Don't stay on with a wrong trade | Bitcointalksearch.org

LUCKMCFLY

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Quote from: Pom_bensin on March 30, 2021, 05:46:44 PM

This stop loss is very helpful, I use stoploss at the adjustment point that I have set. so this avoids big losses, even though sometimes this is not accurate, but this helps a little for us to be able to adjust the profit that we get.

That way I also trade on Binance, but with the exception that I must be aware of the price because it is difficult to trade without placing the "Stop Loss" and the "Take Profit" at the same time, I only do it when I am in LONG. This strategy is very good, but the downside is that it requires you to be very attentive to the graph on your PC. The downside I see from a trading point of view is that if there is a quick dip, I take the Stop Loss position and lose the position by buying cheaper and then almost instantly it rises suddenly, sometimes up to 5% -10%, sometimes It has happened to me in some cryptocurrencies.

At that moment is when I think that the bots come into action and it is what I call "High Frequency Trading", where the Stop Loss is invalidated generating the loss.

bitgolden

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Quote from: TheGreatPython on March 30, 2021, 04:22:31 AM

Quote from: jaberwock on March 06, 2021, 11:47:52 AM

This is why it is important to know what resistance levels and support levels are, if I put a stop loss I put a stop loss just a small bit under the support line which means that if that support line is broken there is a 99% chance that price of bitcoin will go down until the next support line, for example when it was under 47k it was obvious that it would go to 44k as well, in that case what you should do is put a sell order at about 46.8k levels and when it is reached and you sold because of stop loss, put another buy order at around 44.2k level, if you do this you will profit obviously.

Most of them are not doing it because they feel they might be stopping themselves from a potential gain. That’s the reason why most of them are not stopping their trades when it’s going against them. I even saw a post by someone here saying that stop loss has prevented him from gains and that has happened twice so he wouldn’t be making use of it,.

It’s situations like these that they experience and they stop making use of stop loss, forgetting that there are times that the market will be heavily decreased and the only way they will avoid much of the loss is by making use of stop loss.

Well the logic (which is of course impossible" would be some people making profit and others make profit of that profit. For example a way to make everyone a profit during a period of bull would be; I buy at 10, sell at 15, that means someone bought at 15, they sell at 20, and when they sell that means someone bought at 20, that person sells at 25 and it continues like this forever, without stop, and keeps going higher and higher and higher, of course not in a week, this could take years, but in the very long term nobody ever loses because with this method I made a profit, and others made a profit and everyone got out with a profit in the end.

However we all know this is impossible, markets go down all the time, and they go up as well, it is a volatile thing that goes up and down constantly, there is really nothing that stops the price from ever going down.

Wawa2013

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If we continue trading when it's in the wrong direction, it will make our losses even bigger. Therefore it is necessary to stop trading as soon as
possible and wait for the price dip to buy coins again to restart trading. But most people are too confident in their abilities and end up losing
all their capital when trading. Therefore, it is necessary to evaluate every time when we finish trading, so we can learn from the mistakes that
we make when trading.

Pom_bensin

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This stop loss is very helpful, I use stoploss at the adjustment point that I have set. so this avoids big losses, even though sometimes this is not accurate, but this helps a little for us to be able to adjust the profit that we get.

Kelvinid

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win lambo...

Quote from: dimonstration on March 22, 2021, 05:40:13 PM

Quote from: StartupAnalyst on March 22, 2021, 04:32:58 PM

As for me it’s very convenient to use OCO sell orders on Binance rather than stop-loss orders by themselves especially for traders who have no much time to monitor continuously the exchange market price. In such way you create two orders together: limit buy/sell order and stop-loss sell/buy order. I like this function very much. This can really prevent trader from losses and bring some profit.

Haven't tried it yet but seems interesting, when I enter in trading I just make sure to watch the market especially if I'm about to enter a higher amount and just set stop loss orders. However when I feel anxious and have time I just throughly watch it while studying other coins. I'm not confident enough to left trading when I know I have amount entered and the market is too aggressive that day. I might try that feature soon to see it's effect on me.

The truth is that the stop-loss strategy isn't really working great for the trader. Because if we would like to analyze, isn't really a need for us to use it when we still have time to trade. Why not continue it for a while or why not wait when we have a lot of free time to doing this. Stop-loss strategy is still a loss on our part, we just save to lose more but if we just think about the ending scenario, we just trick.

