ESSENTIALLY SIMPLE TRADING FACTORS THAT EVERY TRADER SHOULD CONSIDER

Lanatsa

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Quote from: Kelward on January 09, 2024, 06:17:22 AM

Quote from: _act_ on January 05, 2024, 07:42:19 AM

I want to talk about the confidence part. Do you know that you can have confidence and the confidence will fail you. An instance is when you have the confidence, you analyzed the market and open a trade. After the trade was opened, the market go another side and loss started and continued until liquidation. There are more to trading than what you listed. It is not what you can use a day to learn. You need to know how to control your emotion and not using leverage. The money you put on trading, see it as the money you put on gambling. Let the money be very small and be able to afford to lose it.

Cryptocurrency trading is very dynamic and I believe that someone should not have one rigid approach to trading, because if your approach is not working, it could be wise to consider another approach. Being confidence is good, because you need it to overcome the fears of losing your coin, but sometimes simple reasonings can alter you confidence and make you change your mind, if perhaps you're being confident with a wrong move.

Above every factor in crypto trading should be discipline, it'll help to guide a trader not to deviate unnecessarily during trading, they should stick to their trading pertans, unless when it is of utmost necessity that they should change pertans to avoid further loses. Patience and not being greedy, lastly to trade the amount that they can afford to loose.

Versatility and being able to adapt on which this should really be the key for you to be able to sustain yourself into this market on which same as you said that trading would really be that dynamic on which it would really be getting in line with the market on which it would really be that so volatile. So it would really be just that right that you would really be needing to make adjustments so that you would really be able to adapt and act accordingly on the things that you must done along the way. You cant really just that make yourself that stagnant and wont really be doing something just because you are really that believing that you could be able to handle it out without having those kind of adjustments or big movements on which this is really that a very wrong mindset to have.

Patience,discipline and versatility would really be always the key. You cant really be able to deal off with a volatile market if you cant really be able to apply these things. You would need to adjust
and you would need to make changes if ever things do change up in front of you. We do know that there are tons of factors that could affect out movements
on which it is really just that wise that you should be doing too as well.

Kelward

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Quote from: _act_ on January 05, 2024, 07:42:19 AM

I want to talk about the confidence part. Do you know that you can have confidence and the confidence will fail you. An instance is when you have the confidence, you analyzed the market and open a trade. After the trade was opened, the market go another side and loss started and continued until liquidation. There are more to trading than what you listed. It is not what you can use a day to learn. You need to know how to control your emotion and not using leverage. The money you put on trading, see it as the money you put on gambling. Let the money be very small and be able to afford to lose it.

Cryptocurrency trading is very dynamic and I believe that someone should not have one rigid approach to trading, because if your approach is not working, it could be wise to consider another approach. Being confidence is good, because you need it to overcome the fears of losing your coin, but sometimes simple reasonings can alter you confidence and make you change your mind, if perhaps you're being confident with a wrong move.

Above every factor in crypto trading should be discipline, it'll help to guide a trader not to deviate unnecessarily during trading, they should stick to their trading pertans, unless when it is of utmost necessity that they should change pertans to avoid further loses. Patience and not being greedy, lastly to trade the amount that they can afford to loose.

carlfebz2

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Quote from: kentrolla on January 08, 2024, 02:54:15 PM

Quote from: stomachgrowls on January 05, 2024, 11:17:33 AM

1. DISCIPLINE

You would definitely needing this:

Discipline on when to take a profit
Discipline on when to hold your position
Discipline on handling or managing your trading capital
Discipline on sticking into your plans

Other factors above mentioned are really that something that a standard thing on which it is something that you would be needing for you to survive this unpredictable space.
There's no way that you could really be able to handle yourself that easily but on the time that you would really be able to do so then you had already
been able to learn up those things which are mentioned above which it is really just that standard.

Yes, Discipline is something which can make you a profitable trader but unfortunately we don't see many traders being disciplined except those who are in the industry for longer period of time and indeed they are successful, we have often seen people gaining huge amount sometimes due to unexpected pump of shit coins like it happened with coins like pepe but they lose it all in trading because they are not disciplined.

I would say discipline is the most important aspect of trading and I have a set of standard operating procedure which will have all the points you have mentioned under the discipline, though I have struggled in the past to adhere as emotions sometimes takes better control over us but we gotta master this if we want to survive.

Once you do able to make yourself comes into that situation on which you are already that making profits then you have already put up yourself on being that disciplined already.
You wont really be reaching out into a state if you cant really be able to handle up yourself into this volatile market. These are the very basic essence of being a trader and if you dont have these behavior
or qualities then you cant really be able to sustain yourself into this unpredictable market. It is really that much needed or a behavior that you would be needing.

