My trading constitution. - page 2. | Bitcointalksearch.org

wxa7115

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Quote from: Wiwo on June 16, 2023, 07:43:16 PM

Quote from: Kara3 on May 07, 2023, 06:51:15 AM

Trading is 90% psychology, but

- you can't build confidence without a profitable system.

- you can't have consistent gain without a profitable system.

- you can't be disciplined without a profitable system.

- you can't win without a profitable trading system.

Trading gives you money, in order to protect your money risk management is paramount.

What do you mean by profitable systems, I hope you don't mind giving further explanation to that since it seems you have been mentioning it over and over again and if you don't give further clearance to what you mean it becomes obvious that you may not get the right replies for this thread.

At some point, I thought what you mean by a profitable system is a workable trading mechanism or skills that give constant profits.

A trading strategy or trading system is nothing more than a series of steps a trader follows which according to them and their backtesting will on average give them profits.

However a trading system is not everything, because if it was then becoming a winning trader would be as easy as just finding those steps and follow them no matter what, but there are many traders out there with solid strategies that still lose money even with such system, so we need to find another way to explain the failure of those traders other than blaming their strategy.

Wiwo

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Quote from: Kara3 on May 07, 2023, 06:51:15 AM

Trading is 90% psychology, but

- you can't build confidence without a profitable system.

- you can't have consistent gain without a profitable system.

- you can't be disciplined without a profitable system.

- you can't win without a profitable trading system.

Trading gives you money, in order to protect your money risk management is paramount.

What do you mean by profitable systems, I hope you don't mind giving further explanation to that since it seems you have been mentioning it over and over again and if you don't give further clearance to what you mean it becomes obvious that you may not get the right replies for this thread.

At some point, I thought what you mean by a profitable system is a workable trading mechanism or skills that give constant profits.

Fivestar4everMVP

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OK, so everything falls back to having a profitable system..
Would have been much easier if you had told us what a profitable system mean to you, as I personally understand that this system could mean different things for different folks.

For some., a profitable system could me a bank/cryptocurrency exchange, for those trading Forex, it could be the broker, or maybe the financial market itself, or generally, it could mean the government and their economic development and policies, or it could mean the economic world at large.

So, what exactly do you mean by profitable system?
If you don't mind me asking of course.

Jatiluhung

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Quote from: cryptodude on June 14, 2023, 12:50:20 PM

I have established my own trading constitution as a guide for my investment efforts. I am committed to a long term perspective, discipline, knowledge and approach to other financial markets. I thoroughly research and analyze fundamentals and technicals before investing in anything. Moreover, prioritizing risk management and following a specific strategy aimed at consistent growth rather than quick profits. I am committed to learning from both success and failure. I pledge to strive for financial success by upholding the trading constitution through patience, resilience and ethical practice.

I like your basic principles or Constitution of trading/investing and everything makes more sense and what you have to say shows that you have quite a lot of insight and experience in trading and investing. Because basically everything has to start with a careful analysis of the various aspects of the approach that we are reaching out to. Be it from a fundamental or technical point of view. After we analyze, we know where the right entry point is and start planning everything from risk management and so on. then carry out the plan and stick to the trading plan that we have made. and all of that requires patience both in analysis and in execution and of course if it's for the long term then we also have to be more patient waiting until the profit or time we plan is reached.

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I have established my own trading constitution as a guide for my investment efforts. I am committed to a long term perspective, discipline, knowledge and approach to other financial markets. I thoroughly research and analyze fundamentals and technicals before investing in anything. Moreover, prioritizing risk management and following a specific strategy aimed at consistent growth rather than quick profits. I am committed to learning from both success and failure. I pledge to strive for financial success by upholding the trading constitution through patience, resilience and ethical practice.

tygeade

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Quote from: Kara3 on May 07, 2023, 06:51:15 AM

Trading is 90% psychology, but

- you can't build confidence without a profitable system.

- you can't have consistent gain without a profitable system.

- you can't be disciplined without a profitable system.

- you can't win without a profitable trading system.

Trading gives you money, in order to to protect your money risk management is paramount.

Hey OP, basically you said nothing at all, and everyone talked about it for four pages, and I am not any different considering I am currently writing this here as well. I mean "you need profitable system" is not really a great investing strategy if you ask me, there is nothing wild about that and should be considered as normal as it gets.

