Should trades be closed only when the market is bullish? - page 2.

gunhell16

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Quote from: Negotiation on March 21, 2024, 11:51:28 PM

A tendency arises among us. When the value of Bitcoin increases a lot, we start trading more. Which puts our trade management in jeopardy, during which most of the time people face loss.

What is your experience in this field?

It's just like this: if you don't want a headache, don't do day trading mo instead long term ang gawin mo, because you'll only get stressed for sure in the end. Especially if you don't have enough knowledge of crypto trading.

It's very difficult to keep up with traders who really know; they don't feel like you know a lot when, in reality, you don't have much.

Wind_FURY

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Quote from: wxa7115 on March 28, 2024, 01:31:13 AM

Quote from: Wind_FURY on March 27, 2024, 11:05:50 AM

For those who advice OP to actually take profit during bullish periods in a cycle, could you truly tell yourself that it has been more profitable for you compared than if you simply had a long term HODL strategy and hold your Bitcoins for more than one cycle? I believe less than 10% of people in BitcoinTalk could claim to be profitable by more than 50% against Bitcoin during every cycle. The rest of us are mere plebs.

Most traders cannot even beat the markets, what this means is that from the small group of traders that can obtain profits by speculating with the price, most of them cannot obtain more money than what they could have obtained by simply holding their assets long term.

That's the actual point. What would be the use of going through the stress, the anxiety, and the mental insanity, if a pleb could only profit less than 10% if he/she denominated his/her capital in Bitcoin? ¯\_(ツ)_/¯

In many situations, plebs like us may profit in fiat, but actually lost units in Bitcoin = he/she is still a loser.

Quote

So those thinking about taking profits should be very careful, since if they do so and then the market keeps going up, they could miss the rest of the upward movement, as they could be very reluctant to buy bitcoin for its new and higher price if that happened.

In a bullish market, all DIPs are always for buying. Average your winners through DCA/Buy the DIP.

tygeade

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Quote from: Bananington on March 27, 2024, 11:05:07 AM

I doubt merchant traders even care for whether the market is bullish or bearish before setting out to trade for the day, because as they know, there's always a way to make profit from trading if you know how to listen and pay rapt attention to trends.

As one of my friends usually would advice me to trade full-time since I can make good betting predictions and win most times. I still do remind him that there's a difference between trading and betting or gambling, but that one common essential that's required is knowing when to quit, when to HoDL or accept payouts and when to go at it hardcore.
An investor could also be a trader, but a trader might unlikely be an investor. Know the difference and know peace.

I would guess that it is harder to make money during the bear runs, so even though they do trade at any given market, I bet that they would prefer the bull market because it's easier to make money during that time. That is of course just a guess and I am not a trader like that so I wouldn't know if that's right or wrong.

I am making an assumption that making a profit when the coin prices are going higher is easier so they must be prefer that. Of course that doesn't mean that they are just making a loss or doing nothing during periods where it's a bear market, just because prices are going down doesn't mean that they can't make a profit, they would probably still make some profit no matter what they do, that is important.

gabbie2010

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Quote from: Negotiation on March 21, 2024, 11:51:28 PM

A tendency arises among us. When the value of Bitcoin increases a lot, we start trading more. Which puts our trade management in jeopardy, during which most of the time people face loss.

What is your experience in this field?

As a trader it's quite dangerous to buy high that is when the market is at the peak I believe that is the zone to take partial profit as a long term trader while short term traders can take all their profits and wait for another pullback of the price thus buy low using DCA, price movement is fractal and considering the high volatility of prices of cryptocurrencies and once profit is not taken at the appropriate period when the market is very bullish then there is the tendency that price would drop which can lead to liquidating account of future traders, I had a personal experience of not taking profit at a bullish market consequently ended up losing the trade.

wxa7115

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Quote from: Wind_FURY on March 27, 2024, 11:05:50 AM

For those who advice OP to actually take profit during bullish periods in a cycle, could you truly tell yourself that it has been more profitable for you compared than if you simply had a long term HODL strategy and hold your Bitcoins for more than one cycle? I believe less than 10% of people in BitcoinTalk could claim to be profitable by more than 50% against Bitcoin during every cycle. The rest of us are mere plebs.

Most traders cannot even beat the markets, what this means is that from the small group of traders that can obtain profits by speculating with the price, most of them cannot obtain more money than what they could have obtained by simply holding their assets long term.

