Don't stay on with a wrong trade - page 4.

iv4n

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Quote from: Shasha80 on February 20, 2021, 09:49:13 PM

I am sure almost everyone has made mistakes when trading, what we have to do is correct our mistakes when trading. And the most important thing
in crypto trading is to maintain patience, because sometimes the market does not go according to our predictions. What we do is still be patient and
don't be too hasty to stop trading. Because if we are patient, sometimes the market when the dump recovers immediately. Because usually the mistake
that happens a lot is selling coins too quickly and buying coins at too high a price. Both of these things can be avoided if we have patience and
the right analysis.

No one is perfect! You can have a high success rate, but there's no 100% I believe!
I think cutting losses is alright, but not with Bitcoin... simply Bitcoin always recovers and makes new ATH! Sometimes you need to wait a bit longer for that, but that happens!
When you cut losses, it can be a wrong thing sometimes, you sell it but the price bounces back, and what did you do?! You are short!
So any trading strategy can be good if you use it at the right time! I guess you just need to keep it simple as you can and don't overthink it, it will cause more troubles than benefits!

tygeade

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Quote from: hugeblack on February 17, 2021, 12:51:23 PM

Trading is not a mathematical equation based on a rule: do this and you will win such-and-such.

As much I think about this I feel this is such a strong statement. People often tell others what to do and what to avoid but with trading we can't get consistent unless we ourselves learn and make our own strategies.

Quote from: hugeblack on February 17, 2021, 12:51:23 PM

Personally, I do not use a stop loss order, but the strategy depends on the type of trade you want to make and the profits you want to achieve.

I don't use stop loss either when I am holding limited number of assets but when I am having many coins and I feel like I might lose the track of their value and how much up and down they are going, I usually place sell orders on a specific price.

Quote from: semobo on February 17, 2021, 12:13:00 PM

Nothing is predictable until it happens, even the best crypto can cause people to lose and the shit coins can make the people rich so it all depends on how you assist the market condition better than others.

Right but there are times when you will clearly realize that the coins you hold are no longer useful, I used to hold a lot of reddcoins earlier like years ago and I realized the coin was not good enough after a while and I sold them for some loss but still way better than what I would have sold them now.

CryptopreneurBrainboss

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Quote from: Shasha80 on February 20, 2021, 09:49:13 PM

And the most important thing
in crypto trading is to maintain patience, because sometimes the market does not go according to our predictions.

I don't think patience is the most important thing in trading, patience IMO has always been a great attribute of holders and they should have it at all times. Investing is when been patience should come into the picture, a trader should be smart since his profession revolves around trying to outsmart the market.

While been patience can also help in trading but it shouldn't be emphasis on since it can cost you big time, remember you're not investing into the project you're just trading it. A trader should never get attached to the project they're trading, all you should be concerned about is profiting from that particular trade which is why if the trade isn't going your way, you can option out like what the OP is suggesting.

Shasha80

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I am sure almost everyone has made mistakes when trading, what we have to do is correct our mistakes when trading. And the most important thing
in crypto trading is to maintain patience, because sometimes the market does not go according to our predictions. What we do is still be patient and
don't be too hasty to stop trading. Because if we are patient, sometimes the market when the dump recovers immediately. Because usually the mistake
that happens a lot is selling coins too quickly and buying coins at too high a price. Both of these things can be avoided if we have patience and
the right analysis.

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Quote from: Oilacris on February 19, 2021, 06:57:02 PM

Quote from: seleme on February 19, 2021, 05:56:55 PM

Taking the loss is the wise trader's decision, the ignorant traders will keep chasing the losses until they rekt. The volatility is dangerously high on crypto markets and chasing loss is the last desire of any crypto trader because the loss can take years to recover if the market trend goes against our trades. Cutting loss and letting the winners go is the main key for success in the crypto trading.

A matter of choice for someone to make because not all holding situation will end up on that way and some of them would just simply recover in no time and thats what other people been thinking.

This isnt something a noob kind of action for someone to take, it is just a matter if the market did really move on the way you expect or it totally opposes.

