Topic: The best decision you can take - page 2. (Read 1063 times)

You have made a very clear point which I think that every trader should consider put it into practice, but I will have to point out something maybe it could be a grammatical error that made the meaning of the whole sentence to change. You said that a trade that should not enter into the market when he is not sure. But I can confidently tell you that no trader is everly sure of the market because the nature of the market makes it to be that no one is sure about the direction of the market. If anyone could be sure of the market at any given time it is no longer trading, I will  just wait at a particular time and put my money and take profit. We should rather use the statement that a thread that should not enter into the market when there is no clear direction or when his strategy does not permit that he should enter the market. Do not be first to enter the market because you have some financial needs that you need to sort out that is one of the things that I get wrong and every time I enter the package because I want to make some financial expenses it does not end well.
Meanwhile, every trader should come to the reality that they will either lose or win so if you only have the mindset of winning while trading you would get it wrong and all your decisions will not be in tandem with the market. As the topic creator have said, there is always an opportunity to enter the market so while haste and waste your money when there is no clear opportunity to enter the market. Patience is a virtue and anyone who intends to be a trader must possessed the attribute of being patient and also the ability to control their emotion. If you are sure of your strategy even when the market is against you maintain the strategy and when you lose you will be proud that they'vs applied your strategy and it failed. You will tend to develop another strategy.

Trading is already hard enough even when you are in your best shape, trying to do so when this is not the case is just a recipe for disaster, since it does not really matter what is the cause for you to be on that state, like being sick, upset, insomnia or suffering a hangover.

What matters is that you cannot really perform to the best of your abilities, and while you are in that state there are many other traders that are at the top of their game, and when that happens the best thing you can do is to not trade that day.

The volatility of the market is the reason why traders grown and encourage people to join. But if we have that greediness inside, it only leads to failure and losses. Those who do not know contentment in life, especially in trading never succeed. I have had that experience before, I'd never sell my coins seeing that the trend is going high but a sudden drop is very inevitable making me miss the chance. We can't really underestimate the volatility of the market and I learn that earning just a few $$$ in every close trade is enough.

Do not trade while you’re too excited and do not trade while you’re sad. Those two times are very bad for any trader to go into the market. Only enter the market when you’re sure of your analysis and you’ve seen more than 80% reason to why the market will go in your favour. A lot of loss occurring while trading are due to lack of negligence of the basis of the trading market, when one get too confidence of the market and continue winning without giving him or herself a target for the day to exit the market, they can lose all they’ve earned for that day because of greed. Have a rule that works best for you about trading and do not break the rule by yourself no matter how hard it will be to follow the rules.

Hard to abide if you're not certain yet you are eager to try because of profit. Lacking of plan and strategy can cause losses especially if you are just guessing. It's important that you know what you're doing and has confidence rather than trying to trade without an idea since you just want to go with the flow.

Regardless of how much you earn, what matter is you still gain and that's the goal. Therefore, don't mind if you are just doing it once a week (or rarely). As long as you profit when you trade, then that's a good progress.

Unfortunately, people are not patient enough to wait for profits in long term, as most often they become eager to gain quick profits and just sell whenever they feel like profiting. That’s why a lot of traders end up losing and quit trading not because they don’t have the skills to trade, but for obvious reason, they don’t have what it takes to be a patient trader.

While investing requires patience, much more for trading as you need to analyze the market well before you decide to take risk in trading. When you think that the market is not favorable to trade, then it’s better to delay trading rather than seeing your capital lost in a sudden.

That is true, but while you are competing with everyone else, you are also working together with them, which makes it easier at times. What I mean is that, while you may have faced people who are on the other side trying to bring you down, you are not alone on your side neither.

Let's assume that you want to buy because it will go up, there will be some people who will sell to make it go down, these are the people you are competing against that's true, but there will be some people who will buy just like you did as well, these are the people you work with. At times the side you are on could be bigger and that means you are going to do great, and usually that ends up being the situation during bull runs, making things easier.

I don't really support or advice people to trade cryptocurrency but then if you find it lucrative enough with much care and good risk management you could trade well and make some good fortune off it. Staying true to your strategy or rules like you did called it is something we must learn to take serious while trading because that has a lot to do with how profitable we can be amidst trading, but if we fail to stick to these rules we may get messy trading more often than we should have normally.

Not trading when you don't figure out a good Market condition to trade is a very vital and essential rule we must follow to trade because definitely you can be profitable at all times in the market and the market definitely doesn't avail you opportunity All the time.

When I'm not sure of the market, such as now due I the volatility that will be flooding in due to the ETF stuff, what I do is use a risk-free strategy to trade in the market. I usually use Dual Investment. I think that is best for me

The lack of common sense that some people have surprises me, even when I was a newbie many years ago I never considered that trading or investing will be easy at all, because if you think about it, you will realize that when you are trading you are competing against every one else.

