Master the Art of Crypto Trading with These 5 Simple Tips

john1010

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Quote from: Twentyonepaylots on January 01, 2024, 04:52:51 PM

These things are fundamentals that every trader needs to know, but once you get to trading, say after a year you'll realize that you only need a few guides in trading. Personally I set this rules for me to follow every time I trade or planning to trade.

I have this 3 things on my note

1. Decide
2. Plan
3. Execute

Then I breakdown these things, make a broad illustration on how to get things done.

1. Decide - My first step is to decide. I'll check the market in general. If I'm skeptical, I won't touch the market ground. Know the trade strategy, Short or Long term.
2. Plan - Again, if I got skeptic after deciding and don't know how to plan the trade I want to make, I won't touch it. So planning is a bit long process for me, do a lot of reading and analysis and write stuff on my note coz I got a short term memory so I have to lol. I'll start writing things out including the key words for my self.
3. Execute - Some people may think that this is a quick process, just execute the plan, hell nah. The execution involves yourself, where the discipline and your character is vital.

As for your trading tips, I think they are very helpful and concise. You have outlined the three main steps of trading: decide, plan, and execute. These steps are essential for any trader to follow, as they help you to be clear, consistent, and disciplined in your trading. I especially like how you break down each step and explain what you do and why. You also show that you are aware of the psychological aspects of trading, such as being skeptical, writing things down, and having discipline and character. I appreciate your honesty and humility in sharing your tips.

Johnyz

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Tips are everywhere and hoping that every inspiring traders will see this through and adopt what can work for them.
Trading is not easy, it take time and sacrifices for you to have a good strategy and having these kind of tips can be a big help especially if you are still on a period of learning and testing. You might feel sad about your losses at first but if you continue to learn more and be consistent, good profit will follows. Be a responsible trader too, it will be more worth it in the long run.

so98nn

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I am more or less interested in making “own” choices while trading. What I mean is, all these tips are fine on paper and when you read you get motivated but when we actually trading we are stuck with reality. Its not easy to manage a trade that is off boundary. A stop loss can end your trading position and save further losses but it doesnt guarantee a perfect trade with profits. For example, instead of shorting a position one could apply their own logics and try to regain the positions, make more profits. Maybe turn an impossible position into perfect save. This can only come by when we are highly alert, studious and updated with the asset that is being traded. I am sure these tips will guide new comers. But always remember after a specific period and multiple trading assets things can get ugly and trader needs alert mind and logics to drive a trade.

tjtonmoy

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I am surprised that whenever I see posts like this, sharing tips on trading, they never mention the necessity of emotion control. Despite having the best strategy, if you fail to control your own emotions, that strategy will not work out in the end. Your strategy tells you that this price will go up and suddenly it goes down. You get panicked and make a decision based on emotion and close the trade in fear or panic. But after some time, the price moves the way it was predicted according to the strategy. This is how dangerous it is to fall victim to emotion.
This is also the reason why you need to have control over your emotion and a strong mindset to follow the rules till the end.

john1010

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Quote from: hugeblack on January 01, 2024, 11:12:21 AM

Unless you are a professional and know why you want to trade, most likely, no matter how profitable your trading is, your investment in Bitcoin will continue to decrease. It is true that some currencies, especially bump/dump coins, achieve good profits in the short term, but their value soon decreases against USD, so trading is not a way to make a quick profit or for those who don't know what they're doing.

I respect your opinion, but I disagree with some of your points. Trading crypto can be profitable and rewarding for anyone who is willing to learn and improve their skills. Bitcoin is not the only option for trading, and there are many other coins that have a strong potential and value. Trading is not a gamble, but a strategic and analytical activity that requires discipline and patience. I believe that anyone can become a successful trader with the right mindset and tools.

john1010

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Quote

Get a buddy system. Another trader who knows your trades. If ever you like doing something risky? Like moving stop loss or going 100x leverage? Make sure you confirm with buddy. It's not his money, so he has no greed. He will stop you 9 out of 10 times from doing dumb things.