So somewhat this do mix out some sort of luck because profitability will really be depending into your trading decisioning skills.

The market will surely move in the favor of the trader who holds the underwater trade for a long time but the trader's capital will handle this long time or not is the question. Does it worth waiting for the reversal? What if the market goes against your prediction for years? The fees on margin accounts can eat the profit at the end of the trading session. The lower fees on some platforms are attractive for some period of time but the trading platforms are not good to trade the large amount. Just my 2 cents.

abel1337

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On my adventures on trying and experiencing futures trading, I realized that stop loss and cutting out trades is one of the best things to do when you think that the support line you are expecting to withstand the selling pressure cant hold. Cutting a trade is the best when you see your trade isn't going as planned, so cutting a trade can help you minimized the damage from the failed plan.

RealMalatesta

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Quote from: ethereumhunter on February 20, 2021, 08:01:35 AM

Quote from: RealMalatesta on February 20, 2021, 03:44:16 AM

~snip

That makes sense because we can not depend on the market movement as the market will always change every minute. We need to know when we must get out of the market and not force ourselves if we see it is hard to make money. It is better to leave the market before the situations become unpredictable because that can make us lose money. Using the stop loss will be advisable to all traders because that prevents them from losing much money or before the price drops too far.

Stop loss is a big big big time life saver, it is really the thing that makes sure that you do not lose all your money. Ever since I figured out what it was and how to use it, I have had stop loss aside from those defi tokens I mentioned.

Aside from that I agree that markets change so much and so quickly, you are right that it could literally change in minutes, which is why crypto is a full time job if you really want to make money from it, I know that some people do not care about it that much and that is good on them, but if you want to make real amounts of profit from it, you should always be on the lookout, not only because it may drop and you may lose money, but it could also drop and you could buy and make a profit later on, being active as long as you can for hours every day would make it easier for you to profit from it so everyone should give the most care they can.

Nunoluck

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Although that's good strategy but sometimes i feel doubt to make decisions like that. For now I always trying to start trading at good position so I can make sure that the price is tend to rise. We need to do stoploss so we can get better possition in trading. I didn't do day trading so I rarely do stoploss because mostly I just hold my btc, and it's work. I get a lot of profit only by holding bitcoin for several months after I bought it. But I can't do the same strategy with altcoin, I need to do stoploss to avoid financial loss and buy other cryptocurrency which has good market condition so my money can keep grow.

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Quote from: RealMalatesta on February 20, 2021, 03:44:16 AM

Quote from: ethereumhunter on February 19, 2021, 07:55:54 AM

Losing control because of our emotions can be fatal because we will not see when the exit sign from the market. We will not be able to trade better because we can panic if we see the price is not moving as we predict. It happens to me many times, but fortunately, I can get out of the market before the losses become bigger. Sometimes we can be patient, but we can lose patience the other time, and if that happens, we need to leave the market as fast as we can before the situation becomes worst.

I think it is quite obvious that there are some people who are insisting on things way too much, and it is really not simple to make those people see it neither because they are stubborn people, when prices fall and they will fall one day (not saying soon or years later, just saying "one day") that means there will be a lot of people who didn't use a stop loss and lost a lot of money, I always get my stop loss ready but only thing I am a bit afraid of is the money I have in BSC which doesn't have a stop loss and locked for few days a time, so if it gets locked at any point, I may actually end up losing quite a few amount of money, that is why I am trying to make sure I am always aware of what the price is there, because I would like to get out at certain price if it reaches there which I would be still in profit without the price dropping enough to make me lose money.

That makes sense because we can not depend on the market movement as the market will always change every minute. We need to know when we must get out of the market and not force ourselves if we see it is hard to make money. It is better to leave the market before the situations become unpredictable because that can make us lose money. Using the stop loss will be advisable to all traders because that prevents them from losing much money or before the price drops too far.

RealMalatesta

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Quote from: ethereumhunter on February 19, 2021, 07:55:54 AM

Losing control because of our emotions can be fatal because we will not see when the exit sign from the market. We will not be able to trade better because we can panic if we see the price is not moving as we predict. It happens to me many times, but fortunately, I can get out of the market before the losses become bigger. Sometimes we can be patient, but we can lose patience the other time, and if that happens, we need to leave the market as fast as we can before the situation becomes worst.