That is to say that, it is really hard to make a trade for a limited time span, it only just pressured us to make a buy and sell immediately and didn't give enough time for us to good what we gonna do. And we just have to suffer the consequences after.

TheGreatPython

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Quote from: jaberwock on March 06, 2021, 11:47:52 AM

This is why it is important to know what resistance levels and support levels are, if I put a stop loss I put a stop loss just a small bit under the support line which means that if that support line is broken there is a 99% chance that price of bitcoin will go down until the next support line, for example when it was under 47k it was obvious that it would go to 44k as well, in that case what you should do is put a sell order at about 46.8k levels and when it is reached and you sold because of stop loss, put another buy order at around 44.2k level, if you do this you will profit obviously.

Most of them are not doing it because they feel they might be stopping themselves from a potential gain. That’s the reason why most of them are not stopping their trades when it’s going against them. I even saw a post by someone here saying that stop loss has prevented him from gains and that has happened twice so he wouldn’t be making use of it,.

It’s situations like these that they experience and they stop making use of stop loss, forgetting that there are times that the market will be heavily decreased and the only way they will avoid much of the loss is by making use of stop loss.

dimonstration

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Dimon69

Quote from: StartupAnalyst on March 22, 2021, 04:32:58 PM

As for me it’s very convenient to use OCO sell orders on Binance rather than stop-loss orders by themselves especially for traders who have no much time to monitor continuously the exchange market price. In such way you create two orders together: limit buy/sell order and stop-loss sell/buy order. I like this function very much. This can really prevent trader from losses and bring some profit.

Haven't tried it yet but seems interesting, when I enter in trading I just make sure to watch the market especially if I'm about to enter a higher amount and just set stop loss orders. However when I feel anxious and have time I just throughly watch it while studying other coins. I'm not confident enough to left trading when I know I have amount entered and the market is too aggressive that day. I might try that feature soon to see it's effect on me.

StartupAnalyst

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As for me it’s very convenient to use OCO sell orders on Binance rather than stop-loss orders by themselves especially for traders who have no much time to monitor continuously the exchange market price. In such way you create two orders together: limit buy/sell order and stop-loss sell/buy order. I like this function very much. This can really prevent trader from losses and bring some profit.

palle11

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Quote from: fahmimajannat on March 19, 2021, 12:46:00 PM

Yes don’t waste yoyr time in a wrong trade. If you made a wrong trade then try to come out from this even if you lose some assets.
Because you can overcome the losses with the right one. But if you stay with the wrong all the time your funds will gradually decrease.
So be aware of this. Dont hold on wrong projects which doesn’t has a good road map.

Yes you good with this kind of mentality with trading because green don't come all day and when you notice you made a bad choice of trade, you can cut your loss by exiting.

Quote from: Sak Karepe on March 20, 2021, 01:14:29 PM

sometimes we are benefited in situations when we do not know what we will get

Don't always rely on luck in trading. Luck happens rarely when price spike hit you on take profit but if that doesn't happen , your wrong trade may bring you down. Do a good research .

Quote from: longyenthanh on March 21, 2021, 02:24:22 AM

You have to spend your time and money in trading to learn it.

Especially your time. You need time to study and build your strategy and plan. The learning you do for yourself will equip you more. You need to learn from whatever videos and books.

longyenthanh

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There is no rule of thumb to win in trading. If you can do effective trading after reading few rules then everyone in this world will be a trader. First of all learn trading, see how market moves, when to buy and when to sell. You have to spend your time and money in trading to learn it.

South Park

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Quote from: bitgolden on March 20, 2021, 12:48:06 PM

Also emotions and mentality can't be always learned, some people are different than others, some people act with their emotions a lot, there are people who get angry very easily, some people cry easier than others, some people look always happy, it doesn't matter who you are there are others that may not end up the same way as you, that is why I do not think that it would be that simple to make this work if you are not properly managing your finances.

Emotions are the number one killer of profits, that is why we call it "panic" sell, why? Because people end up selling a lot with fear and they panic and that is the reason emotions still play a big role, especially when people are selling we see those emotions but you also see those people when bitcoin is going up and people who never took an interest on bitcoin end up asking you about it, those are emotions too.

