Having loss is part of experience as a Trader - page 2.

Dragonfund

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Quote from: sheenshane on August 21, 2020, 05:47:56 PM

Quote from: Dragonfund on August 21, 2020, 03:11:57 AM

........

No, this isn't a good trader.

How can you perform to learn your mistakes if you already exited on the game of trading and take your profit?
The best thing to do is learn your mistake and yes, a loss is a part of the experience that you should learn after you will be experienced it. If you have idea how to gamble, I think that was the trading looks like. But the difference is trading isn't based on pure luck, 75% skills and the rest is luck. You should have your own research to increase a chance to get profit.

Your mistakes are ought to be minimal else you may end up with zero or total loss of fund. We all have different stop loss Strategies. I may want to loose $10 and you may want to loose $100.

NavI_027

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Quote from: Wexnident on August 21, 2020, 11:32:29 PM

Quote from: NavI_027 on August 21, 2020, 10:50:06 PM

[snip]

I'm pretty sure you've lost countless times before, but you didn't really take that into heart and suffer from it no?

You know what, you're right! I already lose a lot of money on simple hodling and I somehow become immune of it. So why I get scared of daytrading? Thanks for the relief dude

. Maybe what i'll do when I start is to place an amount close minimum deposit and play it for a month. If I lose then it's fine because it won't hurt my pocket but if it made profit then I double it up on the next deposit. Is that a right move, what do you think?

Also, if you don't mind, may I know what indicator you are using? Because I'm planning to use StockRSI.

Wexnident

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Experience comes with losing, be afraid of when you always win, but don't be afraid when you lose. Those kind of things are what I actually like the most tbh. Winning is nice and all, but really, it just means that you've stopped growing by then, that you've hit a roadblock, but losing? Losing means that there are still countless roads in front of you that you can take. Experience doesn't equate to winning, but mostly to losing, since only losers can see why they lose. Avoiding them is the best way to win after all.

Quote from: NavI_027 on August 21, 2020, 10:50:06 PM

Your thread scares me bro lol. I'm an aspiring trader as well and currently studying the technicalities of it. But after I read your post, I realized that I'm not yet emotionally prepared for this because it was a different thing compared to long term hodling. Now I can foresee myself panicking due to change of trend every hour *knock on the wood. But well, it is still a long journey for me. I should only take it one step at a time to remove the tension Cheesy

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No need to be scared, losing is part of everything, not just trading. I'm pretty sure you've lost countless times before, but you didn't really take that into heart and suffer from it no? Learn from them and make them yours. That's the basics of the basics in learning imo.

NavI_027

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Your thread scares me bro lol. I'm an aspiring trader as well and currently studying the technicalities of it. But after I read your post, I realized that I'm not yet emotionally prepared for this because it was a different thing compared to long term hodling. Now I can foresee myself panicking due to change of trend every hour *knock on the wood. But well, it is still a long journey for me. I should only take it one step at a time to remove the tension Cheesy

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Quote from: fourpiece on August 21, 2020, 10:36:04 PM

Then dont trade if you dont want to loss. Thats a part of the life of traders sometimes good and sometimes not. But in every loss they will learn from what mistakes they did during trading.

Just a clarification, losses are absolutely inevitable but losing oftentimes is not healthy either. Minimize your mistakes as much as possible because we are talking about money here. It is precious thus every cent matters.

fourpiece

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Then dont trade if you dont want to loss. Thats a part of the life of traders sometimes good and sometimes not. But in every loss they will learn from what mistakes they did during trading.

Eureka_07

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Quote from: sheenshane on August 21, 2020, 05:47:56 PM

Quote from: Dragonfund on August 21, 2020, 03:11:57 AM

A trader should either exit trade with :

A small loss
Even
Huge profit
Little profit

No, this isn't a good trader.

How can you perform to learn your mistakes if you already exited on the game of trading and take your profit?

If that exit is not good, then how you define a good trader?

So you mean that a trader should alway keep his bought coins untouched? When do you want to sell those coin? And how much do you want... to consider a huge profit?
As far as I know those 4 trade exits mentioned by the OP are the goals of trading( to generate huge profit, get small profit, to neither loss nor win because there's no progress, and cut loss) unless your goal is to loss huge amount of your investment before you make your exit.

Velkro

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Quote from: cryptoaddictchie on August 21, 2020, 03:50:30 AM

Quote from: Dragonfund on August 21, 2020, 03:11:57 AM

However, non will teach you how to control your emotion when the market go against you.

When it comes to trading, no one is expert or perfectly can supress his/her emotions that easily. What I meant is, oncr you get the hang of it. There is part of yourself that you wanna still gain more

Agree there is no chance to learn to eliminate that/control it 100%.
You can become robot, this will allow to control your emotion in full.
Not controlling emotion in full is what makes us humans Cheesy

so pretty hard to eliminate it, thats why Bots are best traders.

jossiel

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As long as the loss is acceptable, that's still a good time to cut the losses. Every trader consolidates their losses and just recover it with the other trades that they do. Those losses will teach a lot of lessons as moving further for someone who's looking up to have a good career in trading.

Even not a career but a method that will lead to taking profits. Emotion is the adversary of most traders, it can go as being greedy as you can be but it could also be as demotivating as it can.

sheenshane

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Quote from: Dragonfund on August 21, 2020, 03:11:57 AM

A trader should either exit trade with :

A small loss
Even
Huge profit
Little profit

No, this isn't a good trader.

