There are reasons why some traders just go and trade without any constraints and just treat trading like gambling. It's almost always because of the envy of other traders that they see and want to imitate their gains and don't want to go through the process of learning. I recently read something about maturity when it comes to trading, that you need to be mature enough to know when to trade and not just risking your capital every time.
Exactly, those people do not understand that even if they are performing the same activity the risks they are taking are completely different, it is like driving a car, the ones that took a course and took the activity seriously can drive safely and will rarely suffer a car accident, while the one that just saw that person driving and wanted to do the same will take all kind of risks and sooner or later it will be in a huge accident, and this same kind of thinking applies to trading as well.
Topic: If you aren't reading you shouldn't be trading - page 3. (Read 773 times)
There are reasons why some traders just go and trade without any constraints and just treat trading like gambling. It's almost always because of the envy of other traders that they see and want to imitate their gains and don't want to go through the process of learning. I recently read something about maturity when it comes to trading, that you need to be mature enough to know when to trade and not just risking your capital every time.
Exactly, those people do not understand that even if they are performing the same activity the risks they are taking are completely different, it is like driving a car, the ones that took a course and took the activity seriously can drive safely and will rarely suffer a car accident, while the one that just saw that person driving and wanted to do the same will take all kind of risks and sooner or later it will be in a huge accident, and this same kind of thinking applies to trading as well.
Time and time again, we see people alwayys asking for advice but what they don't understand is that they don't even have the knowledge first and foremost about trading and they want to just jump right in. Newbies should read and DYOR before anything else when they want to make a career out of trading, you won't get anywhere close to profit if you don't have the knowledge and even that is just part of being a good trader.
China ban moved the industry OUT, that is all. Once the miners set up elsewhere, and the Chinese government realizes all the income they have lost from possible tax revenue and electricity charges, then they might change their mind.
It is clear that when they sell, the price falls) But in any case, there is some reason that causes mass sales of coins. It is quite possible that someone decided to buy a yacht and sold 1000 BTC at the market price, which led to panic sales. The second option is when whales use negative news to lower the price of the coin.
And when the Chinese government becomes loyal to the miners again, this will certainly lead to a short-term increase in the price of the coin.
Trust me,,, people sell much more than 1000 BTC every day on a single exchange. Nobody who was that amount of Bitcoin deposits it on an exchange and sells it all, he would suffer from so much slippage he would probably get 20% less than what it was worth, and then again these days that 1k BTC is like a drop in the ocean.
Forget China, they are the regular dump cycle masters:)
~snip~
Indeed, reading too much can cause us more stress on our trading desires. Much better if we just ride on with the system and take it easy for good to avoid more pressures. Making profit will be an easy goals, but if we apply our knowledge based how the reality of the market works, that's beyond theoretical aspects.
which cant really be read up on books but only can be gained through experience and I can really attest to that and for sure others will say the same thing too.
Experience is the best teacher and you would only gain up knowledge if you do deal with that.
More experience = more learnings. However, we can't also stop reading books or whatever it is as it gives additional knowledge.
What else do I do with my time if I can't devote atleast 8hours every week to refresh my memories on what it takes to keep the profit flowing knowing fully well that different approach works on different market conditions. Some times scalping might be the best and in some cases positional trading might be the best. But in all the sole aim is to make profit I total agree with you @Op we need to read and re-read to gain full mastery
Indeed, reading too much can cause us more stress on our trading desires. Much better if we just ride on with the system and take it easy for good to avoid more pressures. Making profit will be an easy goals, but if we apply our knowledge based how the reality of the market works, that's beyond theoretical aspects.
which cant really be read up on books but only can be gained through experience and I can really attest to that and for sure others will say the same thing too.
Experience is the best teacher and you would only gain up knowledge if you do deal with that.
What else do I do with my time if I can't devote atleast 8hours every week to refresh my memories on what it takes to keep the profit flowing knowing fully well that different approach works on different market conditions. Some times scalping might be the best and in some cases positional trading might be the best. But in all the sole aim is to make profit I total agree with you @Op we need to read and re-read to gain full mastery
Indeed, reading too much can cause us more stress on our trading desires. Much better if we just ride on with the system and take it easy for good to avoid more pressures. Making profit will be an easy goals, but if we apply our knowledge based how the reality of the market works, that's beyond theoretical aspects.
After the decision of the Chinese government to ban mining and cryptocurrency was made public, the market immediately reacted to it by lowering the price. This suggests that any news, positive or negative, affects the price of the cryptocurrency and you can expect a pump or dump accordingly.
No, the market does not work that way my friend:) If more people sell than buy,,, this is when the market goes down, and the opposite is true.
China ban moved the industry OUT, that is all. Once the miners set up elsewhere, and the Chinese government realizes all the income they have lost from possible tax revenue and electricity charges, then they might change their mind.
