Topic: Question for bitcoin traders !!! (Read 513 times)

After I tried to read your answers one by one in the thread, then I can conclude that traders do not need to always think about the price so that it can make his mind confused. It is also not always not to panic when the price become a dump while we expect a profit from the investment. I've gotten a few post that I find useful enough for a trader to consider keeping his mindset in trading to send him merit. Maybe we can teach the best to others, while we ourselves are quite difficult to handle on our own. So thanks to everyone who has provided the best information and advice.

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Lost profits will always be calculated when selling at prices that are not on target. But it is better to reduce profits than losses. Psychology will be very played when prices fluctuate.
The most important thing is to stay profitable and satisfied with the profits. Do it repeatedly even though the profit is small.

and it will be even simpler, only one answer is "just live it as it is, when you try and it doesn't match your expectations, then come back to realize the level of ability you have" all experience ups and downs, indeed and lose, loss and gain. run in its cycle, and let it flow like water.
if you compare Chow-yun-fat philosophical thinking, then I think the perfect match is the TAO point of view.

The psychology of most people is similar, so if you did not sell your coins at a high price, you will always remember the lost profit that you lost. Obviously, when a trader becomes more experienced and responds to market changes in time, he will not make such mistakes that lead to a decrease in the deposit.

Firstly those people who tend to check prices every few seconds, should stop trading because it is not for them, simply put.

Secondly, there are a few steps one can take to both prevent and approach such situations.

Preventive measures are :
1. Not putting all your money into crypto. Keep dividing your investments into fiat markets and crypto markets. That way when one falls you can still rely on the other to be able to be in profit.
2. Understand the concept and bull and bear cycles and accept them as part of the game.
3. Crypto is a wild west, unregulated by anybody. So it will swing like crazy over time. Stop putting in altcoins.

How to approach seeing a low price?
Simple, dont see it. You can either have bought at all time high or sold at low - either of which will lead to despair. If you have not done either, then you dont have anything to worry about. What this means is that for hodlers prices swings dont matter much. For newbies who are FOMO into price, they will suffer more.

I always advise a few things to newbie traders or traders who are unable to find the right path in their trading. Actually, the truth is that most of the traders are directionless they don't know why are they in the market. The simple answer of "making money" isn't really a valid answer. What you should actually have with you is a plan. A plan on how will you grow your wealth in trading and how much you want to grow it? The moment you set your expectation from the market and then you start to trade you will know that what is the peace point for you. Just make that much and let the market burn or fly to peak you don't care. This is the only way to be peaceful in trading. Also, be ready to take a loss too and define this loss percentage too. Just like any other business this business too, comes with certain inherent risks. Accept the risk and be ready to face a loss.

1. Make sure you define what you are ready to lose which will not disturb your mental peace.
2. Make sure you know how much is the maximum you want to earn, Remember there is no endpoint to your greed so set a realistic expectation.
3. Get out of the market for a certain period immediately after you either make it or lose it.

These are secret mantras that can help anyone stay peaceful along with trading too. Also if someone is still holding a position from 47% ATH until now, he isn't really a trader he is just a person who thought he is a trader but now he is a long-term investor.

You should definitely try to relax more often because crypto would cause you to have health problems if you keep this up, normally I would not suggest something like this to people but the reality is that bitcoin is not something that you should do as a life style, not for anyone, it is not a life style it is a currency, nobody goes checks their dollar constantly unless they are scrooge mcduck and I would advise the same for bitcoin as well. Just focus on what you can do and that is going to be enough.

I personally believe that the best way to handle this would be to gain a hobby, if you have a hobby then you could make a profit from crypto while also keeping your sanity as well. Also in order to stop looking at it, just buy and hold and do nothing else, it would allow you to gain profit in the long term anyway and you wouldn't have to worry about it.

This is one of the main reasons, why emotion should be separated in trading. In trading, One must leave this emotion behind and use only the available information gathered.

And to disagree about "if we want a peace of mind we need to live simple", We deserve everything good in our life. Why would you limit your opportunity by not sticking with the principle of having peace of mind, especially that you are talking about Cryptos? That's why you have to engage in the crypto world in the first place, to have another source of Income.

Next point, Having a lesser source to get an income. I find this funny to be honest, A lesser income but stable? At this point in time, the fact that cost of living is much higher than usual. Why would you settle for less? Nothing is stable right now, and that's a fact. We are in a time of uncertainty, in which we might lose everything the next day. Isn't that much for a piece of mind?

If you are into money and opportunity one must take it seriously or much better smartly. Last, Crypto isn't that easy as plug and play.

For traders that'll be very difficult since it'll be very difficult to stay off the monitor but maybe this might help. Understanding that the market works in phase would help reduce the burden knowing fully well that the market won't stay long forever. It'll surely bounce back one day and turn your losses into profit.