How can you perform to learn your mistakes if you already exited on the game of trading and take your profit?
The best thing to do is learn your mistake and yes, a loss is a part of the experience that you should learn after you will be experienced it. If you have idea how to gamble, I think that was the trading looks like. But the difference is trading isn't based on pure luck, 75% skills and the rest is luck. You should have your own research to increase a chance to get profit.

taufik123

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The harm caused by trafficking will provide invaluable psycho-logical lessons. As a professional trader, technical analysis and fundamentals have really been mastered, but psychology will be very disturbed when it comes to determining where to enter and leave the market. Being complacent with the benefits you get must be instilled in yourself, so you don't have a greedy nature in trading. it will result in the benefits that will be obtained.
Management, money, emotional management will also influence. Trading mistakes will make us better at trading. There is no trading professional without the slightest error.

hatshepsut93

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Quote from: Dragonfund on August 21, 2020, 03:11:57 AM

Risk what you can only afford to loose so that your mistakes turn you to better trader.
A trader should either exit trade with :

A small loss
Even
Huge profit
Little profit

This is just not true, imagine an investor who bought some altcoin in 2017, and now it's down by 90%. Should he keep hodling hoping that the price will moon again? This isn't going to happen, because eventually the coin is going to die and the price will be zero. So, better to cut your losses and save at least the remaining 10% of the investment.

Trading is about being flexible, it requires you to analyze the situation and adjust to the market, rather than having some fixed strategy and sticking to it no matter what.

prophet malzahar

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i am in agreeing that sometimes must accept losses as trader no one always wins. it's important not to be too focusing on losses and try to remain clam and make choices.

SquirrelJulietGarden

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Having loss does not mean you won't have other losses in the future. Some people don't learn anything from their losses and they don't change their trading or investing styles. End with losses, always. The Pareto principle says traders or investors get profits from 20% of their decisions and the rest (80%) are losses.

Trading means you make your decisions, and accept it as a bet and you would accept loss before you make your orders.

Assface16678

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Trading is full of risk it depends on you how you will manage this kind of risk even you already read a lot of books, watched a lot of movies you didn't still have enough experience about trading this is just useless. Trading is full of experience and risk management if you don't want to lose any money trading is not for you so it's better to find another platform you could possibly earn.

Loss is part of trading if you didn't experience this I think you are a god in trading because even the professionals already lose a lot but at the end of the day ignore the loss and focus on profit it doesn't matter how many times you lose your money but the aim is going have profit.

Cnut237

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Quote from: Dragonfund on August 21, 2020, 03:11:57 AM

non will teach you how to control your emotion when the market go against you.
This happens to many new traders including me, it took me time to admit to some mistakes I made in my early days, this is when guilt and regret set in, which is unavoidable in crypto industry because of market volatility and fake out.

It is often forgotten that practice trading in small amounts doesn't prepare you perfectly for real trading where you are risking large amounts of money. It is easier to keep emotions out of the way when dealing with small trades, because the money doesn't mean that much to you. However it is very easy when gambling large quantities of money, to be in the exact same situation where you made a good decision before with small trades, to now make a bad decision. The reason is as the amount you're trading increases, the emotional impact amplifies.

GreatArkansas

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Being a trader is really difficult, especially if you are just starting.
For sure, traders started to learn, especially online, watching videos or reading some articles online/offline.
But for me, having an experience on trading is really important, losing and winning experience. Because for sure there are some people out there quit trading after on how many losses they encountered and didn't try to trade again.

20kevin20

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will delete in 24h; double post

20kevin20

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Or just sit on the side and maybe play with some virtual bucks before actually going in for trading with real money. Most of us take the bait and start trading with absolutely zero experience and knowledge, and this leads to unwanted results most of the time. Sit back, analyze charts and either play with a very little capital or with virtual bucks until you get the hang of it.

Avoiding the emotional side requires a ton of mental strength. No matter if you are extremely bullish on a coin you're trading or not, if you see parabolic candles you might be changing your mind before you know it. So again, just get experience first and leave the real trading for later.

Botnake

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Loss is a normal experience when you are trading, it's pretty similar to gambling when you win or loss sometimes. Traders should take what they are doing seriously, and it should be a long term journey where all you need to do is just to learn and improve by learning from your mistakes and your experience.

In the end, what matters is you will be profitable despite having an experience of loses.

Be realistic, just like bitcoin's movement, it's never going in one direction, it's volatile and it's moving in different ways where you can't predict the movement all the time, and actually nobody does, even the so called trading experts.

Charles-Tim

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Quote from: Dragonfund on August 21, 2020, 03:11:57 AM

Risk what you can only afford to loose so that your mistakes turn you to better trader.

You are right, but for new traders. Trading require professionalism, no matter how new trader begin, no matter how good they think they are, they will always lose until they have experience about trading. It is best for beginners to use funds they can easily afford to lose, but not for experienced traders

Quote from: Dragonfund on August 21, 2020, 03:11:57 AM

A small loss
Even
Huge profit
Little profit

You idea is also still good for newbies, but for professional traders, there are times the market will favour them after small losses. That is why it is good to use reliable cryptocurrencies like bitcoin for trading. If you know how to use the indicators like RSI, you will understand what I am implying. There are still many other indicators that are important, relative moving avalerage, exponential moving average and bollinger bands are all important indicators too.

Professional traders still even lose but their profits are more than their losses. They also trade with right mindsets unlike new traders.

Topic: Having loss is part of experience as a Trader - page 2. (Read 466 times)