Topic: Do you stick to your trading plans - page 2. (Read 657 times)
It is really hard to follow our trading plans especially if the market is looking good. We get greedy because we think that we waste the opportunity to earn more profit. If we don't follow our trading plan, we should be also prepared if the market goes opposite of what we want. I know some traders that have always set their trading plan and still fail to follow it because of the potential profit they can earn if their technical analysis goes right. But those people have a big capital in trading, if you trade with a tight capital you should always follow your trading plan whatever big or small the profit can be.
legendary
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eXch.cx - Automatic crypto Swap Exchange.
not all trading systems or plans work for all occasions. when those traders say the trend is your friend, always follow the trend. it's not about greedyness and emotion but it's about making money. when something is about to bubble because of popular individuals like Elon Musk and Mark Cuban tweeting about dogecoin, buy doge!! there is a reason why they are trying this coin to trend.
Trading the trends, this can be very successful but you should be very cautious as they can go down the drain any moment. You can see with ripple, they were doing quite well until the court case came along and it dumped massively. It's recovering now though so might not be the perfect example yet there's still some doubt in the community if not with this bull run xrp should have been trading above $10 at least.
If the government comes for this celebrity figures pumping this coins, hope you know the coins will suffer massively and if you're not careful you'll end up losing both your capital and gain. Investing should involved proper researching and not basing your decision on some rich guys feelings. It could make you rich though but what are the chances.
It is very difficult to stick to your trading plan which is going through your mind. After buying a coin we now search too much about particular coin that you destroyed your plans.
Why you go for searching about that particular coin after buying it? I mean you must go for searching and for strong due diligence just before deciding to invest into any coin. There will be no pint of getting into due diligence after investments are made.sometimes what we plan does not match expectations, and at times like that we must be brave to make cuts and compile a new work plan
Exiting at stoploss and then looking for new opportunities are common for any trader because like you have mentioned our plans may not work as per our expectations all the times. At the same time we must work on technical things so that our plan may not meet our expectations more frequently.I still survive for a couple of years since 2015. That is because of the belief I have in doing trade here in cryptocurrency, although sometimes I'm not sticking on the plans I have for it.
That is inspiring. Yes, crypto trading and crypto investments are having good potential when we are approaching them with skills. Sticking with plans may not be possible in the beginning days of crypto trading but over the time I believe our plans are slowly will become habit of our daily routines.
It is very difficult to stick to your trading plan which is going through your mind. After buying a coin we now search too much about particular coin that you destroyed your plans.
I have not stick to my trading plans in any trade because sentiment plays a big role in trading.
If a trader stick to their plans then he will be in profit as cryptocurrencies overall history says, and for future its looking good too. Thank you
I have not stick to my trading plans in any trade because sentiment plays a big role in trading.
If a trader stick to their plans then he will be in profit as cryptocurrencies overall history says, and for future its looking good too. Thank you
Trading is a tough issue. I'm not incredibly decent at it though. But as far as I know and understand so distant, I am sticking to a plan that I retain. Yet, this plan may also be flammable, it will be sure of on the market. Everyone should have a specific plan. Then you have to modify according to the circumstance so that you can be prosperous in trading.
- I agree, a primitive plan is necessary to shape the development direction with the market and when we mention the preliminary plan, it is impossible to stick to the plan completely, in many cases can destroy the original plan, flexibility and modifications are needed to get our plan on track and back to its original state. So having a plan is great but make that flexible and it would be a much better plan!
Being a trader for me is not a good thing job, in my experience I've encountered many things I earned several times, and loss as well, but unfortunately at the moment, I still survive for a couple of years since 2015. That is because of the belief I have in doing trade here in cryptocurrency, although sometimes I'm not sticking on the plans I have for it.
Trading is a tough issue. I'm not incredibly decent at it though. But as far as I know and understand so distant, I am sticking to a plan that I retain. Yet, this plan may also be flammable, it will be sure of on the market. Everyone should have a specific plan. Then you have to modify according to the circumstance so that you can be prosperous in trading.
