Don't encourage multiple trading! - page 4.

LastKiss

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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

Sounds like your friend doing future trades with high leverage which can make his four trades gone in a moment, it's not advised to be greedy since greediness can make our money disappear in an instant, if he wants to try more risks try with a little amount of money or using money that you can afford to lose so when you're losing it, it won't be pressure in your mind.

Chainsmokers

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Quote from: Questat on April 14, 2023, 02:06:12 AM

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

I don't have any idea what he thinks of having that strategy. With his losing experience, I think it was enough for your friend to realize that it was a wrong strategy and stop it otherwise, he will lose more if he continues doing that until such time he got empty. Well, it usually happens that our thinking went wrong, and we can never find it early. Your friend has to open his eyes and look at what happened to his trade as it is no longer profitable anymore.
In fact, even pro-traders never use this way as it was not easy to manage.

If it continues, of course it will only be a waste of time and will make a loss,
the wrong strategy is as soon as possible to stop and look for other alternative strategies,
Again, it all depends on each other's decisions.

gunhell16

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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 must be telling your friend that cryptocurrency trading is not easy to understand, and you know it. Then you should also teach him the right thing to do,...

You know that the percentage of risk is high for beginners entering the Bitcoin industry. It's even better that you encouraged him to learn it first before jumping into trading so that at least he has knowledge of how to lose or win.

Wind_FURY

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Quote from: palle11 on April 13, 2023, 09:43:29 AM

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

Multiple trading may be represented like martingale and nothing wrong with that if you are experienced with such to be able to control it and monitor appropriately or use your stop loss intact. Multiple trading is for you to use your money management skills appropriately, lower your leverage, use stop loss and you must have sufficient fund to carry the waves of the market.

We as plebs who are generally under-capitalized should never over-complicate things regarding how we invest in Bitcoin. Plebs should not treat it like we have seven figures in capital, just keep it simple and buy the DIP and HODL. I could ask myself if I have more profit in buying the DIP and HODLing compared to "trading", and the answer would always be a YES. I believe 90% of plebs would have the same answer.

KingsDen

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Hello Leo! You can still win.

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

Opening multiple trades during the day trading is not the problem. If the trader can actually control the trade with the stop-loss he can as well manage the situation. Where it will be a little bit difficult to control is when you are trading futures.

King bitcoin drives the market, this means on a normal circumstance when one coin is moving up the others should indirectly follow suit.
So with this analogy, it will not be difficult to control all the trades unless in a certain situation whereby a particular coin is unduly pumped and dumped.

If your friend wants to open multiple trades, he should endeavour to get a bot that he will manipulate and it will handle multiple threads for him. This will enable him have some time for himself and do other things

Questat

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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

I don't have any idea what he thinks of having that strategy. With his losing experience, I think it was enough for your friend to realize that it was a wrong strategy and stop it otherwise, he will lose more if he continues doing that until such time he got empty. Well, it usually happens that our thinking went wrong, and we can never find it early. Your friend has to open his eyes and look at what happened to his trade as it is no longer profitable anymore.
In fact, even pro-traders never use this way as it was not easy to manage.

Strongkored

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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

Because you say "loves" it means that he has often done it so he loves the strategy that is applied and of course, it has also given him many advantages so he continues to apply it. Multiple trades are indeed risky and riskier if you don't have good technical analysis but also when it goes according to predictions it will definitely give you big profits because in trading there is always the possibility of losing the same as the possibility of profit so what your friend is experiencing is a very reasonable thing, unless he always loses in multiple trades but continues to do so means he is quite unwise to continue to do so.

jossiel

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Quote from: Hamphser on April 13, 2023, 04:13:22 PM

Quote from: jossiel on April 12, 2023, 02:44:44 PM

Maybe he's into futures.

Because he wouldn't lose that immediately if he's on the spot but as you've said that when the price dropped again, he's at total loss. Well, if your friend is a long time trader, he probably know what he's doing.

