How do you combat your weaknesses in trading? - page 2.

michellee

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Quote from: heyhat on January 22, 2021, 05:30:26 PM

I also playing too safe

The minimum risk will generally bring minimum return you know. But at least I sleep well.

No problem with that. The important thing is we know how to minimize the risk in trading because if you do not know about that, you will not be able to make a profit and get lost many times. Playing safe will be our concern in trading and do not forget that we also need to manage our emotions to act based on the market situations. If we think that the conditions are not right to trade, we do not need to continue trading.

zanezane

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Quote from: Dutchyyy on January 22, 2021, 07:13:09 PM

When I see a situation where I know it's not the best for my abilities, I'm trying to stay away from trading. For example: when there is a too big gap in prices, I'm trying to stay out instead of guessing the price direction. This and other similar small steps improved my results over time a lot.

Have you tried doing the opposite though? Although it looks counterproductive, that can be a good lesson to learn, for me I find making mistakes the best way to learn in trading albeit the mistakes cost me a small fortune, I do not mind because I know that making the same mistake will not happen again. My way to combat my weakness in trading is steeling my nerve into taking the rational approach instead of a panicked and emotional one which is really difficult at first but once you become good at it, a dump will not even flinch me into panic selling.

Fredomago

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Quote from: CryptocurencyKing on January 22, 2021, 02:43:52 PM

Not taking the profit at the best time which also goes with not following the plan. When it goes your way, you tend to get too excited and fail to work with it and it's very bad. Not following your own rules. Of what essence is having a rule if it cannot be followed judiciously.

That's very important, sticking with your plans and execute whatever the situation. Traders find it difficult when they've seeing bullish market, greed inside conquer yourself leading you to lose your opportunities once the downfall start to run so fast.

Quote

Being contented and knowing when to say yes, it has reached my target and you just live the market and let it be is key. If your able to do this kind of trading pattern, your loses are put in check and also your profits very much guided too.

Precisely. Having that attitude towards this market gives you a high chance to see better results. It's all about patience and emotionless trading activities that guide you to a successful journey inside this industry.

TimeTeller

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Quote from: Hypnosis00 on January 22, 2021, 07:21:34 PM

Quote from: Dutchyyy on January 22, 2021, 07:13:09 PM

Quote from: cryptoperkele on January 17, 2021, 09:40:06 PM

TLDR; i guess i wanted to ask that have you guys learned any lifehacks to overcome your weaknesses?

When I see a situation where I know it's not the best for my abilities, I'm trying to stay away from trading. For example: when there is a too big gap in prices, I'm trying to stay out instead of guessing the price direction. This and other similar small steps improved my results over time a lot.

That's exactly what we do.
We don't need to push ourselves into a thing that we never know. Trading is risky, almost everyone will fall into losing if mismanage, weak hands can no longer consider this as their best shot coz this will only give them losses instead of profiting.

Weakness is a part of our life, you can change it depending on your mindset but not all had won, some remain afraid and a lot of worries.
What I do in my life is to be more positive, which helps to keep our mindset positive as well.

As we don't know what will happen to the market, we react mostly on what we are seeing in the current market.
Just like few hours ago, bitcoin touched below 30k. Guess, a lot of people panicked during that time period.
They don't know if the decline will continue or not. But fortunately, it goes up again.
So those that bought some btc in that short dip is already gaining profit now.
But for those who sold because of the fear that it will go down more, has lost some of the profits.

Hypnosis00

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Quote from: Dutchyyy on January 22, 2021, 07:13:09 PM

Quote from: cryptoperkele on January 17, 2021, 09:40:06 PM

TLDR; i guess i wanted to ask that have you guys learned any lifehacks to overcome your weaknesses?

When I see a situation where I know it's not the best for my abilities, I'm trying to stay away from trading. For example: when there is a too big gap in prices, I'm trying to stay out instead of guessing the price direction. This and other similar small steps improved my results over time a lot.

That's exactly what we do.
We don't need to push ourselves into a thing that we never know. Trading is risky, almost everyone will fall into losing if mismanage, weak hands can no longer consider this as their best shot coz this will only give them losses instead of profiting.

Weakness is a part of our life, you can change it depending on your mindset but not all had won, some remain afraid and a lot of worries.
What I do in my life is to be more positive, which helps to keep our mindset positive as well.

Dutchyyy

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Quote from: cryptoperkele on January 17, 2021, 09:40:06 PM

TLDR; i guess i wanted to ask that have you guys learned any lifehacks to overcome your weaknesses?

