Topic: PROFIT must not be top priority in trading, instead of LEARNING first. - page 5. (Read 652 times)

It's the first step.

Take it from those professional traders that they've been through several ups and downs before they've reached themselves into that peak of their trading career.

Learn in all aspects that you should as you trade like in experience, trial and errors, risk management, emotional management and as in almost everything.

I think the focus should be to make money only, but yes in a more systematic way. Keep your mentality like every winning trade is winning money but every losing trade is learning learned for the day. This mistake you will never repeat and this learning you will carry forward. Many traders even maintain a trading Journal for this purpose which contains all their recent trades and results of those trades and key takeaways they could fetch from each of those trades. Learning & skill enhancement is really never going to stop. Even after years of trading you will be learning a new thing every day because market will bring you new thing each and every day.

I certainly agree with this because based on my experience, our funds would be nothing no matter how big it is if we aren't knowledgeable about trading. We have to invest knowledge first so we'll be able to create the right decisions and we'll know how to deal with every market situation. Trading is a long process of learning but it's an edge because we couldn't gain the profit that we want if we lack knowledge.

Everything is uncertain when it comes to crypto trading so expecting to make consistent profits for a newbie may turns out to be his first frustration. To avoid that, its better to expect losses at first as trading is more detrimental for those who lacks knowledge on it. However, if you come into trading backed with knowledge and skills, that will be your edge among others. But even though, you are not excuse from losing in trading. In fact, losing is  inseparable from winning. And the more you put into practice the learnings you gained from your experiences, the bigger the chances to stay close to your goal, and that is to maximize your profits every time you trade.

I would guess that you need to be a bit good to get lucky, that's how I think about everything. If you work hard and get good at ANYTHING in life, when the opportunity comes then you will make a good amount of money as well.

However, if you are not good at it, then you can't even get lucky. Meaning; if you are great piano player but you are not at anywhere and not playing professionally or make any money, there is a chance you will never be playing or earning anywhere, but if you are great and then someone asks you to replace someone and then play, and everyone loves it, then you could get very big or maybe not. That's the hard work meeting opportunity, looking like luck to people "oh their player got sick, and he replaced him one day and got lucky" but he was ready.

If you didn't know how to play piano, then you would never have that chance to begin with. Same with trading, if you worked hard learning but never traded properly, then one day you will get "lucky" by doing what you should.

In trading, the desire to make a profit makes a common motivation for all of us, be it noobs or legend traders. But always know that it does not happen in an instant. Everything comes with a proven and effective process. And that process involves learning that begins with educating oneself on the basics in trading, and eventually comes up with good strategies that will be your potentials in attaining success in trading. And once you already have that knowledge, enhanced skill and useful strategies in trading, then let's put it into practice. With experience, along with losses and gains, comes your mastery and expertise in trading, that later on will pave way to your sustainable profits in trading.

If they already have an ability to trade then they are not called beginners anymore but beginners are someone that are completely new to this activity. You said a newbie trader can earn a profit because of luck? but later on you also said that they made it because they are good at? That's a bit confusing but I think the first one is more correct.

There is what we called a beginners luck and it did happen because I also experience this not only in trading but also in gambling and other activities where money is involved. You don't need to pay money to have an experience but we have tools scattered around the web that are free to use. One example is demo trading.

It depends on how long the trader has been trading. I think money is a motivating factor if you an old trader. Yes a newbie should be focusing on strategy and knowledge first but an older trader gets worked up if no profit is coming in. It all depends on the situation but I think a newbie should always be focusing on how to get it better so when he becomes old trader, it becomes easy to get the profit. Learning at the right time is better than chasing profit while still a newbie.

This should be the one which need to look for by new people who want to engage with trading since if they just go there counting their possible profit without even thinking on what they are doing then maybe we will see then got burn on the market unpredictable volatility. That's why at earliest stage they should look at the experience of others and learn how the technicalities of trading since for this for sure they can learn something which they can use when they are ready to trade.

Yes, and these newbies have no idea what this trading means. Most of them has been influenced by social media, many promotional ads mentioning good and high return upon trading, and these newbies take the bait.

I think this is the time to stop believing of what we saw online as these people never know exactly how trading works. And I think we need to help these newbies realize the risk in trading without backup knowledge coz it is certainly different if we have these things and the result too opposite.