A buddy system is when you have another person who helps you with your crypto trading. They can give you advice, stop you from making bad decisions, and support you when you are stressed. A buddy system can make you a better and happier trader. 😊

Kelvinid

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- Have a reason and main goal. Reaching the finish line is not impossible.
These are probably the reasons why most traders fail --doubtful, lack of self-confidence, and knowledge.

That is why we have to ask ourselves what we want to achieve. Because our actions will also lie on what we want to reach. Now, if we don't have a clear target or goal, we certainly go in the wrong direction and fail.

However, it was not just knowing the simple tips but also, it is how we work on our goal. Many are aiming to become successful in trading but guess what, they are impatient and lazy to learn new things.

Yamane_Keto

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Trading is easy for those who have other investments, and trading is considered an opportunity to enhance their investments in the long term, but it is disastrous for anyone who believes that he can make a quick profit or whenever he wants from trading. Trading, even if creating and executing orders is easy and everyone can do it, is linked to expectation, and the signature is based on good analysis of available news and trying to access news that is not available, and it is a mental effort that may be destructive if you do not know how to deal with it.

Silberman

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Quote from: Assface16678 on January 04, 2024, 01:52:28 AM

True, that's why having a strong mental health or solid mindset is very important for a trader because every trade can provide anxiety to a trader. Even an experienced trader will often feel the anxiety of losing the trade, whether it is a fast trade, a short-term trade, or a long-term trade. In fact, it's more risky for a trade that is short-term because of the volatility of the bitcoin market, but in a long-term trade, it's more complex because a trader should do a series of analyses with a little margin of loss, or the account should be ready for the down trade because it's normal in a trade.

That's why I don't like people who say crypto trading looks easy; advice or tips are not enough for a trader to ensure a profit or a good trade; the execution should have a high chance of winning, but there is no perfect trade, so sometimes a loss trade is inevitable.

Those people that say it is easy do not know what they are talking about, in theory it seems easy, since you only need to buy when the price is low and sell it when it is high, so how hard it can be? But it turns out that it is exceptionally difficult, it seems easy because people look at the past and they can clearly watch where the top and the bottom was, but when you are trading for real you have no way to know that information, and you can only use TA to more or less guess where those levels could be.

Assface16678

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Quote from: AakZaki on January 01, 2024, 04:21:25 PM

Quote from: Nrcewker on January 01, 2024, 12:20:57 PM

Definitely these tips will only help you to prepare for trading. They will make your fundamental strong about the market and the coin which you are trading. These tips can really work well if you take them seriously. But when you trade these tips doesn’t directly apply on it, but as you have known about this so subconsciously it will help you to trade better.
At last risk management should always be kept at top priority. Trade only that amount which you can afford to lose. Don’t invest your life savings in trading. Trading isn’t easy money.

Trading also provides a higher level of stress, especially day trading or fast trading. It is full of risks and of course requires good risk management and the right strategy. It's not easy to trade like the theory someone explained. it has to do with mentality, psychology and how to manage trades properly.

True, that's why having a strong mental health or solid mindset is very important for a trader because every trade can provide anxiety to a trader. Even an experienced trader will often feel the anxiety of losing the trade, whether it is a fast trade, a short-term trade, or a long-term trade. In fact, it's more risky for a trade that is short-term because of the volatility of the bitcoin market, but in a long-term trade, it's more complex because a trader should do a series of analyses with a little margin of loss, or the account should be ready for the down trade because it's normal in a trade.

That's why I don't like people who say crypto trading looks easy; advice or tips are not enough for a trader to ensure a profit or a good trade; the execution should have a high chance of winning, but there is no perfect trade, so sometimes a loss trade is inevitable.

hugeblack

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Quote from: bitgolden on January 02, 2024, 12:19:53 AM

If you are ready for both up and down, that means you are going to be fine, even if you pick the wrong side, you could always get out without having too much loss and that should always be the most important part.

