My weakness is my lack of patience. I am a fraction of a restless person so I have distress being calm in trading. Trading is not a restricted income but an income based on time and market situations. But this is my weakness. It will seize me a long time to get over it. But as long as I can't reap over it, I won't be eligible to extend a good position in trading.
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.
Topic: How do you combat your weaknesses in trading? - page 3. (Read 671 times)
TLDR; i guess i wanted to ask that have you guys learned any lifehacks to overcome your weaknesses?
I hope there is something like "lifehacks" that exist. 
We are never alone in the losing end. Hell, those exchanges won't make anything without traders losing.
All you can do is learn from those mistakes.
I do make a lot of errors before and not just minimal. The greed that would cost everything.
But on the road, you will learn to be calm and make better decisions.
Most exchanges don't care if we are losing or not, as a big part of their funding model are the tx fees. And big part of the traders are doing spot trading anyway. So exchanges don't get any more no matter if they lose or not.
But by "lifehack" i meant more like a mind trick that keeps you focused when you need to act against every instinct you have. Like buying when you are afraid and sell when you are greedy.
Weaknesses have come to our mind and everything will be changed if we have a negative mindset. Thus, all of the negative results will surely come to us. If you want to win this thing then we should keep ourselves very positive about the future. The dump is the most common reason why people think about the negative but if we stick to the positive side, we can definitely conquer such weakness.
It is now clear to us that nothing could change the flow of our trading carrier, it is just how we respond to the possible losses we get. Kinda a trick, a reason that many fail to succeed and leave trading.
It is now clear to us that nothing could change the flow of our trading carrier, it is just how we respond to the possible losses we get. Kinda a trick, a reason that many fail to succeed and leave trading.
Poor risk management ?
-Try to manage up funds that you can risk on a specific situation
Not taking the profits fast enough ?
-This do talk about short traders because every tick of time does really counts.
Falling in love with the coin and having hard time to exit
-For Bitcoin and some top alts, then why not? Just dont exit when you are in loss.
Not following the plan
-Always have a plan, dont go to battlefield without having one.
Trading too often
-It isnt bad but be sure that those are worthy trading times for you to do so.
Not Using Stop-Loss
-This is only for Day/Active traders.
Getting fomoed in too easily
Panic buying too often
-This is about emotion and this is something that cant be handled easily.
And the rest are just pretty basic. Combating weakness and getting rid of it will matter on how experienced you are.
-Try to manage up funds that you can risk on a specific situation
Not taking the profits fast enough ?
-This do talk about short traders because every tick of time does really counts.
Falling in love with the coin and having hard time to exit
-For Bitcoin and some top alts, then why not? Just dont exit when you are in loss.
Not following the plan
-Always have a plan, dont go to battlefield without having one.
Trading too often
-It isnt bad but be sure that those are worthy trading times for you to do so.
Not Using Stop-Loss
-This is only for Day/Active traders.
Getting fomoed in too easily
Panic buying too often
-This is about emotion and this is something that cant be handled easily.
And the rest are just pretty basic. Combating weakness and getting rid of it will matter on how experienced you are.
My weakness is my lack of patience. I am a fraction of a restless person so I have distress being calm in trading. Trading is not a restricted income but an income based on time and market situations. But this is my weakness. It will seize me a long time to get over it. But as long as I can't reap over it, I won't be eligible to extend a good position in trading.
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. 
the most basic weakness of a trader is their psychology. No matter how good their knowledge of Technical Analysis and Fundamental Analysis, if the psychology is not in good shape then every decision will not be in accordance with the initial strategy that has been made. Sometimes psychology also affects how greedy you are when prices start to go up. Psychology will continue to be played when the market starts bulls and bears. Feeling enough of what you have achieved is something that must be done.
If you are making profits then isn't that satisfactory enough? If the profit to capital gap so close then I can understand that it really is unsatisfactory but I think what you should do some meditation before doing some trades to help yourself clear your mind of burdens, trust me it helps. I am more on the poor risk management so I can't empathize that much about your problem but now that I think about it, I am impetuous when it comes to making decisions.
Yes, I agree with you on this. Indeed, I need to clear my mind a little before starting new deals to help myself de-stress and start over with a fresh start. Resting for a period of time is necessary to continue working with a clear mind, also as you say you should be managing risk and loss More important than taking profits. A trader has to repeat his accounts every time and know to set his foot exactly.
