How do you combat your weaknesses in trading? - page 4.

Raflesia

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Quote from: sujonali1819 on January 18, 2021, 10:49:48 AM

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.

So always we should be prepare about all things around trading. If someone can achieve the ability to control all the weakness above could be a Better trader. So as always newbie should achieve those knowledge first before going to trade.

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.

sujonali1819

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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.

So always we should be prepare about all things around trading. If someone can achieve the ability to control all the weakness above could be a Better trader. So as always newbie should achieve those knowledge first before going to trade.

bassbity

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all have it and all understand it. it's not just us as small traders who only play with $ 1000 or even less. Expert traders also have it, it's just that they never consider weakness as a deficiency especially with a lack of knowledge in trading, so that it keeps us learning from mistakes and trying to fix them.

Reid

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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?

I hope there is something like "lifehacks" that exist. Cheesy

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.

XZERO1

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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.

You know what triggers poor risk management?, seeing that many coins are going up by a big percentage but you just bought a small amount of these coins which gives you that "missing out" feeling, what maybe could help you with that is to take a look at the red side as well and see how many coins are lost 10-30% in a day and the fact that could be as easily be buying one of those coins and be in huge loss because you risked more than you can afford to lose.

Diversifying and having some hedge options could help you a lot while trading and if you used them long enough you probably had seen benefits in using them at least once or twice when the market flipped all of a sudden to the other side.

yhiaali3

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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.

exstasie

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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.

You need a trading system with rigid rules. A couple typical rules you should never break:

1. Always have a plan before entering a trade. That means a pre-determined entry, exit, and stop loss. Never trade without a stop loss.
2. Never enter a trade without sufficient reward vs. risk. A decent rule of thumb is 3:1. That means if your planned exit doesn't net 3x what your planned stop loss will lose, wait for a better trade setup.
3. Never allocate more than x% of your total capital to a single position. You shouldn't be going all in on a single trade.

And so on. Post them on your trading monitor. Read them. Live them. You'll never be a successful trader without proper risk management.

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Quote from: maydna on January 18, 2021, 01:27:19 AM

I am having a problem with Falling in love with the coin and having a hard time to exit, Not taking the profits fast enough because I am falling in love with bitcoin, so I don't take the profits fast price increase. But I still profit although the profit is not bigger than before the price is down, and I am still grateful for that. I don't feel that needs to combat my weaknesses because as long as I can make a profit, that well enough for me, and I don't think that chasing the profit will be too important for me. I can see that I can make more profit another time if, at that time, I don't make more profit. We need to be grateful because we can profit from trading and not feel bad if we are only making a small profit.

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?

maydna

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I am having a problem with Falling in love with the coin and having a hard time to exit, Not taking the profits fast enough because I am falling in love with bitcoin, so I don't take the profits fast price increase. But I still profit although the profit is not bigger than before the price is down, and I am still grateful for that. I don't feel that needs to combat my weaknesses because as long as I can make a profit, that well enough for me, and I don't think that chasing the profit will be too important for me. I can see that I can make more profit another time if, at that time, I don't make more profit. We need to be grateful because we can profit from trading and not feel bad if we are only making a small profit.

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Quote from: GreatArkansas on January 18, 2021, 12:22:58 AM

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.

You are very correct. Even long-time crypto traders are guilty of some of those weaknesses. I guess, no one is perfect when it comes to trading. But experience will give you insights on how to improve your trading skills. No one is immortal in trading. Wink

But I usually am guilty of being impatient. Because sometimes I don't want to wait that long, so I will end up selling my coins as soon as I'm tired of waiting, as long as I'm already in the positive side.

passwordnow

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Think of the profit, once you've gained already within the day and that's an acceptable amount to you then stop. We as traders have different approach how to combat weaknesses but avoid being too greedy because it will always put you on the ravine which means you're likely to lose.
There's no problem on you how to do trades and risk management is really what you needed to have. Just determine your goals within the day and as long as it is profit, be contented.

GreatArkansas

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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.

cryptoperkele

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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?

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