In other words, base your plan on the worst scenario, which is the expected bottom, since no matter how bad the circumstances are, it is unlikely that we will return again to the point of 15.6k, and it is unlikely that we will be less than 60k in the coming years, so base your calculations on the amount of Bitcoin being 60k and any up values is profits.

bitgolden

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Quote from: Nrcewker on January 01, 2024, 12:20:57 PM

Quote from: Husires on December 30, 2023, 04:21:52 AM

These tips are suitable for the stage before trading or how you prepare to enter into trading, but once you start trading, you must know when to buy and when to sell and whether your fears are normal or do they come from a feeling of FOMO.
Risk management requires that there be a difference between trading and investing, as advice suitable for trading may not be suitable for investment and vice versa.

Definitely these tips will only help you to prepare for trading. They will make your fundamental strong about the market and the coin which you are trading. These tips can really work well if you take them seriously. But when you trade these tips doesn’t directly apply on it, but as you have known about this so subconsciously it will help you to trade better.
At last risk management should always be kept at top priority. Trade only that amount which you can afford to lose. Don’t invest your life savings in trading. Trading isn’t easy money.

They are definitely all great, but I agree that they are great for when you are about to start, not for later on. I understand that some people do forget these later on as well and those people should read this p every single day until they memorize it, but that's just how it is.

I believe that the best thing to do would be making sure that people be ready for anything, bitcoin could go down or up, you are not sure what will happen, so when you are making a move, always be ready for anything that could change big things. If you are ready for both up and down, that means you are going to be fine, even if you pick the wrong side, you could always get out without having too much loss and that should always be the most important part.

Twentyonepaylots

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These things are fundamentals that every trader needs to know, but once you get to trading, say after a year you'll realize that you only need a few guides in trading. Personally I set this rules for me to follow every time I trade or planning to trade.

I have this 3 things on my note

1. Decide
2. Plan
3. Execute

Then I breakdown these things, make a broad illustration on how to get things done.

1. Decide - My first step is to decide. I'll check the market in general. If I'm skeptical, I won't touch the market ground. Know the trade strategy, Short or Long term.
2. Plan - Again, if I got skeptic after deciding and don't know how to plan the trade I want to make, I won't touch it. So planning is a bit long process for me, do a lot of reading and analysis and write stuff on my note coz I got a short term memory so I have to lol. I'll start writing things out including the key words for my self.
3. Execute - Some people may think that this is a quick process, just execute the plan, hell nah. The execution involves yourself, where the discipline and your character is vital.

AakZaki

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Quote from: Nrcewker on January 01, 2024, 12:20:57 PM

Definitely these tips will only help you to prepare for trading. They will make your fundamental strong about the market and the coin which you are trading. These tips can really work well if you take them seriously. But when you trade these tips doesn’t directly apply on it, but as you have known about this so subconsciously it will help you to trade better.
At last risk management should always be kept at top priority. Trade only that amount which you can afford to lose. Don’t invest your life savings in trading. Trading isn’t easy money.

Trading also provides a higher level of stress, especially day trading or fast trading. It is full of risks and of course requires good risk management and the right strategy. It's not easy to trade like the theory someone explained. it has to do with mentality, psychology and how to manage trades properly.

Nrcewker

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Quote from: Husires on December 30, 2023, 04:21:52 AM

These tips are suitable for the stage before trading or how you prepare to enter into trading, but once you start trading, you must know when to buy and when to sell and whether your fears are normal or do they come from a feeling of FOMO.
Risk management requires that there be a difference between trading and investing, as advice suitable for trading may not be suitable for investment and vice versa.

Definitely these tips will only help you to prepare for trading. They will make your fundamental strong about the market and the coin which you are trading. These tips can really work well if you take them seriously. But when you trade these tips doesn’t directly apply on it, but as you have known about this so subconsciously it will help you to trade better.
At last risk management should always be kept at top priority. Trade only that amount which you can afford to lose. Don’t invest your life savings in trading. Trading isn’t easy money.

hugeblack

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Unless you are a professional and know why you want to trade, most likely, no matter how profitable your trading is, your investment in Bitcoin will continue to decrease. It is true that some currencies, especially bump/dump coins, achieve good profits in the short term, but their value soon decreases against USD, so trading is not a way to make a quick profit or for those who don't know what they're doing.

slaman29

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Quote from: john1010 on December 31, 2023, 06:46:32 AM

Quote from: slaman29 on December 30, 2023, 04:33:46 AM

Jesus Christ I was at least expecting something new. Sorry but Master Trading or whatever is not attainable from tips lol.

Hi, thank you for your honest feedback. I appreciate that you have a different perspective on trading and I respect your experience and skills. I’m sorry that my tips didn’t meet your expectations, but I hope you understand that they are not meant to be a comprehensive guide to master trading. They are just some basic principles that I have learned from my own journey and I wanted to share them with others who might find them helpful.

I agree with you that trading requires hard work, discipline, and skill at analysis without bias. I’m always eager to learn new things and improve my trading performance. That’s why I created this thread, to exchange ideas and insights with other traders. I would love to hear more about your strategies and tips, and maybe we can learn from each other.

Happy New Year!

I have the same perspective actually, as all serious traders (except I'm not a trader, but I used to be). I'm just being upfront about it.

I'm less worried about you meeting 'my expectations' but more worried about the misleading posts in trading to newbies. I really hate that majority of 'advice' on youtube or even here trick people into thinking they can be good traders when really if you want to educate people, tell them the cold facts, tell them they will likely lose money. Say that they will probably never master trading.

Your tips are as I said basic ground rules. It's not unique to your journey.

Here's my tip that's a real tip from my trading journey almost no socalled Master Trader will never tell you because they don't want you to know how bad they really are. I'm not sarcastic this time

Get a buddy system. Another trader who knows your trades. If ever you like doing something risky? Like moving stop loss or going 100x leverage? Make sure you confirm with buddy. It's not his money, so he has no greed. He will stop you 9 out of 10 times from doing dumb things.

john1010

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Quote from: slaman29 on December 30, 2023, 04:33:46 AM

Jesus Christ I was at least expecting something new. Sorry but Master Trading or whatever is not attainable from tips lol.

It's less to do with common sense basic rules of trading which is what you're saying OP. Master trading actually means hard work, discipline and skill at analysis without bias.

Here's a Master Tip from me on how to be a regular trader. Don't waste time reading tips, put in the hard work.

Hi, thank you for your honest feedback. I appreciate that you have a different perspective on trading and I respect your experience and skills. I’m sorry that my tips didn’t meet your expectations, but I hope you understand that they are not meant to be a comprehensive guide to master trading. They are just some basic principles that I have learned from my own journey and I wanted to share them with others who might find them helpful.

I agree with you that trading requires hard work, discipline, and skill at analysis without bias. I’m always eager to learn new things and improve my trading performance. That’s why I created this thread, to exchange ideas and insights with other traders. I would love to hear more about your strategies and tips, and maybe we can learn from each other.

Happy New Year!

slaman29

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Quote from: sheenshane on December 30, 2023, 09:06:04 AM

Quote from: slaman29 on December 30, 2023, 04:33:46 AM

Jesus Christ I was at least expecting something new. Sorry but Master Trading or whatever is not attainable from tips lol.

I tend to agree, I didn't see something new in those tips, besides, it has been discussed here so many times.

But for me, the most important is the stop-loss, when to enter or exit a trade and have a plan or stick to the plan.
By doing this you can manage and minimize possible losses that you may encounter.

It's not even a tip though. I said in my post. These are basic ground rules for trading. Prerequisites. If you go into a shop and preorder stuff, you must know the price you're willing to buy right?

It's like saying, tip to live longer when driving, wear your seat belt. It's not a tip lol. It's a rule that guarantees you bad stuff if you don't follow.

boyptc

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Those are not simple tips. They sound simple upon reading it but when it's about the actuality of it, that's not how it goes.

It's like different encounters that we have when we trade but someone who's willing to go for miles and become a great trader someday, it's going to take a lot of time.

But it's a good guide at all but we mostly see the same tips from other sources that also like to help and guide aspiring traders.

Topic: Master the Art of Crypto Trading with These 5 Simple Tips (Read 235 times)