This is something that I believe as well, there are things that cannot be taught, there are simply some people that are better at something than the rest, those people by nature have the characteristics necessary to be good at a particular activity, trading is very hard but even if you were to give a winning strategy to a bunch of traders and you assured them that they only need to follow it to become rich most of them will fail despite that knowledge.

Sak Karepe

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sometimes we are benefited in situations when we do not know what we will get

bitgolden

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Quote from: livingfree on March 16, 2021, 05:35:55 AM

Quote from: btc-facebook on March 16, 2021, 05:18:37 AM

Emotions and mentality can be controlled by learning proper trading management, which is why every trader is encouraged to trade using his own plan, not following trading signals.
As long as the trader understands this method, he can control greed and minimize losses, but this can be done if the trader realizes that with his shortcomings, without realizing it all will be in vain.

Following trade signals isn't really a good idea.

I have never followed any of those because I know that they're not worth to follow and mostly a waste of them. Although some have said that it's perfect for them and did good.

And that's good if it had worked for some but not really recommended.

Also emotions and mentality can't be always learned, some people are different than others, some people act with their emotions a lot, there are people who get angry very easily, some people cry easier than others, some people look always happy, it doesn't matter who you are there are others that may not end up the same way as you, that is why I do not think that it would be that simple to make this work if you are not properly managing your finances.

Emotions are the number one killer of profits, that is why we call it "panic" sell, why? Because people end up selling a lot with fear and they panic and that is the reason emotions still play a big role, especially when people are selling we see those emotions but you also see those people when bitcoin is going up and people who never took an interest on bitcoin end up asking you about it, those are emotions too.

ropyu1978

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Every time I still doubt when entry to buy coin and make me have see much profit gone, I don't know why I still doubt every time see coin have good position to buy and entry, maybe I am waiting on dip moment but still not work because I miss chance with doubt to buy coin assets on lower price, next time I should brave for entry coin to buy and never canceled again.

Imran232

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When i want to start tradinv theb first i find where i Should learn then i find a teacher. In my first class he asked me why you want to learn trading? I answer him to gain some knowledge about trading. He says wrong. I say to earn more profit. He says or loss. He Again says wrong. After that he tell me the answer is do not repeat. That means not to repeat same strategy on trading no matter its give me profit or not. He taught me lots of tips & tricks. But i forgot most of the things. I still remember that line. And i think because of this line i am in a safe zone in crypto trading.

fahmimajannat

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Yes don’t waste yoyr time in a wrong trade. If you made a wrong trade then try to come out from this even if you lose some assets.
Because you can overcome the losses with the right one. But if you stay with the wrong all the time your funds will gradually decrease.
So be aware of this. Dont hold on wrong projects which doesn’t has a good road map.

fullhdpixel

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Quote from: Benefactor on March 05, 2021, 12:43:31 PM

I saw a ton of exchanging effective posted via web-based media and it makes publicity particularly on Futures exchanging, and that is the reason numerous novices began to do something very similar expecting to get tremendous benefit also, and think about what the vast majority of them lose a great deal of cash in prospects. It happens to me ordinarily, yet luckily, I can escape the market before the misfortunes become greater. Now and again we can be patient, however we can become annoyed the other time, and if that occurs, we need to leave the market as quick as possible before the circumstance turns out to be most exceedingly awful.

You are right the sooner we get out of these trades, the smaller is the loss. Getting rid of such coins which you know are going to get dumped is important and similarly trades where you know you made a mistake, it is important to rectify them by accepting the smaller loss.

Quote from: Lordhermes on March 13, 2021, 04:25:08 PM

Some coin doesn't really need to do proper research before regretting the heavy loss it gives on you. Some coin would need to experience some heavy corrections to start pumping again, I discovered there is a better way to go about such situation, the best way is to increase the amount of the token by trading and building the number of token you have even in the heavy loss on you. While holding in loss, you equally increasing quantity, this can only help when market recover.

Not 100% certain of what you want to say but if I understand correctly, you are suggesting buying a dying coin, even more, to create scarcity for that coin and ultimately pumping the market? Actually this can be done only if you have capital as close to Elon Musk or have an impact on the investors by your words. Otherwise, you cannot lift the market for a degrading coin of your own.