That's why for him it should be enough to understand that the risk he's taking shouldn't be ignored. Otherwise, he should quit futures and stay on the spot trading.

Pretty sure he's been dealing off with futures considering that being liquidated or total loss had happened because if we do talk about spot then you cant lose something since you would really be just simply having

that paper loss but not something being realized, unless you do cut loss or you have set some stop loss and been triggered or touched out but if not and its still hanging then just let it be, we do know that price would really be that able to recover but if this one talks about futures then its over.The only thing you do need to cope up with those losses is to trade up with another position but of course it would be something
that much better. Multiple positions into different coins is really something that mind boggling or something that not all could be able to pull through, on just thinking with charting then it is
really that something you would be making your head ache.

Trading up and doing another position might just lead him to another loss if it's the same futures. Doing some spot will make him more patient and also going to lose that greediness that he probably has.

He'll learn there that profit is already profit regardless of the position and amount of it.

That's going to teach him a lot if he jumps over there from the current position where he's in that has made him a lot of losses.

Hamphser

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Quote from: jossiel on April 12, 2023, 02:44:44 PM

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

Maybe he's into futures.

Because he wouldn't lose that immediately if he's on the spot but as you've said that when the price dropped again, he's at total loss. Well, if your friend is a long time trader, he probably know what he's doing.

That's why for him it should be enough to understand that the risk he's taking shouldn't be ignored. Otherwise, he should quit futures and stay on the spot trading.

Pretty sure he's been dealing off with futures considering that being liquidated or total loss had happened because if we do talk about spot then you cant lose something since you would really be just simply having

that paper loss but not something being realized, unless you do cut loss or you have set some stop loss and been triggered or touched out but if not and its still hanging then just let it be, we do know that price would really be that able to recover but if this one talks about futures then its over.The only thing you do need to cope up with those losses is to trade up with another position but of course it would be something
that much better. Multiple positions into different coins is really something that mind boggling or something that not all could be able to pull through, on just thinking with charting then it is
really that something you would be making your head ache.

Dunamisx

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Quote from: Oshosondy on April 12, 2023, 02:40:37 PM

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

What if your friend only trade one coin and the coin against the direction taken and the loss is significant? Trading multiple coins is not the problem, the problem is to know the direction the coins are going because if one coin is falling, other coins are most likely falling too. I also thought trading just a single currency is the best before, until I traded multiple coins that go towards my direction.

Tell your friend to learn risk management and also use a better strategy to minimize losses. It is good not to use leverage while trading, especially while trading altcoins.

For me, you only consider trading only bitcoin as important to me, i wouldn't have the gods to risk myself with trading on other cryptos, because anything funny can comes out as a surprise to me at any time, the problem with them again is that they easily rise and massively fall on a sudden, anything can happen at anytime, we only beed to stay focused on one coin or rather choose some other few ones along with them if we want to take the risk that my be associated.

death69

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When it comes to trading, I'm all about simplicity. One trade at a time, no chaos, no complications. But my buddies? They're like a sugar-craving tyke in a confectionery - those tempting trades are irresistible. Naturally, more open trades mean higher risks. Picture juggling chainsaws - flashy, but one misstep and it's curtains.

Feeling fortuitous? Indulge in as many trades as you crave. Just keep your focus and maintain the big picture perspective.

