Journey of a successful trader - page 4.

dunfida

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Quote from: rby on February 22, 2022, 05:03:35 PM

Many traders who loose in trading do not have the patience to go through the due process. They will always push even at failure. Trading is not a game of luck. If you depend on luck in trading, you might not get lucky at all. You need to develop your own procedures and test it extensively and be sure it is working for you. Then control your emotions and make sure you understand risk management. You should only trade with what you can afford to lose and be patient and contented. If your target is to hit $50, if you get it, exit the market and don't be greedy.

Patience and acceptance of those losses because you wouldnt learn if you wont be accepting such scenario which is been a part of trading career.You would definitely able to experience for yourself countless times.

Thing here is that you do able to sustain yourself in the market because if not then you wouldnt really become better on trading.Dont expect that it would be an easy journey since there would be lots of factors that would affect your overall performance or condition on dealing with the market.This isnt something that you could take grasps on a short span of time.

rby

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Many traders who loose in trading do not have the patience to go through the due process. They will always push even at failure. Trading is not a game of luck. If you depend on luck in trading, you might not get lucky at all. You need to develop your own procedures and test it extensively and be sure it is working for you. Then control your emotions and make sure you understand risk management. You should only trade with what you can afford to lose and be patient and contented. If your target is to hit $50, if you get it, exit the market and don't be greedy.

Reid

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I appreciate what you did here. Thank you. What I always do is go back to the basics. You win one trade, go back. You lose one trade, go back. So I guess number 1 for me is the best tip of all.
Sometimes we tend to be too proud of the success and we cross the lines then look away from the plan we did and forget about the basics.
That's when we lose more, then we try to win it back and lose more thinking we are good at it so we can.
Going back to basics and starting over will be pretty helpful on those instances.

RealMalatesta

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Quote from: Zilon on February 21, 2022, 05:34:12 AM

This plans are quite good but one can easily forget them while trading i will simply add having all this laid down trading guide infront of your trading desk so that it serves as guide and caution once emotions tries to set in. and having a particular trading spot will be best so your guide will always be in view while trading to avoid doing anything outside your trading plan and tom get a call back when the otherwise creeping into the initial plan

Everyone was once a novice in the market, and they had to work their way up by learning and applying the strategies that they have learnt. That’s the way it works, I don’t think there is anyone that started off as a professional. I can remember the first I started with cryptocurrency I was still working in an office and I had no clue about what crypto trading was all about. But I didn’t rush it, it even took me some months of constant studying to understand how trading works and how to go about it before I started.

Demo trading and Copy trading are different. Demo trading accounts are used for experimenting with the trade market before you start putting in real money. As for copy trading, it’s a type of trading you have to rely on professional traders by copying their every move, and you’re doing this with your real money, it’s not like a demo account, it’s same thing with live trading, the difference is that you’re not the one making the trade, you’re relying on someone else’s decision.

Mpamaegbu

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OP, you've got nice snippets there from numbers one to eight. However, all that will have to depend on just one thing to become a reality. That's the trader's ability to control their emotion. No trader will remain consistently profitable without self discipline to a trading plan even with a thought out plan.

Quote from: tippytoes on February 20, 2022, 06:22:32 PM

Demo is just for tutorial purposes on how to see the options on the site. This is why it is very different with actual experience. You are just allowing yourself to be comfortable on what to press and whatnot. But when it comes to actual trading, it won't teach you the strategies, you will be the one who will teach that yourself. A small fund is a good start to learn the basics.

Demo trading is not the same thing as real live trading, that I've come to realize over the year. It's so because with demo there's no emotional involvement of the trader. The trading capital is not real and that doesn't bother traders as much when they're losing. My advice is for anyone who's going into trading to fund a real live account after a few weeks of demo trading. Don't dwell on demo trading for months. It won't help your case

Coin_trader

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Quote from: rhomelmabini on February 21, 2022, 10:38:31 PM

I don't think you can control your emotions while on a demo trade account, it's a different thing when there's a monetary value is on the line compare to just a free one. The purpose for a demo account is to learn while you aren't yet ready, hands-on learning is the best experience at all.

Fair point, Demo trading main purpose is to test the strategy that trader planning to do on actual trading. There's no such thing as emotion while trading because you need to rely solely on your strategy no matter what happened that's why you need demo trading to back test the profitability of the strategy that you come up.

If a trader strategy is still being affected by emotion. He or she need to halt on trading and practice more until he became confident on hist strategy. You will not gonna worry on your trading if you have faith on your setup.

worle1bm

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There are many things that can be classified or say related to successfull trader like you have mentioned in the @OP but for me things like patience, knowledge and experience are the top priority that can show us path in this trading journey while making profits.I am myself not short term or day trader as it requires lot of experience and risk is more but now I am only into long term investment moves with some good coins only.But being a trader is easy but being successful and experienced is not.

rhomelmabini

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Quote from: maydna on February 21, 2022, 11:03:11 AM

Quote from: rhomelmabini on February 21, 2022, 01:42:39 AM

Quote from: seleme on February 20, 2022, 04:27:48 PM

Demo trading isn't same as live trading with your own capital, emotions can affect your next trading decision, so stick to small bankroll rather than demo trading, IMO.

Demo are for novice and it's not bad but as you progresses you need to live up on the realm of live trading, it's has a huge difference compare to demo trade and copy trade. Sticking to small bankroll is the best advice but as you progresses as well it will be subjective to stick or you can do the dollar cost averaging strategy.

Using a demo account is okay to learn to trade, and perhaps that is what beginners need before they deposit their money into the market. You can also learn about controlling your emotions while trading, as many find it difficult to do so. By using a demo account, you can use big money to trade while learning, so hopefully, once you understand analyzing the market, you can start trading with your money right away. But still, you need to control your money and emotions in real trading.

I don't think you can control your emotions while on a demo trade account, it's a different thing when there's a monetary value is on the line compare to just a free one. The purpose for a demo account is to learn while you aren't yet ready, hands-on learning is the best experience at all.

Finestream

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Quote from: boyptc on February 20, 2022, 05:22:43 PM

Quote from: Edith1994 on February 20, 2022, 03:54:10 PM

Quote from: boyptc on February 19, 2022, 07:22:15 AM

IMHO, a holder is also a trader.

And with those strategies that you've mentioned, they're good if they're effective to you. But to say that there's only a certain number to become a successful trader.

It differs and varies to each trader.

Everyone can experience dynamic strategies that are not on that list or even fewer based on how they see themselves effective with the strategies that they've come up with.

Yes I agree totally with you, every one experience different strategies base on there encounter in life.

And that experience you've made will teach you how to proceed and become better with the market.

Some experiences are good to remember and some are good to be forgotten. Successful traders never stop learning and experiencing good and bad trades.

But the deal is to minimize the loss that we don't like to extend with our trades.

Trading is a never ending learning process so one should not stop even at a point that you are seeing yourself very successful in trading. But i believe the end point here is to see yourself not subside to losses and that you are capable for consistent profits. And definitely, trading is more on how you take advantage on the current market conditions, and that losses in the past should always be your motivation to be better in trading.

Kasabus

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Quote from: Flexystar on February 21, 2022, 11:58:34 AM

Yup dude that’s the proper way to do it. I just hope all those frustrated traders now go through your thread and learn a bit from it.

I envy the folks who are making such good threads and spreading the step by step tutorials. Though they are small reads they are to the point and rest work like expansion and research is to be done by those traders. In crypto currency trading things are even baffling and could take wrong turn at anytime. So best advice to march towards best lessons and then trade.

It's always best to learn from the experts i guess. But i think having all of these are quite easy to learn but when you start applying it, its quite hard to do. Because the trading market is always unpredictable, so you can't just say this is the next thing i will do. Of course, there's always advantage if you have certain steps to follow but you should have reserved other alternatives too in case your trading plans will not succeed. For me, i don't tend to follow step by step, as i always consider the market trend and events that will motivate me what's the next thing to do. As long as i'm still making consistent profits, that would be enough for me.

Jazzi Mahesh

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Part-time forex trading is a successful way to increase your income. Even if you work full-time or part-time, there are plenty of hours of the day to trade in this potentially lucrative market.

Flexystar

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Yup dude that’s the proper way to do it. I just hope all those frustrated traders now go through your thread and learn a bit from it.

I envy the folks who are making such good threads and spreading the step by step tutorials. Though they are small reads they are to the point and rest work like expansion and research is to be done by those traders. In crypto currency trading things are even baffling and could take wrong turn at anytime. So best advice to march towards best lessons and then trade.

gabbie2010

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Though I have not been perfect yet as a crypto trader, I am at the concluding part of the beginner level, I followed most of the points highlighted by the OP, I have a personal journal where I take note of Price Actions of the candlestick patterns, of course bearing in mind that 'price history repeat itself' I had already devised my own personal trading strategy based on candlestick formation which I had backtested, though I have not perfected it to my satisfaction, I am still fine-tuning it, of course I have been trading Isolated margin with Binance though with small fund to test and control my emotion while trading live my profit so far has been break-even.

maydna

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Quote from: rhomelmabini on February 21, 2022, 01:42:39 AM

Quote from: seleme on February 20, 2022, 04:27:48 PM

Demo trading isn't same as live trading with your own capital, emotions can affect your next trading decision, so stick to small bankroll rather than demo trading, IMO.

Demo are for novice and it's not bad but as you progresses you need to live up on the realm of live trading, it's has a huge difference compare to demo trade and copy trade. Sticking to small bankroll is the best advice but as you progresses as well it will be subjective to stick or you can do the dollar cost averaging strategy.

Using a demo account is okay to learn to trade, and perhaps that is what beginners need before they deposit their money into the market. You can also learn about controlling your emotions while trading, as many find it difficult to do so. By using a demo account, you can use big money to trade while learning, so hopefully, once you understand analyzing the market, you can start trading with your money right away. But still, you need to control your money and emotions in real trading.

Slow death

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this cryptocurrency trading journey? because to this day I see people posting stories about how to be a good successful trade but I don't see proof I don't see them talking about how much money they started trading, what was the loss and profit, they just keep talking about theory of how to make a good trade, to motivate people and I need to show proof

Quote from: Zilon on February 21, 2022, 05:34:12 AM

This plans are quite good...

if he had shown proof I could say it's a good thing or a bad thing. stories Is what there is a lot on the internet, but few show the practice

Zilon

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Bitcoindata.science

This plans are quite good but one can easily forget them while trading i will simply add having all this laid down trading guide infront of your trading desk so that it serves as guide and caution once emotions tries to set in. and having a particular trading spot will be best so your guide will always be in view while trading to avoid doing anything outside your trading plan and tom get a call back when the otherwise creeping into the initial plan

rhomelmabini

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No God or Kings, only BITCOIN.

Quote from: seleme on February 20, 2022, 04:27:48 PM

Demo trading isn't same as live trading with your own capital, emotions can affect your next trading decision, so stick to small bankroll rather than demo trading, IMO.

Demo are for novice and it's not bad but as you progresses you need to live up on the realm of live trading, it's has a huge difference compare to demo trade and copy trade. Sticking to small bankroll is the best advice but as you progresses as well it will be subjective to stick or you can do the dollar cost averaging strategy.

GreatArkansas

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Quote from: Scripture on February 20, 2022, 06:28:04 PM

Quote from: seleme on February 20, 2022, 04:27:48 PM

Having a financial background will surely accelerate trader passing first levels quickly, without basic understanding of financial terms I doubt user will be familiar in short term studies. Having a dedicated trading plan and keep applying your own trading rules on each single trade will make trader successful and profitable the long term. Demo trading isn't same as live trading with your own capital, emotions can affect your next trading decision, so stick to small bankroll rather than demo trading, IMO.

Demo is fine to familiarize yourself on the platform you are using, and I agree that using a small capital first is much better especially if you already know how to execute your trades on exchange. Successful trader can’t be done in just a month, it usually takes time so be more patient and just stay consistent because trading is also a volatile journey along with the market.

There are also some platforms that offer testnet/demo account, where you can fund your account some amount but it's just for testing only.
It's like you are using play money or not real funds but there, it is working like the real one, so there you don't need to deposit any small amount of funds or whatever, just create a test/demo account.

Here are some example of testnet/demo trading platforms:
https://testnet.bitmex.com/
https://testnet.bybit.com/

Scripture

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Quote from: seleme on February 20, 2022, 04:27:48 PM

Having a financial background will surely accelerate trader passing first levels quickly, without basic understanding of financial terms I doubt user will be familiar in short term studies. Having a dedicated trading plan and keep applying your own trading rules on each single trade will make trader successful and profitable the long term. Demo trading isn't same as live trading with your own capital, emotions can affect your next trading decision, so stick to small bankroll rather than demo trading, IMO.

Demo is fine to familiarize yourself on the platform you are using, and I agree that using a small capital first is much better especially if you already know how to execute your trades on exchange. Successful trader can’t be done in just a month, it usually takes time so be more patient and just stay consistent because trading is also a volatile journey along with the market.

tippytoes

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Quote from: Hamphser on February 20, 2022, 05:46:27 PM

Quote from: seleme on February 20, 2022, 04:27:48 PM

Having a financial background will surely accelerate trader passing first levels quickly, without basic understanding of financial terms I doubt user will be familiar in short term studies. Having a dedicated trading plan and keep applying your own trading rules on each single trade will make trader successful and profitable the long term. Demo trading isn't same as live trading with your own capital, emotions can affect your next trading decision, so stick to small bankroll rather than demo trading, IMO.

Have some experience in demo trading which i could really say that its a whole different kind of experience yet you couldnt able to enhance out your emotional aspects or psychology thing when you are doing demo.

This is why i had decided on starting up on small capital on which you could at least able to deal or engage with the market with real funds and experience where it could really be helpful later on.

Trading journey doesnt talks about 1 or 2 days on which it would take years or long months before you could able to have a good grasp on it.

Demo is just for tutorial purposes on how to see the options on the site. This is why it is very different with actual experience. You are just allowing yourself to be comfortable on what to press and whatnot. But when it comes to actual trading, it won't teach you the strategies, you will be the one who will teach that yourself. A small fund is a good start to learn the basics.

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