Don't encourage multiple trading! | Bitcointalksearch.org

wxa7115

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Quote from: lombok on May 07, 2023, 12:44:03 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.

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Quote from: Greggry on April 12, 2023, 12:39:24 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.

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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.

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Quote from: jrrsparkles on May 04, 2023, 07:42:07 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.

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Quote from: Greggry on April 12, 2023, 12:39:24 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, 07:25:41 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, 12:39:24 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.

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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

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Quote from: tomos81 on May 04, 2023, 06:12:35 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, 12:39:24 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.

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Quote from: wxa7115 on May 02, 2023, 12:46:37 AM

Quote from: usekevin on April 26, 2023, 08:08:43 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, 08:08:43 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, 12:39:24 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, 11:22:03 AM

Quote from: Yamifoud on April 22, 2023, 07:30:17 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, 01:33:27 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, 12:39:24 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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Quote from: @sriyan on April 22, 2023, 10:14:21 AM

Quote from: Greggry on April 12, 2023, 12:39:24 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 depends on your friend's risk and reward ratio. If you like to take a higher risk, then you can get a higher reward. So the better option is to control the risk and reward ratio.

Eg: Higher risk -> Higher Reward or loss

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.

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Quote from: Yamifoud on April 22, 2023, 07:30:17 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.

slashz9

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actually it's worth the risk if only yesterday the market went up instead of going down then your friend gets a big profit instead of a loss, so it all depends on capital, and how many percent of the fund management for one trade.

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Quote from: Greggry on April 12, 2023, 12:39:24 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 depends on your friend's risk and reward ratio. If you like to take a higher risk, then you can get a higher reward. So the better option is to control the risk and reward ratio.

Eg: Higher risk -> Higher Reward or loss

Bobrox

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I don't think bad when encourage multiple trading in cryptocurrencies, I know easy controlling when have one or two altcoin for trading but have position with trading several altcoins has bigger chance with two or three altcoin potential earn profit. Did you remember with some one said "don't put egg in one basket". I think its important basic trading in cryptocurrency we need separated investment in several kinds of altcoin, when have coins dropped still get chance with another coins on higher price.

Depend on personal trading kinds, if difficult with controlling when trading more than three until six coins kinds is better put assets in one altcoin or has decision investing in Bitcoin only, but many smart and experienced trader put their egg not only in one basket but also trading on several altcoin kinds.

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

One at a time is advisable and it is more manageable than having multiple trades which makes you out of focus and priority.
If really wanted to do this, might having trading bots help it out but knows the consequences as well - higher chances of losing than profit. I'm not sure if this strategy is a kind of greediness or not but for me, that was impossible to work so well. Yes, the results are possibly disappointing that nobody wants to have it. Have to make it real, our mind doesn't function that fast and like a robot.

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Quote from: DevilSlayer on April 22, 2023, 03:28:20 AM

That is why it is important to know the importance of diversification and also the importance of risk management, your friend is currently having a hard time to handle his portfolio because he is now considered having a overposition trading which means he needs to let go some of his positions. In terms of my rules, I usually have maximum percentage allocation of 20% of my capital.

None of that is as important as discipline. Anybody cand iversiy and "manage risk" but the discipline to follow through when everything is red.

Allow stop loss to hit. Allow take profit to hit.

If price does not take the limit order, don't do anything.

If a trader can do this consistently, that is the biggest achievement to make, everything else can be learned.

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That is why it is important to know the importance of diversification and also the importance of risk management, your friend is currently having a hard time to handle his portfolio because he is now considered having a overposition trading which means he needs to let go some of his positions. In terms of my rules, I usually have maximum percentage allocation of 20% of my capital.

Which means that if I will buy bitcoin and I have $200, the maximum money that I should use is just $40. I still have $160 that I can use to buy 4 more coins. If you want to have many assets, make sure to just limit it at maximum of 5 position for you to easily manage and not make mistakes that can lead you to incur huge losses. Avoid having overposition because it is one of the major causes of failure in trading.

