Few Tips I learnt from trading that blew my account. - page 6.

livingfree

hero member

Activity: 2842

Merit: 578

Quote from: Franctoshi on March 28, 2022, 03:51:05 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.

Predictions are normal in this market.

You'll always get to see people giving their predictions on how it's going to be look like for the next trend based on what they see in the charts. It's true that trend is our friend and we get to know how to react on it immediately.

With predictions, it's okay to have it as long as you have basis. Baseless predictions, they're the ones that shouldn't be one.

Quote from: Franctoshi on March 28, 2022, 03:51:05 PM

[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.

True.

If you are in profit, take it and don't wait for the market to take it from you.

Captain Corporate

hero member

Activity: 2016

Merit: 575

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.

rsbtcpc

newbie

Activity: 7

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Quote from: Franctoshi on March 28, 2022, 03:51:05 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.

Trading is a competitive business. It's safe to assume that the person sitting on the other side of a trade is taking full advantage of all of the available technology.

Charting platforms give traders an infinite variety of ways to view and analyze the markets. Backtesting an idea using historical data prevents costly missteps. Getting market updates via smartphone allows us to monitor trades anywhere. Technology that we take for granted, like a high-speed internet connection, can greatly increase trading performance.

Fatunad

sr. member

Activity: 2226

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Quote from: Franctoshi on March 28, 2022, 03:51:05 PM

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

Main ones that you should really avoid as much as you can or could because this would be the main reason on why you do mess up things or even make the situation even more worst.
Dont chase up for money and dont chase up your losses just like on gambling rules on which you should not rush things up whenever you do make out trading decisions.
This isnt a race but rather talking about sustainability which is something that you do really need to do as a trader.You would learnt up things along the way because all of us do
start on being a noob so its normal to have these kind of realizations in our way.

Franctoshi

hero member

Activity: 840

Merit: 569

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.

Topic: Few Tips I learnt from trading that blew my account. - page 6. (Read 584 times)