Important Things I Wish I Had Knew Before I Started Trading

Awaklara

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Quote from: Sebas.tian on August 10, 2024, 02:40:00 AM

Learning crypto trading is very important to new traders in the community, because it will open their eyes to so many things they think are very difficult for them to understand in trading, but if you achieve the skills of crypto trading, it will make you to be among the income earner in the market. Using one strategy to trade your coins, it will allow you to concentrate to favourable market than those traders using many strategies that will make them not to focus to the particular strategy that will bring huge amount of income at the end. Never you regret anytime you discovered your mistakes, which you can still turn to do the right thing that will make you to be confident in your trading, because many have loss their capital in trading because they refused to correct their errors before embarking on the trading.

I don't know which is more effective for each trader. What is certain is that each trader's method will be different in determining and using a trading strategy.
Sometimes more experienced traders also innovate by using several strategies to make trading analysis. It may work for one trader and may not for another.
There is certainly a lot of knowledge that traders must understand. And in practice when trading, they must adjust to what they want.

pusaka

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Quote from: Viscore on August 10, 2024, 04:26:40 AM

Quote from: Strongkored on August 05, 2024, 09:14:55 AM

On average, traders know a lot about the theory to be able to be successful as traders, but most of them fail to apply what they already know, so they end up losing, so sometimes what we know before trading cannot completely guarantee success because the most important thing is to apply the knowledge we know consistently to be able to become successful traders who make a profit.

Knowledge and consistent trading experience will make a good entry for successful trading. However, trading is not just all about knowledge and reliable experience, but also discipline and patience that will help yourself to wait for the right set up before trading. And above all, trade without fears and greed, dare to risk trading but only with an amount you can afford to lose.

That's precisely because practicing it will be more difficult than what we learn in theory. Learning theory by reading books or watching explanations from other people I think it will be easy for us to understand, but after entering into real trading, our minds will be divided because we have to be able to control many things at one time. You are right, we can't just learn to trade and then be successful, we also have to pay attention to things outside of trading practice but indirectly it will have an effect, such as discipline and patience as you said. We don't apply this directly to the market, but it has an important role when we trade. Discipline is something that is sometimes missed and this is where problems will be created.

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Quote from: Strongkored on August 05, 2024, 09:14:55 AM

On average, traders know a lot about the theory to be able to be successful as traders, but most of them fail to apply what they already know, so they end up losing, so sometimes what we know before trading cannot completely guarantee success because the most important thing is to apply the knowledge we know consistently to be able to become successful traders who make a profit.

Knowledge and consistent trading experience will make a good entry for successful trading. However, trading is not just all about knowledge and reliable experience, but also discipline and patience that will help yourself to wait for the right set up before trading. And above all, trade without fears and greed, dare to risk trading but only with an amount you can afford to lose.

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Quote from: Strongkored on August 05, 2024, 09:14:55 AM

On average, traders know a lot about the theory to be able to be successful as traders, but most of them fail to apply what they already know, so they end up losing, so sometimes what we know before trading cannot completely guarantee success because the most important thing is to apply the knowledge we know consistently to be able to become successful traders who make a profit.

Sometimes market varies from you what they knows so as trader who is technically inclined should be able to know that when market changes and moves towards another direction they don't understand they have to apply the next strategy to make profits from every single market, and of course most newbies trade can't factor that out because they are so carried away by the market waves would be seeking for a means to secure profits while those who knows what to do does it immediately and make profits from every single move.

Sebas.tian

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Learning crypto trading is very important to new traders in the community, because it will open their eyes to so many things they think are very difficult for them to understand in trading, but if you achieve the skills of crypto trading, it will make you to be among the income earner in the market. Using one strategy to trade your coins, it will allow you to concentrate to favourable market than those traders using many strategies that will make them not to focus to the particular strategy that will bring huge amount of income at the end. Never you regret anytime you discovered your mistakes, which you can still turn to do the right thing that will make you to be confident in your trading, because many have loss their capital in trading because they refused to correct their errors before embarking on the trading.

wxa7115

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Quote from: AmoreJaz on August 09, 2024, 06:58:21 PM

There is no such thing as path to guaranteed profit. You need to update yourself with what's going on with the particular project you are interested in. As they vary from one project to another, you need to keep up with what's happening to their developments and their plans. Some projects will abandon their platform without warning, so you need to be cautious on how you are allotting your budget to this type of volatile investment.

If someone is willing to take their chances with altcoins then they need to keep the budget allotted to them at a very low level.

Because most altcoins will show a performance that is nowhere near what people expect, and if you invest all your money in them, then your losses will be just as big, but if instead you only use a small amount of money, the rest of your money will be safe and you will discover that trading is not really for you.

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Quote from: TheUltraElite on August 06, 2024, 08:30:39 AM

Quote from: Azizcdra on August 06, 2024, 05:23:07 AM

This is one of my common mistakes that I didn't make because I was moving from one trading strategy to another and looking for the holy grail. A magical trading strategy and indicator that will give me guaranteed profit. And the tendency is that we will try many trading strategies that we can find on the internet that are new indicators that are profitable, and if they are not profitable, we will look for something new.

Such an indicator does not exist. Indicators only indicate the movement possibility but does not confirm it. 50% cases it goes as the indicator goes but in 50% cases it might not. So this is not an exact science but a way or predicting the future.

Strategies dont need to change often. From what I have seen, stick to buying low selling high and setting stop losses. These three things if timed and executed properly will save a lot of money and allow you to make profit in between.

Along with this if you focus only on the big names preferably bitcoin you are more likely to profit.

There is no such thing as path to guaranteed profit. You need to update yourself with what's going on with the particular project you are interested in. As they vary from one project to another, you need to keep up with what's happening to their developments and their plans. Some projects will abandon their platform without warning, so you need to be cautious on how you are allotting your budget to this type of volatile investment.

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Quote from: Mr. Magkaisa on August 05, 2024, 07:34:04 AM

3. Trading part-time may yield greater results

Could really relate with this one, trading is all about waiting for the right time, a prime example is longing when BTC was around $50k and possibly shorting when it's reaching its peak and to get this kind of opportunity is simply by just waiting for the right time, with doing trading part time, we more likely will be waiting for the right time since it's not our main job anyway and will yield better result in the end.

If i had been so fixated on trying to catch the dips around $55k or $59k when it was dumping because trading is my main job i'd be in loss when it hits $50k and possibility liquidated, good thing that I don't really put too much attention to the market and only put some alarm in case price went so deep it become good buy.

best way of making money through trading is through patiences.

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Quote from: Strongkored on August 05, 2024, 09:14:55 AM

On average, traders know a lot about the theory to be able to be successful as traders, but most of them fail to apply what they already know, so they end up losing, so sometimes what we know before trading cannot completely guarantee success because the most important thing is to apply the knowledge we know consistently to be able to become successful traders who make a profit.

That is the missary in trading because is somewhat weird for someone to have all the skills and techniques to make the right trading decision but still yet take the wrong approach and losing it at the end of the day, this is so much pain compared to the fact that if you are patients enough to follow your own strategy and using of low leverage in your trading, this is where most of those traders in that category lose it, because instead using the lowest leverage so that they can keep their position open for a long time, they fiald and try to look for bulk profits within a short period of time and at the end the lose the money in the process.
So when it come to cryptocurrency trading, there is a need to build a technical knowledge about the market and at the same time make sure you never allow greed to control your decision making process because by so doing, you are giving up on what you already know to Gambling on what you are not sure of which ultimately will lead to loses for you as a gambler

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Quote from: Mr. Magkaisa on August 05, 2024, 07:34:04 AM

~snip~

I read on this page financemagnates, although it's been a long time but I think the points on the page can be a consideration for us before trading. besides that I am interested in the second point where Consistency and calmness are the most important things in this case. because in my opinion if we can't be consistent it might be difficult to run it or maybe we can run it but it tends to be more towards not focusing.

besides that in this case we must be able to pay attention to finances too, I myself will trade if my finances are stable in other words I will not force myself to trade if my finances are not stable.
and indeed we should have a plan but that doesn't mean when we are going to trade this can make us get profits that can make us stable in the long term of course that is not true like the second point you conveyed. therefore we need time to approach to find out which strategy is good and suitable for us and in my opinion this can involve our own circumstances.
and I agree with what you said, we must be able to avoid or control our own emotions. Of course, if that happens, it can make us experience overtrading which should not happen or excessive trading which instead of wanting to make a profit actually makes us lose money because self-control is also lost.

nelson4lov

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This thread came just in time. I recently started learning some trading psychology and in hindsight, I would've made some good money in the past month but I successfully roundtripped all the gains. After reflecting on it, couple with the recent global markets crash that hammered crypto markets as well, I discovered that I wasn't setting a realistic target prior to taking the trades. I might take a trade at a zone I think may never fall below and somehow think I would make generational wealth from it Cheesy

. What happened with those trades? Lost all gains and often, with bigger losses in capital as well. Its insanely. What I've been learning recently about some trading psychology is that I need to have a plan to get in and out since my grandfather doesn't own the markets and it can do what it wants.