So those thinking about taking profits should be very careful, since if they do so and then the market keeps going up, they could miss the rest of the upward movement, as they could be very reluctant to buy bitcoin for its new and higher price if that happened.

kentrolla

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It's a common mistake we make but someone who is an expert trader will have a clear strategy and won't overtrade or trade without a clear strategy because they know when to take profit and when to enter and exit a trade, but newbie or someone new the trading world will be the ones to mess up especially during bullish market as they think they can make more profit by trading more often which is a myth provided you randomly trade without a strategy I think we need a clear plan just like how companies have standard operating procedure we need our trading strategy else we wil be sour losers.

Wind_FURY

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For those who advice OP to actually take profit during bullish periods in a cycle, could you truly tell yourself that it has been more profitable for you compared than if you simply had a long term HODL strategy and hold your Bitcoins for more than one cycle? I believe less than 10% of people in BitcoinTalk could claim to be profitable by more than 50% against Bitcoin during every cycle. The rest of us are mere plebs.

Bananington

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I doubt merchant traders even care for whether the market is bullish or bearish before setting out to trade for the day, because as they know, there's always a way to make profit from trading if you know how to listen and pay rapt attention to trends.

As one of my friends usually would advice me to trade full-time since I can make good betting predictions and win most times. I still do remind him that there's a difference between trading and betting or gambling, but that one common essential that's required is knowing when to quit, when to HoDL or accept payouts and when to go at it hardcore.
An investor could also be a trader, but a trader might unlikely be an investor. Know the difference and know peace.

dzungmobile

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Quote from: doomloop on March 27, 2024, 04:36:59 AM

Trading is something that can't be done without enough knowledge and one can't expect to start trading and earning profits without even analysing the market and possible opportunities no matter what market conditions are.

Trading is risky and if a trader can not control risk well enough and don't have plans to enter and exit the market with detailed plans and do it with good discipline, loss will come.

A trading position should be opened only if a trader see chance to get profit is bigger than chance to get loss, and with another important condition, there is a defined cut-loss price.

If a trader opens a position without a cut-loss price, it is terrible. At least he must know about a cut-loss price for that position and try to execute it with good discipline.

doomloop

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Quote from: Negotiation on March 21, 2024, 11:51:28 PM

A tendency arises among us. When the value of Bitcoin increases a lot, we start trading more. Which puts our trade management in jeopardy, during which most of the time people face loss.

Trading is something that can't be done without enough knowledge and one can't expect to start trading and earning profits without even analysing the market and possible opportunities no matter what market conditions are.

Let me give you an example. Every cryptocurrency has one up point and one down point, and if you understand that coin very well, you will know when it is time to buy and when it is time to sell, so whether it's a bull market or bear market, you can keep trading. If Bitcoin is at $61k, this can be a buying point, and once it reaches $70k, that will be a selling point for a trader taking a small percentage of profit.

So, people mostly face losses because of them having no knowledge about the market.

tygeade

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Quote from: Faisal2202 on March 26, 2024, 10:32:32 AM

Quote from: Negotiation on March 25, 2024, 11:12:09 AM

I have seen many people who are very good at trading but still make these mistakes. When the price of Bitcoin goes up they get frustrated and make the wrong decision is a tendency that works in many people at different times. There seem to be many of us who give advice to others. But when we open a trade we cannot control our emotions. Because we forget that we should control our emotions.

You are right, I have been in this situation, but one thing I have controlled, and that is to control my excitement and to keep patience. I have seen my overall portfolio with more than $500 loss and controlling my emotions like nothing happened, and to recover that balance but still did not book a penny because I have plans and stuck to them.

The main reason should be, that you have to choose a better coin to invest in like ETH BTC, or AVAX, or whatever other coin, investing funds only in BTC is always profitable. But doing future trade is what makes most people paranoid and doubtful and they are unable to control their emotions, no matter how expert they are, so that's why I have left future trading.

Keeping your emotions in control is definitely one of the most important parts of the situation without a doubt. A lot of people worry about what's going to happen, but the reality is that if you keep focusing on your emotions or fears then you are going to lose. Keeping your emotions under control means that you already have a strategy and you trust it which means that no matter what happens in the middle, you are going to be able to make as much profit as you want.