- I agree, a primitive plan is necessary to shape the development direction with the market and when we mention the preliminary plan, it is impossible to stick to the plan completely, in many cases can destroy the original plan, flexibility and modifications are needed to get our plan on track and back to its original state. So having a plan is great but make that flexible and it would be a much better plan!
Trading is a tough issue. I'm not incredibly decent at it though. But as far as I know and understand so distant, I am sticking to a plan that I retain. Yet, this plan may also be flammable, it will be sure of on the market. Everyone should have a specific plan. Then you have to modify according to the circumstance so that you can be prosperous in trading.
It's hard to stick with plan due to volatility of crypto there is a need to have plan A to c or as much as possible to be more active to set more plans and execute them since the market is too volatile that the price changes anytime and then as well news happen real fast too that affects the market like if there's only a tweet or others happening. Better to have plan but still be alert in anything might happen. 
I am not good in trading so I am always not sticking to my plans, I am just always relying on the day trading of my friend, I not a good trader so I still keep on learning things about it so for now even though I have already some of my plans I still consider my friend because most of the time I am just copying his day trading, he isn't also a professional day trader but at least we earn some money.
This is incredibly dangerous, I know that you trust your friend and since he is not charging you money then the chances he is going to scam you are zero, but have you at least tried to learn something from him? Learning how to trade is incredibly hard but if you have someone that can teach you directly this is something that cannot be underestimated, so try to learn from him and his experience and once you do this for a long time try to do it on your own and see if you have what it is necessary to become successful on your own.I guess it takes months for you to study and research technical or even fundamental analysis before you learn on your own in trading but at least you are not relying upon your friend's work.
A trading plan is very important to stick with to avoid possible huge losses, it will I guess mislead you if there is a distraction and it will miss the opportunity that supposedly you can gain profit on it.
I am not good in trading so I am always not sticking to my plans, I am just always relying on the day trading of my friend, I not a good trader so I still keep on learning things about it so for now even though I have already some of my plans I still consider my friend because most of the time I am just copying his day trading, he isn't also a professional day trader but at least we earn some money.
This is incredibly dangerous, I know that you trust your friend and since he is not charging you money then the chances he is going to scam you are zero, but have you at least tried to learn something from him? Learning how to trade is incredibly hard but if you have someone that can teach you directly this is something that cannot be underestimated, so try to learn from him and his experience and once you do this for a long time try to do it on your own and see if you have what it is necessary to become successful on your own. 
not all trading systems or plans work for all occasions. when those traders say the trend is your friend, always follow the trend. it's not about greedyness and emotion but it's about making money. when something is about to bubble because of popular individuals like Elon Musk and Mark Cuban tweeting about dogecoin, buy doge!! there is a reason why they are trying this coin to trend.
trends can change, therefore when the trading trend changes we already have a previous plan and only develop according to the existing trend
legendary
Activity: 2450
Merit: 4295
eXch.cx - Automatic crypto Swap Exchange.
Trading is a tough issue. I'm not incredibly decent at it though. But as far as I know and understand so distant, I am sticking to a plan that I retain. Yet, this plan may also be flammable, it will be sure of on the market. Everyone should have a specific plan. Then you have to modify according to the circumstance so that you can be prosperous in trading.
Plans can and should be modified when the sentiment of the market changes, you can't be on a plan to take profit at a certain price and all of a sudden the sentiment of the market changes and becomes bullish then you still take profits. That won't be the smartest decision instead if you're in need of urgent cash you could sell part of your investment while you leave the rest to continue increasing. You still have to be cautious though to identify when a market sentiment changes for real and not some fake break out.
Basically you adjust your selling price and set higher price that could give you more profit although your new price has to be reasonable and not been too greedy because that's one of the reasons many traders end up either in loss or not having as much profit from a trade as they should've.
Every true trader has a target he/she wishes to hit a day for day/week depending on the kind of trader such person is. Some loves day trading while others enjoys holding position for a longer period of time. Irrespective of the kind of trader you are do you stick to your trading plan? Or you just allow your greed and emotions play out during your trades. Trading entalils lots of dicipline and without dicipline even a professional analyst would fall prey to the market. Making profits but end up loosing out every thing because of greed and high expectations .
