Don't encourage multiple trading! | Bitcointalksearch.org

wxa7115

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Quote from: lombok on May 07, 2023, 01:44:03 PM

In my opinion, opening many pairs when trading is not too problematic if you use very small capital per pair and use the DCA method. The problem is if we use capital, for example $ 1000 without using the DCA method and we use $ 50 to $ 100 per pair. So just wait in a matter of minutes or hours if we go in the wrong direction, we will lose our money.

The main problem is your strategy. Use as little funds as possible with existing capital. And limit the number of pairs when trading. 5 trading pairs, in my opinion, have entered a risky warning.

Many books about trading stipulate the the biggest amount which a trader can allow themselves to lose on each trade is 2% and many books are even more conservative and claim only a 1% loss should be allowed.

So a person trading with a capital of 1000 dollars can only afford to lose 10 dollars per trade, however many books also limit the amount of positions you can open on the same market, and anyone which violates those two rules will come to eventually regret their decisions as their losses will become unsustainable.

lombok

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In my opinion, opening many pairs when trading is not too problematic if you use very small capital per pair and use the DCA method. The problem is if we use capital, for example $ 1000 without using the DCA method and we use $ 50 to $ 100 per pair. So just wait in a matter of minutes or hours if we go in the wrong direction, we will lose our money.

The main problem is your strategy. Use as little funds as possible with existing capital. And limit the number of pairs when trading. 5 trading pairs, in my opinion, have entered a risky warning.

abel1337

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Quote from: Greggry on April 12, 2023, 01:39:24 PM

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

You can't advice it to anyone to stop doing multiple trade at a time. Though if you are talking to a newbie, I believe that trading a single coin at a time and familiarizing that certain coin at a time would be beneficial to him long term. Managing multiple trades is hard it's like that you are multitasking every time though it's a faster way of making profits if you know what you are doing. This is why long term traders or veteran traders doesn't stick with a single monitor thus they always have at least 2 or 3 monitors in their computer set up since it can help them watch every trades they are doing. A newbie trading a multiple coin at a time will just make it hard for him to understand what he is doing given that the information he is consuming is so much from his understanding and it can cause a losing trade.

cydrix

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I guess it's acceptable if he enjoys trading futures. Losses are inevitable for long-term traders, but they must stick on until the good times return. These times will undoubtedly arrive as the price of Bitcoin rises, and the market will undoubtedly follow Bitcoin and become positive at that time. Most cryptocurrencies mimic Bitcoin's price increase. Therefore, in my opinion, it's natural to incur losses because doing so can be a great learning opportunity and a chance to manage one's assets well.

justdimin

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Quote from: jrrsparkles on May 04, 2023, 08:42:07 AM

4 trades at once is not that much but the tolerance level varies from one to another so if someone can't able to manage 4 trades at once in day trading then they can go for two and analyse they made profits or loss with the basic changes.

I will not recommend to different types of trading like futures and options, binary these are not really trading more of gambling so sticking with spot trading will reduce the risk to low.

Definitely not, back when I first got into trading and wanted to learn how to be better, I did as much as 50-60 trades per day, some of them profit, some of them losses but at least I was learning, the more I did the more I learned, both from the profits and also the losses as well, I learned more from the losses than I learned from the profits. However, there is one thing that I need to make sure, which is the fact that we are talking about something that takes a while and that should not be easy.

I personally hope that the best thing about crypto is that you could trade as little or as high as you want, and that would be your personal option. Do not limit yourself like OP says of course, but do not force yourself to trade more neither, if 4 is a lot, then it is a lot, no need to force it.

Mauser

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Quote from: Greggry on April 12, 2023, 01:39:24 PM

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

Do you mean multiple trades within one asset or across multiple different coins? I don't really see the problem with running multiple trades and strategies in the bitcoin market as long as you can fully understand them, stay on top of them and most important you make money from them. But if you are running multiple strategies with different crypto coins than it could become too much to handle and staying uptodate in all the markets at once is difficult. In my opinion it's better to fully focus on one coin instead of spreading out our time and money if we are trading actively. In case we want to invest only and not touch our positions for a while, I would recommend to spread our money out. But in the end it comes down to what suits us best and where we are the most profitable. From what I read from you it sounds like your friend is struggling in his current setup and it would make sense to change his trading approach.

death69

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Quote from: dansus021 on May 04, 2023, 08:25:41 PM

I usually open multiple trading and ending up losing Grin

A liquidation call is a monster. Trading is risky and having multiple entries on different token/coin is much more riskier hahaha.

But I also have a friend that made a ton of profit by making multiple entries and do hedge when the market is against him. and he said they key is on how to manage your money, the classic mantra of trading Money Management but it is true even tho open a lot of position he total risk is still below 10% so he has a lot of money and low USDT per entry

Dude, I totally get it. It's like Jenga, but swap those wooden blocks for your life savings, wobbling on the edge of doom. But hey, "fortune smiles on the gutsy and the goofy." Alright, maybe that's not a real saying, but I'm working on it.