This is why I believe that we should be considering the situation to be growing a lot. I hope that we could probably see the market go up, that way people would not have any type of trouble in any given moment and should be considering it as normal as it gets.

Faisal2202

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Quote from: Negotiation on March 25, 2024, 11:12:09 AM

I have seen many people who are very good at trading but still make these mistakes. When the price of Bitcoin goes up they get frustrated and make the wrong decision is a tendency that works in many people at different times. There seem to be many of us who give advice to others. But when we open a trade we cannot control our emotions. Because we forget that we should control our emotions.

You are right, I have been in this situation, but one thing I have controlled, and that is to control my excitement and to keep patience. I have seen my overall portfolio with more than $500 loss and controlling my emotions like nothing happened, and to recover that balance but still did not book a penny because I have plans and stuck to them.

The main reason should be, that you have to choose a better coin to invest in like ETH BTC, or AVAX, or whatever other coin, investing funds only in BTC is always profitable. But doing future trade is what makes most people paranoid and doubtful and they are unable to control their emotions, no matter how expert they are, so that's why I have left future trading.

Jatiluhung

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Quote from: Negotiation on March 21, 2024, 11:51:28 PM

A tendency arises among us. When the value of Bitcoin increases a lot, we start trading more. Which puts our trade management in jeopardy, during which most of the time people face loss.

What is your experience in this field?

I probably fall into the category of people who trade more often when the bull market comes. Because I think trading in a bullish market has a profit ratio that is much easier to obtain. The important thing is that we use money that is specifically prepared for trading and not use money that was originally put into investments. In a bearish market, we always see that new altcoins that are listed will immediately experience a sharp decline after rising at the start of the listing. But we can see that the bullish market has now started. We can see that new altcoins listed on the stock exchange can even continue to increase and very few experience major corrections. So this can be more profitable for those of us who trade. But even though I mentioned trading more often, actually I can only trade after I finish my job. So the word 'often' used by me might mean 'rarely' for those who are used to actively trading.

Mauser

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Quote from: Negotiation on March 21, 2024, 11:51:28 PM

A tendency arises among us. When the value of Bitcoin increases a lot, we start trading more. Which puts our trade management in jeopardy, during which most of the time people face loss.

What is your experience in this field?

Taking profits is fine when the market rises. I think this is what we saw after bitcoin reached a new ATH, many traders wanted to take some profits and we saw the price drop down to the 60,000 USD levels again. But once all the investors took their profits the price rose again. This is why it's so important to have alternative investment opportunities before we are taking profits. Just selling some bitcoin to hold fiat cash doesn't seem like a good idea to me. Trading more during bull markets implies that we are switching into other investments, which is a good thing. Diversifying our crypto coins into new projects can lead new profits, but it's not a guarantee. Taking profits only to see the Bitcoin price rise even higher is not going to feel good. Personally I wouldn't touch most of my bitcoin and just continue to hodl.

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Quote from: Negotiation on March 21, 2024, 11:51:28 PM

A tendency arises among us. When the value of Bitcoin increases a lot, we start trading more. Which puts our trade management in jeopardy, during which most of the time people face loss.

I think it would be easier to trade on bullish times. Bullish have a chance to increase earnings. Usually people close trades when bearish occurs. I think there is wrong momentum with your trading. Have you not calculated the risks that will occur? If not, you should do so before trading. This is about how to set your stop loss so that you don't experience losses. It is also possible that you were too hasty in trading while you did not see the opportunity for a correction, so you experienced a loss. Here you have to control your emotions so that you are not killed by your own greed. Just do it slowly and follow the trends that occur. Make this experience your teacher and continue to improve your trading skills.

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Quote from: Negotiation on March 25, 2024, 11:12:09 AM

Quote from: Faisal2202 on March 23, 2024, 10:07:16 AM

First make a good plan, manage your risk and profit ratio, don't take more risk then the profit you are going to make, if you think for some X trade the risk is lesser and profit could be more then definitely go for it, even if the profit is not that much but risk is lesser then still go for that trade. (personal view, beside DYOR).

PS: Try to control your emotions and learn the sentiments that markets brings for us. Controling emotions is not a difficult task until you have good knowledge of FA and TA.

I have seen many people who are very good at trading but still make these mistakes. When the price of Bitcoin goes up they get frustrated and make the wrong decision is a tendency that works in many people at different times. There seem to be many of us who give advice to others. But when we open a trade we cannot control our emotions. Because we forget that we should control our emotions.