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There are people who are good at multiple trading and they don't have a problem with that. We need to know what works for us so that we can try our best to make sure that we get the best from the market as a trader. I have tried multiple trading and it looks cool for me but to some beginners, they might be finding it as a bug problem readimg multiple charts at the same time. If we utililize our understand and do what works for us, we are not going to have problems as a trader and WI always making good profits from the market.

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Quote from: Inwestour on April 19, 2023, 06:02:43 AM

Quote from: Greggry on April 12, 2023, 12:39:24 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 find it very difficult to keep track of many coins, it is even more difficult to trade all of them, especially if you are at an early stage. If you have the desire and confidence that you will be able to control everything qualitatively, then try, but remember the importance of using stop loss. When there is a rapid fall, then you simply will not have time to exit all trades without losses, and this happens quite often. After several such mistakes, your friend may simply not have a trading deposit left.

Tracking them is easier when you use a portfolio app. I have one of them and I even connected it to my account in a way, it doesn't have any right to do anything but just read. This means that it can follow how much profit I made or how much loss I have.

This is how I keep track of it because anytime something goes down 5%, it sends me a notification and when that happens I take a look at it and make a decision. Either I sell it and get out, or I will keep holding it, and rarely even buy more if it is bitcoin because I love it when bitcoin price goes down, it means I can buy more when it is cheap. Long story short there are ways to trade 20+ different coins if you want, as long as you are willing to be a bit more careful about what you use to do that.

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

The issue with your friend isn't that he placed multiple trades. What happened was that he didn't apply Money Management principle. Everyone who trades multiple pairs at the same time knows how to reduce and control their risk. He should determine whatever he's going to lose (in case it goes wrong) or it goes well in profit. The major issue in trading isn't the profit but the loss side of it.

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Quote from: CarnagexD on April 20, 2023, 09:10:05 PM

Quote from: Greggry on April 12, 2023, 12:39:24 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 depends ono their trading methodology and strategy. Maybe he's a high-frequency trader or probably just an impulsive trading gambling on every kind of move and fluctuation in price.
If his risk management is aligned with his frequency of trading and most importantly he is not overtrading, then there is nothing to worry about.

Some just only need one instrument to trade and make profits in the market.
Some prefer to trade many instrument all at once.

But I would say be very careful, especially in trading crypto. It is very volatile and watching 3 positions and more all at the same time would be hard to manage and operate with.

Well, my friend, their trading modus operandi and grand scheme could hold the answer. Perhaps they're a high-octane, frequency-obsessed trader or just a thrill-seeking gambler, riding the rollercoaster of price shifts. As long as their risk-management game is in sync with their trading tempo, and they're not drowning in overtrading quicksand, it's all good in the hood.

For some, a single instrument plays a sweet profit-making symphony, while others prefer a diverse trading orchestra. But let me tell you, proceed with caution in the wild crypto jungle. Volatility is its fierce predator, and juggling 3 or more positions simultaneously can be a Herculean task.

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Quote from: Greggry on April 12, 2023, 12:39:24 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 depends ono their trading methodology and strategy. Maybe he's a high-frequency trader or probably just an impulsive trading gambling on every kind of move and fluctuation in price.
If his risk management is aligned with his frequency of trading and most importantly he is not overtrading, then there is nothing to worry about.

Some just only need one instrument to trade and make profits in the market.
Some prefer to trade many instrument all at once.

But I would say be very careful, especially in trading crypto. It is very volatile and watching 3 positions and more all at the same time would be hard to manage and operate with.

Quote from: molsewid on April 15, 2023, 05:07:55 PM

Quote from: Greggry on April 12, 2023, 12:39:24 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 futures? If yes, I don't recommend futures as well it will make your investment gone in a seconds. Futures needed to be set according to your thing I mean it is better to set it in isolated with small multiplier only but then you can advice him to stop for awhile and make some research about how to futures and trades so he will not lose too much because it will be a regret of him soon.

