Few Tips I learnt from trading that blew my account. - page 3.

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Quote from: maydna on April 04, 2022, 05:24:05 AM

From what @OP said, it's all true for anyone because those are some things that will help traders profit. Maybe there are many more that we do not know due to lack of knowledge about it. But I agree with numbers one, two, and five because we don't need to chase the market if the price has gone up by half. After all, there is no guarantee that the market will keep going up. In addition, if you can be patient in trading or analyzing the coins you want to buy, you will find the right coins to buy. And number five, don't be greedy to withdraw the profits already in front of you because they might disappear in the next minute.

Its understandable that we do really commite out mistakes because we are just newbie or doesnt have that much knowledge or skills which is understandable but on the time that you had acquire such

skills and knowledge then this is where you do able to have a good grasps on the market and this would really be taking some time and you shouldnt rush up just like on what noobs do usually do.
YOu wont really be able to enhance or improve yourself if you wont really realize on things on what you should gonna need to handle out.

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Quote from: Hamphser on April 02, 2022, 07:00:33 PM

Quote from: suzanne5223 on April 02, 2022, 03:19:24 PM

On the contrary, being greedy is never the real enemy of every crypto trader but a lack of knowledge because being greedy is one of the best decisions only when applied at the perfect time which is when people dump or when their fear in the market you can greedily buy. However, buying good crypto is needed and this is one of the reasons why I said lack of knowledge is the major problem of crypto traders.

There is pros and cons of being greedy which you are definitely right that it isnt everytime in talks about negative of someone being greedy because it all matters with the timing.

This is the reason why they say time is everything in the cryptocurrency market and I make this point cause some people believe being greedy is something really bad.

Quote from: Hamphser on April 02, 2022, 07:00:33 PM

If you do know on how to balance everything and have some good control of emotions in regarding with your actions then you would really be finding this beneficial.
You would definitely blow your account if you dont set out proper risk management which is really very that common.

Honestly, in the crypto market, no one really knows how to balance everything cause we dealing with a high volatile market that can present a trend even when we're not ready.
Crypto trading is like gambling and good emotional control will never work if the trader doesn't understand the fundamental concept of trading.

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Quote

2]. Always be patient with your trading set ups:

This is very important. Some days ago I give signal of Near token in WhatsApp group. One if my friend bought at 14.2 but suddenly market down little and Near hit stop loss of 13.5. After that Near token hits 17$. If he had Patience he would get profit. So patience Is main key for taking profits.

Quote

[5]. Don't be greedy:The master of it all.

This is another big problem in investors. Profit booking is very important. Most of people go for loss because of greed and did not sale on ATH.

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Quote from: Franctoshi on March 28, 2022, 02:51:05 PM

These are few challenges faced when I newly got into trading, which I think I should share so people who are new traders should know.

[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.

I still remember my newbie days in trading. I'd always think about losing an opportunity once I miss buying coins at a lower price so what I did is to still buy them even during the hypes. That is why I'd suffer more losses than getting some profit. And from that, I learned that it was no need to chase the market, prices may go up and down, and what we need is patience.

That is why I'd love the volatility of the market. If we miss this time, there is still a chance in the next round. Or, just to look for other coins that aren't yet in the surge.

maydna

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From what @OP said, it's all true for anyone because those are some things that will help traders profit. Maybe there are many more that we do not know due to lack of knowledge about it. But I agree with numbers one, two, and five because we don't need to chase the market if the price has gone up by half. After all, there is no guarantee that the market will keep going up. In addition, if you can be patient in trading or analyzing the coins you want to buy, you will find the right coins to buy. And number five, don't be greedy to withdraw the profits already in front of you because they might disappear in the next minute.

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Quote from: adaseb on April 03, 2022, 09:57:32 PM

I think the reason why most retail crypto traders fail is either investing in low cap alt coins or using high leverage.

We all heard what happened with Doge and Shiba, so people are buying any low cap alt coins thinking they will score a 100x and instead they get rugged.

Or they use 100x leverage or even 20x leverage trading perps and they get liquidated whenever there is a decent sized move.

Trading over 5x on leverage is a big gamble, I did it myself and at the end I learned. Most normal people who started in crypto invested in those hype coins and got burned so we got kinda a bad name for trading and crypto in general.

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I think the reason why most retail crypto traders fail is either investing in low cap alt coins or using high leverage.

We all heard what happened with Doge and Shiba, so people are buying any low cap alt coins thinking they will score a 100x and instead they get rugged.

Or they use 100x leverage or even 20x leverage trading perps and they get liquidated whenever there is a decent sized move.

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Trading is about how we understand and analyze the market and then determine when to sell or buy coins, so it can be said that a trader needs to predict the market in order to make a profit. besides that we also have to be smart to read and take advantage of the moment, whether it's a moment to sell or buy. therefore a trader must be able to see and understand the crypto market. Regarding greed in trading, it must be avoided because it will only make us rush and be less careful. indeed to trade we have to move quickly and smartly but if we are too greedy it will only make us panic and not be able to control our emotions properly.

