Few Tips I learnt from trading that blew my account. - page 5.

Franctoshi

hero member

Activity: 966

Merit: 588

Quote from: sheenshane on March 29, 2022, 06:21:41 PM

Quote from: LeafMandiri on March 29, 2022, 06:07:47 PM

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

~snip~

Don't be greedy is one the most crucial in my mind because when I go greedy I can lose it all in a few moments.

It's indeed!
That's why we shouldn't chase our losses and control our greediness. And maybe you forgot to add this in OP, it should also have a stop loss so that you can minimize your losses once there is.

Agree with you, but on the stop lose side I had a terrible experience with stop lose, during my early stage of trading I always got stopped out base on what the market makers does during stop hunt , it's so anoying sometimes seeing your trade being stoped out and the market still go same direction, I stopped using stop lose at a particular time until I realize and changed my trading strategy by giving the market time to go for stop hunt first before now taking a trade.

sheenshane

legendary

Activity: 2492

Merit: 1232

Quote from: LeafMandiri on March 29, 2022, 06:07:47 PM

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

~snip~

[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 contented 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.

Don't be greedy is one the most crucial in my mind because when I go greedy I can lose it all in a few moments.

It's indeed!
That's why we shouldn't chase our losses and control our greediness. And maybe you forgot to add this in OP, it should also have a stop loss so that you can minimize your losses once there is.

I know it's very easy to say these things but for sure it's hard to do this especially when you forgot your goal. Trading it's always been crucial, we should have these skills, knowledge plus instinct.
It's all about how we can manage ourselves in trading, there's no shortcut, everything should gain with pain.

Rengga Jati

hero member

Activity: 2142

Merit: 670

Hire Bitcointalk Camp. Manager @ r7promotions.com

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

[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.

This is little bit difficult to practice, moreover if we are newbies. I myself am still confused about the common market situation to predict or analyize. Moreover if a newbie, commonly they still can't do analysis on the indicator, so only doing it by the prediction. This is that makes dangerous because predicting market with only speculation will refer to gambling, not trading.

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

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

People are full of greediness and this becomes one of the weaknesses of people moreover in trading. Greedy of willing to get very high profits or even greedy to make high profits from hype coins, but in fact they know nothing about this. This is completely ad situation for newbies who are greedy from the beinning.

LeafMandiri

newbie

Activity: 11

Merit: 0

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

~snip~

[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.

Don't be greedy is one the most crucial in my mind because when I go greedy I can lose it all in a few moments.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: NeuroticFish on March 29, 2022, 08:53:41 AM

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

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

Well, a certain amount of greed made you start trading in the first place Wink

So I'd better say: don't be overly greedy and stick to the plan. If you planned to cash in at a certain point, stick to that and plan the next step accordingly, because another opportunity should come.

very true! we all want to earn something the reason why a lot are getting involve with trading, for the hope that they will get nice profits. but being overly greedy will be the reason of your mistakes or possible downfall. not cashing out while you are still positive, still waiting "to this moon" price, you will find out soon enough that the right time has passed already. so yes, being greedy is good at times but you should know your limits.

Captain Corporate

hero member

Activity: 2156

Merit: 575

Quote from: wxa7115 on March 28, 2022, 04:29:13 PM

What happens is that as Warren Buffett once famously answered to a question of Jeff Bezos about why was not everyone copying him: ‘Nobody wants to get rich slowly’.

The vast majority of those that come to the markets do so with the intention of becoming rich quickly, some are thinking to achieve this in a few years while the most desperate for profits are thinking in terms of months or even weeks, no one wants to take decades for this to become true, and yet this is the safest and the method that will most likely produce those results.

I understand that it took warren buffet decades to reach where he is, and he definitely managed to do something magnificent. However let us not forget that he was the son of a senator, who helped him get his first stock when he was just a little kid, and Warren Buffet never had any problems finding money to invest even before he was rich.

