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.
EditEmotions :
The ability to rid yourself of all emotions and taking profit the moment the coin you invested increases in significant value before the coin gets dumped on you. This applies mostly to day traders.
Trading pattern :
Every good trader should recognize trading patterns especially for pump and dump coins which are usually always similar.
Thanks to kevoh
I will add a few important rules:
- Do not work with borrowed money.
- "The biggest enemy is nerves." Control emotions. Discipline and patience!
- Before entering the market, decide how much you are willing to lose. If you do not decide, do not go in; you will definitely lose everything.
I add this from kolega. Thanks
Yes i agree also to you And one more characteristic of trader is they easily carried away by their emotions... There are a lots of trader who panic easily because of the sudden changes in price they easily sell their coins because they fear that they will loss it chances... But in the end they will realize that it is a rush decision and we all know tht making a rush decision can never help us... But whatever happened always learn to accept and learn from your experience as well...