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Quote from: viananda2525 on April 03, 2022, 10:22:23 AM

Quote from: Rockstarguy on April 02, 2022, 03:00:22 PM

Greediness and not having patience to take things easy are one of the problems in that has been a serious challenge for some traders. For one to be successful in trading it is important for one to understand that greediness and not having patience are the set backs that can make a trader to loss all what he/she has been building for sometime. Traders should learn to be satisfied with little profit.

alot traders failed to this reason, they want instant process by taking huge margin in every transaction so make their position easy to liquidate when wrong direction with market. greedness be main problem and the key for traders success, using good money management and patience with process,will help us to failed and survive for long term

Well I have already said about this, that people who have heard about profit are simple to draw a conclusion that trading is a simple way of making a profit without knowing that it is not an easy one. That is why most people who fall into the trap are those greedy people, we should not be greedy and when we lose, don't chase losses because that will be the reason why we encounter a huge loss.
However, in trading --there is a do's and don'ts which are the most important thing that we must understand, not all get profited in trading.

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Quote from: Franctoshi on March 28, 2022, 02:51:05 PM

[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.

most traders trapped in fomo till finally they get higher price that actually too risky. never fomo and always thinking there are alot opportunity in market next. but most of us could not controll this emotion.

Quote from: Franctoshi on March 28, 2022, 02:51:05 PM

[2]. Always be patient with your trading set ups:
Sometime it takes you up to a week or more for a trading set ups to get complete before executing a trade.
Secondly, sometimes it's good to wait for your stop lose and take profits to get triggered and don't close them yourself out of fear.

best trading set up will form in a day or even week, its not occur everyday but when we find it i am believe it will give us best risk and reward ratio.

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Quote from: Flexystar on April 02, 2022, 02:17:55 PM

Love it when he mentioned don’t be greedy, it’s master of all! Lolz. He got the feel for it already I guess and learnt the lesson. Exactly it is real enemy whether it’s simple investment, trading, gambling or even buying sugar! If you become greedy then you are pulling big trouble towards you. I learnt this the hardest way after loosing handsome money to altcoin market. After that I literally focused on bitcoin and few well studied alts only. Moreover I am also just feeling up my wallet and hodling them and not really trading just because of that horrible experience. So yes those who would be starting new or whose already into it, just take this as reminder and keep safe trading.

Instead of greed I prefer to think of that as setting unrealistic expectations for themselves, if someone told me they wanted to become rich with cryptocurrencies and they had a good amount of capital and their time frame to achieve this was one or two decades then that would seem realistic to me and I think they could achieve that, however if someone with just a few dollars told me they wanted to achieve the same in a matter of months then I do not care if they are the best trader the world has ever seen, they will never reach their goal.

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Quote from: Rockstarguy on April 02, 2022, 03:00:22 PM

Greediness and not having patience to take things easy are one of the problems in that has been a serious challenge for some traders. For one to be successful in trading it is important for one to understand that greediness and not having patience are the set backs that can make a trader to loss all what he/she has been building for sometime. Traders should learn to be satisfied with little profit.

alot traders failed to this reason, they want instant process by taking huge margin in every transaction so make their position easy to liquidate when wrong direction with market. greedness be main problem and the key for traders success, using good money management and patience with process,will help us to failed and survive for long term

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Quote from: Cling18 on April 03, 2022, 10:01:03 AM

To sum up, we should always know how to handle our emotions so we'll be able to deal with every market situation. Patience is also the key so we could make the right decisions at the right time. Also, continuous learning is too important because trading is a long process of learning. There's no such thing as perfect trading because we will always encounter failure but having enough knowledge will always be an edge.

Nothing like that to say a trade experience is perfect because every trader do witness losses in a week or between two weeks, so for newbies to think there are traders that don't make losses is not true but we can say it has been a good trade when the profit is higher than the losses. Patient is very important to trade, a trader that has no patience is going to keep losing.

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To sum up, we should always know how to handle our emotions so we'll be able to deal with every market situation. Patience is also the key so we could make the right decisions at the right time. Also, continuous learning is too important because trading is a long process of learning. There's no such thing as perfect trading because we will always encounter failure but having enough knowledge will always be an edge.

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The greed point that often lands on us must be trained gradually so that one day we can control it and not backfire for our trading failures. It's hard to control your emotions but that doesn't mean you can't. by being able to control emotions, then we can run the analysis well, and not go out of the framework that has been set previously. By learning discipline, then later we will understand the strengths and weaknesses of the strategies we use

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Quote from: suzanne5223 on April 02, 2022, 03:19:24 PM

Quote from: Flexystar on April 02, 2022, 02:17:55 PM

Love it when he mentioned don’t be greedy, it’s master of all! Lolz. He got the feel for it already I guess and learnt the lesson. Exactly it is real enemy whether it’s simple investment, trading, gambling or even buying sugar! If you become greedy then you are pulling big trouble towards you. I learnt this the hardest way after loosing handsome money to altcoin market. After that I literally focused on bitcoin and few well studied alts only. Moreover I am also just feeling up my wallet and hodling them and not really trading just because of that horrible experience. So yes those who would be starting new or whose already into it, just take this as reminder and keep safe trading.