My weakness is my lack of patience. I am a fraction of a restless person so I have distress being calm in trading. Trading is not a restricted income but an income based on time and market situations. But this is my weakness. It will seize me a long time to get over it. But as long as I can't reap over it, I won't be eligible to extend a good position in trading.
There is no other way for you to learn more about trading to prevent loose money and you will have a chance to make a profit.
But what you say is right that we are often to make a wrong analysis in trading, and we feel that is gambling to us.
We need to know how to analyze better, so we can avoid making a wrong analysis, and we will know how to enter and quit from the market.
Many of us become greedy to see the profit, and we want to chase the bigger profit.
Although I often make a mistake, I will not stop learning about avoiding making another mistake by learning, so at least I can get a lesson in trading that will improve my skills in the future.
But what you say is right that we are often to make a wrong analysis in trading, and we feel that is gambling to us.
We need to know how to analyze better, so we can avoid making a wrong analysis, and we will know how to enter and quit from the market.
Many of us become greedy to see the profit, and we want to chase the bigger profit.
Although I often make a mistake, I will not stop learning about avoiding making another mistake by learning, so at least I can get a lesson in trading that will improve my skills in the future.
It's not just you OP, a lot of traders have the same problem with you, even me, I admit that.
With poor risk management, you will gonna lose your all money 100%! That's why the best advice I can give to a newbie in trading is to practice risk management first. Because in risk management, you can minimize the risks and maximize the profits, always have a plan before opening a trade position.
If you are just starting to trade, try first small capital, and of course, it will come with a small position size for every trade.
With poor risk management, you will gonna lose your all money 100%! That's why the best advice I can give to a newbie in trading is to practice risk management first. Because in risk management, you can minimize the risks and maximize the profits, always have a plan before opening a trade position.
If you are just starting to trade, try first small capital, and of course, it will come with a small position size for every trade.
That's the common mistake that we have to correct as traders. We're sometimes being carried away by the hype that we can't even do something to minimize the risks. Starting with a small capital will serve as a good training ground for us to practice actual trading which is needed for us to familiarize the possible risks with the market movement.
Op has given 14 basic options that traders must know and to avoid these emotions and I think, if you have these weaknesses at least 4 of them, you're not truly traders. Since start when you are planning to become a crypto trader, you should have a game plan and all of these were a part of it. Trading isn't an easy task or job, it required skills, knowledge, and most importantly strategies. So if you have weaknesses, you aren't ready for trading.
The most important to note is not to be too excessive and overwhelmed by the trade, not every trade will bring profit and as a trader it is better to understand it and know when to call it quit especially when you are having a bad day, nobody is perfect, trade with what you can afford to lose and have a positive mindset even though it will not always be a smooth ride.
I tend to agree with this, there are no perfect traders out there. Even them were possibly encountered losses, even though they are trying to avoid their previous mistakes but it will keep repeating due to some reasons. 
The most important to note is not to be too excessive and overwhelmed by the trade, not every trade will bring profit and as a trader it is better to understand it and know when to call it quit especially when you are having a bad day, nobody is perfect, trade with what you can afford to lose and have a positive mindset even though it will not always be a smooth ride.
There are no perfect traders, surely every trader has weaknesses. Only ourselves know the trading weaknesses we have. Then how to combat
my trading weaknesses by overcoming our own weaknesses so as not to hinder getting profit from trading. Because if our weaknesses are not
overcome immediately, it will create problems in the future. Or we can also maximize the advantages we have, so by itself it can cover our
weaknesses.
my trading weaknesses by overcoming our own weaknesses so as not to hinder getting profit from trading. Because if our weaknesses are not
overcome immediately, it will create problems in the future. Or we can also maximize the advantages we have, so by itself it can cover our
weaknesses.
OP,what do you mean by "poor risk management".I think that poor risk management is a term,which summarizes all the other weaknesses that you have mentioned in your poll.
Some of things you mentioned sound ridiculous to me,like falling in love wit a coin or not diversifying enough.
In crypto trading,you can't fall in love with any coin,because you have to constantly buy and sell for profit.
Diversification isn't possible in the crypto market,because all the altcoins are simply following the Bitcoin price,therefore they have a direct price correlation.
Some of things you mentioned sound ridiculous to me,like falling in love wit a coin or not diversifying enough.
In crypto trading,you can't fall in love with any coin,because you have to constantly buy and sell for profit.
Diversification isn't possible in the crypto market,because all the altcoins are simply following the Bitcoin price,therefore they have a direct price correlation.