I tried holding for a long period of time before but it does not work due to I am holding a shit coin. Now, I want to stick on day trading because I want to enjoy and cherished even the small amount that I can earn through it. I know I can gain more experience and learn a lot if I day trade. If that happened maybe I can already change my trading plans. I will also try to control myself in becoming greedy because it is the main reason why I lose years ago.
Ending up losing in the end as you mentioned is also caused mostly by being driven emotionally by other people as well. It is quite common for that here in crypto as well, don't you think?
Even it is kind of common thing, how long one trader will afford to lose? Getting failed out of emotional things should be avoided and for that traders must have will tested and highly determined trading plans. Trading plan is something we cannot get directly from any tutorial or videos but it is kind of thing we should make by ourselves according to our needs and demands.Only when you are following your own set of rules and plans, you will be feeling comfortable for sticking with that. And this is the reason I'm saying we should develop our own set of plans for successful trading in crypto space.
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I don't think we should count access to internet at all, OP.If you don't have the ways to connect to the internet, you wouldn't put trading at the first glance or immediately.
Ending up losing in the end as you mentioned is also caused mostly by being driven emotionally by other people as well. It is quite common for that here in crypto as well, don't you think?
-Indicator
-Money Management
-Emotion control
3 important things that must be considered for all traders. I keep using the indicators that I have learned to be able to analyze the market. and also sometimes see insights in TradingView to add other insights. all traders are required to be able to analyze the market using indicators. if they cannot analyze the market, of course it will be detrimental because they will definitely experience losses
Having this 3 would really be enough for you to sustain yourself in the world of trading or this kind of venture but it isn't really easy as it sounds when you are already there.-Money Management
-Emotion control
3 important things that must be considered for all traders. I keep using the indicators that I have learned to be able to analyze the market. and also sometimes see insights in TradingView to add other insights. all traders are required to be able to analyze the market using indicators. if they cannot analyze the market, of course it will be detrimental because they will definitely experience losses
You would need to experience first lots of trials and errors before you can attain these type of basic skills and once you have it then you would really be finding out that
its bearable and can be handled out if you do really follow up your trading plans.
Don't be greedy and always set out limits and you would really be just fine.
Trading is a tough issue. I'm not incredibly decent at it though. But as far as I know and understand so distant, I am sticking to a plan that I retain. Yet, this plan may also be flammable, it will be sure of on the market. Everyone should have a specific plan. Then you have to modify according to the circumstance so that you can be prosperous in trading.
- I agree, a primitive plan is necessary to shape the development direction with the market and when we mention the preliminary plan, it is impossible to stick to the plan completely, in many cases can destroy the original plan, flexibility and modifications are needed to get our plan on track and back to its original state. And sometimes some plans should be canceled, instead of sticking out because a lot of eyes of wolves or whales in the market are looking and tracing our direction, they will most likely sink us into our original plan and prevent us from retreating. 
Trading is a tough issue. I'm not incredibly decent at it though. But as far as I know and understand so distant, I am sticking to a plan that I retain. Yet, this plan may also be flammable, it will be sure of on the market. Everyone should have a specific plan. Then you have to modify according to the circumstance so that you can be prosperous in trading.
Sticking to a plan requires lots of dicipline. You have to kill down some level of greed and have a consious mind of sticking to what you had in mind before entering a trade. Greed has blown so many accounts and it's always ready to blow down more. If one wishes to maintain a clean roll of profit margin then greed has to be dealt with to curb the loss that might arise as a result of selfishness
I ensured that incorporated discipline in my trading plan thus this enabled me to always stick to my trading plan.
I am a daily trader having picked 10 crypto/busd pairs for trading and sticked with those numbers of pairs out of numerous ones on Binance. I only do my analysis an hour before the daily new candlestick is formed thus I have few period of time to make a trading decision before pulling the trigger to long or short, I never diverted from this plan which had been very helpful.
I am a daily trader having picked 10 crypto/busd pairs for trading and sticked with those numbers of pairs out of numerous ones on Binance. I only do my analysis an hour before the daily new candlestick is formed thus I have few period of time to make a trading decision before pulling the trigger to long or short, I never diverted from this plan which had been very helpful.
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