I mean, yeah, multiple entries can be dicey, but they up your odds to strike gold. It's like a sports nut betting on a bunch of games – you might lose some, but you could also score big time. And don't forget money management, bro. It's like being a top chef who knows how to mix the perfect dish – sure, lots of entries, but if you're smart with your cash, you'll still come out on top.

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Quote from: Greggry on April 12, 2023, 01:39:24 PM

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

It is true that some time multiple trading can bring much profit from a single trading . And earning from multiple trading will be possible only when it is in the right hands i.e. he should have enough knowledge about trading and analyzing it. And if it is interrupted, there is a possibility of loss. I generally also don't much like multiple trading because of it's hard to maintain at a time. Any way from single one it can be also possible to get a good profit it all trade in a right track.

dansus021

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I usually open multiple trading and ending up losing Grin

A liquidation call is a monster. Trading is risky and having multiple entries on different token/coin is much more riskier hahaha.

But I also have a friend that made a ton of profit by making multiple entries and do hedge when the market is against him. and he said they key is on how to manage your money, the classic mantra of trading Money Management but it is true even tho open a lot of position he total risk is still below 10% so he has a lot of money and low USDT per entry

blockman

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Quote from: tomos81 on May 04, 2023, 07:12:35 AM

If you want to do trading then you must have knowledge about different exchanges or coins. If you want to do trading then you must research the market because the market can suddenly crash and the price can increase so you have to buy tokens with an understanding of the opportunity. You buy tokens in a bear market and sell them when the price rises. If you are new then you must follow all its tricks.

Crashes are to be expected and if you're a trader, you're aware of it can happen anytime to any coin in the market that you're trading. Those that have come unprepared are the ones that shall be surprised if it has come. But as soon as you start trading, you'll get to see what's impactful to your trades and what you must avoid for you to have it understand that in trading, it's not always the market that's going to be on your side. At most times, it will be against you and you should be the one adjusting on it. If you can't focus on a single trade then be discouraged that you can't do better if you open with multiple trades.

Stable090

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Quote from: Greggry on April 12, 2023, 01:39:24 PM

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

When you open multiple trades, you easily get confused, most especially newbies, if you are a professional and you want to open multiple trades at once, you should also be very careful, whenever the market goes against you, then you will lose control off all the trades. It’s better you just focus on trades that you know you can handle, you shouldn’t be in hurry to make money because you might end up losing everything. Trading is not all about how many trades you open, it’s about how you can monitor and maintain the trades you open.

jrrsparkles

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4 trades at once is not that much but the tolerance level varies from one to another so if someone can't able to manage 4 trades at once in day trading then they can go for two and analyse they made profits or loss with the basic changes.

I will not recommend to different types of trading like futures and options, binary these are not really trading more of gambling so sticking with spot trading will reduce the risk to low.

tomos81

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If you want to do trading then you must have knowledge about different exchanges or coins. If you want to do trading then you must research the market because the market can suddenly crash and the price can increase so you have to buy tokens with an understanding of the opportunity. You buy tokens in a bear market and sell them when the price rises. If you are new then you must follow all its tricks.

Twentyonepaylots

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Quote from: wxa7115 on May 02, 2023, 01:46:37 AM

Quote from: usekevin on April 26, 2023, 09:08:43 AM

Multiple trading is suitable for the experienced traders and not to the beginners.The people who are new to trading must learn the trading with minimum amount as the capital.If you had do start of trade with high amount,it will leads to high loss.Some trading exchanges give you free coin to learn trading,you can make use of it.Then start the real term trading.Analysis one chart a time at the beginning stage,then move to two trading at a time.Later you can trade with 3-4 trades at a time.When you trade above 6 months,then start to trade with 10 trade at a time.Multiple trade is easy to the people with more trading knowledge and analytical skills.Don’t do multiple trade until you are became familiar with it.

What happens is that when you open multiple trades at the same time is very easy to lose sight of the risk you are taking, and if you lose a few trades in a row it is very easy to find yourself in a situation in which you lost way more money than what you thought you could lose.

And this is a terrible scenario to be in, because even more important than a solid entry and exit strategy is to minimize our risks and to prevent a massive loss of money, because once it happens now you will have to take an even bigger risk just to try to breakeven.