~snip~
But think about it, which coins are really easy to fall in love with? Most don't even have a real utility, the ones that do are pretty old and have a good strong community (and I'm not talking just about those who shill and hodl and never use).
Bitcoin and a few alts are the only ones capable of holding our "love" really, right?
If you are making profits then isn't that satisfactory enough? If the profit to capital gap so close then I can understand that it really is unsatisfactory but I think what you should do some meditation before doing some trades to help yourself clear your mind of burdens, trust me it helps. I am more on the poor risk management so I can't empathize that much about your problem but now that I think about it, I am impetuous when it comes to making decisions.
Sometimes, making a profit will not satisfy us because the price does not reach the price we want. We sell the coin because our analysis says that the price will go down too deep, so if we sell for some amount, we can buy back at a low price. That can help us have more of the coin, and we can make more profit when the price increases. My main problem in trading is not following a strict plan and therefore the results are often unsatisfactory, I am making profits but not fast enough, often I make winning trades, but at the end of the month I discover that I have not made much profits or that the capital has not increased So much, I think the reason is haphazard trading or the lack of a clear plan.
I also suffer from a lack of patience and this causes not to make good profits, I am currently trying to devise a strict plan that I follow and also try to train myself in patience.
If you are making profits then isn't that satisfactory enough? If the profit to capital gap so close then I can understand that it really is unsatisfactory but I think what you should do some meditation before doing some trades to help yourself clear your mind of burdens, trust me it helps. I am more on the poor risk management so I can't empathize that much about your problem but now that I think about it, I am impetuous when it comes to making decisions. I also suffer from a lack of patience and this causes not to make good profits, I am currently trying to devise a strict plan that I follow and also try to train myself in patience.
When it comes to weakness then all of those mentioned would really be seen when you are just starting on trading since we are just totally noobs
when we start and no one do start on being a pro.Therefore, those mistakes are commonly be seen or experienced.
How to combat it? Then with enough experience you would able to eliminate those things gradually and the more you do engage or been trading
the more experience you will gain and the more control you would have into the situation.
This process will take time and don't expect that you can get rid of this in a short span of time.
when we start and no one do start on being a pro.Therefore, those mistakes are commonly be seen or experienced.
How to combat it? Then with enough experience you would able to eliminate those things gradually and the more you do engage or been trading
the more experience you will gain and the more control you would have into the situation.
This process will take time and don't expect that you can get rid of this in a short span of time.
The options above all could be a weakness for different user. Some do poor risk management. Some are are too greedy means don't want to take profit first time and expect big one and lose at the end. Some are have no patient. Some can not afford the lose and go panic selling and thus lose everything at the last moment.
Exactly, were should have equally balance these two emotional things not to become more or less doing risk management. It could be neutral to the risk management if you will beyond that which is lead to becoming greediness. To combat weakness in trading you should have first full of knowledge before engaging in the field of trading. This means that if you have the knowledge, you can control your emotions because you know how to limit it not become worst of poor support that becomes your weakness in trading.Be confident is the way how to fight weakness.
In order to stop your weakness, you need to practice more and more. By practicing, you learn more and obtain more knowledge whereas experience is gained during this process. I highly recommend you to use demo account with demo money to experiment your new methods and improve your weaknesses
Even this weakness often happens to us, not all can be controlled properly, even if there is bad news, we immediately panic about how the asset value has decreased, that's what I have to fix in that weakness, and greed will not make us better results, instead the risk will be. higher even though management has been set.
I just think that every time there is a profit, what percentage of it I will sell, indeed in every trade, there is always a different way to the strategy, but we have to know which option is better to use and differentiate it.
It is really nothing too easy to trade. After all we are talking about money and in a world where EVERYONE wants more money, it is not really simple to make money. You can try to do everything right and still end up losing money, it is really not easy.I just think that every time there is a profit, what percentage of it I will sell, indeed in every trade, there is always a different way to the strategy, but we have to know which option is better to use and differentiate it.
We have people who have over hundred billion dollars aiming to have even more money, think about that, if Jeff bezos or Elon must went out and said they want to sell the shares they have and get out and retire, they would have at least 100 billion dollars, would be hard to get that much money together by someone else but they could potentially do it, but noooo they are trying to make more money. So, crypto is similar, there are traders who want to make money and considering each side wants money, a trade can't have both sides winning, and that makes trading a lot harder than it looks in reality.
Jump to: