Topic: Know When to Stop. Lesson for Everyone, Particularly Investors - page 2. (Read 990 times)

Or rather, what you need to do is not put your money into things that will lose you money, such as gambling and trading. If you invest what you spend on those two activities in bitcoin in the long term you will be much better off, but of course you won't feel that rush feeling that gets you hooked. After so many threads about how to control your emotions both here and in the gambling section wewill have to think that it is better not to fall into those emotions and even less while gambling our money away.

I agree, but of course the mistakes are the most effective lesson, especially in trading. I personally commit many mistakes when I'm starting to trade and lose quite a bit, but that doesn't stop me from trading. Instead, I analyse where I do wrong, and when I identify it, I lack knowledge, skill, and experience. That's why I still trade while learning, but with limited capital. Eventually, I can say I can earn more than my losses. You see, mistakes are fine; it is part of the process of becoming an expert in trading. I get that you will have debt and such, but it's up to the person how they will cope and recover. The trader will be a failure if he or she keeps on losing and not doing anything that will make them cope and recover. The key to success is how you turn your mistakes into lessons and weapons.

Like I have said on many threads that emotion is the key control, trade gambling is almost the same thing  Know how to take profit and know how to stop. Meanwhile you this thread is also helpful in my opinion https://bitcointalksearch.org/topic/importance-of-emotion-while-trading-5471179

 

There is a big difference between stopping and quitting, and I believe one should stop trading temporarily if they see that they are constantly failing the trades and losing a lot of money instead of getting profits. Quitting is not a solution, you can't give up just because you are facing failure but you need to work on the things that are making you fail and if you don't see them, take your time, evaluate your actions and find out the reasons behind the failure.

Once the reasons are found, you should work on them without going into real trading but using demo accounts just to repeat the practices and things that you've learned or improved. After some time, when you see that you have improved a lot and have way more knowledge than before, you should try again, and if you fail again, repeat the same process again, and eventually, there will be a time when you will become a successful trader.

This has a bad effect on every trader they enter to project without knowing about it. Some people invest money in a coin that they do not know enough about. I saw a lot of people who are just going on a lucky basis and as a result, they face loss. When they use the wrong strategy because of a lack of knowledge they experience loss and by getting a time loss they give trading negative feedback. it's a criterion for entering any project you must explore that project. go to their official site a read the necessary things about it and after that make your own decision about whether it is beneficial for you are not. Use the right and appropriate strategy and for newbies, DCA is the best one I always suggest this to the newbies as they don't know about the other strategies, and are risky and this one is the best and less risky.

There are other traders who sometimes think that investment and trading are the same because they have only one theme and that requires the same investing method. But in reality, they are not the same, and the other long-timers in the crypto space know this too, right?

As an investor, you invest because you know that there will be profit in something that you see potential for in the future and because you also know that people will actually use it now and in the future. And one of the good examples here is Bitcoin. Which is different from being a trader in trading, especially if you are short-term, because it is like a profession that will require skills and understanding to make a profit.

That after effects of trading should be taken into account, if you see yourself keeps failing better to re-assess and if it's needed to stop, better to stop and move away then try different things in life, trading is not for all as there are many competitions inside the market, all the people that surround this business are all after the money.

If you don't see yourself as competitive as it should be, best to quit and find other venue either business or other form of investment.

You don't have to master trader first in order to use stop loss, it's easy to understand. Besides, how can you master trading if you're not going to try everything on it, I hope that make sense.

Also, it is already given that you're going to lose most of the time in most cases of newbie traders because they are still exploring, finding the right approach that suits their styles to make profits in spot or futures trading. Experience is the best teacher, a very good foundation in the long run, you could also decide whether to stop or continue based on your experience in trading.

Agree with you but I think stop loss should be used when you are willing to test whether and to that most of the time you are winning. If you use stop loss when you don't have much idea about the stop loss and you are brand new you should not use stop loss because you don't have much knowledge about its future. That's why you should first master the trading well and then use stop loss besides you can face loss most of the time.

He was just elaborate the meaning but indeed the main  thing is never allow yourself to controlled by emotion because this will not let you decide correctly , we will even have bad looks at how the market moves in particular ways.

and also try to always use Bot as Stop/Loss is what we can have for safeties if we cannot monitor our trading and investments.

I can attest to that mate  as I am also a trade loser from the past , even lose multiple times when I am starter but never that i lose my faith , and since I was not lucky in day trading , I focused in Holding and indeed , success is what i gain for years now.

We must take into account that not all who try trading become successful, some have also had a terrible experience and still, they continue trading.
For me, I don't think we need to sacrifice our finances knowing that we failed in trading, I think we should also know the words stop and quit if the the situation is not really in our favor. In fact, it was not a big deal if we failed and thought that some people would laugh at us but it was a big issue when we lost a lot of money and committed debt.