I get it, I mean sure there is something more at play here as in you need to focus and learn more about build a strategy that will yield you better return but is that really so hard to figure out on your own? It's such a normal thing to say like you should eat so you do not starve, did anyone really needed this at all? And since it's so simple, why did people wrote here for 4 pages long, sometimes humanity shocks me.

wxa7115

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Quote from: petulino on June 05, 2023, 06:52:53 AM

Quote from: Patrol69 on May 25, 2023, 10:28:48 AM

Trading does not depend on psychology. Gaining profit or loss from trading depends entirely on the experience of the traders. One person has enough knowledge about trading and understands the charts and when trading is likely to be profitable, and another person who has no knowledge or experience in trading trades based on guesswork. Whose money is at risk here? There will be and chances of a person making profit is definitely the first person because the first person is not making a trading decision depending on his own luck, he is using his experience and having an idea about trading and then trading. So trading is never dependent on psychology.

Totally agree with you that trading depends on how much you know about trading. Trading is not just a name for speculation but it requires complete skill and experience. People who have experience and have complete knowledge about the market are generally considered to be successful traders.

It is very important to keep aware of market fluctuations or any coin's support and resistance levels and surrounding news. My own experience is that if you just guess trading without thorough analysis, you will always face losses. An experienced trader's profit rate is always the best.

Knowledge and skill is not enough, they are key but you still need more than that, but what else you may need to become a good trader? And in my opinion the ability to perform under pressure is critical.

A clear example of this happens on sports, there are players which have fantastic skills but when the time comes in which everything is on the line and they have to perform to the best of their abilities they fail at the critical moment, while there are players which have the same level of skill but when faced with such a difficult situation they find a way to win, trading is similar, if you cannot make the right move just when you need it the most then your trading journey will be incredibly hard.

phantailaptopbl

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Quote from: Games.Bitcoin on June 05, 2023, 12:16:30 PM

My trading constitution serves as the guiding principles that govern my approach to the dynamic world of trading. It embodies discipline, patience, and a comprehensive understanding of the markets. I vow to conduct thorough research and analysis before making any investment decisions, ensuring that I am well-informed and equipped to navigate the inherent risks. I commit to managing my emotions, embracing rationality, and avoiding impulsive actions that could jeopardize my long-term success. I will adhere to a well-defined risk management strategy, limiting my exposure and preserving capital. By maintaining unwavering dedication, continuous learning, and adaptability, I aim to achieve consistent profitability and financial growth while upholding the highest ethical standards.

Trading constitution is most importance to develop trading and avoiding impulsive actions that could jeopardize my long-term success. I will adhere to a well-defined risk management strategy, limiting my exposure and preserving capital. so they feel very confident thinking that trading is easy, so this is actually the beginning of their downfall. When we want to give a job interview, if we express our emotions without expressing our experience there.

Games.Bitcoin

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My trading constitution serves as the guiding principles that govern my approach to the dynamic world of trading. It embodies discipline, patience, and a comprehensive understanding of the markets. I vow to conduct thorough research and analysis before making any investment decisions, ensuring that I am well-informed and equipped to navigate the inherent risks. I commit to managing my emotions, embracing rationality, and avoiding impulsive actions that could jeopardize my long-term success. I will adhere to a well-defined risk management strategy, limiting my exposure and preserving capital. By maintaining unwavering dedication, continuous learning, and adaptability, I aim to achieve consistent profitability and financial growth while upholding the highest ethical standards.

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Quote from: Patrol69 on May 25, 2023, 10:28:48 AM

Trading does not depend on psychology. Gaining profit or loss from trading depends entirely on the experience of the traders. One person has enough knowledge about trading and understands the charts and when trading is likely to be profitable, and another person who has no knowledge or experience in trading trades based on guesswork. Whose money is at risk here? There will be and chances of a person making profit is definitely the first person because the first person is not making a trading decision depending on his own luck, he is using his experience and having an idea about trading and then trading. So trading is never dependent on psychology.

Totally agree with you that trading depends on how much you know about trading. Trading is not just a name for speculation but it requires complete skill and experience. People who have experience and have complete knowledge about the market are generally considered to be successful traders.

It is very important to keep aware of market fluctuations or any coin's support and resistance levels and surrounding news. My own experience is that if you just guess trading without thorough analysis, you will always face losses. An experienced trader's profit rate is always the best.

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Quote from: wxa7115 on June 05, 2023, 02:08:27 AM

Quote from: shivansps on May 30, 2023, 04:19:08 AM

I liked this thought and i'd like to add that:
The longer you trade, the higher your confidence
How do you deal with your mistakes and what happens with them?
It is important to remember that trading is not a sprint, a marathon and loss is a neccesary part of it.
Seeing other people trade and trading by yourself are two different things.