Trading is hard and this is a skill that cant really be that learnt in a short period of time on which it would really be just that normal that you would really be experiencing
those ups and downs and disasters along the way before you could really be able to have a good grasps to it. It is really just that there are people who
are really just loving on taking up shortcuts because of being that too impatient.

Viscore

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Quote from: _act_ on January 05, 2024, 07:42:19 AM

I want to talk about the confidence part. Do you know that you can have confidence and the confidence will fail you. An instance is when you have the confidence, you analyzed the market and open a trade. After the trade was opened, the market go another side and loss started and continued until liquidation. There are more to trading than what you listed. It is not what you can use a day to learn. You need to know how to control your emotion and not using leverage. The money you put on trading, see it as the money you put on gambling. Let the money be very small and be able to afford to lose it.

Trading remains to be like gambling the moment you trade without certainty, which means you do trade out of your greed and your hunger for big profits, even without sufficient knowledge and reliable skills that will make you succeed your trades. Unless you trade without good experiences in the trading market, your trades might still fall on gambling.

Hence, confidence alone may not be suitable enough. You need to have actual growth and development of your trading skills and strategies, otherwise your trading outcome will turn into a negative one.

kentrolla

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Quote from: stomachgrowls on January 05, 2024, 11:17:33 AM

1. DISCIPLINE

You would definitely needing this:

Discipline on when to take a profit
Discipline on when to hold your position
Discipline on handling or managing your trading capital
Discipline on sticking into your plans

Other factors above mentioned are really that something that a standard thing on which it is something that you would be needing for you to survive this unpredictable space.
There's no way that you could really be able to handle yourself that easily but on the time that you would really be able to do so then you had already
been able to learn up those things which are mentioned above which it is really just that standard.

Yes, Discipline is something which can make you a profitable trader but unfortunately we don't see many traders being disciplined except those who are in the industry for longer period of time and indeed they are successful, we have often seen people gaining huge amount sometimes due to unexpected pump of shit coins like it happened with coins like pepe but they lose it all in trading because they are not disciplined.

I would say discipline is the most important aspect of trading and I have a set of standard operating procedure which will have all the points you have mentioned under the discipline, though I have struggled in the past to adhere as emotions sometimes takes better control over us but we gotta master this if we want to survive.

doomloop

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Quote from: |MINER| on January 07, 2024, 03:42:05 AM

Discipline makes any work easier. All work requires discipline. Trading is no different. Discipline needs to be maintained while trading. Nothing can be done without confidence. Trading theory is very difficult. No one can trade without self-confidence. Nothing is possible without self-confidence. Sometimes the market situation is very bad. Then you have to wait patiently for trading.

It's not that it can magically make the work easier but it can only help you focus more on that work you are doing, which can result for a better work and a faster completion time. If you think you have made a good job, that can also give you a confidence. Things can still be done without it but there are only doubts and over thinking that can occur after. Trading theory is only a theory. The real difficulty comes when you are already trading for real. But as long as you have those good traits that we talked about earlier, and then add in patience. I'm sure that you will over come those difficulties.

Quote from: |MINER| on January 07, 2024, 03:42:05 AM

Volatility will only bring loss in trading so trading should be done with patience.

Volatility in crypto trading is our friend, not enemy.

mirakal

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Quote from: SquirrelJulietGarden on January 05, 2024, 11:38:54 PM

Quote from: Zigabel on January 05, 2024, 07:36:36 AM

Specifically I will be talking about three things I think if you consider and fix them, there's no limit to how successful you can be trading, they includes 1. Discipline 2. Patience 3. Confidence. After proper studies and gaining the much needed knowledge to trade you need the above to helping your trading journey turn out a success.

In trading, your confidence can kill your position and cause capital loss.

You are confident about your trading strategy and the position you opened, ok, it's good but not enough. You must know that no traders including you, can be right 100% for all trading positions.

Because there will be failed rate and with trading, I see failed rate is big enough, you must have plan B, prevention for loss of your capital.

Use stop loss orders or better stop limit orders.

Don't be a very confident trader and do neither use Stop limit order or Stop loss order.

Reality is there’s no perfect trader in the market, all are still susceptible to losses regardless of how much confidence you’ve gained. But if you know how to back up your trades, you will never easily get doomed but instead, prevented the losses that have hit you. Trading is all about knowledge and skills, hence if your trading skills are not enough to make you fully confident, at least you have knowledge that will lead you to make right decision making that will prevent your traders from instant losing.

I’ve seen a lot of confident traders, but majority of them still end up losing their trades? Why? Because confidence won’t be enough, you need experiences in trading that will enhance your performance in trading so it will end up more likely having a positive outcome.