Because in futures, you are trading with leverage. You can make money fast and lose money faster. Trade on spot if you're practicing many instruments.

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Quote from: Peanutswar on April 15, 2023, 10:19:41 PM

For me, it's not ideal to make a trade over three positions because there's a possibility you can't manage to watch those price movements unless you execute all trades according to the plan like having a take profit and stop loss already to make sure you can manage to have multiple trades. Just wondering if this is futures trading or just long-term trading if the long term you can hold as much as you want and you are heading for over a month and year, in the future that's quite hard to handle to have more than three trades open. Always manage your risk.

Even if he does but can't be sure that it will work fine, some of them make a mess.
In order to avoid this possible scenario, we better focus on a single trade or maybe two traders together still okay but more than 2, we can't really imagine having passive results.

And even pro-traders and those who are in trading for several years never practiced this strategy as they know that it gives no benefits rather than just losses.

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

(....)
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 am not against this, especially if you found a good entry on other pairs, it's all good. It's just another strategy to potentially maximize gains while minimizing losses on cryptocurrency trading involves opening multiple trade positions.
But right now, most altcoins are just correlated with Bitcoin, so expect that altcoins will drop too once Bitcoin drop.

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Quote from: Greggry on April 12, 2023, 12:39:24 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 trades up to 4-5 isn't that bad when you're a profitable trader, but what matters here mostly, is the leverage that you are using in trading. But multiple trades is highly discouraged for someone who is managing a small dollar account. so, if one is good in trading, you can use multiple trades at your own advantage because it gonna reduce the number of time you will trade by helping you reach your profit target with lesser amount of time.

For instance, let's assume you are a kind of trader that's wins 3-4 trades out of every 5 trades it will definitely be in your advantage. But for a newbie trader, it's always best to stick with maximum 2 trades at a time.

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Quote from: Greggry on April 12, 2023, 12:39:24 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 mean multiple orders in one pair, yes it could be that possible but something that adds more risks into your entire capital considering you would really be having those huge losses.
Somewhat it would really be varying if you are neither dealing with Spot or futures which we know that on spot where you could really still able to hold up your negative position
unlike on futures which once your account been liquidated then there's no way on getting it back.

One position would be enough but since you do make out some multiple then you are really that somewhat sure in regarding into your position.

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

The first question I will be asking is if your friend is a newbie? If he is a newbie then I will advise him to stop opening multiple trades because you will easily get confused. Also I think your friend should have set stop lose in four trades he opened, incase if the trade goes against him, it will definitely reduce the amount of money he will be losing. Your friend shouldn't be in rush, you don't have to open four trades before you can make money, one trade is also enough, just make sure you do your analysis well before entering a trade.

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Quote from: Greggry on April 12, 2023, 12:39:24 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 can't see the point. Why should one not open multiple trades? For me I often practice DCA in spot trading, when BTC moves. Up or Down. It's nothing special about opening 20 or more trades that way. Some get hit, some not. It's very easy to check them once a day and place new orders. Tools nowadays are good enough to handle this. Sometimes multiple trades are part of a strategy. If your friend has no strategy, he should not trade at all. If he run out of time, something is wrong about his strategy. Does he invest in futures? In spot trading you may place limit orders, trailing orders, stop losses and so on. With these instruments you may avoid stress and it's an easy instrument to keep emotions out. Beginners should not trade in future markets. I still avoid these kind of markets, even after years of trading.

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Quote from: Greggry on April 12, 2023, 12:39:24 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 find it very difficult to keep track of many coins, it is even more difficult to trade all of them, especially if you are at an early stage. If you have the desire and confidence that you will be able to control everything qualitatively, then try, but remember the importance of using stop loss. When there is a rapid fall, then you simply will not have time to exit all trades without losses, and this happens quite often. After several such mistakes, your friend may simply not have a trading deposit left.