Now if your trades are in losses and provided you tried trading some genuine like Bitcoin and not the worthless shitcoin out there then you can turn your intended trade into and investment and hold until your coins untill the market picks up the bullish momentum back.

Don't be in a rush to sell, which is why if you're picking coins to trade, stay off the hyped projects and trade project that if things don't go your way you can end up holding the coins instead of quickly selling at loss in order not to loss all your invested capital.

Forex trading and bitcoin trading will not be the same but maybe some forex trading indicator can be applied to bitcoin trading but I do not know which one. If you are interested in bitcoin trading, maybe searching for a bitcoin trading lesson will help you understand that. The more you can learn about bitcoin trading, the more you will have a chance to make a profit. But it is not easy to learn bitcoin trading as you need to spend some time to learn and experience that you will get from every trading that you do.

If you want to be a bitcoin trader then adapt the behaviour of bitcoin, don't simply learn about trading like stocks and forex then enter into the cryptocurrency trading because both are completely different level of volatilness. The goal is to make money but you can't keep making no matter how good your analyzing skill is...

I think that will be the last option, because if we can still manage to hold for a while much better than doing stop loss.

We can't really hide our fear and we can feel it naturally. But, we should consider the situation where the market is not stable and probably we know that already since from the start. It was not the market will do the favor for us but instead, we are the ones to make some adjustments just to cope up with the tragic changes.

I do this every time as long as I am awake especially when the price moves in thousands of dollars.
I can't let go of my eyes just looking at the monitor and most of the time it stresses my eyes where it blinks without my control.

Maybe it's some type of small panic. I am nervous that the market won't go as I want it or predicted to happen and afraid I might lose more than just my expectation. You can't stop it or let's say it will not be easy, for the volatility will stay.
What I do, try to get out of my house in just one moment, breathe some good air and relax. I mean, there is really nothing you can do with a market that no one can control.

I will say that I'm still good, sometimes I lose, and sometimes I'm in profit. But to tell you guys, you better check altcoins as base on my experience, they are more profitable than having Bitcoin for trade. Maybe, I encourage you not to focus only on Bitcoin alone, we are not investing that needs assurance but we are in trading, short-term trading is the best option. Although choosing not known projects for a trade is risky, you will just notice that this gives you huge gains possible if you got lucky and I have that kind of experience.

I do not get why people think that all the traders or investors think about bitcoin all day every day. Hell my job revolves around crypto and yet I do not think about bitcoin in my daily life a second, I get that some people may, but I do not do it and I just ignore it completely. If you ask me what the price of bitcoin is at midnight today I will not be able to answer you correctly, I know it right now because my job requires it but that's it, as soon as my job is over I end up going back to what I always do and ignore crypto all together.

I am sure 90% of the people I know are like that as well, we all care during the work hours and we try to invest and do stuff etc but at the end of the day we just go back to our TV and watch some netflix and fall asleep, that is about it. I do not even want to cook for dinner most nights, just order something because I just want to relax, and crypto is not relaxing me so I just ignore it completely.

People who usually trade tend to know market behavior and with time and experience this panic goes away. Imagine trading bitcoin for the first time and price is everywhere,  chances are you will open and close several trades before you settle for something, so am disputing this that those that trade oftenly are panic traders.


Rested mind and calmness is very vital when it comes to trading agreed.
But am Not sure if this is a strategy being described above but the best is to find something that works, if you the type that works well with ICT trading stick to that...if you use indicators use that just don't apply everything at once..

If you are a trader I do not think this is something that you can truly do, traders live and die by the price of the assets they are trading, it is in their nature and I do not think this is ever going to change.

However if you are an investor you have a chance of doing this and probably the best way to do this is to have many other things in your life that you enjoy, if you have many hobbies that you like and family and friends that you enjoy being with then you can easily take off your mind from the markets and be able to resist the negative changes in the price without too much of a problem.

Either you have to get used to the condition which is the market is never going to be stable so we always have to ready to face the worse scenario when you wake up or you can implement strategies to minimize the losses for example if you don't want the Bitcoin price to fall below 10% then you can set stop loss then you may save lot of money from big losses or you will escape with minimal loss.

market volatility could make our emotion uncontrolled and some of them will be panic when looking all cryptocurrency price drop alot. In few years ago we have been saw this market cycle but we didnt prepare our self to face it. Price will recovery its highest and even create new one , but it take time  and we have to patient waiting this moment come.

^ This could what you have felt when you are always looking at the market price because you are always worried about the BTC price will drop.
You are always putting yourself into consciousness seeing the market was painted on a red color, that is why sooner or later you will think to sell your crypto-asset quickly. But after investing and you will forget for how many years, it could your profit was there, but probably you can do it since you will listen to the FUD.