When I see a situation where I know it's not the best for my abilities, I'm trying to stay away from trading. For example: when there is a too big gap in prices, I'm trying to stay out instead of guessing the price direction. This and other similar small steps improved my results over time a lot.

Oilacris

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Quote from: heyhat on January 22, 2021, 05:30:26 PM

I also playing too safe

The minimum risk will generally bring minimum return you know. But at least I sleep well.

Playing safe is what we do really like on where keeping losses as minimal as possible but there are people who arent really contented on the money or profit that they do gain.

Human beings are naturally greedy inside thats why that contentment will surely in result into further actions which on having that gambler had in mind.

In result? They would need to risk bigger to gain more bigger too. Risk:Reward ratio as we all know and this is one of the weakness but somehow if you
can able or manage to handle it out and turn out to be on your side then that would really be worth of.

heyhat

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fallenangel

I also playing too safe

The minimum risk will generally bring minimum return you know. But at least I sleep well.

crzy

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Lack of patience most of the time because I’m too eager to make profit and sometimes I sell early even if its not my target price to sell and being impatience cost me a lot of money. Well, luckily I was able to improve myself in the past months and I was able to sell at the peak and now we have to be more patience again as the market goes down, and wait for its recovery.

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Quote from: isaac_clarke22 on January 22, 2021, 03:12:24 PM

Quote from: cryptoperkele on January 17, 2021, 09:40:06 PM

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Not for me but for many people is the panic selling combined with emotions.
I chose other for the emotional trading, because it is a common weakness here because of course it's money.
Life hacks? Probably stop trading and just hold any top crypto you hold. You'll forget any worries, unless you're full-time in trading which is gonna be a really rough experience especially when you throw all your money in here which isn't advisable.

Its really hard to say on controlling fully your emotions when you are actively dealing with the market.This isnt something that you can just be numb and wont really be affected at all.
Even those professionals or veterans on this market do commit up some mistake due to emotional kind of decisions which isnt surprising.We are risking our money and its just normal
that we would really be worried nor got stressed in case we do lost thats why every move that we do make then we would really be definitely be careful.
Weakness is there and it cant be completely get rid of but somehow can be controlled with due experience but this cant be attained in a short time.

isaac_clarke22

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Quote from: cryptoperkele on January 17, 2021, 09:40:06 PM

~

Not for me but for many people is the panic selling combined with emotions.
I chose other for the emotional trading, because it is a common weakness here because of course it's money.
Life hacks? Probably stop trading and just hold any top crypto you hold. You'll forget any worries, unless you're full-time in trading which is gonna be a really rough experience especially when you throw all your money in here which isn't advisable.

CryptocurencyKing

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Not taking the profit at the best time which also goes with not following the plan. When it goes your way, you tend to get too excited and fail to work with it and it's very bad. Not following your own rules. Of what essence is having a rule if it cannot be followed judiciously.

Being contented and knowing when to say yes, it has reached my target and you just live the market and let it be is key. If your able to do this kind of trading pattern, your loses are put in check and also your profits very much guided too.

imstillthebest

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Quote from: cryptoperkele on January 17, 2021, 09:40:06 PM

My major problem in trading most definitely is Poor risk management. I sometimes see myself more like a gambler then a trader. With that usually comes overtrading because i want to trade for kicks, and even losing gives me kicks. But i try to combat that by trading with at least 4h candles so the time between the swings will be longer, and i will use 1d candles too just to be sure. And naturally leveraged trading is a problem for me.

I have been personally medicating my adhd to not to be so reckless, that i can keep a clear head and most of the time i try to do the exact opposite that my feelings are telling me. Just because i know that the whole game is rigged against my feelings, and markets usually act the exact opposite of how i feel of them.

I admit that some of you might not see some these options as problems in crypto trading, and sometimes aping in is a way to make the big bucks.

TLDR; i guess i wanted to ask that have you guys learned any lifehacks to overcome your weaknesses?

"You may only select up to 14 options" but the options are fixed at 14 and last option is extra . on the option there is "playing it too safe" but is this a weakness ? because i think its not . on trading we are doing are best to play it safe because risks or too much risks are deadly and can turned into loosing . most of the options are repeating , i dont need to special mention it all because its alot but see for your self . my main weakness is not following my plan or i sold too early and too late leads me to small profit . hard to say but its hard to combat this weakness until now but im trying my best

youdacapt

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Quote from: cryptoperkele on January 17, 2021, 09:40:06 PM

My major problem in trading most definitely is Poor risk management. I sometimes see myself more like a gambler then a trader. With that usually comes overtrading because i want to trade for kicks, and even losing gives me kicks.