90 percent includes very subjective.
Why not 91 or 60?)
But I agree that trading is a very emotional thing and a lot depends on psychology

Confidence should be tied to our competence, a trader with years of experience and good results on this market has all the right to be confident as they know they have the skills to back that confidence.

But many newbies have all the confidence on the world about the potential they have to obtain a good performance, but that confidence is completely out of place as they do not have the skills to justify it, and when the market proves them wrong they still have the nerve to think the market is wrong and they should become profitable given enough time, a mistake as they are not willing to change their ways and improve due to their overconfidence.

a trader must have self-confidence, but excessive self-confidence will actually be a weapon that strikes back at us. what usually happens is that beginners trade at first and make profits according to their thinking. so they feel very confident thinking that trading is easy, so this is actually the beginning of their downfall. because at any time a trader must continue to study the market, but people who do not have confidence are also not good, because there will be many doubts in deciding something

wxa7115

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Quote from: shivansps on May 30, 2023, 04:19:08 AM

I liked this thought and i'd like to add that:
The longer you trade, the higher your confidence
How do you deal with your mistakes and what happens with them?
It is important to remember that trading is not a sprint, a marathon and loss is a neccesary part of it.
Seeing other people trade and trading by yourself are two different things.

90 percent includes very subjective.
Why not 91 or 60?)
But I agree that trading is a very emotional thing and a lot depends on psychology

Confidence should be tied to our competence, a trader with years of experience and good results on this market has all the right to be confident as they know they have the skills to back that confidence.

But many newbies have all the confidence on the world about the potential they have to obtain a good performance, but that confidence is completely out of place as they do not have the skills to justify it, and when the market proves them wrong they still have the nerve to think the market is wrong and they should become profitable given enough time, a mistake as they are not willing to change their ways and improve due to their overconfidence.

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I liked this thought and i'd like to add that:
The longer you trade, the higher your confidence
How do you deal with your mistakes and what happens with them?
It is important to remember that trading is not a sprint, a marathon and loss is a neccesary part of it.
Seeing other people trade and trading by yourself are two different things.

90 percent includes very subjective.
Why not 91 or 60?)
But I agree that trading is a very emotional thing and a lot depends on psychology

wxa7115

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Quote from: goaldigger on May 27, 2023, 05:39:11 PM

We always learn from this mistakes though its a costly mistake but at least, you have something to correct and push yourself to be more better. Trading requires experience and right knowledge, you have to learn this slowly and don’t ever rush yourself to become a profitable trader because it takes time. I agree that trading is more about your emotion so make sure that you take your time mastering that emotion and start trading with the best strategy.

In theory we should learn from our mistakes, but how many times you have seen a person that seems to make the same mistakes over and over again? This is a very common occurrence, and as you may guess this happens to traders as well.

Basically instead of accepting the mistakes they made and learn from them they get convinced that specific circumstances were the main reason their trades got derailed, so they keep performing the same strategy hoping for things to change this time around, a thing that as you may guess it does not happen.

Jatiluhung

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Quote from: ?? on ??

Trading requires a good understanding of its fundamentals. Many people struggle financially in trading because they expect quick and easy profits. However, trading involves both risks and opportunities. It's important to know the market conditions, timing, and be aware of the potential drawbacks. While some may make it sound easy, trading requires knowledge and effort. It's crucial to approach trading with realistic expectations and be willing to learn and adapt.

Expecting too high, namely wanting big profits in a short time, is also always the initial trigger for a trader to fall into a loss. Because psychologically and mentally he has started from the wrong emotions. You are right. we have to be more realistic in trading. be it in the hope of profit or in learning the trade itself. Don't be in a hurry and do it slowly and carefully. As you said we must understand the fundamentals, market conditions and monitor and analyze when is the best time to enter and when is the best time to exit. It's just that very few choose to learn more before entering into trading. because most beginners are in a hurry to start trading even though they don't have sufficient insight into trading analysis. They would rather hope for luck than for in-depth analysis.

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Quote from: IvugeoEvolutionCoin on May 24, 2023, 10:24:58 PM

Quote from: Dessy88 on May 14, 2023, 01:57:39 PM

For trade profits management we should need more experience with full heart risk confidence. Otherwise we Couldn't make any profits from trade. When i loss 200$ something of trade then i will put stop because less money in my pocket. But if you have money then trade best option for making daily profitable.

I have often made a lot of profit by trading. But sometimes I have lost a lot of money due to my own mistakes. But we have to think about one thing to trade. I should never be disappointed. I have seen that there are some people who never make a profit by trading. Rather, they lose their money because of their own mistakes. I have seen some people who trade and now own a lot of money.