Same thoughts since having multiple trading could be hard to manage since trading requires you to analyze the market and if you will focus in many trading pairs, it would be very hard for you to focus and make good and wise decisions in your trading. But I think there would be a limit that each person can handle since it is really possible to trade more than 1, just make sure that you can equally put an effort to focus on each trading so that you can be successful on each trading that you get into.

wxa7115

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Quote from: usekevin on April 26, 2023, 09:08:43 AM

Multiple trading is suitable for the experienced traders and not to the beginners.The people who are new to trading must learn the trading with minimum amount as the capital.If you had do start of trade with high amount,it will leads to high loss.Some trading exchanges give you free coin to learn trading,you can make use of it.Then start the real term trading.Analysis one chart a time at the beginning stage,then move to two trading at a time.Later you can trade with 3-4 trades at a time.When you trade above 6 months,then start to trade with 10 trade at a time.Multiple trade is easy to the people with more trading knowledge and analytical skills.Don’t do multiple trade until you are became familiar with it.

What happens is that when you open multiple trades at the same time is very easy to lose sight of the risk you are taking, and if you lose a few trades in a row it is very easy to find yourself in a situation in which you lost way more money than what you thought you could lose.

And this is a terrible scenario to be in, because even more important than a solid entry and exit strategy is to minimize our risks and to prevent a massive loss of money, because once it happens now you will have to take an even bigger risk just to try to breakeven.

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Quote from: Greggry on April 12, 2023, 01:39:24 PM

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

You have said it all that multiple trade is not advisable when you're a newbie to trading, this does not applies to trading bitcoin alone, but any other thing in life, we shouldn't risk doing things if we are inexperienced, but when you're good at doing it, it gives you upper edge to earn more than opening a single trade, know that everything has merits and demerit side of it, if the bitcoin price is going dip, that is when some traders are making their own cool money, this is all about the leverage position you took together with your kind of trading pattern.

usekevin

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Multiple trading is suitable for the experienced traders and not to the beginners.The people who are new to trading must learn the trading with minimum amount as the capital.If you had do start of trade with high amount,it will leads to high loss.Some trading exchanges give you free coin to learn trading,you can make use of it.Then start the real term trading.Analysis one chart a time at the beginning stage,then move to two trading at a time.Later you can trade with 3-4 trades at a time.When you trade above 6 months,then start to trade with 10 trade at a time.Multiple trade is easy to the people with more trading knowledge and analytical skills.Don’t do multiple trade until you are became familiar with it.

death69

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Quote from: _BlackStar on April 22, 2023, 12:22:03 PM

Quote from: Yamifoud on April 22, 2023, 08:30:17 AM

One at a time is advisable and it is more manageable than having multiple trades which makes you out of focus and priority.

Having several open trades is also not problem if the trader is able to understand good strategy, especially about TP and SL. These two option are mandatory for any trader who expects short-term returns, it is intended to prevent more losses when the market changes trend. So I don't think having 2-10 open trades is anything wrong.

The risk of losing lot of money is of course very high when the trader has several trades, but it will also be well worth the possible returns when the analysis is correct. But anyway, I don't like multiple trading even though I don't mind it being done by multiple traders.

Trading, my friend, is like dancing on a tightrope while juggling fiery chainsaws – sure, it's a jaw-dropping spectacle if you nail it, but you're walking a fine line between fortune and fiery doom.

But hey, sometimes you gotta carpe that diem and toss the dice. It's a wild world of calculated gambles, and occasionally, that means diving into a multi-trade whirlwind. Just don't overdo it, and stay vigilant on those sneaky stop-loss and take-profit ninjas.

And you know what? If things go up in smoke, at least you'll be the life of the party at the next Wall Street shindig with your wicked trading tale.

wxa7115

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Quote from: iv4n on April 22, 2023, 02:33:27 PM

I wonder if his friend traded one or more pairs? It's different when people make multiple trades at a time with the same pair, and when people diversify and get into multiple pairs.

I guess that risk and reward ratio explains everything. It doesn't matter if someone goes with one or more pairs, single or more trades, it's about control of risk reward ratio! Those who chase big profits will face higher risks and probably will lose most of the time... those who have control can have fun and harvest profit here and there, maybe nothing big but at least something will come.

Regardless of the number of markets being traded there should be some sort of limit to the number of positions which can be opened simultaneously, as the more positions are opened the higher the risk you are taking.

And as we know control over the risk we take is one of the most important abilities we may have as traders, while at the same time is the most unforgiving, as you could open your positions a little bit early or late and your system will still be profitable, but take too much risk and eventually you will bust your account for sure.

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Quote from: Greggry on April 12, 2023, 01:39:24 PM

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade

This exacy depends kn each strategy and managememt control. Management control will also injde the abikoty of us in trading. So, we can assume that some people may be skillful and not. Our ability in trading will also influence how we will manage the fund and risks in trading
One of them is about the ways of managing funds and how manyvtrades opem in one time. If you are skillful enougj and have the knowledge in trading, it may not be a big problem. As long as you are able to manage it without any stress and become more patient whatever the market, just be careul and wise suitable to your own activities. Because we all know that doing self business and trading at once will also be stresful and careful.

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