The characteristics of greed is present in every individual because everyone wants more and more and they are never thankful for what they have but I think that if individuals accept the things that they have then they will continuously achieve desire goals as greed is the main cause due to which every trader and investors face defeat.
Once a person get success then he think that his success is because of his firm knowledge and then put more money than previous but he Don't have any idea that how risky it will be for him if market turn down therefore keeping everything in view before utilising your money. Money comes hardly therefore don't waste money by demanding for more and accept your little benefit. You will think positive and will put large sum at once but don't forget that market is not positive always therfore invest and trade according to the market condition.

You would really be needing to do such thing or else you would really be completely busting up your entire capital or your trading fund without even putting some good fight or making some good  trades just because you had made yourself that being that lose in control. It is really that true that there are really moments in trading on which you are really that been experiencing those consecutive losses because we know that there's no one on this market could really be having that perfect strategy on which means that on the time that you are that in verge of such situation then it would be wise on having some break.

You would really be able to see its relevance and importance once you do be able to get that kind of experience and awareness in the market. Knowing on when to stop and would be finding the timing on when to get
in where everything is really that calm and could really be something that could be handled.There are really that moments in the market on which prices are really that too unpredictable on which it is really that
moving into a certain extent that even trading technicals had been messed up or simply there are moments which it is really hard to read it up.
No matter on what are the things you are applying whether TA+FA but it doesnt really give out assurance about its effectiveness. So it would always boils down
into your own taking in making those decisions on point.

Indeed, you should stop or pause for a while if you already seeing that there's nothing positive that happens with your current strategy, maybe you need to re-assess and try to change the patterns that you are using, it's not just because you are out of luck but maybe the guide or factors that you are following is no longer affecting the market that much, or maybe you should try twisting your strategy or also a possible that you need to have that break.

Finding some extra space inside your mind and allow learning to flow inside you to re-analyze the situation may help in order to take another step and see if how it will go to work.

Very good point made. I just hope many more will see this. I have done this exercise severally and it has been helpful. I'm glad this post I made has also brought out so many people to share their perspectives hence others would learn from this

Just learn to stop when everything that is happening is not on your side. Even professional traders sometimes experience this kind of feeling, so they just take a pause and eventually come back in trading when they're not exhausted anymore. But no matter how often you take your breaks but still the same result is observed, I guess you need to change your strategies in trading. Develop a new one and then work on it. And if it's still not working, assess yourself if you can still bear your future losses because if not, change your plan and change your career. Sometimes we need to separate our habit and interest to our own career, if it's the only way that we can stop ourselves from experiencing the same failures and losses that already happen repetitively.

Well, successful traders these days do not make it happen in an instant. Of course, they have endured a lot of possible losses but they never dare to stop and change career. Instead, they continue to work on their trades and improve what needs to be improved. Until they reach to a point that they were able to minimize their losses because they have already develop pro trading skills that are crucial in trading.

However, we all know that different traders also experience different fate in trading. If you keep on committing losses no matter how you try hard to improve your trades, maybe there's something wrong with how you trade. Sometimes, the best decision is not to keep moving forward but to take a break so you can find time to reflect on your trading career, if its still a good decision to continue doing or maybe a change of career is needed. The last decision is still within your control.

You wont really be reaching up that experienced state if you havent been able to become once a newbie since we do start on being a noob in the first place.It do really just turns out that there are ones who do learn up and realize things ahead and there are ones who do completely turn their backs and never ever come back again on which this is something that most likely the case t hat do really happen.
Being confident with your skills and knowledge is something a really very common trait for a noob but once that reality slap into their faces then this is where learning would kick in.
There's no such thing about all-knowing beings on this world on which knowing on everything that this world do have which it would be normal that there are things which needs to be learned.

Real experience would be the key in order to learn and its up to someone whether they would really be making out adjustments or simply quit up because they cant really be able to bare such thing.
Knowing on when to stop, then it would really be your call because not all would really be that be able to figure it out on when to make out such move or decision.
Sometimes it is a common sense thing but not all would really be that too mindful about this one.

I think that being greedy is a trait that is already available outside or before we enter trading. So it's a myth when they say that all or most newbies are greedy but as newbie, there is still curiosity and excitement that can lead them to continue. They still can get used to it later on.

For the experienced one's maybe some of them are greedy for being over confident about their ability. They can also be greedy in a way that they want to go beyond what they already learned. It's still better to set our own limitations first according to our ability. This is the one that we should follow often. Some times being comfortable is a good thing. It helps us to grow more.

Long-term traders are the main whales in the market, there triggered positions accumulates enormous profits from the market when their TP is hit unlike day traders that's in the market to scalp and probably record loses that would liquidate their account. I'm practically a day trader because I belong to these category that's in the market to triggered positions that enter my entry. Traders who focused more on daily trading tends to seem worried over their inability to accumulate the gigantic profits from their open trades. Often gain quite some profits which they're not satisfied with the results.