He asked that if he wants to make money from trading does he need several strategy to start up as a beginner?
No he doesn't need to have several strategies but only follow one strategy that's DCA and Dip buying as that strategy is one of the most working strategies out there and something like this should work for even a new trader. But, DCA and Dip buying should be done on a time frame of at least 1 hour to 4 hour because in small time frames newbies often end up losing more money than making anything. 
Topic: Do you think to succeed in the bull market you need to acquire more strategy? - page 5. (Read 1311 times)
November 05, 2024, 05:29:05 PM
November 05, 2024, 05:25:23 PM
Well like a question a neighbor asked me today because he knows I deal with bitcoin trading and to what relates with bitcoin. He asked that if he wants to make money from trading does he need several strategy to start up as a beginner?
Straight up answer:
I said no because like most post I do read here I have to understand that one doesn't really needs to acquire several strategies as someone who is starting up instead needs to develop himself to understand more things about that trading before trying to explore different strategy to trade with. However, I don't think it's a solution to newbies rather a kind of distractions making them to lose more at the cause of trying to adopts more techniques to succeed.
What do you think, is that question okay as you know and have your knowledge towards trading?
More does not necessarily mean better, newbies in special due to their lack of experience are more likely to get confused when the market does not move as they expect, so having several strategies they can use is not really the best option for them, since when the time comes they will not know which to implement and they may actually use the wrong one, because of this having a single strategy they have mastered and that they can execute perfectly seems like a better idea for someone like your neighbor. Straight up answer:
I said no because like most post I do read here I have to understand that one doesn't really needs to acquire several strategies as someone who is starting up instead needs to develop himself to understand more things about that trading before trying to explore different strategy to trade with. However, I don't think it's a solution to newbies rather a kind of distractions making them to lose more at the cause of trying to adopts more techniques to succeed.
What do you think, is that question okay as you know and have your knowledge towards trading?
November 05, 2024, 05:19:49 PM
When is comes to trading, I think scalpers are people who mostly becomes a victim of their emotions in trading because they jump in and out of a trade in a matter of minutes or hour. Sometimes because they can't hold up to a trade for a long time, immediately the price start going against their direction, they quickly close and wait to take another position, meanwhile they have already lose some couple of bucks in their closed trade. I am a scalper and also a day trader, If am scalping and I see market being unfavorable to my position, I don't rush to close the trade, I can hold that position for 1 or two weeks till it closes. But some persons easily lose control of their emotions and end up in losses. Despite all that, I know I still have some few things am battling with in trading and it concerns emotional decisions too.
I agree partially with you on scalpers actually not having the mindset to remain in a trade when it is going against them and they close off trades early but I tell you that it is some scalpers that actually lose control some of them seriously close off their trades not because they don’t have the emotion to actually hold the trade but it is their trading plan or should I say strategy to not hold it. Scalpers are actually those who love to use the short time frame like a minute or 5 minutes as such any trade decisions taken on this time frames to me is for the short period and as such some scalpers have it that if it doesn’t goes to their plans for some few minutes then it’s not reoccurring again and might even hit their stop loss before coming back.
If you notice the scalpers usually have the shortest stop loss as it is close to their entry reason been that if it doesnt obeys it at first then they don’t see it doing it in a short period of time and this isn’t an emotional reaction to me but their trading plan which is good they stick to it
November 05, 2024, 04:59:19 PM
What do you think, is that question okay as you know and have your knowledge towards trading?
That's a fact that he needs more money and not strategy. Although he start small but for better and greater results and profits, that's the reality that he'll eventually realize and that will sink into his mind even if you only tell him the basics. That's the logic in there and reality.hero member
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November 05, 2024, 04:27:30 PM
Emotion might not necessarily be a strategy in trading but when as a trader you don't know how to manage and handle your emotions while trading, you might not become a successful trader. It's possible that you could have all the good strategies of sporting a good entry and extit point but if other traders knows how to handle their emotions more than you and also have good strategies as you, they are going to be more successful traders than you. What I just want you to understand and also explain to your friend is that, emotions plays a very vital role in trading. I didn't see you mention it to your friend in the answer you gave to him.
