Dont break rules while trading - page 2.

Oceat

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Quote from: ChrisPop on October 30, 2019, 12:52:00 PM

Quote from: Oceat on October 30, 2019, 12:27:55 PM

Trading with rules is just like having a superstitious belief when trading although I agree that I follow some rules when trading to avoid the unexpected loss. Having a better control of yourself and patience is the key to meet your target this both strategy applies to short term and long term trading. Just make sure you know what you are doing or else you might end up in the wrong path.

Having rules to limit yourself in the markets is a must have by any trader who wants to be successful long term. Otherwise you're just a gambler or if you just buy and hold you're an investor. In an environment with endless opportunities to enrich yourself you can't go by ear, you need to have a system that says to you when the market is going against you and take the risk off before you make more damage to your account. Same with profits..
Moreover if you have rigid rules the emotions are unlikely to get a hold of you to the level where you can't make an informed decision.

Just like what they said, trading is just like gambling but there are still bigger differences between these two. But one thing is common between them and it is having a huge patience especially if the market is too volatile just like this. You need to increase the level of your patience or else you are wasting your chances to get your targeted profit.

Meowth05

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Quote from: abel1337 on October 31, 2019, 02:46:25 AM

Quote from: Wintersoldier on October 31, 2019, 02:21:55 AM

Quote from: Red-Apple on October 30, 2019, 11:00:19 AM

there are too many rules around these days and although i think they are all good but it is best that people reach their own rules in time as they make trades. for example they have to fail a couple of times because of "revenge trading" before they stop doing it and make better decisions while not being emotional anymore.

For the best lesson to be learned in trading, one should have the best mentor that will dictate what to avoid and to pursue. It is their experience that will make them avoid losses and push through profits. In my case, I have lost allot when I am just beginning to trade, I don't even know when to buy and sell till I get use to the market, and with the help of analysis, I can earn profits and at the same time, the mistakes that I've committed before is avoided because I already know and learned from it.

Experiences can help you to grow a lot especially on trading, Traders need to have skills and the determination to grow their base capital. Set emotion aside because it is the number one reason why starting traders fail. They keep their emotions on the trade they are making, Many emotions are their especially getting fear of losing trade can make your plans go more ruined.

The OP will give you enlightenment especially if you are a newbie on trading. Hands up to malekbaba for making this post.

Experience indeed is one of the most important thing you must have along with knowledge. Enough experience will help us to deal with our tradings. Regards with rules in trading first, leave our emotions out of this because this could be a hindrance and could ruin our trade. We shouldn't take any tips what to do with our trading strategies because it might not compatible. Always have a plan in making a trade, do some technical analysis before make any action to reduce the risk.

Sahyadri

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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.
~snip~

I don't agree completely with your first point.
keeping a knowledge of fundamentals through news never hurts.
Coming to indicators, having knowledge of various indicators always helps.
I tell you why.
Usually, no indicator works alone. There is a need of a combination of indicators for reaching to a conclusion about any trend or breakout. You can only do that if you have knowledge about various indicators. With continuous trades, then you can make distinctions and can go with the combination which best suits you.
Thus, learning various indicators is crucial.

asus09

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Quote from: ?? on ??

the rules when trading for me at least do not change the rules I make and discipline to run them, such as applying stop loss and sticking to the specified point, and being confident in yourself with the choices made.

Rule of trading is never buy or invest with some altcoin have reached with higher price, you can buy many altcoin any time, but when altcoin rice have reached to top just watching and never investing, you will lost your assets and have to hold if you want to invest because after price have reached to the top just wait for price of altcoin back to lower price and wait for long time seeing back to higher price.

Mike Mayor

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Quote from: drumamat on October 31, 2019, 04:10:20 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

Absolutely agree with 1 point.Indeed having such a wide choice for investment is very difficult to adjust what is better to buy and what is better to sell.

I would rather be paralyzed to trade than to invest in something that I lose my money. If you see a truly decent investment you will do your research and not be so indecisive. A really good project will make the choice for you. I am not so sure about not trading on Friday and the weekend though. If you want to be successful you must work hard and that means working on the weekend. not trading on 3 days out of 7 is ridiculous. I do agree that you need a break to enjoy life. YOu need to enjoy some of that hard-earned crypto.

Innocant

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Quote from: Red-Apple on October 30, 2019, 11:00:19 AM

there are too many rules around these days and although i think they are all good but it is best that people reach their own rules in time as they make trades. for example they have to fail a couple of times because of "revenge trading" before they stop doing it and make better decisions while not being emotional anymore.

Being have so many rules ill think it was useful for trading to be aware on the mistake that we make in our first trade in exchange. And we can make a rule also by our self as you said if we knows how to do it actually we are have different thoughts about trading so it depend on us about strategy for trading. Being emotional it is a part on us if we have big loss in trading so thats why need some rules to right our mistake.

drumamat

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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

Absolutely agree with 1 point.Indeed having such a wide choice for investment is very difficult to adjust what is better to buy and what is better to sell.

abel1337

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Quote from: Wintersoldier on October 31, 2019, 02:21:55 AM

Quote from: Red-Apple on October 30, 2019, 11:00:19 AM

there are too many rules around these days and although i think they are all good but it is best that people reach their own rules in time as they make trades. for example they have to fail a couple of times because of "revenge trading" before they stop doing it and make better decisions while not being emotional anymore.

For the best lesson to be learned in trading, one should have the best mentor that will dictate what to avoid and to pursue. It is their experience that will make them avoid losses and push through profits. In my case, I have lost allot when I am just beginning to trade, I don't even know when to buy and sell till I get use to the market, and with the help of analysis, I can earn profits and at the same time, the mistakes that I've committed before is avoided because I already know and learned from it.