Assface16678

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Patience, we all know this aspect is what many traders forgot or let out. The thing is, trading is very risky and hard, and you can't guarantee that every trade is a profit. After many years of doing trade, learning from it and building confidence doesn't mean you will still succeed. It takes a lot of times before you can say you are successful in trading. This successful thing could also not be possible, so what should the traders have? Without patience, traders could quit anytime and at some point in their trading journey. It's very hard to have patience in trading despite the losses and the failed trades, but with this patience, it could help you be still in trading until you reach a successful trading career or even just at times where you earn more than what you lose in trading, so beginners should work on their patience because without it, they will quit early in trading.

BlackBoss_

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Quote from: hugeblack on January 06, 2024, 05:37:46 AM

For more than 3 years, I have been reading dozens of these topics that try to advise beginners before starting trading

Most of those topics are from newbies who want to teach other newbies. I don't know how newbies can feel they are good at trading, have enough experience in this market, to teach other newbies.

They simply write some words and make a topic while they did not actually succeed from trading.

Quote

but most of them are limited to the psychological impact of the trader and general advice that can be used for anything. If the title is raising children, then I can say that discipline, patience, and confidence are necessary keys for anyone who wants a healthy upbringing for his children, and so on for all topics. Trading is much more than psychological factors.

The market is complicated and people, as human, are emotional with their decisions and reactions.

Mastering the market's psychological cycle is important, not only for traders, but also for investors.

|MINER|

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Discipline makes any work easier. All work requires discipline. Trading is no different. Discipline needs to be maintained while trading. Nothing can be done without confidence. Trading theory is very difficult. No one can trade without self-confidence. Nothing is possible without self-confidence. Sometimes the market situation is very bad. Then you have to wait patiently for trading. Volatility will only bring loss in trading so trading should be done with patience.

Dunamisx

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For someone to be called a trader, he doesn't need only the trading skills to get to the optimum performance in his career, instead he has the very much things to do and considers that pertains his personal behaviors being a trader, we have to train ourselves in such normal ways or ethics that could also contribute to the way we perform our trading for the benefits of what we expect to see during and after our trades.

tbterryboy

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Patience is the most important thing when it comes to trading, and when a trader enters a financial market as a new trader, they shouldn't be in a hurry to make a profit because when you are impatient, you can't make money but you will only lose your money hastily making trades where you are not sure about the outcome and you are making blind predictions and such predictions can barely make you money in financial markets especially if the market is so volatile and unpredictable.

A lot of people think that it's not difficult to earn money in the cryptocurrency market because they see others earning, they see their profit receipts and think they can do it as well but they ignore the fact that those who are doing it have been in the market for some time and they have enough knowledge and experience about trading.

hugeblack

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For more than 3 years, I have been reading dozens of these topics that try to advise beginners before starting trading, but most of them are limited to the psychological impact of the trader and general advice that can be used for anything. If the title is raising children, then I can say that discipline, patience, and confidence are necessary keys for anyone who wants a healthy upbringing for his children, and so on for all topics. Trading is much more than psychological factors.

SquirrelJulietGarden

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Quote from: Zigabel on January 05, 2024, 07:36:36 AM

Specifically I will be talking about three things I think if you consider and fix them, there's no limit to how successful you can be trading, they includes 1. Discipline 2. Patience 3. Confidence. After proper studies and gaining the much needed knowledge to trade you need the above to helping your trading journey turn out a success.

In trading, your confidence can kill your position and cause capital loss.

You are confident about your trading strategy and the position you opened, ok, it's good but not enough. You must know that no traders including you, can be right 100% for all trading positions.

Because there will be failed rate and with trading, I see failed rate is big enough, you must have plan B, prevention for loss of your capital.

Use stop loss orders or better stop limit orders.

Don't be a very confident trader and do neither use Stop limit order or Stop loss order.

_act_

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Quote from: stomachgrowls on January 05, 2024, 11:17:33 AM

1. DISCIPLINE

You would definitely needing this:

Discipline on when to take a profit
Discipline on when to hold your position
Discipline on handling or managing your trading capital
Discipline on sticking into your plans

Discipline on when to take a profit and discipline on when to hold your position is contradictory. Anyone that is trading will understand this.

Assuming you are making little amount of money already and you close the trade. Is that discipline when you think you still need to hold your position? But what if the analysis points towards your direction and you supposed to make more money if you hold your position instead. What if you decided to wait and hold your position but the market go against your direction and you start to lose. Trading is complicated.