This is personally what i describe as psychology strategy, it is something that actually helps to make a trader a profitable trader or a loser aside using strategy. There are many strategies use when trading and each every one of this strategy certainly works the only thing that makes it better is how you stick to that strategy. Situations like having trade when it is against your trading strategy even if the trade seems like to work out, using a good reward to ratio and sticking to it not allowing the trade greed to creep in. Not over trading, or stuffs like that. Many people relate this as part of risk management but it’s a whole chunk of your psychology which you emotions, once you get control over this the strategy becomes more effective to the trader
When is comes to trading, I think scalpers are people who mostly becomes a victim of their emotions in trading because they jump in and out of a trade in a matter of minutes or hour. Sometimes because they can't hold up to a trade for a long time, immediately the price start going against their direction, they quickly close and wait to take another position, meanwhile they have already lose some couple of bucks in their closed trade. I am a scalper and also a day trader, If am scalping and I see market being unfavorable to my position, I don't rush to close the trade, I can hold that position for 1 or two weeks till it closes. But some persons easily lose control of their emotions and end up in losses. Despite all that, I know I still have some few things am battling with in trading and it concerns emotional decisions too.
November 05, 2024, 01:15:23 PM
First, a person needs to be at peace with himself, and then to find harmony with the market.
Otherwise, the market would be the hunter, and the trader - the prey.
The market has always been the hunter for the traders while the traders always the prey because of lack of experience, poor financial Management and inadequate strategies to explore to become successful while trading. Otherwise, the market would be the hunter, and the trader - the prey.
There are lot of people who find their way into trading that are heavily losing their capital due to lack of trade.
Obviously there will be plenty of good ones too, and there will be a lot of people who are either breaking even or close basically losing or winning very little. Those break even ones are fine, they are not that big of a deal, but those big earners are taking all the money from those people who trade without knowing what they are doing, that's the most important part of trading, learning and they do not do that.
November 05, 2024, 03:30:29 AM
(...)
What do you think, is that question okay as you know and have your knowledge towards trading?
Just think of you are going to war and you are a soldier, how to be a good soldier? Proper training, good weapons, and plans.What do you think, is that question okay as you know and have your knowledge towards trading?
So in trading, having more strategy is an advantage because trading is like a war, if you are unprepared you will just lose your money. Having proper plans, and strategy is really indeed an advantage and will make you succeed.
And only practice would make you better.
Battlefield, which is the market - is the best teacher.
November 05, 2024, 03:05:11 AM
Usually, it still goes to "buy low sell high", however, you just have many more indicators for a chart to go that way, rather than just looking at it and saying - "well, another great day to buy X-coin" (mostly - BTC) 
Yes, it is. But to use many more indicators, a new trader needs to learn more details. That will needs time before they can analyze deeper. But if they buy Bitcoin, they just look at the price position and if Bitcoin price is at a low price than few days ago, that will be a good time to buy. But if the price still go down after he buy, he doesn't have to panic but be patient for a while or he can buy more amount of satoshi. That is what I did when trade when I was beginner and don't know much about the strategies or how to use indicators and else.With BTC - it's never a bad time to get more.
Because in the end, BTC will still get up in value due to what it stands for.
November 04, 2024, 10:43:25 PM
Usually, it still goes to "buy low sell high", however, you just have many more indicators for a chart to go that way, rather than just looking at it and saying - "well, another great day to buy X-coin" (mostly - BTC)
Yes, it is. But to use many more indicators, a new trader needs to learn more details. That will needs time before they can analyze deeper. But if they buy Bitcoin, they just look at the price position and if Bitcoin price is at a low price than few days ago, that will be a good time to buy. But if the price still go down after he buy, he doesn't have to panic but be patient for a while or he can buy more amount of satoshi. That is what I did when trade when I was beginner and don't know much about the strategies or how to use indicators and else. 
November 04, 2024, 09:31:34 PM
(...)
What do you think, is that question okay as you know and have your knowledge towards trading?
Just think of you are going to war and you are a soldier, how to be a good soldier? Proper training, good weapons, and plans.What do you think, is that question okay as you know and have your knowledge towards trading?
So in trading, having more strategy is an advantage because trading is like a war, if you are unprepared you will just lose your money. Having proper plans, and strategy is really indeed an advantage and will make you succeed.
November 04, 2024, 09:05:58 PM
The answer is indeed "no," because a trader does not need to be conversant with many strategies or learn a new strategy to benefit from a bullish market.
