous for our asset value.

4. Confident
Confident is needed when we try to pick the right coin. Without confident, we can miss the big chance of the profit because waiting too long to execute. But please dont over confident.

5. Doubt
Dont ever doubt if you think that is the good coin, just do fast reaction to make good profit. This doubt can be solved by doing good research before picking the coin.

I think all trader have noticed those above characteristic but thats special for newbie like me and other newbie.
I am not expert so i can not explain it well and i hope any expert can correct and add others if i miss it.
I hope it can be usefull for newbie.

Edit

Thanks to kevoh

I add this from kolega. Thanks

When I was a newbie, I only feel losing patience, panic and doubt when everything is turning down. And I feel confidence and greed when everything is going up high. But as I gain more experience, I learned on when I will apply those things depending on the situation.

Greediness is always the biggest mistake that most traders do when they just start trading, because it leads to a lot of losses in a short period of time, and we all know that

A trader must be emotionless when trading because if you loose a trade you will seek revenge and can do some stupid things when trading and it will cause you loosing more, and a trader must be educated to have a big and passive income daily weekly monthly etc.

A good and successful trader must have patience, enough knowledge to deal with other crypto traders and must have the courage to take risk whatever may happen to your money.

Excellent performance. Each trader in different quantities have all these qualities and if you are going to become a trader read this entire characteristic again and remember it for life. It will help you a lot. P.S This is my personal advice.