The discipline that I know that are most important in trading is to stick to your plan and also to be able to manage your trading capital. The third is to not risk too much but to risk just little amount of money to trade. Some traders are unable to stay on the track to be discipline this way. They will open a trade, they will not know when they will increase the leverage and also increasing their trading capital. After several losses, they will start blaming themselves and not know when they started not to follow the discipline path.

I have noticed one thing in trading, that discipline starts from how you manage your money. If you are not able to manage it well, likely you will not become a good trader.

irhact

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Quote from: Zigabel on January 05, 2024, 07:36:36 AM

Specifically I will be talking about three things I think if you consider and fix them, there's no limit to how successful you can be trading, they includes 1. Discipline 2. Patience 3. Confidence. After proper studies and gaining the much needed knowledge to trade you need the above to helping your trading journey turn out a success.

Out of the three, I think discipline is more important, a discipline trader is going to make more profits than an undisciplined trader. When you're disciplined you won't get distracted so easy, you'll follow your plans and exit or enter the market when you planned to. Discipline helps put other things in their place, I don't think patience is very necessary to a trader as you're not an Investor that needs patience to wait for their investment to give them profits.

Everything needs a little patience but as a trader there are other things more important than having patience. Confidence can help you and also make you to lose, having confidence in a wrong trade won't change the outcome of the trade as you'll still lose but confidence in a right trade will make you to not miss your profits by exiting earlier. As a trader having the understanding of interpretation the charts correctly is the most important thing.

Bushdark

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Quote from: stomachgrowls on January 05, 2024, 11:17:33 AM

1. DISCIPLINE

You would definitely needing this:

Discipline on when to take a profit
Discipline on when to hold your position
Discipline on handling or managing your trading capital
Discipline on sticking into your plans

Other factors above mentioned are really that something that a standard thing on which it is something that you would be needing for you to survive this unpredictable space.
There's no way that you could really be able to handle yourself that easily but on the time that you would really be able to do so then you had already
been able to learn up those things which are mentioned above which it is really just that standard.

I think op could not mention all but the one you have included which is discipline is a very import factors that would help us to stay longer as a traders. There are traders that had r fantastic strategies but because they are not disciplined, they had been missing out from trades they would have taken and make severe profits from the market. We need to work on ourselves if we really want to make money from the market and discipline is one of the factors that would aid us.

stomachgrowls

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1. DISCIPLINE

You would definitely needing this:

Discipline on when to take a profit
Discipline on when to hold your position
Discipline on handling or managing your trading capital
Discipline on sticking into your plans

Other factors above mentioned are really that something that a standard thing on which it is something that you would be needing for you to survive this unpredictable space.
There's no way that you could really be able to handle yourself that easily but on the time that you would really be able to do so then you had already
been able to learn up those things which are mentioned above which it is really just that standard.

Sim_card

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It is better that a trader should only trade with the amount of money that he can afford to lose, so that he can learn better from experience. A trader shouldn't also open a trade when he doesn't understand the market to avoid loss. Confidence shouldn't be what a trader should have but the ability to stop loss and close the trade at the right time, over confidence can lead to liquidation. Trading is very complicated and it is easy said than done because you cannot predict the market movement.

Quote from: Zigabel on January 05, 2024, 08:00:44 AM

Quickly let me correct the impression that trading isn't gambling except you are just a newbie who have still got enough to learn.

Not only newbies because even professional traders run at loss. Majority of people trading run at loss and same with gambling, majority of gamblers run at loss. He said it is similar because you are putting your money on an something that you don't know what the outcome will be in the later. The difference with bitcoin is that history repeats itself and the movement have patterns, which are hard to interpret if you have not witness a circle before.

Zigabel

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Quote from: _act_ on January 05, 2024, 07:42:19 AM

I want to talk about the confidence part. Do you know that you can have confidence and the confidence will fail you. An instance is when you have the confidence, you analyzed the market and open a trade. After the trade was opened, the market go another side and loss started and continued until liquidation. There are more to trading than what you listed. It is not what you can use a day to learn. You need to know how to control your emotion and not using leverage. The money you put on trading, see it as the money you put on gambling. Let the money be very small and be able to afford to lose it.

Yeah, if you go through the whole post again I did mention the uncertainties and why you should apply risk management to help mitigate your losses and controlling your emotions is embedded in discipline and like I mentioned earlier I wasn't giving a complete trading class but a tip into some useful things I thought worth considering but then I agree with you on the fact that trades can go otherwise after thorough analysis and that's where your risk management come in to save the day.

Quickly let me correct the impression that trading isn't gambling except you are just a newbie who have still got enough to learn.

Topic: ESSENTIALLY SIMPLE TRADING FACTORS THAT EVERY TRADER SHOULD CONSIDER (Read 170 times)