Profit is the ultimate goal of trading but don't expect the goal become true when you just kick started it, it takes a lot fo time, patience and loss to become successful trader. There is nothing wrong with focusing on profits but you can't actually make it unless you know what should do and how it should be done according to the situation.

OP, in my opinion, they should be BOTH your priorities. Plus use all the tools available to you to help make you become more logical, and less emotional. Before my Bitcoin only HODLing investment, this tool was suggested to me by a close friend, https://pandaanalytics.com/index

It might help some of you.

Not all beginner traders have such an understanding, many of them enter the trade because they want to get a earner both as the main and additional so they only focus on making money and money.
Trading is not like a job in a company if it has been accepted to work if making mistakes will still get salary, while trading if you make a mistake then it will lose money that is more important to have the right mindset to be able to survive in the world of trading, lift up the knowledge is important things.

In the first place if you don't have the exact knowledge about the market and which coins to invest in then don't need to take the risk and have an idea about it or say learn some basics to enter the real trading.But if you wish to have practical experience then start with small amounts and with time knowledge will increase as you learn different approaches of market and how to make buy/sell orders you can substantially increase the amount of trading.But you are right on the part that if you have knowledge then only profits could be made so be sure to go through the first one.

Yhup i agree on your thread title because without knowledge you cannot make profits in trading and you will end up losses instead..

Knowledge= success

so we need to make it as a priority to become successful in trading, just don't rush the situation and be aggressive always to learn more stuff about trading because there's no a short cut to become profitable trader.  
All of us need to follow the same path to have a better future in trading so be patient.

When you arent that patient on learning first and trying to hurry things up then you are just simply gambling and this isnt a recommendable kind of trading behavior on which you should do
when you do make out some trades.Try to familiarize everything and dont tend to rush things up when making trading positions.Dont hurry for profits because it would normally comes out
if you have done it correctly specially on making out buying and selling decisions although it wont be that easy and this is where we do really need to learn up first.

That's why I said repeatedly to anyone especially if you're new to trading, practice is very important in trading and it's considered for me as the best teacher.  So the more experienced that you have, there's a financial involved and certainly, need money for the capital.

Learning is very important but you can bypass losses if you only want to practice in trading, try different exchanges that have a free demo feature, in that case, it will improve your skills and knowledge without too many losses.  I tend to agree with the OP, it shouldn't talk profit when we are in trading.

However, trading needs luck sometimes and IMO there's no successful trader that can make a profit daily without experiencing losses.

Indeed, How can someone get many profits if they have no knowledge of trading?
That's only luck
And luck, will not be with us every time and every moment. I don't believe that every single second of someone's life will be always full of luck. That is why this seems to be gambling not trading if we have no at least the basic knowledge. Even gambling itself will also need some knowledge, won't it?  
We often read the thread and also comment on her in this forum that we must always have a willingness to learn, to obtain more knowledge. Knowledge is not only about the theory of trading itself, or about the cryptocurrency itself, but also any kind of knowledge that will be very helpful for trading. It will involve the knowledge and ability for management of risk and funds, knowledge of psychology and mental (emotion), and also others.
By learning, we can at least acquire the basic knowledge that will be our foundation of trading. Further, we can learn by doing, by evaluating our strategy and result of trading itself. No one is successful quickly and instantly in trading.
In this case, getting profit is also important, everyone here will always expect to get profits when trading, none will expect to always get lost, of course. But everything will not be instant and need process, one of the processes and things to have is the knowledge itself.

If you are here for immediate profits, i guess you're supposed to be in gambling rather than trading. Because in trading, you need extra efforts and  the right attitude to be able to sustain yourself and not to see yourself often losing. Trading is more on mastery and expertise, and you need to start with the basics of learning and inculcate it to yourself that there is no easy way to make profits but to learn it first on how to prevent losses. And when you see yourself already build up, that will be the start to seize every trading opportunities to make you more successful and profitable.  

I agree.

In the beginning, you have to gain what's necessary and that's knowledge and plan. A trader that doesn't have any plan and knowledge despite having the budget to trade, it's still going to be ending in a losing streak.

Learning and then earning will be next to it.

If, you gain what you have to gain and acquires knowledge relatively for trading.