In the end, it's about pinpointing your trading sweet spot. Whether that's going all-out on one trade or diversifying across many, the call is yours. But always practice due diligence and never gamble with more than you can stand to lose.

borovichok

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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

Losses is inevitable in the market but we need to do proper risks management inother not to estimate our losses to our gains. Even pro traders record losses in trades, but they always make sure that they bounced back to the market with enormous profits. Triggering multiple trading positions is very risky because one doesn't know the next move of candlesticks in charts. I only recommend trading with pairs that one is already used and examine the criteria before trading. Different trades will only bring confusion and emotion instability because s trader will panick when the trade is going against the setup plans and would want to hurry to close the trade, therefore resulting in loss.

xSkylarx

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I do multiple trades, but it depends, like, if there is strong support or resistance. I am sure that this will go my way, but most of the time I take trades one at a time and set just a target profit on them because I do have limited capital. Though the profit of putting multiple trades is huge, the problem is that you lose a lot, like times the trades you put, unless you have a lot of balance, which you can still cater to, but this kind of strategy depends on the trader, which we need to respect.

palle11

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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

Multiple trading may be represented like martingale and nothing wrong with that if you are experienced with such to be able to control it and monitor appropriately or use your stop loss intact. Multiple trading is for you to use your money management skills appropriately, lower your leverage, use stop loss and you must have sufficient fund to carry the waves of the market.

Wind_FURY

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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

Did your friend trade with leverage? We might be starting to be in a bull market cycle, if he didn't get liquidated, then it's OK. If he is well-capitalized, he will be solvent enough to be still in the trade and get those losses back. But if he simply bought Bitcoin, tell him to "just HODL"!

AicecreaME

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Quote from: Oshosondy on April 12, 2023, 02:40:37 PM

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

What if your friend only trade one coin and the coin against the direction taken and the loss is significant? Trading multiple coins is not the problem, the problem is to know the direction the coins are going because if one coin is falling, other coins are most likely falling too. I also thought trading just a single currency is the best before, until I traded multiple coins that go towards my direction.

Tell your friend to learn risk management and also use a better strategy to minimize losses. It is good not to use leverage while trading, especially while trading altcoins.

Maybe what OP were trying to say is that his friend is already struggling with a single trade yet he did multiple trades that's why it backfired on him. It's hard to do multiple trades actually using a single monitor, in my opinion, or if you're not that experienced when it comes to futures trading, it could really increase the risk of losing your trades.

My only suggestion is to never enter a big trade with multiple entries per coin if it is your first time since you're only after for experience, don't risk it too far.

wxa7115

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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

Traders need to be incredibly careful when they open several positions on the same market roughly at the same time, and this is because with each trade they open not only they increase the chances to obtain profits, but they also increase the risk they are facing and the potential losses as well.

So what to do? From the books I have read opening multiple trades in a row is not recommended and it is only allowed when you are opening positions at different markets, but be careful I said different markets not different assets, so opening several positions on bitcoin and ethereum will be forbidden, but opening a position on the market of cryptocurrencies and the stock market will be allowed.

noorman0

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I was also an active futures trader, and it never crossed my mind to open multiple positions on multiple coins at once. I think this action is basically chasing a bigger profit rate, if I'm confident enough with the analysis then it's enough to increase the leverage.

irhact

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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

Your friend need to stop trading immediately if he's just trading on feeling the market will go in his favor, also him opening multiple trade is just making the loss worsen. If he was a professional trader and knows what he's doing then opening multiple trade won't have been much of an issue but the fact that he doesn't understand what he's doing as you have said, is why what he's doing is very dangerous.

Is your friend opening the trade on different trading pairs or he's doing it on the same trading pair. Trading on the same pair won't be a wise decision since if the prediction were to be wrong you lose all trades but when you're trading in multiple pairs you could be at an advantage because you'll be getting profits from one of those trades.

kamvreto

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Opening many trades at the same time depends on how a person's ability to do trading analysis and management. If they were just beginners and started by trading a lot then it would be disastrous. Your friend may open a lot of trades without knowing what the risks will be. There should be backups to do when prices start to crash. If you split all the funds with many trades and have no reserves, it's stupid. However reserves are very important when the market crashes unexpectedly. If your friend trades futures, it will be an even bigger disaster, everything will be liquidated and of course you won't be able to return, it's different if your friend only opens a lot of trades in Spot trading, it's still safe enough to hold him.

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