The magic of Money management | Bitcointalksearch.org

btcjocan

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Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

When it comes to money management, I simply make list of the things that necessary to buy. As an ordinary employee, I really need to manage my money ahead before I receive my salary every fifteenth day of the month because if I will not do it, I might left nothing in my pocket and I will not be able to go to work. So what I did is that I will list all my expenses that I will going to spend for the money that I am going to receive to make sure that I can still have savings even just a little amount of money.

sarah7912

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Quote from: cellard on October 18, 2017, 12:33:52 PM

The most important in trading is to trade with money that you can afford to lose, and then compound this money into further trades and grow your account. At the end of the day, the game of trading is no different from the game of poker: It's a game of odds, where you try to minimize odds with your skills (or your insider information).

I know some people on Wall Street and anyone will admit the fact that luck is important in trading, no matter how much skill you have, therefore never risk any money that should be going into paying bills. Sooner or later trades go wrong and you don't want to be on that situation.

I agree with you that Forex or trading like poker depends on luck but also on the news, time and impact

jack05

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The most important step is setting a goal, when i do it other steps are easier. Usually i want earn 10% from one investment so i exactly analys before i buy this coin

sukamasoto

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Before I trade, I set my personal profit ( usually 10 % ~ 15 % ) and once I got it, I stop for some time.
With profit, I can turn out my money to other expense but if I've loss, I still on profit because my last winning are greater than current losses !

Freyya08

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If you want to be successful, you need to Learn how to manage your finances. Create a goal, make a time frame. For me, making a lists of my daily needs helps me keep track of my money. Spend less on your wants and focus on your needs. start saving as early as you can. Make an investment plan.

crazycatwoman03

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Quote from: huige007 on October 24, 2017, 12:50:11 PM

Quote from: Sled on October 22, 2017, 02:33:36 AM

Money management is one of the best thing that everybody should learned because that will become the key for them to succeed in life because if you know how to manage your money then you already know what to do for your future earnings and so on and so forth. Money is the most important thing in this world so we should master budgeting it.

Umm…it is very important for sure because a lot of the people are earning from a lot of the sites and they want to invest but they are not having the right and the proper place to invest for you. I use to manage my budget and I look at my possible income to invest then I invest my money for the good purpose, as you said it is very important to managethen it istrue indeed.

Right, money management is very important in this industry because if you are not able to manage well your money, there is a chance that you are not going to prosper your earnings too. Managing your financial assets is very effective in making sure that you and your family will have a good future.

I also think that being able to manage well the money is the secret of millionaires.

Seansky

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Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

The 6th rule for money management I think is not needed, common sense is enough for anyone to not use money needed for daily living to invest. Besides the rules listed by you OP, having a rule to not to invest on too suspicious altcoins is needed in order to minimize losses. Even if one trades with stop loss strategy, if one always trades on shitcoins or on soon to be useless altcoin, one will always incur some loss.

setupbounds

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Quote from: redsun114 on October 24, 2017, 01:06:57 AM

Quote from: TravelMug on October 20, 2017, 08:18:36 PM

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Nice money management tips. In addition, established your entry and exit points. And of course our emotions. Used our brain not our heart in making the decision to sell or just hold. Most of us here made a lot of mistakes during our endeavor with trading. Some lost interest, some continue and learn from their mistakes. This mistakes really made us to be successful in trading. And for those who have lost interest, if you have to analyze they don't have that mindset to focus and the rules of money management you have put up above. They can go there without any idea, and then when they lose their money its time to hang up the gloves. I hope newbies will learn from your tips and enjoy trading.

Discipline is no doubt very much important thing in anyone’s life and you are going to have nothing in your life if you lack discipline. Money management is the most important thing as it is money which you need to have in your pocket if you want to fulfill your needs.

You need to manage your money in a way that you have something in your pocket along with some amount of money as your investment.

If you want to live a happy life, then you need to take care of your money. You have to manage it in a way that you should always have something in your pocket after spending all your money in order to meet your daily expenditures so that you can use that money at the time of need. You cannot not do anything in your life if you don’t have money in your pocket. So think well before spending your money.

huige007

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Quote from: Sled on October 22, 2017, 02:33:36 AM

Money management is one of the best thing that everybody should learned because that will become the key for them to succeed in life because if you know how to manage your money then you already know what to do for your future earnings and so on and so forth. Money is the most important thing in this world so we should master budgeting it.

Umm…it is very important for sure because a lot of the people are earning from a lot of the sites and they want to invest but they are not having the right and the proper place to invest for you. I use to manage my budget and I look at my possible income to invest then I invest my money for the good purpose, as you said it is very important to managethen it istrue indeed.

777Bitcoin

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Quote from: xFGND on October 18, 2017, 01:50:46 PM

You're also forgetting

> Only invest what you can lose

Seriously, I have seen too many threads about people losing life savings betting on one stupid currency / bet / position.

This one catches my attention and for sure I will take not of it. This is more about not being greedy and not to gamble everything. Try to be smart investors/traders, open my eyes to possibilities to refused unwanted or too good to be true investment ideas from others. Live a day and earn for a year mentality must be change accordingly. I must.

redsun114

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Quote from: TravelMug on October 20, 2017, 08:18:36 PM

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Nice money management tips. In addition, established your entry and exit points. And of course our emotions. Used our brain not our heart in making the decision to sell or just hold. Most of us here made a lot of mistakes during our endeavor with trading. Some lost interest, some continue and learn from their mistakes. This mistakes really made us to be successful in trading. And for those who have lost interest, if you have to analyze they don't have that mindset to focus and the rules of money management you have put up above. They can go there without any idea, and then when they lose their money its time to hang up the gloves. I hope newbies will learn from your tips and enjoy trading.

Discipline is no doubt very much important thing in anyone’s life and you are going to have nothing in your life if you lack discipline. Money management is the most important thing as it is money which you need to have in your pocket if you want to fulfill your needs.

You need to manage your money in a way that you have something in your pocket along with some amount of money as your investment.

KenChanYu

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Quote from: nightmanisrightman on October 22, 2017, 05:15:04 PM

Money management has to be the #1 skill for trading if not it is a close #2. The only other skill that may top it in terms of importance is emotion management. One could argue either is the #1 skill but either way they are

both super integral to becoming a good trader. Luckily for me I had these skills coming from my past job and the transition has been smooth and I sometimes forget that is a big part of the game.

i agree i think everytime we need to manage our money even in our daily life of living not only in trading or in investing manage money is really needed in life because if we dont mange our money maybe it will really end up loosing and maybe it will also end up to depression and the worst it can kill you in terms of suicide because money is life today you cant live life without money.thats how important money mangement.

nightmanisrightman

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Money management has to be the #1 skill for trading if not it is a close #2. The only other skill that may top it in terms of importance is emotion management. One could argue either is the #1 skill but either way they are

both super integral to becoming a good trader. Luckily for me I had these skills coming from my past job and the transition has been smooth and I sometimes forget that is a big part of the game.

Hamphser

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Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Option no. 2 is always my habit on which i do really always put a stop loss everytime i do trade.Once i do risk i do set out on the money that i can afford to lose up on a particular day which its always been suggested and on this way you are really managing your capital or bankroll which you can still able to recover up as long you do have still funds this is why we should really protect the funds as far as we can. When we are still a newbie its not really avoidable on making such mistakes on where we would really learn up from those wrong things that weve done and later on we would realize that we should not commit the same mistake anymore.

No.14

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Quote from: McKane on October 22, 2017, 03:51:45 PM

Quote from: futuret on October 22, 2017, 09:49:46 AM

Quote from: Pejoh Asu on October 20, 2017, 08:51:55 PM

If we want to get the magic from the money then bitcoin investment is the answer, for example is today the price reaches more than $ 6000 so that all bitcoin users get $ 1000 profit in just a week, this is magic.

I like the way you think about the bitcoin and the bitcoin money is increasing just because it is getting in the bitcoin to be able to buy more bitcoin and be the world’s most powerful currency, the magic of the money is for sure the bitcoin is because it is the way to increase your money and avoid the unprofitable business, because it has a lot of opportunities and the high profit for the people of the bitcoin.

Bitcoin is actually increasing not the money. Bitcoin is separate currency which is far better than fiat money. Bitcoin can buy you a millions dollar with a single price of it. While money is stuck at the place. We can generate money from bitcoin we can say that bitcoin is the mother of all currency if it is local or crpyto world.

Everything you say is true, except that "bitcoin is not money". Bitcoin is money, and it is the digital currency, a new currency of the world should be accepted.

PacePay

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Quote from: GregH37 on October 22, 2017, 01:51:45 PM

Quote from: Saveplus on October 21, 2017, 10:38:49 PM

Money management if you settled your mind to pursue your goal this will be work if we follow some rules how to manage our life in money .Setting your goals and save your money in the future this will be added in your rules.It is very important to achieve your successful in trading.

The magic of money management is not an easy thing to learn, but if you manage to learn the trick of managing your money in a well manner. Then I can assure you that your life will be very much comfortable and you will never have any problem related to money.

You need to prepare a chart of your income vs expenditures. Allocate your money as per your needs and try to have some money in your account for emergency.

Bitcoin is a monster that enlarges itself rapidly and the ruler of crypto coin world. Due to its skyrocketing price, new people are investing in it on daily basis. It is not a scam and holders show trust in this coin. All the early investors are financially stable rather very rich now. They were lucky to hit bitcoin during its birth. It has introduced millionaires to the whole world. The earlier someone hooks up into this coin, the sooner he will become a wealthy guy.

McKane

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Quote from: futuret on October 22, 2017, 09:49:46 AM

Quote from: Pejoh Asu on October 20, 2017, 08:51:55 PM

If we want to get the magic from the money then bitcoin investment is the answer, for example is today the price reaches more than $ 6000 so that all bitcoin users get $ 1000 profit in just a week, this is magic.

I like the way you think about the bitcoin and the bitcoin money is increasing just because it is getting in the bitcoin to be able to buy more bitcoin and be the world’s most powerful currency, the magic of the money is for sure the bitcoin is because it is the way to increase your money and avoid the unprofitable business, because it has a lot of opportunities and the high profit for the people of the bitcoin.

Bitcoin is actually increasing not the money. Bitcoin is separate currency which is far better than fiat money. Bitcoin can buy you a millions dollar with a single price of it. While money is stuck at the place. We can generate money from bitcoin we can say that bitcoin is the mother of all currency if it is local or crpyto world.

Vladv26

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Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

1. I recommend to make any goal because anything can be achieved if you really want that to happen. Even if you dont have the right skill level you will develop that if you belive and work for your goal
6. This is very important. A lot of newbies, after they lose their invetment money also invest their personal money wich is a very bad thing. If you cant control yourself you are going to lose all your money

GregH37

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Quote from: Saveplus on October 21, 2017, 10:38:49 PM

Money management if you settled your mind to pursue your goal this will be work if we follow some rules how to manage our life in money .Setting your goals and save your money in the future this will be added in your rules.It is very important to achieve your successful in trading.

The magic of money management is not an easy thing to learn, but if you manage to learn the trick of managing your money in a well manner. Then I can assure you that your life will be very much comfortable and you will never have any problem related to money.

You need to prepare a chart of your income vs expenditures. Allocate your money as per your needs and try to have some money in your account for emergency.

futuret

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Quote from: Pejoh Asu on October 20, 2017, 08:51:55 PM

If we want to get the magic from the money then bitcoin investment is the answer, for example is today the price reaches more than $ 6000 so that all bitcoin users get $ 1000 profit in just a week, this is magic.

I like the way you think about the bitcoin and the bitcoin money is increasing just because it is getting in the bitcoin to be able to buy more bitcoin and be the world’s most powerful currency, the magic of the money is for sure the bitcoin is because it is the way to increase your money and avoid the unprofitable business, because it has a lot of opportunities and the high profit for the people of the bitcoin.

Sled

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Money management is one of the best thing that everybody should learned because that will become the key for them to succeed in life because if you know how to manage your money then you already know what to do for your future earnings and so on and so forth. Money is the most important thing in this world so we should master budgeting it.

Aventhe

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Managing your money is an important part of life, and bitcoin teaches many people this idea of money management and many people do follow this. The more careful you are with spending your bitcoin, the more profit your will earn.

tienigarazz

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Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

All of those rules that you have been written are all correct. Managing your money is a the key to be able for you earn big profit. But the best rule in money mange is your experience, because in that experience you can learn all the important rule to make you succesful in life.

nelmari

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I actually like the idea of your time management and it could help new traders as well to know how they will divide their time also while in trading. My experience in time management is the same as your but I always set some time for learning and reading about trading in a week, set also goals because trading is risky and mostly you would want to look at your coins everyday.