The best and only way is to get rid of those coins for minimal loss. You probably might have a better chance of selling in the future though, but just rate your decisions not results.

South Park

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I am terrible at Fantasy Football!!!

Quote from: livingfree on March 16, 2021, 05:35:55 AM

Quote from: btc-facebook on March 16, 2021, 05:18:37 AM

Quote from: livingfree on March 16, 2021, 04:23:35 AM

Quote from: btc-facebook on March 16, 2021, 03:22:43 AM

but if I can give any additional advice, it is better to stop trading for a while and use some of our capital to learn technical analysis of trading, this is the right way than forcing ourself to trade.

Or better don't trade at all if you're not emotionally prepared because it's too tough to defeat the mental effect that trading brings to a trader. Specially, if the trader is a newbie.

Emotions and mentality can be controlled by learning proper trading management, which is why every trader is encouraged to trade using his own plan, not following trading signals.
As long as the trader understands this method, he can control greed and minimize losses, but this can be done if the trader realizes that with his shortcomings, without realizing it all will be in vain.

Following trade signals isn't really a good idea.

I have never followed any of those because I know that they're not worth to follow and mostly a waste of them. Although some have said that it's perfect for them and did good.

And that's good if it had worked for some but not really recommended.

This is the Internet, it is very easy for anyone to say whatever they want and not present evidence, signal groups are a waste of time, to begin with many of those groups are not really signal groups but pump and dump groups and if that is the case then you are dealing with scammers, now in the case you find a legitimate signal group you still have no way to tell if the person giving the signals is actually profitable as he only reveals the signals but never reveals the method to get those signals on the first place.

stomachgrowls

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Quote from: livingfree on March 16, 2021, 05:35:55 AM

Quote from: btc-facebook on March 16, 2021, 05:18:37 AM

Quote from: livingfree on March 16, 2021, 04:23:35 AM

Quote from: btc-facebook on March 16, 2021, 03:22:43 AM

but if I can give any additional advice, it is better to stop trading for a while and use some of our capital to learn technical analysis of trading, this is the right way than forcing ourself to trade.

Or better don't trade at all if you're not emotionally prepared because it's too tough to defeat the mental effect that trading brings to a trader. Specially, if the trader is a newbie.

Emotions and mentality can be controlled by learning proper trading management, which is why every trader is encouraged to trade using his own plan, not following trading signals.
As long as the trader understands this method, he can control greed and minimize losses, but this can be done if the trader realizes that with his shortcomings, without realizing it all will be in vain.

Following trade signals isn't really a good idea.

I have never followed any of those because I know that they're not worth to follow and mostly a waste of them. Although some have said that it's perfect for them and did good.

And that's good if it had worked for some but not really recommended.

Those are just obviously some bluffs because if they are really making sustainable good trades then they wont really be asking any money to the public or users who do tend to join a specific group.

This do simply shows or does signify that they arent really that making money at all even though they would show up some proofs or fxbook or something showing up some stats
but still not a recommendable thing to be done.

How would consider for someone for him to stay up on a wrong trade? You wouldnt able to avoid that unless if you do able to experience it for yourself.

livingfree

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Quote from: btc-facebook on March 16, 2021, 05:18:37 AM

Quote from: livingfree on March 16, 2021, 04:23:35 AM

Quote from: btc-facebook on March 16, 2021, 03:22:43 AM

but if I can give any additional advice, it is better to stop trading for a while and use some of our capital to learn technical analysis of trading, this is the right way than forcing ourself to trade.

Or better don't trade at all if you're not emotionally prepared because it's too tough to defeat the mental effect that trading brings to a trader. Specially, if the trader is a newbie.

Emotions and mentality can be controlled by learning proper trading management, which is why every trader is encouraged to trade using his own plan, not following trading signals.
As long as the trader understands this method, he can control greed and minimize losses, but this can be done if the trader realizes that with his shortcomings, without realizing it all will be in vain.

Following trade signals isn't really a good idea.

I have never followed any of those because I know that they're not worth to follow and mostly a waste of them. Although some have said that it's perfect for them and did good.

And that's good if it had worked for some but not really recommended.

Topic: Don't stay on with a wrong trade (Read 891 times)