In a bull market, if you can hold for a while, you will get profit with a condition that you don't choose newborn altcoins which potentially can be scam. Another condition is buy and hold your position in spot, not in margin or futures because with spot, market corrections won't get any money from you, won't liquidate your position.Quote
If you want to benefit from a bull market and you already do not know how to trade the market at this time, your best bet is to try to improve your knowledge and understanding of the existing strategy you have, not learn new strategies that may take fresh time for you to gain understanding on.
Knowledge of many strategies will not make you a better trader, a good trader masters the few strategies that they have.
One of most important things for traders is risk of storing their fund on centralized exchanges. One of best tools or weapons for traders is Stop loss order, or Stop limit order.Knowledge of many strategies will not make you a better trader, a good trader masters the few strategies that they have.
Awesome cryptocurrency trading.
Learn cryptocurrency trading.
One of best weapons in trading. Traders need to understand and manage to use Stop limit order too.
November 04, 2024, 06:49:39 PM
He asked that if he wants to make money from trading does he need several strategy to start up as a beginner?
Straight up answer:
I said no
The answer is indeed "no," because a trader does not need to be conversant with many strategies or learn a new strategy to benefit from a bullish market.Straight up answer:
I said no
If you want to benefit from a bull market and you already do not know how to trade the market at this time, your best bet is to try to improve your knowledge and understanding of the existing strategy you have, not learn new strategies that may take fresh time for you to gain understanding on.
Knowledge of many strategies will not make you a better trader, a good trader masters the few strategies that they have.
November 04, 2024, 06:40:03 PM
Emotion might not necessarily be a strategy in trading but when as a trader you don't know how to manage and handle your emotions while trading, you might not become a successful trader. It's possible that you could have all the good strategies of sporting a good entry and extit point but if other traders knows how to handle their emotions more than you and also have good strategies as you, they are going to be more successful traders than you. What I just want you to understand and also explain to your friend is that, emotions plays a very vital role in trading. I didn't see you mention it to your friend in the answer you gave to him.
This is personally what i describe as psychology strategy, it is something that actually helps to make a trader a profitable trader or a loser aside using strategy. There are many strategies use when trading and each every one of this strategy certainly works the only thing that makes it better is how you stick to that strategy. Situations like having trade when it is against your trading strategy even if the trade seems like to work out, using a good reward to ratio and sticking to it not allowing the trade greed to creep in. Not over trading, or stuffs like that. Many people relate this as part of risk management but it’s a whole chunk of your psychology which you emotions, once you get control over this the strategy becomes more effective to the trader
November 04, 2024, 05:41:14 PM
What we needs to let a newbee know about trading is that trading is highly risky and most people lose their capital through trading and by enlightened them how risk trading is we have help prepared the mind. Bullish or bull run may not rewards you except you buy during the deep! For you to make money in trading during bull run you must buy bitcoin at a good lower price and sell at the higher prices. However, please have risk in mind so you trade with money you can lose.
It is true that trading is full of risks... However, if one wants to become a trader then one must have experience then trading no matter the initial loss due to loss is part of the process... the real thing is that we first make mistakes first then improve and do the strategy that has been understood.Buy low... Selling high is like easy to say but difficult to do for beginners ... why so there will be many consequences where beginners think bitcoin will not go up again.
And now it's hard to buy bitcoin at the lowest price, this is more fitting when someone is making a long-term investment.
November 04, 2024, 04:25:18 PM
What we needs to let a newbee know about trading is that trading is highly risky and most people lose their capital through trading and by enlightened them how risk trading is we have help prepared the mind. Bullish or bull run may not rewards you except you buy during the deep! For you to make money in trading during bull run you must buy bitcoin at a good lower price and sell at the higher prices. However, please have risk in mind so you trade with money you can lose.
November 04, 2024, 08:42:06 AM
Hey Dr. Strange, emotion is a barrier to trading and it's a thing to fight against if someone must be successful in trading. I think it's also quite important to list it to people while trading because there are people who can't work on their feelings and of course whatever that involves money are very difficult to fight on because they would think their money can easily be disappear so they must protect their funds with all means.
First, a person needs to be at peace with himself, and then to find harmony with the market.