I think it is quite obvious that there are some people who are insisting on things way too much, and it is really not simple to make those people see it neither because they are stubborn people, when prices fall and they will fall one day (not saying soon or years later, just saying "one day") that means there will be a lot of people who didn't use a stop loss and lost a lot of money, I always get my stop loss ready but only thing I am a bit afraid of is the money I have in BSC which doesn't have a stop loss and locked for few days a time, so if it gets locked at any point, I may actually end up losing quite a few amount of money, that is why I am trying to make sure I am always aware of what the price is there, because I would like to get out at certain price if it reaches there which I would be still in profit without the price dropping enough to make me lose money.

hayden.blank

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Quote from: palle11 on February 17, 2021, 08:05:20 AM

There are steps you can take to reduce the loss before you lose every thing or it get to your stop loss and such is

1. Stop the trade: This is very good but difficult for many traders to do it but if you do that, you have potential loss that you have saved.

2. Use of stoploss all the time: This help your losses to be minimal.

3. Try to adjust your stoploss: You can do this if your trade is already in profit and you suspect that it is going back to your entry price, so you can take your stoploss to entry and all the order to run for profit or it stops at your entry.

1. You can gain loads if you trade right, also choose a platform which has really low fees
2. Yep this is an effective one! I do highly recommend stop loss

CryptopreneurBrainboss

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Quote from: palle11 on February 17, 2021, 08:05:20 AM

Some trades we take are in wrong direction but because we want to be hopeful that it will come back to profit, we allow it and it close against us. If we keep doing this, it is the exact opposite attitude of someone that wants to keep their initial capital.

I have gone into a trade that took out almost 90% of my initial capital, stayed in that trade and later profited because I didn't just invest due to fomo or hyped from others. I studied that project saw they had fundamentals and are still growing. My entry was just wrongly timed as when I entered was when the retracing was about occuring.

Must trade we enter and start recording losses is because of this same thing. You can easily make profit holding in the industry, if we can just be a little bit patience as just when you're about selling that's when the selling pressure of that particular coins is cooling off and the project is ready for a upward movement.

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Quote from: seleme on February 19, 2021, 05:56:55 PM

Taking the loss is the wise trader's decision, the ignorant traders will keep chasing the losses until they rekt. The volatility is dangerously high on crypto markets and chasing loss is the last desire of any crypto trader because the loss can take years to recover if the market trend goes against our trades. Cutting loss and letting the winners go is the main key for success in the crypto trading.

A matter of choice for someone to make because not all holding situation will end up on that way and some of them would just simply recover in no time and thats what other people been thinking.

This isnt something a noob kind of action for someone to take, it is just a matter if the market did really move on the way you expect or it totally opposes.

So somewhat this do mix out some sort of luck because profitability will really be depending into your trading decisioning skills.

Ridwan Fauzi

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You are allowed to not use stop lose feature as long as you are predicting that the coin price movement will increase after its price meet a correction. Or you only use 1x or 2x leverage on your trading system.

I guess, many new traders will lose their money because they trade on future marker and using high leverage. Yeah, I've been seen new trader just act like the gamble their money when they trade and using high leverage.

The leverage system is bad for some traders especiallt for new trader that only guessing the price movement but its feature can help a pro trader that can give a huge profit small capital. Each traders will have its own problem and never be same with another trader, so you have to solve your problem with learning about trading system.

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Quote from: palle11 on February 17, 2021, 08:05:20 AM

Some trades we take are in wrong direction but because we want to be hopeful that it will come back to profit, we allow it and it close against us. If we keep doing this, it is the exact opposite attitude of someone that wants to keep their initial capital.

There are steps you can take to reduce the loss before you lose every thing or it get to your stop loss and such is

1. Stop the trade: This is very good but difficult for many traders to do it but if you do that, you have potential loss that you have saved.

