Dont break rules while trading | Bitcointalksearch.org

GideonGono

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Quote from: Slow death on November 01, 2019, 05:57:54 AM

Quote from: malekbaba on October 30, 2019, 03:47:28 AM

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

Trading is something that forces one to have knowledge and practice, in my case I only make one trade per day and sometimes when the market is very volatile I prefer not to trade. I also define my stop loss and my target profit. Once I get some loss I stop trading and I trade again the next day, but I trade every day, I don't care if it's weekend or not

Quote from: Dabs on October 30, 2019, 08:56:52 AM

I only have two rules:

1. Buy low.
2. Sell high.

Unfortunately, I tend to break the rules often. I hope everyone else does better.

It is necessary to have basic knowledge of technical analysis and fundamental analysis, one needs to know where is the support and resistance and the patterns of up and down trend changes in order to buy and sell.

Also how can you sure when you sell your token at high price if you choose a right coin? Right? How the trading works if you cannot recover your money first?

nydiacaskey01

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Quote from: malekbaba on October 30, 2019, 03:47:28 AM

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

You missed the most important part of trading and that is set a target/goal. If you bout your token at $5 and you want to let go of it once it reached $7, better stick to it no matter what the market condition is. This is the reason why there's a of traders out there who gets trapped holding a coin that reached its peak but held on to it and price dropped like a fly. Nut if you stick to the plan and sold it while price is still good, you are going to enjoy the fruits of your labor.

Slow death

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Quote from: malekbaba on October 30, 2019, 03:47:28 AM

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

Trading is something that forces one to have knowledge and practice, in my case I only make one trade per day and sometimes when the market is very volatile I prefer not to trade. I also define my stop loss and my target profit. Once I get some loss I stop trading and I trade again the next day, but I trade every day, I don't care if it's weekend or not

Quote from: Dabs on October 30, 2019, 08:56:52 AM

I only have two rules:

1. Buy low.
2. Sell high.

Unfortunately, I tend to break the rules often. I hope everyone else does better.

It is necessary to have basic knowledge of technical analysis and fundamental analysis, one needs to know where is the support and resistance and the patterns of up and down trend changes in order to buy and sell.

AicecreaME

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Quote from: Dabs on October 30, 2019, 08:56:52 AM

I only have two rules:

1. Buy low.
2. Sell high.

Unfortunately, I tend to break the rules often. I hope everyone else does better.

Simple and Basic, though it is better when you know how to predict when will the market gets low to execute that Buy plan, and that goes also the same on Selling plan, that what makes Trading feels like you are a CEO of your own company, you do all the complicated stuffs to earn as much money you wanted whenever you wanted.

You support yourself, you make plans yourself alone, you boss yourself around.

livingfree

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Quote from: ?? on ??

Quote from: livingfree on October 31, 2019, 05:51:12 PM

~

Yes. Always try to make your trading rules simple. Do not depend more on varied news and analysis because this will only create confusions when trading. Trade only if you have a positive mindset and everything good will follow. And it's a good thing if you take a break from trading during holidays so you can spend more quality time with your family.

I've done that and very much happy to be with them. But most of the time, I'm not with them because of having an always busy schedule with appointments and other work related stuffs that's why, sure it's a worth holiday as usual.

I do sometimes depend on the news and that makes me feel that I'm dependent on them but sometimes I'm not. Well, we can create those rules that we can usually follow but never forget that you're doing it to make money not to be broke.

Aying

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Quote from: malekbaba on October 30, 2019, 03:47:28 AM

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

This rules give me a strategy for my daily trading and add some analysis. everyone has their own rules in trading but for me I observe much more in a day to keep my investment at balance. I'd rather not choose so popular at talks projects. I am focusing on coins to trade that focusing on their improvement. services, products and price. whether do you have your own scrutiny on market and have more knowledge. a wiser and smarter trader will always win in not losing much more funds. moderate it all and know every single move.

ReiMomo

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Quote from: yulionoo on November 01, 2019, 01:19:26 AM

yes I think every trader has their own trading rules that have been believed and carried out. I myself trade principles and invest as much as you can afford to lose. and I also always do research before buying or selling coins. and the last thing I always principled is not greedy I will not wait for the price of coins to go up high to sell. when the coin has increased 30% I will sell and take profits.

Have their own perspective rule and that is right. But they had the same point that able to discipline their selves from emotions.
Good and perfect timing is the most important rule in trading for me, because it gives an accurate result and possible gain profit when you apply rules. OP has given his own rules and I think there are need to be added but at least it gives an idea to those who wanted to start in trading.

Memminger

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Simple but rather hard to do especially the last two which I had personally experienced a long time ago and of course the important part is that I learned my lesson. LOL.

If I may add, be observant. In the world of cryptocurrency, having this quiet premature market which is prone to volatility, we could learn a thing or two by recognizing the unusual movements which may attract us in riding the tide as well. I think this would come through experiences you gained through you trading ventures. Always think rationally. Happy trading everyone.