But this means that unless your execution is above what most traders can show in a consistent basis, then making money on the markets should be impossible for you.

The rules of trading can't be taking for granted, it something that must be followed.  Trading is complicated and risky and entering the market when one is not sure about the market is a risk that anything can happen.  Trading is not something people needs to do with a guess work, trying to see if it will work or not, one needs to be sure of every step taking concerning trading.

Their are lots of rules to be follow to make trading successful,  it is important traders take their time to know them better which will be as a guide to be profitable in trading.

And they go quickly to trade because they think it is easy as what is told by the influencers.

That's where it is becoming wrong when they always watch all of those contents believing that everything on this market is so easy. But they don't realize that they're doing it wrongly for having that belief and dependence on them.

It's wrong to think that everyone can succeed in trading. I'd believe with investing but with trading, it doesn't fit everyone's patience.

One of the hallmarks of trading is taking action based on the market.  You should definitely not trade when the market is volatile.  Greed and haste never bring anything good. Even after realizing that the market is not good, if someone creates greedily, it is natural that he will lose everything. But it is very difficult to accept it.  Greed is always difficult to deal with.  But it is not impossible anymore.  It is better to be satisfied with little than to lose everything.  No one will necessarily risk their capital.  When the market is volatile and there is no certainty one should stay away from the market or be left with nothing but regret if all goes wrong.

The thing that makes people to act the way they like in trading is because in trading it have to do with understanding and it's not something that have to do predictions, you most acquire the skills of trading before you can operate positively in trading or else what you do in trading is to learn and understand the basic things that makes people not to lose and also the things as well that makes people not to understand the basics concerns of trading that leads for the benefit and profits of trading, so what makes people to lose or run into loss in trading is for them not to understand the basics of trading

Traders often look for ways to know when it is the best time to trade, however very rarely they will wonder when not to trade, which paradoxically is even more important than knowing when to trade, because if you can avoid the worst market conditions then you will only trade when the market conditions are favorable or neutral, making your job as a trader many times easier.

While at the same time you reduce the number of taxable events and the fees you pay, which in my mind it should make reducing the number of trades you make a priority for most traders.

Know the perfect time to trade, and get rid of trading when you think there are low probability to be in profits. That way, you will minimize the risk from losing, and you will maximize your potential profits once you trade only when the market is impressive to trade. Trading should not be made on a daily basis, most especially when your funds are tight and when the market is not favorable to trade. Because if you resort into overtrading, you will gain more losses than profits, not just for beginners but even for seniors as well.

Knowing when to trade and when not to is very important, otherwise if you keep trading and constantly seizing the market opportunities even when its not applicable to, you will never have a successful trading and you would only resort into regretting and blaming yourself for your consistent losses.

I fully agree with you, if we don't know the direction of the market it's better to take a break than to force another trade. It was one of my early trading mistakes to think that I always had to trade to make a profit. Many beginners in trading have the same problem to overtade, which leads to very high transaction cost taking away most of the profit. It takes time and experience to learn the patience to first evaluate the markets correctly and then trade. Profit can also be made by not trading, when we avoid bad trades we are not losing money and trade more in the future again. I think every trader develops his own guidelines overtime and it's good to change them from time to time, after we gained more experience.

I think that it should be an ever green advice in cryptocurrency trading "trade with an amount you can afford to loose", because of the uncertainties that sorounds crypto trading, because despite your analysis skills, you can still experience loses at the end of the day. Very important also to know when to stop and call it quit for the day, so you'll be better refreshed and prepared for another day, this is why especially newbies should set a limit for loses to minimize going on and on and keep losing. Important tip to note again is not to be greedy, after experiencing winnings, it's best to also know when to set the limit and call it a day, because the winnings can fast become loses.

Being unsure about market movements is common but with a long term position it becomes clear. Like I can buy at 10k USD and I know that in the next year or so it will cross 20k USD. But things may not be so clear if you are going for the short term.

So analysis dont always work out, after all TA is a pseudo-science is is only an indicator to predict the outcome, the opposite is correct in 50% cases too. But buying low and selling high is not that difficult to comprehend. You would not be buying at 50k USD considering the correct price but you would want to buy at 40k or 50k USD.

Making mistakes while we trade is inevitable since no one is perfect, but it is inexcusable to make the same mistakes over and over again, and this is exactly what happens to most traders that are long term losers, they never really stop to think about what they are doing or if that is the best way to go about it.

So they make all kind of mistakes thinking that at the end it does not matter as everyone is making mistakes anyway, but what they do not seem to realize is that the rate at which they make those mistakes is many times higher than what you could find expert traders making.