Experiences can help you to grow a lot especially on trading, Traders need to have skills and the determination to grow their base capital. Set emotion aside because it is the number one reason why starting traders fail. They keep their emotions on the trade they are making, Many emotions are their especially getting fear of losing trade can make your plans go more ruined.

The OP will give you enlightenment especially if you are a newbie on trading. Hands up to malekbaba for making this post.

RivAngE

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What doesn't kill you, makes you stronger

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

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

I lol'd with that last rule, it's the only one I have yet to master!
Oh the NVDA stocks I have kept, removing the "Take Profit" stops before they are hit or buying the stock a few days after I've sold it! And this because I love the brand.

Thankfully, I don't have this problem with altcoins, I've been quick to sell them when I see hints of trouble like the team acting unprofessionally, security issues (XVG being the best example), or goals not being meant repeatedly.

Bitcoin is a safe bet though, you can't go wrong loving it and holding it. Cool

Wintersoldier

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Quote from: Red-Apple on October 30, 2019, 11:00:19 AM

there are too many rules around these days and although i think they are all good but it is best that people reach their own rules in time as they make trades. for example they have to fail a couple of times because of "revenge trading" before they stop doing it and make better decisions while not being emotional anymore.

For the best lesson to be learned in trading, one should have the best mentor that will dictate what to avoid and to pursue. It is their experience that will make them avoid losses and push through profits. In my case, I have lost allot when I am just beginning to trade, I don't even know when to buy and sell till I get use to the market, and with the help of analysis, I can earn profits and at the same time, the mistakes that I've committed before is avoided because I already know and learned from it.

crossabdd

legendary

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I personally am a bad trader. I don't even have tips like yours. the only tip that I use is. trade without being emotional. but good, you have shared good tips. for a vacation, I did not specify the time. whenever I want to take a break from crypto trading. then that's when I rest and take a vacation ... because crypto is freedom .. at any time we can trade. for analysis, I personally only determine through the graph. and maybe some news too.

Kakmakr

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Those tips are all based on emotions and you should never get emotional when it comes to money. Just take a look at the investors in Shark Tank and/or Dragon's Den, they never invest in something with their emotions. They go back to the basics when they analyze a new investment and if the numbers makes sense, they will invest. Wink

I think proper research is the key to a good investment strategy, because a lot of people are just following the latest trends and whatever is pitched in the media. Tongue

hello_good_sir

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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

Not sure about 1 - it might depend on everyone, more a mentality thing. I personally like to only trade once I have all the facts, which means I need to know everything about that coin before making a move in the market.

As for the other tips, I agree - it's all mentality issues that stem from the trader being greedy, and as stupid as this may sound, just don't worry money that much. Be happy with your earnings and don't spend too much time being obsessed with crypto news, and charts and you feel like you must invest more, and spend more time making more money. Be happy.

ivakar

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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.

Dude, precisely!
the only question though, is to determine if this the right moment to sell/to buy.
usually if the market is calm it is pretty easy ( study the charts and you should be good in guessing)
but if the market is in storm, well... the risk is high then..

erickastella

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trading in my opinion if you are in a good mood because if not it can affect the way we trade, take for example we have a fight with my wife / husband then we trade then it will make our psychological mess, therefore if we want to trade also must be in good condition

ajiz138

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What about fund management? why don't you mention. Fund management to start trading is also very important. Many people can trade even experts, but cannot manage fund well. every 100% of the capital used is only about 60% or according to your own strategy, the most important thing is there is still fund left to buy back.

Casdinyard

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Not a daily trader but whenever I trade, I at least made sure I buy low and sell high. Though honestly, sometimes I thought that I bought at low but it keeps dumping, lol! Anyway, as they say that you'll have loss when you sell it so I made sure to sell it above the price.

While I would agree on not doing trade on weekends as it's more volatile than the other days. Idk, just my opinion.

Maslate

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Quote from: DoublerHunter on October 30, 2019, 01:11:10 PM

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

^ These are simple advises but the fact is very meaningful. In trading, you should know about the basics before digging into difficulties just like technical analysis. That is also right that doesn't spend too much on trading or doesn't focus too much. Too much emotion will let you down in trading and probably make loses. That's why there is self-control and we should know which point we limit our selves in trading. Nevertheless. holding is the best option than trading.IMO

Holding is the safest option if you are not so sure with your own trading skills. These are really good and helpful advices that won't make you a stressful trader but only enjoy every moment of it. Even how simple they seem to look like, but if you're not a trader with good skills, you won't still succeed in this field. Keep on learning and don't stop learning new things through your own researches.

oktana

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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

Point 1 does not need to be done alone and review everything at once, between technical and fundamental analysis sometimes moves on its own. Other points can be adjusted if it does not depend on daily trading, the strategy can be changed to the long term, and weekends with downward trends are the right time to buy following the ladder pattern. the rules can be adjusted to "what can be done during this condition"

xiboothrezi

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Non-technical things that tend to be difficult to control. I prefer day trading and the most difficult thing to control is emotion. When emotions start to master, strategy and analysis are not a priority, this is what makes me often over-trading. Even though I already took profit, but when I saw a little opportunity I entered the market again hoping to get more profit, but instead, on the contrary, the previous profit was lost and even capital was also down. Greedy I know this is my weakness, so I try hard to control this by always feeling sufficient, and making my own achievement a measure, not someone else's success.

Topic: Dont break rules while trading - page 2. (Read 688 times)