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I don't even encourage people to open multiple trades in the market if they are not having a big Capita to hold trades in case the market goes the other ways. It is only pro traders that can enter the market with multiple trades because they might have read the market and knows what the market is doing at anytime. Newbies entering the market with multiple trades can lead to disaster that could cause great loses of case is not taken properly.
We should not in any copy other traders to enter the market if we are not so sure the decision we are about to take and where it is going to lead us. Consciousness is of a big importance.

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Quote from: molsewid on April 15, 2023, 05:07:55 PM

Quote from: Greggry on April 12, 2023, 12:39:24 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 futures? If yes, I don't recommend futures as well it will make your investment gone in a seconds. Futures needed to be set according to your thing I mean it is better to set it in isolated with small multiplier only but then you can advice him to stop for awhile and make some research about how to futures and trades so he will not lose too much because it will be a regret of him soon.

Opening several trades in a row was already risky but when you add leverage on top of that then the risk becomes too high for anyone to manage, as a trader could be the very best in the world with a strategy which wins 99% of the time with fantastic profits on each trade, and yet given enough time such a trader will go bankrupt anyway.

This show us that despite our level of skill, risk management is critical, and someone which disregards it will not last long on a market which is as volatile as this one.

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For me, it's not ideal to make a trade over three positions because there's a possibility you can't manage to watch those price movements unless you execute all trades according to the plan like having a take profit and stop loss already to make sure you can manage to have multiple trades. Just wondering if this is futures trading or just long-term trading if the long term you can hold as much as you want and you are heading for over a month and year, in the future that's quite hard to handle to have more than three trades open. Always manage your risk.

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It seems like your friend didn't know what he/she was doing, perhaps it's a beginner's fault I guess. If he knows what he/she was doing then your friend most likely wanted to gamble instead of minimizing the risk to lose. Trading can be done in a manner that you only knew that would work but that time perhaps he/she didn't expect the drop would happen. It will be a valuable lesson to your friend if he/she has lost more than what he/she should.

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Quote from: Greggry on April 12, 2023, 12:39:24 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 futures? If yes, I don't recommend futures as well it will make your investment gone in a seconds. Futures needed to be set according to your thing I mean it is better to set it in isolated with small multiplier only but then you can advice him to stop for awhile and make some research about how to futures and trades so he will not lose too much because it will be a regret of him soon.

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Quote from: gabbie2010 on April 15, 2023, 08:25:11 AM

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

Well opening multiple trades at a time is truly highly risky for a less experience traders, however there are some traders whose trading strategy work perfectly well with few A++ signals per week thus this will warrant opening multiple profitable positions at a time and well managed their position with money management should in case the market goes against them, this can only be accomplished or achieved if such a trader is highly skilled and experienced with a huge funded account while each of the position is open with a very small lots or leverages in multiple times personally this is what I had been learning presently to have an edge over the market.

such strategy is not advisable to new traders. they can easily go bankrupt instead of earning profits. some are going in such path hoping that they will gain profits as fast as they can. some will get their luck applying such technique, but this route is not for all. especially those who have small bankroll and is only relying from their profits to continue their trading.

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

Personally I don't advise multiple trade especially when you're not familiar with trade

If someone is not familiar with trading, you should not suggest anything to them regarding trade. Multiple or single, that doesn't matter. Anyone with basic knowledge should start with a very small amount just to learn the concept of trading in a better way and sharpen his skills. Everything depends on your skill of analyzing the chart. If you can master the concept of the chart, you can become a good trader. Maybe the best (depends on your understanding).

And profit and loss are part of the process. If you don't have any experience on both, you can never get the full picture of trading. Opening multiple trades on multiple crypto pair is kind of risky, not gonna lie. But as I said, if you know the market well, you can make good profits. And never forget to set up Stop Loss and Take Profit (SL & TP). That way, you will never face that huge amount of losses. It's all about techniques and strategy.