Honestly, it's all about us being humans. Sometimes we make mistakes because we are not careful, even though we know the right way to do it, we still end up making a mistake and it's normal and should not be a big deal. I personally do not care about it all that much.

I believe that people who know better could always end up being in the wrong sometimes and that is just the way the market works, because we are not robots. This is in fact why some people use bots to trade instead of trading themselves, because bots would not do anything outside of what they are told, and if you find a good strategy then they will just do that over and over again, without human mistakes. It's just not easy to find a strategy that bots could work with.

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Quote from: Negotiation on March 21, 2024, 11:51:28 PM

A tendency arises among us. When the value of Bitcoin increases a lot, we start trading more. Which puts our trade management in jeopardy, during which most of the time people face loss.

What is your experience in this field?

For me it's just over-risking, over-trading, and micro managing. Since it's a bullrun, money easily flows in the market. Volatility is higher. Which means losing money is on its peak also.

The problem during this season is many people can make a lot of money, but they also lose it all the next day. Even they are just doing spot trading, they overtraded or over-risk to get their money back but they ended up losing their accounts. The profits they had during the week, they end up giving it back. Or in the other hand, they know they should be holding it long term, but they are managing it on 1H time frame. It doesn't make sense to micro manage it if you are there to invest. It will only lead to impatience and selling your coins into a loss.

Knowing where BTC is going doesn't matter if you cannot manage your long-term trades/ investments well.

Zaguru12

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Quote from: Dailyscript on March 22, 2024, 05:08:23 PM

I noticed that a lot of person trade bitcoin when the price starts going up. The idea that bitcoin had reached 72k and is now below that price gives so many traders the confidence that they should initiate a trade that bitcoin will hit the 72k soon. Which is something that is certain currently. This week the price has been fluctuating so much that i almost felt it will go below 60k, i am a little confused because no matter how hard i try to predict the market i havent still figured what bitcoin is doing now. Its like a mind game.

This what many traders call ranging market trend, this period it is mostly bad for new traders to trade bitcoin because while taking a long positions bitcoin can easily dump and take you out and then come back to your play. Whereas in a bearish market you know the trend is down and only a few things changes it. Same thing during a full blown bull run you long your positions without much fear of market Changing trend. My advice for you is leave off trading most especially future trading just bag on spot and watch it pump without the fear of losing

batang_bitcoin

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Quote from: Dailyscript on March 22, 2024, 05:08:23 PM

I noticed that a lot of person trade bitcoin when the price starts going up. The idea that bitcoin had reached 72k and is now below that price gives so many traders the confidence that they should initiate a trade that bitcoin will hit the 72k soon. Which is something that is certain currently. This week the price has been fluctuating so much that i almost felt it will go below 60k, i am a little confused because no matter how hard i try to predict the market i havent still figured what bitcoin is doing now. Its like a mind game.

That's because they only want to get in when the markets are high and active. But they're not willing to go further when it seems that they are seeing it not moving at all and the market is likely sleeping during the bear market. This is what FOMO means a lot to these traders but if you're an investor, you don't really have to tackle with all of these real world problems and you're all good to just sit and watch the markets all day long. But if you've got orders on exchanges and you have to close them or once they're filled, this is why many like this market because it's a free market and you can set everything based on your needs and decisions.

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Quote from: Negotiation on March 21, 2024, 11:51:28 PM

A tendency arises among us. When the value of Bitcoin increases a lot, we start trading more. Which puts our trade management in jeopardy, during which most of the time people face loss.

What is your experience in this field?

It's mainly about knowledge and experience, to be honest, one needs to have the ability to time the market well, I know it's not possible for anyone to time the market perfectly but with knowledge, enough research, and analysis, one can at least make profitable trades whether the market is going up or it's in a declining mode.

I have seen people earning profit even when the market or Bitcoin is going down, and I have also seen people who earn no profit even when the market is going straight up. The reason? They are always confused and waiting for the right time to make their trades, and when they are waiting for the right time, others earn their profits and get aside.

What I'm trying to say is that profit or loss is never about making more or less trades but it is all about taking the right steps at the right time.

Topic: Should trades be closed only when the market is bullish? - page 2. (Read 668 times)