From your situation i think you have to learn and understand very well course such as market psychology; as well as a trading psychology. This should help you to understand that as a trader you need to have a trading principle or plan; and good discipline to follow your highlighted targets. Work on your discipline as a trader

Wawa2013

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I have several weaknesses when trading, including not following the plan, lack of patience and panic selling. These are the three weaknesses that
I still frequently do and try to fight so that they don't happen again. The method is to have a strong commitment to be more disciplined
in implementing strategies when trading, then more often do analysis when trading. In these two ways some of my weaknesses that I have
mentioned slowly have rarely happened, but it is still difficult to eliminate 100% of our weaknesses in trading. Because there are always situations
that often make us make mistakes.

TheUltraElite

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So anyway, I applied as a merit source :)

Referring to the OP, there are only methods to correct yourself. What problems you face are common but you can make amends to change yourself.

Also, don't fall back on illnesses as to a reason for your problems. Many people out there are sick but working themselves out of it and seeking help.

Now in case of risk management, my straight advice is not to go with any altcoins but bitcoin. That reduces a lot of risk right away. Now if you are day trading then I hope you have already worked on how to read indicators and charts.

Lastly if you feel you are not being able to cope up with trading or facing a lot of mental problem due to it, it is better to move on with it. Sadly not everyone can cope with the mental trauma that is often there.

TimeTeller

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Quote from: LimLims on January 21, 2021, 04:08:06 AM

Not only my weakness, many people weakness is money.
When i see that my coin’s price are falling. I really feel terified.
I think to sell, and often end with that only.
For this I already made too loss, as after i sell the coin, the price increases.
But if you see in other way, then it’s better to have something than nothing.
And i am overcoming this weakness of mine, by not investing in volatile coins.

I think that's basically true for all traders.
But there are traders that know how to handle themselves.
Maybe because of experiences and such.
On my end, after I sold my coins, I don't go back and check its price.
Because if I will do that, my head will go crazy if the price increases.
So better move on once you finished your trading.

LimLims

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1xbit.com

Not only my weakness, many people weakness is money.
When i see that my coin’s price are falling. I really feel terified.
I think to sell, and often end with that only.
For this I already made too loss, as after i sell the coin, the price increases.
But if you see in other way, then it’s better to have something than nothing.
And i am overcoming this weakness of mine, by not investing in volatile coins.

jaberwock

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Quote from: Joyawan13 on January 20, 2021, 07:47:47 AM

Quote from: abel1337 on January 19, 2021, 06:44:48 PM

I'm sure you will overcome your weakness over time as long as you keep trading and learn psychology in trading. I've also been a victim of lack of patience, I've encountered many position loss before I realized that I have improved my patience. Sticking to the plan is one of my resolutions to cure the impatience of me.

Indeed, it is certainly not easy to be able to overcome patience in trading, especially when the market moves very fast and especially when the price is in a position when the price is increasing, the price movements up and down cannot follow what we think of course, mostly the opposite is what we think , so in addition to learning to overcome impatience, we must also be able to overcome panic in our trading of course, because panic can make us suffer a lot of losses in trading.

I have always said that if you want to become a great trader, first you have to be a good investor.
Maybe the best method of raising a great trader would be getting some coins and keeping them for a very long time.

If you invest into say 5 coins? That should probably be enough, wait for 5 years and do not touch them, no matter what happens NEVER touch them, you are free to buy more of them if you want, it is allowed to buy as much as you want, but you can't sell it for 5 years no matter whatever the reason is (unless it is a life urgency like health or eviction or something like that but no withdrawing to take profit).

If you can do that, after 5 years you will have zero problem becoming a great trader, because you will be capable of studying, learning, watching and knowing everything that happened while staying out, now you will do it while being inside.

hd49728

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Not your keys, not your coins!

The best way to combat weaknesses is split capital to different amount and use each batch of them to trade. If you split your capital to 10 parts, you will have 10 chances to trade, and lose all of your capital. If you don't split it, you will have a single chance. Lose it one time, and lose all capital.

It is not only about how many times you have to trade and lose, it is also about time you are in the market. It takes up to 4 years for you to be a good trader in the crypto market only if you learn well from your loses. Don't borrow to trade and it can result in suicide when you lose all hope and belief.

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