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How are you going to lose that much knowing that you could wait before anything else happens? Like holding the position so you wouldn't get the losses you are getting when you close the position unless it's always going to the stop loss limit. That's going to be a problem when you are always experiencing that. You should be able to assess what you are going to do and make sure that you don't bleed too much money.

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

Well opening multiple trades at a time is truly highly risky for a less experience traders, however there are some traders whose trading strategy work perfectly well with few A++ signals per week thus this will warrant opening multiple profitable positions at a time and well managed their position with money management should in case the market goes against them, this can only be accomplished or achieved if such a trader is highly skilled and experienced with a huge funded account while each of the position is open with a very small lots or leverages in multiple times personally this is what I had been learning presently to have an edge over the market.

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Quote from: omgitsmehehe on April 14, 2023, 03:55:38 PM

Quote from: ethereumhunter on April 14, 2023, 10:37:46 AM

Your friend should not open more than one trade because he needs to get used to trading on just one before trying it with more than one trade. In addition, he needs to learn more about market analysis to adapt to each coin's situation and find the right coin to trade. Opening different trades at the same time is not easy and requires more skills to be able to analyze coins. Maybe you can suggest that and let him decide to keep trying to open more than one trade or follow your advice.

Triggering analysis on multiple trades will only bring confusion and losses. The market fluctuating steadily and there's no definite time that it will make retracement back to it's usual spot. Trading should be understandable before crucial research is carried out. I don't open multiple trades because I've gotten some experience on it, trading it will gives more room for losses and I'm not ready to make such mistakes in the market. We do learn everyday, either from our colleagues mistakes or our personal mistakes, no one is perfect in trading, even top traders record losses because the market don't always go as planned.

Before they can properly analyze and know how to anticipate or adapt to circumstances, they are better off trading only one pair. It can also spare us all kinds of feelings especially if the market changes direction suddenly. We cannot anticipate it, meaning we only think about closing the trades we make without thinking about anything else. That is why we need to learn more about trading to improve our ability to analyze the market.

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Multiple trading isn't actually a bad thing if you know what you are doing. Like, it depends on the person and their trading strategy. Some people actually make good money with multiple trades, as long as they manage it right. The key here is risk management and diversification. Just because friend did it wrong, doesn't mean everyone will do it wrong. You friend did some mistakes. If your friend could have set stop-loss orders and diversified his investments, he wouldn't had put all his money in one place. So, if one trade goes south, others might still be profitable. Your friend shouldn't go overboard and risk only what he can afford to lose. Your friend might be struggling, so he should cut down a bit.

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Quote from: Wind_FURY on April 14, 2023, 03:13:47 AM

Quote from: palle11 on April 13, 2023, 08:43:29 AM

Quote from: Greggry on April 12, 2023, 12:39:24 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.

Buying the dip to hodl is cool but that is not regarded as trading, that is hodling and it should be the first level of bitcoin investment for the people wanting to know how to increase capital in bitcoin by hodling. Trading is not so easy to do, the risk is higher.. You can lose all your capital in trading but with hodling you can only have a reduced value but unit of coin still remains. Multiple trading is another level of course.

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Quote from: Fullcoinese on April 12, 2023, 12:57:59 PM

does your friend trade futures? for those familiar with day trading it is very easy to open multiple trades. of course, the risk is greater because the market may move not according to our plans and analysis.
I also sometimes open 2 or 3 futures trades. that's fine with that, sometimes it's all profit. but sometimes we also have to lose. because in trading that's how it works. we cannot force them to continue to benefit.

Opening 2 or 3 futures trades at a time is very fine, but anything more than 5 at a time is very risky and not advisable, but I know some people who open up to 7,8 or even 10 trades at a time, which is really childish if you ask me.

There was a time when I used to open up to 6 trade at the same time, but that was when I was still a newbie in crypto trading, right now, I do not open more than 1 or 2 trade at a time, most especially. When I am trading futures, but I can open as many trades as I want if I am trading the spot market, since I can simply hold if the market goes against me.