On the contrary, being greedy is never the real enemy of every crypto trader but a lack of knowledge because being greedy is one of the best decisions only when applied at the perfect time which is when people dump or when their fear in the market you can greedily buy. However, buying good crypto is needed and this is one of the reasons why I said lack of knowledge is the major problem of crypto traders.

There is pros and cons of being greedy which you are definitely right that it isnt everytime in talks about negative of someone being greedy because it all matters with the timing.

If you do know on how to balance everything and have some good control of emotions in regarding with your actions then you would really be finding this beneficial.
You would definitely blow your account if you dont set out proper risk management which is really very that common.

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Quote from: Rockstarguy on April 02, 2022, 03:00:22 PM

Greediness and not having patience to take things easy are one of the problems in that has been a serious challenge for some traders. For one to be successful in trading it is important for one to understand that greediness and not having patience are the set backs that can make a trader to loss all what he/she has been building for sometime. Traders should learn to be satisfied with little profit.

From my own personal experience while trading cryptocurrencies, I had a tough time in dealing with greediness, I had experienced situations where an already profitable trade turned loss due to my inability of being disciplined and take profit appropriately even knowing that price of cryptos is very volatile, however with some little research using a technical indicator known as Bollinger Band and RSI, I had been very careful now while taking my profits irrespective of how small or huge once the price moved out of the Bollinger Band both upper and lower for long and short trades.

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Quote from: Franctoshi on March 28, 2022, 02:51:05 PM

These are few challenges faced when I newly got into trading, which I think I should share so people who are new traders should know.

[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.

[2]. Always be patient with your trading set ups:
Sometime it takes you up to a week or more for a trading set ups to get complete before executing a trade.
Secondly, sometimes it's good to wait for your stop lose and take profits to get triggered and don't close them yourself out of fear.

[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.

[4].Don't outsmart the market :
market does whatever thing it wants to do, so don't be too smart wait for confirmation.

[5]. Don't be greedy:The master of it all.
Greediness can reap you off all your profits already gained from the market when you're trying to gain it all. Be comtempted with the profit you've got and have plans for profits taking.
This is one the biggest challenge I faced during my early time of trading and even now but it's reduced and controled.

Yes, of course everyone will be aware after reading your post. People can only learn something when they lose something.There are a lot of ideas about your trading now because you have lost a lot. There are many people who come to trade without realizing it.If you want to trade, you must be well versed in trading. If not here's a new product just for you!

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Quote from: Franctoshi on March 28, 2022, 02:51:05 PM

These are few challenges faced when I newly got into trading, which I think I should share so people who are new traders should know.

[1].Don't Chase the market:
There is always a next opportunity in the market,
If you miss this opportunity wait for next one.

[2]. Always be patient with your trading set ups:
Sometime it takes you up to a week or more for a trading set ups to get complete before executing a trade.
Secondly, sometimes it's good to wait for your stop lose and take profits to get triggered and don't close them yourself out of fear.

[3].Don't predict the market ,react to current market situation.
This is what that cost me blew a lot of my trading capital. Always wait for trend direction and follow the trend , As they say... trend is your friend until it's finished.

[4].Don't outsmart the market :
market does whatever thing it wants to do, so don't be too smart wait for confirmation.

[5]. Don't be greedy:The master of it all.
Greediness can reap you off all your profits already gained from the market when you're trying to gain it all. Be comtempted with the profit you've got and have plans for profits taking.
This is one the biggest challenge I faced during my early time of trading and even now but it's reduced and controled.

Your last Trip very important mate because in the trading section you should not have enough greedy and emotional feelings. Trading platform is the platform where you greedy more you can face a huge amounts of losses.

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Quote from: Flexystar on April 02, 2022, 02:17:55 PM

Love it when he mentioned don’t be greedy, it’s master of all! Lolz. He got the feel for it already I guess and learnt the lesson. Exactly it is real enemy whether it’s simple investment, trading, gambling or even buying sugar! If you become greedy then you are pulling big trouble towards you. I learnt this the hardest way after loosing handsome money to altcoin market. After that I literally focused on bitcoin and few well studied alts only. Moreover I am also just feeling up my wallet and hodling them and not really trading just because of that horrible experience. So yes those who would be starting new or whose already into it, just take this as reminder and keep safe trading.

On the contrary, being greedy is never the real enemy of every crypto trader but a lack of knowledge because being greedy is one of the best decisions only when applied at the perfect time which is when people dump or when their fear in the market you can greedily buy. However, buying good crypto is needed and this is one of the reasons why I said lack of knowledge is the major problem of crypto traders.

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