It is clear that when they sell, the price falls) But in any case, there is some reason that causes mass sales of coins. It is quite possible that someone decided to buy a yacht and sold 1000 BTC at the market price, which led to panic sales. The second option is when whales use negative news to lower the price of the coin.
And when the Chinese government becomes loyal to the miners again, this will certainly lead to a short-term increase in the price of the coin.
~
Most people find trading easy, because they think trading is just buying coins at low prices and selling them when prices go up. Even though trading is
quite complicated, there are many factors that make people able to make a profit through trading. I agree that it is not enough just to rely on
knowledge, therefore it takes a lot of study and practice to become a successful trader. And always start trading from small capital, because if
we experience a loss, think of it as a learning fee. Because from the losses we experience, we can learn that there are some mistakes that we must
avoid in the future. It takes a long process to become a successful trader, and able to generate large profits through trading.
After the decision of the Chinese government to ban mining and cryptocurrency was made public, the market immediately reacted to it by lowering the price. This suggests that any news, positive or negative, affects the price of the cryptocurrency and you can expect a pump or dump accordingly.
No, the market does not work that way my friend:) If more people sell than buy,,, this is when the market goes down, and the opposite is true.
China ban moved the industry OUT, that is all. Once the miners set up elsewhere, and the Chinese government realizes all the income they have lost from possible tax revenue and electricity charges, then they might change their mind.
It is clear that when they sell, the price falls) But in any case, there is some reason that causes mass sales of coins. It is quite possible that someone decided to buy a yacht and sold 1000 BTC at the market price, which led to panic sales. The second option is when whales use negative news to lower the price of the coin.
And when the Chinese government becomes loyal to the miners again, this will certainly lead to a short-term increase in the price of the coin.
Trade will usually depend on your skills and experience trading is never possible without reading about trade. When you get a trade in your trading system you have the rules to trade in your trading system if you read the rules then you trade according to those rules then you will see that you can make more profit in the market than before. Being low so before you have to take a trade, starting from market observation and judging by the types of analysis you have because this is the right method that you have to follow all the time.
What else do I do with my time if I can't devote atleast 8hours every week to refresh my memories on what it takes to keep the profit flowing knowing fully well that different approach works on different market conditions. Some times scalping might be the best and in some cases positional trading might be the best. But in all the sole aim is to make profit I total agree with you @Op we need to read and re-read to gain full mastery
If you can't spend more time in trading, it gonna be hard to fully understand the way it works. Even though we keep on reading but if we can't apply them, that seems useless at all. The reality about trading is a need more on market exposure and experience because from that event, we learn more compared to just read and search. Traders had success because they dedicate their life and time to trading, their minds are focus on one thing that is why they can easily understand and adjust to every situation unlike what we mostly do.
...News like central banks decisions and financial crashes do not seem to hit crypto until after a while.
After the decision of the Chinese government to ban mining and cryptocurrency was made public, the market immediately reacted to it by lowering the price. This suggests that any news, positive or negative, affects the price of the cryptocurrency and you can expect a pump or dump accordingly.
No, the market does not work that way my friend:) If more people sell than buy,,, this is when the market goes down, and the opposite is true.
China ban moved the industry OUT, that is all. Once the miners set up elsewhere, and the Chinese government realizes all the income they have lost from possible tax revenue and electricity charges, then they might change their mind.
Not all the time but most likely this is really the case been happening where market is highly reactive to news this is why people are really very keen on looking for these kind of information
specially on upcoming events but most of the time where news pops out from nowhere leaving lots of questions in mind on what the heck happened?..
specially on upcoming events but most of the time where news pops out from nowhere leaving lots of questions in mind on what the heck happened?..
This is the most common situation, when we see a dump or a pump, we start looking for information to find out what it is related to. But we get such information after the market has reacted to the event, and we would like to know in advance about the upcoming pumping/dump in order to make the right decision when opening an order.
It's just as simple as the both goes hand in hand both for technical and fundamental analyst. Trading is one career that requires steady update on how the news could affect the direction of a trade or possibly how an indicator or a candle stick can direct a trader on where the market is heading. If there is no time for a consistent update on your previous knowledge as a trader I guess at some point some level of gambling sets in.
A successful trader isn't a trader who makes consistent profit without any loss but rather a trader who knows why his trade went the opposite direction and also a trader who understand risk management. Most traders makes massive profit in a single trade and blows everything down in the next trade as such there is no professional despite his initial achievements. To maintain clean records of both profit and loss margin reading as a trader is inevitable because despite the level of knowledge you might have acquired there must always be a newer technique you learn each time you seek to update your previous views about how the market behaves.