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Quote from: Greggry on April 12, 2023, 12:39:24 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 could be more risky as he trade in futures, though you can do this better by analyzing the market and I can say that never go against the trend, since the price is still bullish trading short will be more risky as you go against the current momentum of Bitcoin. If your friend still lose the money in trading, better for him to learn more and analyze what is wrong with his strategy, being too greedy is not good in trading though you can have multiple positions with different cryptos.

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Quote from: ethereumhunter on April 14, 2023, 10:37:46 AM

Your friend should not open more than one trade because he needs to get used to trading on just one before trying it with more than one trade. In addition, he needs to learn more about market analysis to adapt to each coin's situation and find the right coin to trade. Opening different trades at the same time is not easy and requires more skills to be able to analyze coins. Maybe you can suggest that and let him decide to keep trying to open more than one trade or follow your advice.

Triggering analysis on multiple trades will only bring confusion and losses. The market fluctuating steadily and there's no definite time that it will make retracement back to it's usual spot. Trading should be understandable before crucial research is carried out. I don't open multiple trades because I've gotten some experience on it, trading it will gives more room for losses and I'm not ready to make such mistakes in the market. We do learn everyday, either from our colleagues mistakes or our personal mistakes, no one is perfect in trading, even top traders record losses because the market don't always go as planned.

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I think this is something veterans can do but newbies can't really do. I know people who have over a dozen open trades at the same time and they can follow them all. And I have to say that no real trader would need anything like 12 screens on their home to follow it up, this dude just uses his phone when he is out, and puts out orders before he even makes anything, and then when he has to do something just opens up his phone and does it and moves on with his life.

And this is a very rich person who has been making steady profit in bitcoin world for over 6 years now, so we are not talking about a newbie who got lucky, dude made profit in every part of crypto period and that is why I trust him more than anyone else.

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Your friend should not open more than one trade because he needs to get used to trading on just one before trying it with more than one trade. In addition, he needs to learn more about market analysis to adapt to each coin's situation and find the right coin to trade. Opening different trades at the same time is not easy and requires more skills to be able to analyze coins. Maybe you can suggest that and let him decide to keep trying to open more than one trade or follow your advice.

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

There is nothing wrong with the multiple positions and if a trader is professional then he knows what to expect from such multiple positions. Fun fact, you can actually make decent amount of money over such trades and also overcome the losses better way. Imagine in your friends case, if they would closed the positions at perfect time he could have saved his money. I am not able to guess it right but it does not seem that they are highly professional in the trading.

There are always pros and cons of the multiple positions. Imagine reverse situation here, and bitcoin pumped higher than his position then he could have 4x his profits in no time. That kind of risk you have to take all the time in the crypto world.

Perhaps, trying out new strategies is always good as long as you know what you are doing there.

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

Personally I don't advise multiple trade especially when you're not familiar with trade

You are correct; it is not advisable to execute several trades if you are unfamiliar with them. But I want to emphasize that risk management is the best solution to this problem. It is not the fault of several trading pairs; it is simply required that your positions have a "stop loss" so that you may leave them alone, especially if you are using Cross-margin mode.

Quote from: LastKiss on April 14, 2023, 05:02:30 AM

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.

That's the way I see things. He had to have used futures trading to lose so quickly. It's also possible that he didn't establish a stop loss because he was in a rush. I just disagree that numerous trading pairs are not recommended in trading because many individuals use them and I see that it is possible to earn a lot. Simply execute everything correctly and then stick to the strategy no matter what happens, stop loss is just small, there's huge potential reward if the market goes with you.

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

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be...

If, in the end, such a trading strategy brings profit, then he does not need to change anything. Losing trades will haunt you from the time you first started learning trading until you became an experienced trader. The main thing is that there should be more profitable trades than unprofitable ones.

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Quote from: Greggry on April 12, 2023, 12:39:24 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.

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Quote from: Questat on April 14, 2023, 01:06:12 AM

Quote from: Greggry on April 12, 2023, 12:39:24 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.