Otherwise, the market would be the hunter, and the trader - the prey.
There are lot of people who find their way into trading that are heavily losing their capital due to lack of trade.
hero member
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November 04, 2024, 06:52:35 AM
Keeping emotions at bay helps to utilize the strats and decisions better.
Not only in trading but in many other spheres too.
Only by keeping a grasp of himself a person can successfully open and close positions, even though they would have all the markers to do so or otherwise.
Not only in trading but in many other spheres too.
Only by keeping a grasp of himself a person can successfully open and close positions, even though they would have all the markers to do so or otherwise.
Yea, I know that emotions concerns other aspect too but if we are specific about it in trading, it is very very paramount for trading success. Sometimes, it's not a bad strategy that caused someone to experience lose in their trade but what caused it was because they couldn't control their emotions. Take me for example, in the past, I usually set a stop lose on my trade or I do it manually when the market is going against my prediction and when I stop lose, I must have lose some couple of dollars but now, I don't do that again. Before I stop lose on my trade, I make sure to re-analize the market again to see if it will go below my liquidation price, if it will not, I will hold the position till my profit range is met.
November 04, 2024, 06:21:25 AM
Emotion might not necessarily be a strategy in trading but when as a trader you don't know how to manage and handle your emotions while trading, you might not become a successful trader. It's possible that you could have all the good strategies of sporting a good entry and extit point but if other traders knows how to handle their emotions more than you and also have good strategies as you, they are going to be more successful traders than you. What I just want you to understand and also explain to your friend is that, emotions plays a very vital role in trading. I didn't see you mention it to your friend in the answer you gave to him.
Hey Dr. Strange, emotion is a barrier to trading and it's a thing to fight against if someone must be successful in trading. I think it's also quite important to list it to people while trading because there are people who can't work on their feelings and of course whatever that involves money are very difficult to fight on because they would think their money can easily be disappear so they must protect their funds with all means.First, a person needs to be at peace with himself, and then to find harmony with the market.
Otherwise, the market would be the hunter, and the trader - the prey.
November 04, 2024, 06:18:14 AM
Emotion might not necessarily be a strategy in trading but when as a trader you don't know how to manage and handle your emotions while trading, you might not become a successful trader. It's possible that you could have all the good strategies of sporting a good entry and extit point but if other traders knows how to handle their emotions more than you and also have good strategies as you, they are going to be more successful traders than you. What I just want you to understand and also explain to your friend is that, emotions plays a very vital role in trading. I didn't see you mention it to your friend in the answer you gave to him.
Hey Dr. Strange, emotion is a barrier to trading and it's a thing to fight against if someone must be successful in trading. I think it's also quite important to list it to people while trading because there are people who can't work on their feelings and of course whatever that involves money are very difficult to fight on because they would think their money can easily be disappear so they must protect their funds with all means. November 04, 2024, 05:34:45 AM
He asked that if he wants to make money from trading does he need several strategy to start up as a beginner?
Well, in trading, I have come to understand that one or two strategies doesn't work all the time, so you need to learn what so ever strategy that can make you win the trade so that on the stage of your trading, you might have to combine all the strategies you know in order for you to determine accurately when to enter and exit your trade.
As I am, I have more than 10 strategies to sport a good position to either go long or short but believe me, despite all of it, I don't still get it right all the time. Since last week, I have been on a short position with BTC/USDT and I took the position at $68, 800 when it broke a support level of $69k, I was in that position when price began to spike up till $73k which game me a huge lose but I didn't panic and yesterday I made about $100+ when price dropped to $67, 800.
So what am saying in essence is that, every strategy is important in trading, especially dealing with your emotions.
Emotion might not necessarily be a strategy in trading but when as a trader you don't know how to manage and handle your emotions while trading, you might not become a successful trader. It's possible that you could have all the good strategies of sporting a good entry and extit point but if other traders knows how to handle their emotions more than you and also have good strategies as you, they are going to be more successful traders than you. What I just want you to understand and also explain to your friend is that, emotions plays a very vital role in trading. I didn't see you mention it to your friend in the answer you gave to him.
Keeping emotions at bay helps to utilize the strats and decisions better.
Not only in trading but in many other spheres too.
Only by keeping a grasp of himself a person can successfully open and close positions, even though they would have all the markers to do so or otherwise.
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