So in OP, there's a lesson in there.

milewilda

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Realistic expectation-setting in trading

On the moment that you've been decided to deal up with trading then it would really be just that something suggested or recommended to have that realistic expectation or approach.
Never ever make yourself that being that too delusional that you could really be able to make sure profits on the moment that you do make up some trades because dealing up with this market
is never been that easy and its never been that simple considering that extreme volatility on which you could really be able to expect that not all people would really be having that
kind of perceptions towards it but rather the opposite. You wish you do knew before starting trading? There's no wrong if you have committed up some wrong things at first since
it would really be just that normal with those newbie mistakes.

We are all passing up into a stage on where we are really that trying out to apply those things that we do have in mind specially in our first time. On the moment that you are already that
making up some gaining experience then you would really be that eventually making up some adjustments on the time that you would really be able to encounter it again.
You would really be naturally be able to adjust basing up on the past experience that you had been able to met up.

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Quote from: Mr. Magkaisa on August 05, 2024, 07:34:04 AM

Greetings to everyone in my forum community. I just wanted to share something from my early days of cryptocurrency trading since I didn't think of it right away. Thus, this will be quite beneficial whether you are new to the crypto market or intend to enter it. Even though we are aware that there is no quick fix for trading, by being aware of all of this, you will be better equipped to understand the market, steer clear of frequent pitfalls, and get off to a positive start with your trading career.

1. Learn to trade with just one strategy

2. Realistic expectation-setting in trading

3. Trading part-time may yield greater results

This list is a good suggestion for newbie traders. This somehow give some guidance and lights, who ever beginner that read this lists will have some insight on how to approach their initial trading ventures.

Many of newbie traders often have an unrealistic goal for their trading career. They often think that trading is so easy that they end up as a miserable failure in this venture.

Quote from: KingsDen on August 06, 2024, 10:17:31 AM

Quote from: GreatArkansas on August 05, 2024, 06:23:10 PM

Quote from: Mr. Magkaisa on August 05, 2024, 07:34:04 AM

snipped
(....)

snipped

In as much as I will agree with you that it is good to trade with one strategy, it is not totally bad to learn more than one strategy. It doesn't mean that you will apply all the strategies you know at the same time in the market. As me and you know, the market is too dynamic. We could be taking unaware and within a twinkle of an eye our strategy is rendered useless. If this happens, where will you run to. So, it is needed that we should have a backup strategy to keep going. Master one strategy as the main, but then, have plan B strategy.

As a starter, one should not aim for multiple strategies, he should focus only on one strategy then widen his knowledge as he fully understands and grasps the strengths and weaknesses of such strategy. Learning too many at once while the foundation of knowledge about trading is yet to be fully developed will only confuse the beginner.

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Quote from: GreatArkansas on August 05, 2024, 06:23:10 PM

Quote from: Mr. Magkaisa on August 05, 2024, 07:34:04 AM

1. Learn to trade with just one strategy

This is one of my common mistakes that I didn't make because I was moving from one trading strategy to another and looking for the holy grail. A magical trading strategy and indicator that will give me guaranteed profit. And the tendency is that we will try many trading strategies that we can find on the internet that are new indicators that are profitable, and if they are not profitable, we will look for something new.
(....)

I agree with this because, even if you have a lot of strategies that do not make you profitable, they are useless. Better to have 1 that you master and you really know how it works, because I believe in quality over quantity.
Another thing is I am not a fan of multiple trading indicators in your chart that sometimes it is already redundant you are not really using or maximizing it, it just a mess on your chart.

In as much as I will agree with you that it is good to trade with one strategy, it is not totally bad to learn more than one strategy. It doesn't mean that you will apply all the strategies you know at the same time in the market. As me and you know, the market is too dynamic. We could be taking unaware and within a twinkle of an eye our strategy is rendered useless. If this happens, where will you run to. So, it is needed that we should have a backup strategy to keep going. Master one strategy as the main, but then, have plan B strategy.

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Quote from: TheUltraElite on August 06, 2024, 08:30:39 AM

Such an indicator does not exist. Indicators only indicate the movement possibility but does not confirm it. 50% cases it goes as the indicator goes but in 50% cases it might not. So this is not an exact science but a way or predicting the future.

50:50 is like gambling but I understand your example. Even if rate of success is more than 50%, like 70% or 80%, if a person has bad risk and capital management, 20% or 30% of failure can take all initial capital after some rounds of failure.

Management on capital and risk is most important to keep initial capital safely and from secure initial capital successfully, it's foundation of something better.