However the mindset stands. He did the old long term deal and he stick to it. %20 a year is a very difficult thing to do if you would like to do that for 50 years in a row, he averaged that much, which is awesome and in return people trusted tens of billions of dollars to him. If we could do the same in crypto, just invest for the long term, and keep doing that for 50 years? Boy oh boy, we would get SOOO much more than %20 on average.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

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

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

Well, a certain amount of greed made you start trading in the first place Wink

So I'd better say: don't be overly greedy and stick to the plan. If you planned to cash in at a certain point, stick to that and plan the next step accordingly, because another opportunity should come.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

Mine was stop trading, it ain't for you (in this case me) Grin

. So I just went to DCA. When I tried trading I made a lot of mistakes, overextended my investments, made bad investments (which is natural even when you're already a veteran trader imo). The stress of losing money almost every day was quite heavy, couldn't really handle it even though I earned more compared to what I lost sometimes. It's like a permanent roller coaster of emotions, and well not that I'm saying that's bad or anything, it just doesn't mesh well with me.

tranthidung

legendary

Activity: 2310

Merit: 4085

Farewell o_e_l_e_o

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

[1].Don't Chase the market:

It's JOMO: Joy of Missing Out. Opportunity comes and goes, if you miss one, you will still have others in future. Don't chase the market when price already takes off significantly.

Quote

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

It is more relevant to investment, not trading. It is very rarely to find traders with enough patience. That is an explanation why 80% or 90% of traders end with loses. Another reason is their undisciplined results in bad high-risk taking portfolio management style.

Quote

[3].Don't predict the market ,react to current market situation.

Prediction can be right or wrong but in case your prediction is wong, you must react as fastest as possible.

Quote

[4].Don't outsmart the market :

Don't time the market, let it runs. If you pick a solid project, price will take off someday. It's just your responsibility to own it tightly and make sure you don't bet all of your capital in a single asset.

Johnyz

full member

Activity: 2086

Merit: 193

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

~

We must do everything to become more effective in trading, these advices can be more effective if you have self-control especially with your emotion.
Chasing the market, being greedy can't help most of the time, its always good to trade with a perfect timing.

Quote from: crwth on March 29, 2022, 05:15:41 AM

It's quite weird to see the title as like that. Tips that you have learned that blew your account. Do you mean the following?

You blew your account to liquidation
You blew your account to larger amounts

Those tips can help you prevent blowing away your capital. I think you should change your subject.

Maybe those tips help his account to become more profitable based on content of the topic.
Common advices for every inspiring trader, which normally affect their trading decision.

wiss19

sr. member

Activity: 2296

Merit: 348

Quote from: Captain Corporate on March 28, 2022, 03:19:19 PM

Mine was honestly just "get a grip of long term investment ant patience". That was it, the moment I realized that I could simply buy bitcoin, even if small amounts, and few other big name coins and just keep on doing that forever, and in 20-30 years I will %99.99 chance be a rich person was enough to convince me to go down that route. It never really mattered to me what the price of one bitcoin is right now, I could buy it at any price, what matters to me was just getting a good return in 20 years and I believe that most people knows it will be a good return in 20 years, thats good enough to me.

I do agree that if you are doing a long term investment, your job is easier, but trading is a bit different. In the trading world we are talking about a bit of a different situation where you need to buy and sell and do that quicker in order for it to be considered trading and not investment. What you are doing is called investment and that is a different situation to be in.

In trading, OP is a bit right, obviously those are known and at this period a bit boring situation to be in, and that is really not something that I would be loving to explain further, but anyone who doesn't know what OP talks about, shouldn't trade, and anyone who does but doesn't follow, probably knows why they are failing.

wildan88

legendary

Activity: 1862

Merit: 1046

They are good tips especially this kind of tips weren't teach in the courses or books since they are tips from actual experience of the trader and can only be experience through actual trades. You blew your account and you learned your lesson, I hope this lesson was enough not to repeat the same mistake. I would like to add the leverage but I think it fits in the 5 which is the greed part.

crwth

copper member

Activity: 2940

Merit: 1280

https://linktr.ee/crwthopia

It's quite weird to see the title as like that. Tips that you have learned that blew your account. Do you mean the following?

You blew your account to liquidation
You blew your account to larger amounts

Those tips can help you prevent blowing away your capital. I think you should change your subject.

palle11

sr. member

Activity: 2366

Merit: 332

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.