P.S. As others pointed out, this should go to the trading section of the forum.

gunungkembar

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when you trade it seems you really have to pay attention to the rules, there are many rules that you can pay attention to one of them is the rules at the exchange place, while the rules when trading I think it depends on your trading capital.

yulionoo

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yes I think every trader has their own trading rules that have been believed and carried out. I myself trade principles and invest as much as you can afford to lose. and I also always do research before buying or selling coins. and the last thing I always principled is not greedy I will not wait for the price of coins to go up high to sell. when the coin has increased 30% I will sell and take profits.

Apes

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Quote from: malekbaba on October 30, 2019, 03:47:28 AM

4. Never love any asset, emotional trading will kill your investment.

I like this, this means never save assets in the long term, if you already have a difference in profits immediately sell it.
this point sometimes people hesitate because they believe in one or several assets they can afford to grow high, and are too bad to sell.
well, this point is for trading not investment.

bitcoin31

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Quote from: malekbaba on October 30, 2019, 03:47:28 AM

I follow some rules. Am not sure if they will work you for everyone but these are the basics.
1. Keep it simple. Once I tried to gather as much info before start trading. Many indicators, many news, vast analysis made me paralyzed to trade.
2. Avoid crypto trading on weekend and Friday too. Instead enjoy the holidays.
3. Never do Revenge trading, you will only trade whenever you have proper mindset.
4. Never love any asset, emotional trading will kill your investment.

Consider those tips as free gift, not financial advice. Always do your own research

I will not use in number 2 because what if the day of friday increase and you did not check or you did not trade so you lose profit. But I agree on the number 4 because of the emotion while the mostly of the trader lose the profit or the imvestment they have on trading. Every trader must take his/her action whil they do trading to earn money not to throw only a money.

error08

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Quote from: Dabs on October 30, 2019, 08:56:52 AM

I only have two rules:

1. Buy low.
2. Sell high.

Unfortunately, I tend to break the rules often. I hope everyone else does better.

I did the same mistake, or many people also get into the same situation.
have bought when it drop, then sold at a higher price, but then I have to buy bitcoin again to accumulate more, unfortunately, butcoin set a new support level and resist at high price, it means I have to buy high, lol.
But doesn't mean you'll lose in trading as bitcoin price, yeahhh we know, hold and be patient, bitcoin will rise to the moon.

TGA24

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Revenge trading is a pretty bad one. I did it a lot when i started out.

Pretty much I'd follow my rules but if I had a bunch of losses I'd increase position sizes and just trade like crazy. It works sometimes, which makes it worse and reinforces the behavior. Discipline is just a big part of trading but so much harder after a string of losses.

blckhawk

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Isn't these tips supposed to be on Trading? Anyways, I can agree completely on 1 and 4. (1) Too much information does stop you at even doing trades. Overloading yourself with speculations just makes it harder to make decisions. (4) A general rule of thumb, only trade/invest your excess funds. Don't give all in. You'll never know what will happen to that investment and doing so would be a one-shot do-or-die situation.

Beparanf

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Quote from: malekbaba on October 30, 2019, 03:47:28 AM

3. Never do Revenge trading, you will only trade whenever you have proper mindset.

I'm a victim of revenge trading on my early days of trading, been struggling to win back the losses even it's not that big and finding ways to do day trading and became frustrated, but maybe I really pick a wrong alts those days. Luckily, I was able to be paid by bounties that time and so I took time restudy the market again and use my bounty as capital. Losing is part we just need to know when is the tip to stop it and target other alts.

Shasha80

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In my opinion, simple rules when trading is the first to buy at low prices and sell at high prices. The second is not to be greedy for profit,
quite a small profit but often. The third one is not too fanatical about one coin, there are still many coins that have good potential. And the
fourth only use money that we can afford to lose, so if we really lose don't carry a heavy burden. That is the basic rule of my version that is
mandatory adhered to when trading.

Golftech

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Quote from: diahsw on October 31, 2019, 06:30:45 PM

number 2 seems sincere advice, I smile reading it, because not necessarily at the end of the week everyone can enjoy the weekend, even vice versa, on weekends people who are busy can start their trading. except people who have more free time, maybe they will enjoy the holidays at the weekend .. !!

Yeah right, those who have a lots of time to work with trading in the weekdays can take the holiday break on weekends, they'll be able to enjoy spending time with their love ones. Expect that after the long weekdays dealing with reading the market movements, it's a good reward for each traders to enjoy aiming for much better entertainment spending time with friends or love ones. Chill and relax after working that's help free up some stressed and have a good start once you open your position again.

diahsw

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number 2 seems sincere advice, I smile reading it, because not necessarily at the end of the week everyone can enjoy the weekend, even vice versa, on weekends people who are busy can start their trading. except people who have more free time, maybe they will enjoy the holidays at the weekend .. !!

livingfree

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Traders that are loving to stay at home and enjoy being comfy are also doing it correctly. There's no rules about when to trade bitcoin or any crypto that you prefer. Because we're all free to do it but I understand that sometimes we have to enjoy those holidays and weekends and have some quality time.

But this is one of the good things in crypto, you can enjoy vacation any time you want while trading everywhere because the market is open 24/7.

Topic: Dont break rules while trading (Read 688 times)