Only gamblers stay a full month without refreshing their memories on what the already know because in as much as trading is concerned there are multiple ways of predicting market flows and it only takes consistent research to get a hand full of approach to maintain a good profit margin in trading.
all trades have risk, according to what you say. lessons that must be understood before trading and the most important thing is to be able to control yourself so as not to be greedy, what we must know is trading is not gambling. Read the opportunities to take advantage of the luck factor and foresight is needed to get an advantage.A successful trader isn't a trader who makes consistent profit without any loss but rather a trader who knows why his trade went the opposite direction and also a trader who understand risk management. Most traders makes massive profit in a single trade and blows everything down in the next trade as such there is no professional despite his initial achievements. To maintain clean records of both profit and loss margin reading as a trader is inevitable because despite the level of knowledge you might have acquired there must always be a newer technique you learn each time you seek to update your previous views about how the market behaves.
Only gamblers stay a full month without refreshing their memories on what the already know because in as much as trading is concerned there are multiple ways of predicting market flows and it only takes consistent research to get a hand full of approach to maintain a good profit margin in trading.
To maintain clean records of both profit and loss margin reading as a trader is inevitable because despite the level of knowledge you might have acquired there must always be a newer technique you learn each time you seek to update your previous views about how the market behaves.
Changes and upgrades in mentality, knowledge & even life are necessary to keep up with the pace the world is moving. If someone is kept in isolation for 10 years and then asked to explore the world, he might feel lost given how rapidly things have changed. We are humans evolve quickly and the ones who learn things faster than others are always one step ahead of them.As a trader it is important to utilize the new and improved tools and guides in the market. The same strategy cannot work lifetime because remember in trading, if you are earning, there is surely someone somewhere in the world who is losing and is working hard to beat you. By making subtle but constant changes you remain one step ahead of others and survive at this cutthroat pace we are going right now.
What else do I do with my time if I can't devote atleast 8hours every week to refresh my memories on what it takes to keep the profit flowing knowing fully well that different approach works on different market conditions. Some times scalping might be the best and in some cases positional trading might be the best. But in all the sole aim is to make profit I total agree with you @Op we need to read and re-read to gain full mastery
Totally right, without knowledge and wisdom in trading is like going to a war with only a knife, you can get lucky that you will survive but the chances are really slim. That's why I am not yet doing any trading because I haven't read enough to do an actual trading. To every aspiring trader, you might want to take this advice to heart because it will save you from lots of headaches and big losses but there's more component that you have to at least fulfill because knowledge alone isn't going to be enough.
Why not while reading, start trading small? Just use small funds that you can very well afford to lose.
The actual experience is sometimes very different from what you read.
Crypto trading is a very high risk activity to get involved with, so you really need to prepare yourself here, mentally, emotionally, financially.
Because at the end of the day, it is your money at risk, so all the people that serve as advisors won't take care of your business.
After the decision of the Chinese government to ban mining and cryptocurrency was made public, the market immediately reacted to it by lowering the price. This suggests that any news, positive or negative, affects the price of the cryptocurrency and you can expect a pump or dump accordingly.
Apart from positive and negative news, several factor can affect price, current political condition can also affect price. When we have become a trader, we also have to be prepared with all condition that will affect the price so that we have anticipation when the price drops -10% or more. The best quote here is that we play between price fluctuation and it is our responsibility to be able to anticipate the worst condition.That is why we should also always have updated the news because they have an effect on the market price, it could be can create small drops and it can cause losses while you are in trading. Anticipation in all matters comes or that possible consequences that you will perhaps encounter while trading is the best move as a trader. Trading is not just easy making money and not all the time we will always make a profit, there are sometimes that we will also experience losses and we should accept the possible outcome either positive or negative result.
A trader must have to know how to control this thing as this commonly brings losses. And if we don't learn how to control this, I'm sure that we can never be succeed.
That's from this kind we will know if trading is really for us since not everyone is capable doing a trade especially if they cannot handle their emotions as they only have limited capital to spend on their trades. Many fuds are now destroying the market condition so if we really don't research about the possible out come and just trade out of nowhere then possibly we will lose and turn angry about our result in a day. Maybe before going to trade the one needed to learn by traders is how they can handle the stress of the market before they proceed.
After the decision of the Chinese government to ban mining and cryptocurrency was made public, the market immediately reacted to it by lowering the price. This suggests that any news, positive or negative, affects the price of the cryptocurrency and you can expect a pump or dump accordingly.
Apart from positive and negative news, several factor can affect price, current political condition can also affect price. When we have become a trader, we also have to be prepared with all condition that will affect the price so that we have anticipation when the price drops -10% or more. The best quote here is that we play between price fluctuation and it is our responsibility to be able to anticipate the worst condition.That is why we should also always have updated the news because they have an effect on the market price, it could be can create small drops and it can cause losses while you are in trading. Anticipation in all matters comes or that possible consequences that you will perhaps encounter while trading is the best move as a trader. Trading is not just easy making money and not all the time we will always make a profit, there are sometimes that we will also experience losses and we should accept the possible outcome either positive or negative result.
A trader must have to know how to control this thing as this commonly brings losses. And if we don't learn how to control this, I'm sure that we can never be succeed.
Jump to: