Topic: Keep proper distance but not losing passion (Read 13424 times)
Frankly speaking, everyone will have their own result in trading, because it is influenced by a huge number of factors
Losing is inevitable but giving up easily wont really be ideal since these are stepping stones for you to succeed and learn up to sustain yourself for longer runs.Determination does depend on a certain individual because others don't easily give up while others cant.
Probably you can tell us more about how forex actually works so as to educate some of the folks here who think that any type of speculative trading is essentially going to a loss if you are not determined and have done some basic analysis of price charts. Sometimes I see people talk about how bad trading bitcoin has been for them and declare that they are moving on to forex. They are just angry and this is the anger outburst. You cant help them because they are faulty at their preparation phase.
They think if they put their money in any market they will make big profits, but they forget that if it was so easy then nobody would be poor today.
the crypto trading platform is a little bit similar to the forex. one needs to practice and learn the market before taking a step out. practise they said make perfect. it is a matter of time for whoever that wants to trade to bend down and learn the basic of trading. Another issue that attracts most traders close to the market is fear of missing out.
Forex you say? One of the major similarities is that they are both about currencies being exchanged but that is not important here. Bitcoin and altcoins are something that is beyond the Forex market. People sell on Forex regularly and buy new ones but in crypto people rarely sell. This is because hodlers are found mostly in bitcoin and some altcoins and they are hoping to see huge gains for which they are patient. You could start buying at low price and you wont get a good price to sell at so easily. So you would have to wait it out. Both are speculative markets though so if you feel happy with one then invest there.
I think that means this. Do not let emotions control you. Relaxation allows you to connect with intuition and take a fresh look at things. Perhaps this will achieve great success in trade.
You're right. It's important to keep your emotions uder control and be patient.You have to always be focused and don't panic at every market fluctuation
the crypto trading platform is a little bit similar to the forex. one needs to practice and learn the market before taking a step out. practise they said make perfect. it is a matter of time for whoever that wants to trade to bend down and learn the basic of trading. Another issue that attracts most traders close to the market is fear of missing out.
Forex you say? One of the major similarities is that they are both about currencies being exchanged but that is not important here. Bitcoin and altcoins are something that is beyond the Forex market. People sell on Forex regularly and buy new ones but in crypto people rarely sell. This is because hodlers are found mostly in bitcoin and some altcoins and they are hoping to see huge gains for which they are patient. You could start buying at low price and you wont get a good price to sell at so easily. So you would have to wait it out. Both are speculative markets though so if you feel happy with one then invest there.
the crypto trading platform is a little bit similar to the forex. one needs to practice and learn the market before taking a step out. practise they said make perfect. it is a matter of time for whoever that wants to trade to bend down and learn the basic of trading. Another issue that attracts most traders close to the market is fear of missing out.
I think that means this. Do not let emotions control you. Relaxation allows you to connect with intuition and take a fresh look at things. Perhaps this will achieve great success in trade.
Making profits is the ultimate goal of a trader it can happen in minutes or even years depends on many factors but how much we are trying to get into that place is important.First we need to manage our funds and need to minimise losses from trading then you can feel that you are here for some profit sooner or later.
The ultimate goal? More like the necessary goal. Although some people trade for a part time method or a side job of making a few bucks some do take it a real job and they are doing their own technical analysis being an investment banker. Although there will be bad losses and mistakes people do learn from them and make sure not to repeat them. Managing funds is important but it is also important to take a break. Sometimes it all goes against you and you need to take a time out from trading and focus on other things before coming back. It is similar to a refreshment which is often productive.
I think anyone that is taking a break from live trading should take such break for the purpose of gathering more skills and strategies through proper practice, and then also picking the mistakes he made from the journal that he is using to investigate and see where the lapses came from for him to really adjust and get better, so that when he comes back, he would trade differently and like a professional.
I agree with you guys and think that emotions shouldn't take precedance over cool head. Also you should determine the enter and exit point properly. Just don't give up if you lose. If you are a beginner it's hard to control your emotions.But without self-control you won't gain a profit.Also it'd be good to use support and resistance in trading. Recently i have read an article provided by Monfex where they state "A good rule of thumb is to set your stops at support since if the price falls to consolidate at the break and fall back to the resistance, you now know that there was no demand at that price and that supply is growing.". Do you guys agree with it ?
I started trading as a Forex trader, and when I started it was really quite very difficult for me to control my emotion and I kept failing virtually in every trade that I do and what you said now made me remember how I started controlling my trade which is to first deal with the entry and exit point, this is where emotion usually play the most.I simply just started making use of my stop loss and take profit tool, and when I set my trade, I try to be very reasonable and not too greedy, and with time, as I watch my profit grow, I learn never to play with those tools, they are every important if we really want to control our emotion. So dear, I totally agree with you that we should always set our stop loss for any trade that we make for us to trade without emotion.
Agree with you. I also set up stop loses in order to control my losses and minimize risks.
Making profits is the ultimate goal of a trader it can happen in minutes or even years depends on many factors but how much we are trying to get into that place is important.First we need to manage our funds and need to minimise losses from trading then you can feel that you are here for some profit sooner or later.
The ultimate goal? More like the necessary goal. Although some people trade for a part time method or a side job of making a few bucks some do take it a real job and they are doing their own technical analysis being an investment banker. Although there will be bad losses and mistakes people do learn from them and make sure not to repeat them. Managing funds is important but it is also important to take a break. Sometimes it all goes against you and you need to take a time out from trading and focus on other things before coming back. It is similar to a refreshment which is often productive.
Making profits is the ultimate goal of a trader it can happen in minutes or even years depends on many factors but how much we are trying to get into that place is important.First we need to manage our funds and need to minimise losses from trading then you can feel that you are here for some profit sooner or later.
The fact is that the main thing is not only to strive to realize your goals, but also to feel your abilities. You can say a lot, but trading in the cryptocurrency market is not as easy as it seems. Trading carries a huge risk and becoming an experienced professional will be possible only after a long time of practice and study of this activity.
I agree with you guys and think that emotions shouldn't take precedance over cool head. Also you should determine the enter and exit point properly. Just don't give up if you lose. If you are a beginner it's hard to control your emotions.But without self-control you won't gain a profit.Also it'd be good to use support and resistance in trading. Recently i have read an article provided by Monfex where they state "A good rule of thumb is to set your stops at support since if the price falls to consolidate at the break and fall back to the resistance, you now know that there was no demand at that price and that supply is growing.". Do you guys agree with it ?
I started trading as a Forex trader, and when I started it was really quite very difficult for me to control my emotion and I kept failing virtually in every trade that I do and what you said now made me remember how I started controlling my trade which is to first deal with the entry and exit point, this is where emotion usually play the most.I simply just started making use of my stop loss and take profit tool, and when I set my trade, I try to be very reasonable and not too greedy, and with time, as I watch my profit grow, I learn never to play with those tools, they are every important if we really want to control our emotion. So dear, I totally agree with you that we should always set our stop loss for any trade that we make for us to trade without emotion.
Not all traders should act in the same way as the best way to progress and learn from the market is by failing, those mistakes often train us not to make the same mistakes over and over again. Maintaining distance results in minimal failures and therefore equal learning, maintain distance but make effective movements that generate money only the most specialized traders because they already have all the necessary experience to know when it is the exact time to make a move.
Quitting or taking some distance do have some advantage actually.You cant afford to just let yourself continuous on losing until you out source of funds.Making some space isn't a bad decision rather the important thing is that you do know how to utilize that time to realize things or the mistakes you had done.
Losing passion is for those people who do easily give up when experiencing failures.
Not all traders should act in the same way as the best way to progress and learn from the market is by failing, those mistakes often train us not to make the same mistakes over and over again. Maintaining distance results in minimal failures and therefore equal learning, maintain distance but make effective movements that generate money only the most specialized traders because they already have all the necessary experience to know when it is the exact time to make a move.
I think the difference here is one is talking about not trading during crazy times of crypto world itself and one talks about not trading during your best hours. Sometimes, people are not on their best case mentally, you might be tired, you might be angry at something, basically you might be either emotionally or physically in best shape and that means you are not in the best time of your life to trade, trades during those times usually end up being filled with emotions and result with bad results
One shouldn't let external emotions affect his trading, be they good or bad
It is a lot easier when you follow a certain strategy as in that case you can bravely ignore bad or good moods, dangers as well as pleasures, and do your thing (in this case trading) as good as ever. Otherwise, your trades will still be negatively affected regardless of your mental state, whether you are in a good mood or shape. Your "best time" may easily turn out overconfidence, resulting in as bad results (if not worse at all)
I agree with you guys and think that emotions shouldn't take precedance over cool head. Also you should determine the enter and exit point properly. Just don't give up if you lose. If you are a beginner it's hard to control your emotions.But without self-control you won't gain a profit.Also it'd be good to use support and resistance in trading. Recently i have read an article provided by Monfex where they state "A good rule of thumb is to set your stops at support since if the price falls to consolidate at the break and fall back to the resistance, you now know that there was no demand at that price and that supply is growing.". Do you guys agree with it ?
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One shouldn't let external emotions affect his trading, be they good or bad
It is a lot easier when you follow a certain strategy as in that case you can bravely ignore bad or good moods, dangers as well as pleasures, and do your thing (in this case trading) as good as ever. Otherwise, your trades will still be negatively affected regardless of your mental state, whether you are in a good mood or shape. Your "best time" may easily turn out overconfidence, resulting in as bad results (if not worse at all)
I think that emotions would be what the OP is referring as like a garbage knowledge that he should get rid of. It's like an innate knowledge we always have in doing every single things in life anyway
There's another catch though
And this catch is what ruins not just wannabe and armchair traders but also seasoned and experienced ones. Long story short, we are not hard-wired for trading. We are made in such a way as to react quickly without a lot of thinking based on "innate knowledge" (read, a set of beliefs about something). But the problem is, in the majority of cases that leads to rash trading decisions resulting in the loss of money, and that is when you are still forced to act and react as quick as possible. It is this decision-making machinery that we are equipped with by default that ruins many a trader since it is simply inadequate for trading and it can't be easily changed or substituted (if ever)
I think the difference here is one is talking about not trading during crazy times of crypto world itself and one talks about not trading during your best hours. Sometimes, people are not on their best case mentally, you might be tired, you might be angry at something, basically you might be either emotionally or physically in best shape and that means you are not in the best time of your life to trade, trades during those times usually end up being filled with emotions and result with bad results
One shouldn't let external emotions affect his trading, be they good or bad
It is a lot easier when you follow a certain strategy as in that case you can bravely ignore bad or good moods, dangers as well as pleasures, and do your thing (in this case trading) as good as ever. Otherwise, your trades will still be negatively affected regardless of your mental state, whether you are in a good mood or shape. Your "best time" may easily turn out overconfidence, resulting in as bad results (if not worse at all)
I think the difference here is one is talking about not trading during crazy times of crypto world itself and one talks about not trading during your best hours. Sometimes, people are not on their best case mentally, you might be tired, you might be angry at something, basically you might be either emotionally or physically in best shape and that means you are not in the best time of your life to trade, trades during those times usually end up being filled with emotions and result with bad results
One shouldn't let external emotions affect his trading, be they good or bad
It is a lot easier when you follow a certain strategy as in that case you can bravely ignore bad or good moods, dangers as well as pleasures, and do your thing (in this case trading) as good as ever. Otherwise, your trades will still be negatively affected regardless of your mental state, whether you are in a good mood or shape. Your "best time" may easily turn out overconfidence, resulting in as bad results (if not worse at all)
I think the difference here is one is talking about not trading during crazy times of crypto world itself and one talks about not trading during your best hours. Sometimes, people are not on their best case mentally, you might be tired, you might be angry at something, basically you might be either emotionally or physically in best shape and that means you are not in the best time of your life to trade, trades during those times usually end up being filled with emotions and result with bad results
One shouldn't let external emotions affect his trading, be they good or bad
It is a lot easier when you follow a certain strategy as in that case you can bravely ignore bad or good moods, dangers as well as pleasures, and do your thing (in this case trading) as good as ever. Otherwise, your trades will still be negatively affected regardless of your mental state, whether you are in a good mood or shape. Your "best time" may easily turn out overconfidence, resulting in as bad results (if not worse at all)
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