Dont break rules while trading - page 3.

kryptqnick

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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 like the first three points, they seem wise and helpful. They are oriented towards limiting trading in such a way that it becomes simple, leaves time for other things and prevents affective decisions. I think that there should definitely be the golden trading rules of never spending more that one can afford to lose and buying low, selling high in this list, though. And since it's a forum, mainly dedicated to Bitcoin, it pains me to see #4. Maybe it's because Bitcoin is just not supposed to be traded, but I think that people dealing with Bitcoin should have a personal connection with it, believing in it and worrying about it. Otherwise, they disrespect a great innovation and use it as if it were some useless asset on the market.

harizen

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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

As you mentioned, that's a basic so I think no need for a specific thread just to state what's your own rules. People do have their own preferences and they became a success to that. You can't just apply A to B to C and vice-versa.

1. What's your definition of "keeping it simple"? There are traders who follow their own criteria and lots of references, but still, a simple for them.
2. Crypto is volatile.
3. The other term is, don't chase the loss. But you know, sometimes it's good to chase loss but in a responsible way. With the purpose of chasing the loss, these traders will be more focus on winning and will do everything to make their trades successful.
4. Emotions are human nature so we can't avoid it. What people must learn here is, to control their emotion and still be a responsible trader at the end of the day.

This thread is more appropriate here: Trading Discussion

TinaK

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These are really cool ideas and I believe this strategy will make you cool down and you can enjoy your own personal moments as well.
Whenever you want to go to trading you just exam main what you you can do with your potential to shine in crypto trading field. If you are able to do it you can proceed or you can stop it.

DoublerHunter

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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

^ 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

Eclipse26

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bullsvsbears.io

That's one of the very basic knowledge needed to know before investing. Others seems to be that easy to say but sometimes hard to follow. Just like number 4, sometimes we cannot really control our own emotions. It depends on how strong we can be in managing our emotions.
But there are still more that beginners need to know. I mean not only the beginners but everyone of us need to keep in on our minds.

ChrisPop

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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.

Oceat

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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.

Golftech

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Quote from: ?? on ??

It's like telling, don't push too hard , balance your life. Trade only when needed and market goes in your favor but if not find other activities you enjoy. Having a goal is good but don't drain yourself into something that might lead to nowhere since where to drained to follow indicators, rules and settings. Just enjoy the road of trading while living life to the fullest.

Same interpretation inside my head, trading don't force you to limit yourself inside but to allow you to work for yourself. Never to engaged with something that causing you stressed accept the fact that there's something that ain't fit to everyone, trading is a business that can be done treated as a hobby. If you are enjoying your mindset will be full of ideas, it will add confidence and optimistic point of views.

ChrisPop

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Not your Keys, Not your Bitcoins

@franky1 Sounds that you're more a value investor like Warren Buffet than a trader. I really have respect for the people who take their time to make a thorough due diligence on a company, commodity or any kind of asset that is publicly traded. Do you have a formula or algorithm that you use to calculate the cost of bitcoin mining? If yes, would you mind sharing it with us.. or.. with just with me? Cheesy

Darooghe

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Golden rules are be patient, don't hesitate, learn technical and fundamental analysis carefully, don’t take more than 2 trades in a day, be consistent, if you get negative returns for 3 successive days then take a break, Keeping emotions aside while trading and taking decisions based on analysis and research work, if price charts are not clear then avoid trading on that day, don't be afraid and take risks. However I usually use a buy and hold strategy. Only quality investments with proper diversification. no one truly knows what the markets will do and when. Its a guessing game, just don't let emotion guide you.

bitzizzix

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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

What you mentioned has become part of the strategy of a trader except beginners, and in trading requires good knowledge and skills and is supported by a variety of different analytical methods and will likely differ from the methods you mentioned such as weekends and Fridays, not necessarily not good to trade.
and besides that I support it. Grin

Red-Apple

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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.

MURONDI

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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

everyone has different thoughts and rules, the rules you make are good but not everyone is suitable to use them, everyone has a different trading style, some are daily traders, some are long-term weekly or monthly, I think there is no problem trading on weekends or Friday, the problem is crypto is not the same as forex which will occur high impact when approaching the weekend.

CryptoBry

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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

Thanks a lot for these free tips. I would not consider myself a good and professional trader because I am just doing it from time to time. One of the things I learned so far is that one must have a clear, concise and well-defined mindset in trading (applicable to crypto, forex, stocks, gold, commodities and derivatives) because without it a person can be liken to a boat without knowing where it is going and how to get here. One area is never be greedy because if this emotion can be taking over the chance for success is getting dimmer while losing money can be magnified. The life of a trader can be a complex labyrinth and once can easily be confused and lost if one is not properly using discipline and self-control. Cheers to all traders big and small!

franky1

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never trade based on the news
the news is the emotional speculative layer...

also by the time media are talking about it the main trades are already done meaning your late to the party and you are at the tail end of the hype

my main success is looking at the costs of mining bitcoin and treat that a 'value' and then the market price above it as the spot/speculation. if the PRICE is far far above value, your in the hype/bubble zone. if the PRICE is near value then theres not much speculation meaning your getting in before any speculation hypes up

imagine it like the ocean people only see the tides/waves but they never see/think of the natural lower water level. all they hear about is the tsunami's of speculation/volatility
/\ hype (tsunami)
/\/\/ \ /\ normal speculation(daily tide)
______\/__ value (underlying waterline)

XCANA

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You are right because, I have personally be a victim of this attack. The rules should be follow strictly and shouldn't be twisted, strictly following the rules will save us from unwanted loose and loses that could have be averted. You can also add that; don't take profits unrealistic: take profits from 1.5 or 2.5 to ensure your investments are save.

Dabs

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The Concierge of Crypto

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.

xvids

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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

A good tip but this doesn't belong here you should move this thread to the trading section.
And for number 2 it all depends on a persons time we could enjoy our time set up some break from crypto or trading not just on weekends have some family time.
And the fourth is true we shouldn't let emotion take over our decision in trading.

malekbaba

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Quote from: Fappanu on October 30, 2019, 05:39:27 AM

You should also include it in the list
Don't buy it while the price is still in the hype. Because you may be trapped by the sudden drop in prices.

Many trading investors are trapped in this situation because they think their prices will increase. And to keep the small traders out of the way, they stick to their pumps, and this is why they often fall victim to the Bull Trap.

Thanks for your comment. I have said to DYOR (do your own research) before start trading anything. I just have added some points and obviously there are lot of other things. Even most senior trader may fall into trap. Cause crypto is too volatile by nature. I forgot to mention another important issue. Don't open multiple trades at a time. It seems the more you trade, the better. Actually it is possible in theory. In reality, you will have more chances to lose money. What if you make major loss in multiple trades at a time? You can't handle the loss, always

kolonel_x

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I think Indicators, analysis, crypto news will help you in trading because if you rely on your own analysis, it is not possible, there must still be news to view information and indicators as notifications,
In trade it must be calm, don't panic, don't be tense, it must endure and be patient, because trading requires calm with a clear mind.

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