2. Use of stoploss all the time: This help your losses to be minimal.

3. Try to adjust your stoploss: You can do this if your trade is already in profit and you suspect that it is going back to your entry price, so you can take your stoploss to entry and all the order to run for profit or it stops at your entry.

1. At some point, you're saying this likely and maybe from experience or from a lesson from someone would say to stop the trade your right in a different way like when you play a game of gamble and win money people earn double from their bet that they should stop.

On the other hand, trading is different yes you gamble here you invest and you will gain good knowledge here that can make it triple possibly.

2 That is a suggestion for people who lose the investment or their money from trading and it's a common way for people who truly know what is going on. Which for me is good for newbies.

3. It is also a common thing to do if you are really the assurance type.

Still, in the end, everyone has their own way to make their money do triple and if they're smart they will know how to stop and set the limit.

seleme

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Taking the loss is the wise trader's decision, the ignorant traders will keep chasing the losses until they rekt. The volatility is dangerously high on crypto markets and chasing loss is the last desire of any crypto trader because the loss can take years to recover if the market trend goes against our trades. Cutting loss and letting the winners go is the main key for success in the crypto trading.

Quote from: posi on February 19, 2021, 05:32:38 PM

I think people need to first know the area they can totally fit in when it come to been successful in cryptocurrency involvement. Crypto trading is just like gambling and every step or decision make have its own risk involved. Some people are better off with doing buy low and sell high while some are doing good through day trading but the most important is knowing where you actually fit in and don't be greed.
Speaking the stop loss, is the strategy every successful trader use but crypto investors who are not born a trader will find it difficult to use.

Crypto markets are volatile and traders who trade volatility are not gamblers. The risks are there, if a trader wishes to risk he will go for it. Otherwise, it is not right to call trading volatile crypto markets equals to gambling on dice.

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Quote from: palle11 on February 17, 2021, 08:05:20 AM

~Snipped

1. Stop the trade: This is very good but difficult for many traders to do it but if you do that, you have potential loss that you have saved.

2. Use of stoploss all the time: This help your losses to be minimal.

3. Try to adjust your stoploss: You can do this if your trade is already in profit and you suspect that it is going back to your entry price, so you can take your stoploss to entry and all the order to run for profit or it stops at your entry.

You've got some pretty nice tips up there. However, I like to think that what we do about our losing trades ultimately depends on the situation at that point in time. I mean, I've seen losing trades turn to winning trades and vice versa. Majority of the time, our analysis might be off by a few % here and there; say 0.5% - 2% then the trade resumes back in the direction we originally intended for it to go. I've seen professional traders that apply DCA at support levels to keep their positions open for as long as possible. Like I said, it depends

.

posi

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I think people need to first know the area they can totally fit in when it come to been successful in cryptocurrency involvement. Crypto trading is just like gambling and every step or decision make have its own risk involved. Some people are better off with doing buy low and sell high while some are doing good through day trading but the most important is knowing where you actually fit in and don't be greed.
Speaking the stop loss, is the strategy every successful trader use but crypto investors who are not born a trader will find it difficult to use.

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This is one thing that we can't avoid when it comes to tra- ding. Prediction will go wrong sometimes. Sudden rise and sudden down can happen even against the forecasted trends. When you have studied the market maybe for days or so. And based of the trends you have studied, you now enter into a trade and the unexpected happens. Those are the factors we can not control. Cause the stock market or the Exchange market is control by lot of things beyond you power. In such case it will be advisable to use stop loss whole trading to reduce the risk to minimal. When this is done you can be rest assured that things will be under control even when you are not there to monitor the trade.

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a trader will always use stop lose and that's a natural thing, because if not the market can also change direction, especially when the price is high like this and suddenly dumps, you will survive, but if the situation is still bullish I would prefer not to use stop lose at spot market, because it is very risky, prices can return to their last price again.

There also some instances whereby a trade hits a stop loss and reverse to the intended direction of the buyer, it is very common in spot and crypto market when the price volatility is on a higher note, personally I deployed a virtual sort of stop loss while siting on my PC trading, once the price reach my stop loss zone and I am convinced that the price might not likely reverse I will manually close the trade and move on to the next opportunity which of course are numerous.

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