Quote

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

This is right. No need to chase the market because you lost and you jump right in again, this is not wise, the market can revert while you are on it. Is better to cool off and wait for another opportunity.

Quote

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

I think sometimes we need to close a losing trade if you see it will hit your SL because it won't do you any good to stand on the road while vehicle is approaching. That is the way the analysis is.

Quote

[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.

You enter a wrong trend you can be sure of losing your capital. Trading what you see can lead you into the trend.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

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.
(....)

I believe this is the common problem of traders that are starting, even me before I can admit this. The feeling of like you FOMOd and you insist on finding a good entry even you already know that it's already too late.

Not all the times you can open a trade, whether it's a short or long position.
Always remember that there are millions of opportunities ahead, capital preservation is the key.

carlfebz2

hero member

Activity: 2926

Merit: 722

DGbet.fun - Crypto Sportsbook

Quote from: seleme on March 28, 2022, 04:59:04 PM

Don't outsmart the market, it is most common mistake my winning traders who keep doing same things and expect same trading performance over the years. Market behavior may change, adopting a new rules can take a while while traders keep chasing losses which shouldn't happen at first place according to book. Chasing losses and fighting back market trends never bring good consequences for pro traders, better to learn from your mistakes before it is too late.

Dont make yourself that too much confident on things specially on handling the market.It may look like easy but once you do step your foot then you would surely realized that it is too hard to predict on where prices

could possibly go and this is where mistakes do start to happen and its true that you should really learn from your mistakes because if you do try to go opposite then you would see it as a big problem.

You would not sustain this market if you do really have that kind of mindset which you should really be changing it off for you to survive.

seleme

legendary

Activity: 2772

Merit: 1028

Duelbits.com

Don't outsmart the market, it is most common mistake my winning traders who keep doing same things and expect same trading performance over the years. Market behavior may change, adopting a new rules can take a while while traders keep chasing losses which shouldn't happen at first place according to book. Chasing losses and fighting back market trends never bring good consequences for pro traders, better to learn from your mistakes before it is too late.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Captain Corporate on March 28, 2022, 03:19:19 PM

Mine was honestly just "get a grip of long term investment ant patience". That was it, the moment I realized that I could simply buy bitcoin, even if small amounts, and few other big name coins and just keep on doing that forever, and in 20-30 years I will %99.99 chance be a rich person was enough to convince me to go down that route. It never really mattered to me what the price of one bitcoin is right now, I could buy it at any price, what matters to me was just getting a good return in 20 years and I believe that most people knows it will be a good return in 20 years, thats good enough to me.

What happens is that as Warren Buffett once famously answered to a question of Jeff Bezos about why was not everyone copying him: ‘Nobody wants to get rich slowly’.

The vast majority of those that come to the markets do so with the intention of becoming rich quickly, some are thinking to achieve this in a few years while the most desperate for profits are thinking in terms of months or even weeks, no one wants to take decades for this to become true, and yet this is the safest and the method that will most likely produce those results.

Franctoshi

hero member

Activity: 966

Merit: 588

Quote from: crzy on March 28, 2022, 03:46:18 PM

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

[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.

Trading is about prediction, you are analyzing the price movement to predict its future trend so I don’t see any reason not to predict because this is very important in trading and we should always analyze to know what to do next. Even if there’s no trend you can still do trading, its all about the risk and if you’re ready for it no one can stop you to trade.

What I was taught and also base on my little experience is that market is not predictable, we can only react to market situation.
for instance, You forgot last year that many People were predicting 100k for Bitcoin by December but the market chooses it own way, if it's so predictable ,Bitcoin should have been 100k by now, so for me I react to a given current market situation.

crzy

full member

Activity: 2128

Merit: 180

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

[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.

Trading is about prediction, you are analyzing the price movement to predict its future trend so I don’t see any reason not to predict because this is very important in trading and we should always analyze to know what to do next. Even if there’s no trend you can still do trading, its all about the risk and if you’re ready for it no one can stop you to trade.

Topic: Few Tips I learnt from trading that blew my account. - page 5. (Read 594 times)