Quote

Strategies dont need to change often. From what I have seen, stick to buying low selling high and setting stop losses. These three things if timed and executed properly will save a lot of money and allow you to make profit in between.

One strategy can work well most of times but if a person have poor capital management, bad risk management, one or two failures can take all money in liquidations.

Senior investors and traders will advice, "Always prioritize protection on your capital, it's most important thing to do, rather than try to find profit". If you exit the market, keep your capital safely, you can miss an opportunity but you will have many other chances in the market in future. Don't be fearful of missing opportunities and ignore risk, then fail to protect your capital. Without capital, you can not do anything even opportunities appear.

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Quote from: Azizcdra on August 06, 2024, 05:23:07 AM

This is one of my common mistakes that I didn't make because I was moving from one trading strategy to another and looking for the holy grail. A magical trading strategy and indicator that will give me guaranteed profit. And the tendency is that we will try many trading strategies that we can find on the internet that are new indicators that are profitable, and if they are not profitable, we will look for something new.

Such an indicator does not exist. Indicators only indicate the movement possibility but does not confirm it. 50% cases it goes as the indicator goes but in 50% cases it might not. So this is not an exact science but a way or predicting the future.

Strategies dont need to change often. From what I have seen, stick to buying low selling high and setting stop losses. These three things if timed and executed properly will save a lot of money and allow you to make profit in between.

Along with this if you focus only on the big names preferably bitcoin you are more likely to profit.

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Quote from: Mr. Magkaisa on August 05, 2024, 07:34:04 AM

As a result, there is less financial strain and the expenses are not solely reliant on trading. Afterwards, it might lead to less emotionally charged trading decisions. Steer clear of overtrading as well. Because we occasionally overdo it when we trade full-time, and instead of making a profit, we end up losing money. He therefore has benefits and drawbacks. Therefore, it would be best if we got started. Let's work on it as a side gig to gain the necessary abilities, and if that's really what you want to do, let's go full-time.

even if a trader makes his trading activity full-time, the trader will still make a certain time limit for them to start trading every day.
when traders try to force their bodies to continue trading it causes stress on their bodies and minds. that's not good.
moreover, when traders make their trading activities a full-time job, it will put pressure to always get a profit every time they trade, there should be no mistakes. I don't know how there are traders who are so obsessed with trading that they always focus in front of the monitor. just do a few needed hours and that's enough to find profit.

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Quote from: Mr. Magkaisa on August 05, 2024, 07:34:04 AM

1. Learn to trade with just one strategy

This is one of my common mistakes that I didn't make because I was moving from one trading strategy to another and looking for the holy grail. A magical trading strategy and indicator that will give me guaranteed profit. And the tendency is that we will try many trading strategies that we can find on the internet that are new indicators that are profitable, and if they are not profitable, we will look for something new.

It's actually good to try several indicators and technical analysis to get a suitable trading method rather than being stuck with one method that ultimately doesn't suit your abilities. By trying several methods, you can find out which method has a high and suitable win ratio

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Quote from: Mr. Magkaisa on August 05, 2024, 07:34:04 AM

1. Learn to trade with just one strategy

This is one of my common mistakes that I didn't make because I was moving from one trading strategy to another and looking for the holy grail. A magical trading strategy and indicator that will give me guaranteed profit.

You can spend time for learning but it's not enough, even it is good. Because you need to have practice too as practice makes perfect and practice helps you to filter many strategies from your learning, to choose a strategy that fit you most individually.

When you already learned about strategies, practiced with them enough, you will have more ability to choose good strategy, maybe only one strategy and stick with it for your investment or trading. This takes time to come to this very ending step and you can not get it at beginning. I believe none investors or traders can know and choose what is best when they are newbies in this market.

GreatArkansas

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Quote from: Mr. Magkaisa on August 05, 2024, 07:34:04 AM

1. Learn to trade with just one strategy

This is one of my common mistakes that I didn't make because I was moving from one trading strategy to another and looking for the holy grail. A magical trading strategy and indicator that will give me guaranteed profit. And the tendency is that we will try many trading strategies that we can find on the internet that are new indicators that are profitable, and if they are not profitable, we will look for something new.
(....)

I agree with this because, even if you have a lot of strategies that do not make you profitable, they are useless. Better to have 1 that you master and you really know how it works, because I believe in quality over quantity.
Another thing is I am not a fan of multiple trading indicators in your chart that sometimes it is already redundant you are not really using or maximizing it, it just a mess on your chart.

Topic: Important Things I Wish I Had Knew Before I Started Trading (Read 319 times)