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Quote from: Greggry on April 12, 2023, 12:39:24 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.

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Quote from: palle11 on April 13, 2023, 08:43:29 AM

Quote from: Greggry on April 12, 2023, 12:39:24 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.

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Goodnight, o_e_l_e_o 🌹

Quote from: Greggry on April 12, 2023, 12:39:24 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, 12:39:24 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, 12:39:24 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, 03:13:22 PM

Quote from: jossiel on April 12, 2023, 01:44:44 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, 01:44:44 PM

Quote from: Greggry on April 12, 2023, 12:39:24 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, 01:40:37 PM

Quote from: Greggry on April 12, 2023, 12:39:24 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, 12:39:24 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, 12:39:24 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, 12:39:24 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, 01:40:37 PM

Quote from: Greggry on April 12, 2023, 12:39:24 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, 12:39:24 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, 12:39:24 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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MAaaN...!! CUT THAT STUPID SHIT

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.

adaseb

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Well you need to realize that many crypto assets move more or less at the same time. You buy ETH and BTC against USD and there is a chance that both will go up or down by a similar percentage.

Same with buying alt coins. Very rarely do some go up while some go down. Most go the same way. Especially if it’s against a stablecoin.

Hence why the OP is right, you shouldn’t enter a whole bump of one direction trades like that because they will either all work or won’t.

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

My friend loves opening different trades at a time, most at times is difficult for him to control what's should be.

If you are a bad trader, you should not trade even just trading with one trade at a time.
If you are a professional trader, you actually do your own research and analyses before you carefully open your trading positions. It's not big matter to have multiple trades at a time.

A professional trader always have plans to exit and avoid big losses.

Stop loss order: One of best weapons in trading
Stop limit order is better than stop loss order when a market has big slip, cascade effect.
Awesome crypto trading

Quote

Trading on free chart with multiple opening can be very dangerous.

What is free chart?

Chart is free for everyone.

Quote

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

If a small fall of Bitcoin hours ago caused your friend some losses or big losses, he should stop trading and switch to invesment, hold.

entebah

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Quote from: Greggry on April 12, 2023, 12:39:24 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 your friends need to be more careful with every crypto he buys. He needs to do good research and good reason to buy it.
don't just buy any crypto that he feels that will make him get profit.

Aikidoka

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

If he's into futures trading, then I guess that's okay. As a long-term trader, people experience losses, but they should keep holding until the green days come. These days are sure to come when the price of Bitcoin increases, and of course, the market will follow Bitcoin and turn green. Most crypto follow Bitcoin's price pump. So, in my opinion, it's normal to experience losses, as this can be a valuable learning experience and an opportunity to manage one's assets effectively.

jossiel

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Quote from: Greggry on April 12, 2023, 12:39:24 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.

Oshosondy

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Quote from: Greggry on April 12, 2023, 12:39:24 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.

Hamza2424

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

Nope, I don't think multiple trades reduce the trading risk, Bitcoin price drop is another thing to discuss because crypto market capital is always dominated by Bitcoin with almost half of it if Bitcoin feels any type of sudden changes the whole market faces the consequences but in the natural trading days single Trade in one asset can be dangerous I would say take multiple trades in a single asset or multiple assets it will diversify your profit and market risk. I am going totally against OP's recommendation because I can't feel anything worthy in OP's opinion, he is recommending single trade whether its newbie or an experienced market player, on the other half I always recommend diversifying risk management is more important and this is how you learn and gain better experience in the market.

For your friend, I would recommend that he should learn management skills If he really wants to be a successful trader.

Fullcoinese

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does your friend trade futures? for those familiar with day trading it is very easy to open multiple trades. of course, the risk is greater because the market may move not according to our plans and analysis.
I also sometimes open 2 or 3 futures trades. that's fine with that, sometimes it's all profit. but sometimes we also have to lose. because in trading that's how it works. we cannot force them to continue to benefit.

Greggry

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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

Topic: Don't encourage multiple trading! (Read 546 times)