We always learn from this mistakes though its a costly mistake but at least, you have something to correct and push yourself to be more better. Trading requires experience and right knowledge, you have to learn this slowly and don’t ever rush yourself to become a profitable trader because it takes time. I agree that trading is more about your emotion so make sure that you take your time mastering that emotion and start trading with the best strategy.

tjtonmoy

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Quote from: Kara3 on May 07, 2023, 06:51:15 AM

Trading gives you money, in order to to protect your money risk management is paramount.

How are you going to manage the risks when you only talk about profits? Profits and losses are both a part of the trading system. You need to have experience in both in order to learn the whole system. What are losses? Mistakes? Miscalculations? Emotions? Whatever it is, if that happens, we need to learn from it. And how can you only focus on profits while even the pros are making loss now and then?
We need to experience both and then create a mindset which will not get effected by such things. This will give us the best advantage in trading because only then we can control our emotions.

Litzki1990

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Quote from: ethereumhunter on May 11, 2023, 09:01:28 AM

It is very difficult to control emotions when trading but that is what we must do to succeed. Money risk management is needed in this case so that we don't exceed our set limits. And we also won't use all our capital to go all-in because the movement is good. And as long as we can deal with the emotions that can come up suddenly, we won't be affected by what's happening in the market so we can trade well. But all of that takes time to have good self-control in trading.

What is the role of emotion in trading? We are here to make money by trading, if we are emotional then we can never make money. When we want to give a job interview, if we express our emotions without expressing our experience there, we will never get the job in that interview board. The organization will give us a job after seeing our skills and talent. If we get emotional and say that I need the job very much or I will benefit a lot if we get this job, we will never get a job. Same is the case with trading here we have to express our skills. If we focus on emotions instead of skills, we are more likely to lose money than make money.

death69

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Quote from: darewaller on May 27, 2023, 07:42:19 AM

Quote from: ?? on ??

Trading requires a good understanding of its fundamentals. Many people struggle financially in trading because they expect quick and easy profits. However, trading involves both risks and opportunities. It's important to know the market conditions, timing, and be aware of the potential drawbacks. While some may make it sound easy, trading requires knowledge and effort. It's crucial to approach trading with realistic expectations and be willing to learn and adapt.

A proper understanding on how a thing work is needed if we are new to them. There are people who are already struggling financially. This is the reason why they want to learn trading because they see those videos online about trading where a trader can make huge profits. Trading is not easy but once we grasp it, it is now possible to make quick profits on it. A lot of things in the world has a concept of risk and reward.

It's only up to us if what earning sources we will choose. Knowing the market conditions is one of the recipes to get successful in trading. Of course there is timing too. It's also important to be realistic and act only according to our own capacity. Drawbacks are already there and bound to happen but we must not be afraid with them.

For sure, man! Trading is like a lock for which you need a master key, an elaborate grasp of its secrets. But hold up - it's beyond just predicting the dance of market figures, it's about wrestling with your own demons and your piggy bank. The knack for flowing with the currents of market changes, paramount, like solving a whodunit. But the bravery to stick with your stratagem, especially when the market turns into a roaring roller coaster, that's a different chapter. Are we syncing?

Consider this - even the best in the trading biz occasionally slip on banana peels. The secret lies in coping with these speed bumps. The emotional IQ of trading often goes unnoticed, but it's as instrumental as the last piece in the Tetris of lucrative trading. Kind of like driving - knowing your vehicle's nuts and bolts is essential, but reading the hieroglyphics of the road and your rapid reactions are equally important.

So rather than treating trading as a magic potion to mend your financial turmoil, it might be more sensible to treat it as a craft, requiring both cognitive agility and emotional backbone.

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Quote from: ?? on ??

Trading requires a good understanding of its fundamentals. Many people struggle financially in trading because they expect quick and easy profits. However, trading involves both risks and opportunities. It's important to know the market conditions, timing, and be aware of the potential drawbacks. While some may make it sound easy, trading requires knowledge and effort. It's crucial to approach trading with realistic expectations and be willing to learn and adapt.

A proper understanding on how a thing work is needed if we are new to them. There are people who are already struggling financially. This is the reason why they want to learn trading because they see those videos online about trading where a trader can make huge profits. Trading is not easy but once we grasp it, it is now possible to make quick profits on it. A lot of things in the world has a concept of risk and reward.

It's only up to us if what earning sources we will choose. Knowing the market conditions is one of the recipes to get successful in trading. Of course there is timing too. It's also important to be realistic and act only according to our own capacity. Drawbacks are already there and bound to happen but we must not be afraid with them.

Topic: My trading constitution. - page 2. (Read 833 times)