Saveplus

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Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Money management if you settled your mind to pursue your goal this will be work if we follow some rules how to manage our life in money .Setting your goals and save your money in the future this will be added in your rules.It is very important to achieve your successful in trading.

burnchan

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Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Thanks to that very detailed points on money management specifically when it comes to trading mate. I'm not yet into trading but i strongly agree on those points because those are almost the same with money management in our daily lives. These are my tips /points on money management:
1. Set your goals or set a budget - this is to help you identify your needs and wants. Moreover, this is to help you limit the spending portion.
2. Save - secure a certain amount which willl be used later in in case of emergency
3. Invest -Make sure first that you do research before investing. Set aside a certain amount of money for investments. This is on top of the basic expenses and savings. There is always a risk in investment so it safe on your part to allocate an budget intended for the investments. Then if you already have a profit, secure or save your capital investment and let your profit roll in your investment.

v0rtecxz

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the things you have described are so good and can be a benchmark for the new traders, money management is the most important thing and it will help you in managing money to profit from trading, in trading you should be able to manage the emotions in trading, because prices are changing fast, if you are consumed with emotion and want to profit without thinking about the risks that will be generated, it could be a loss for yourself, as we know how the market price goes with a very volatile, before you want to buy better you see the charts and market movements, and try to buy at the lowest price

passwordnow

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Money management did helped me a lot on how I'm going to settle with finances. In trading you have to prioritize profit, you don't have to wait too long and be patient if you can immediately pull out while there's a profit. But if you are not too confident with your emotion and you don't want to settle by selling immediately some of your alt coins just manage it properly. Take time to read daily charts and don't forget to learn from your mistakes.

anti-scam

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COINECT

In the trade I always do stop loss and secure the profit to be saved.

I never believed in financial management, and I tend to be wasteful and can not save.
I give my wife full trust, I am sure she is better able to arrange financial management.

krauzzer02

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It is really nice to set a rules in terms of money for management of it. This is money, one of the basic and primary need of the human kind and if you fail to do so you will end up with no money or less. Self-discipline, Awareness and Knowledge will bring you to a good profit with a good plan of management list for monetary, plus management in the digital coin will give you a boost to a good profit because of the sudden increase of it. always remember to not depend always in money, because it can't buy anything.

AVAMONEY

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Quote from: Haynes on October 20, 2017, 07:31:03 PM

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Every job sometimes will feel the failure. and that's what I know.
I am very happy to hear this, your experience is amazing to me.
I am a new person in bitcoin world. even for trading I have never been. the tips on success you share are helpful for me to learn more about bitcoin world.
if possible do not mind if you share more impressive experiences?

there is nothing exact indicators to get success on every jobs, but getting it planning well, will result good.
i loves your tips how to 'protect profits', somehow we on situation to put money all in game or spare of it.

Pejoh Asu

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If we want to get the magic from the money then bitcoin investment is the answer, for example is today the price reaches more than $ 6000 so that all bitcoin users get $ 1000 profit in just a week, this is magic.

TravelMug

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Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Nice money management tips. In addition, established your entry and exit points. And of course our emotions. Used our brain not our heart in making the decision to sell or just hold. Most of us here made a lot of mistakes during our endeavor with trading. Some lost interest, some continue and learn from their mistakes. This mistakes really made us to be successful in trading. And for those who have lost interest, if you have to analyze they don't have that mindset to focus and the rules of money management you have put up above. They can go there without any idea, and then when they lose their money its time to hang up the gloves. I hope newbies will learn from your tips and enjoy trading.

orarider

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Quote from: darkangel on October 20, 2017, 07:54:29 PM

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

I think it is a list of really good rules that you can follow. However, not easy to implement it, these rules require us to have discipline and high self-awareness. We need to be serious about ourselves if we want to achieve our goal.

Yes, and discipline is essential for every individual or business to succeed, so I think this list is enough for all of us to be able to manage ourselves and money.

darkangel

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Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

I think it is a list of really good rules that you can follow. However, not easy to implement it, these rules require us to have discipline and high self-awareness. We need to be serious about ourselves if we want to achieve our goal.

Haynes

full member

Activity: 518

Merit: 106

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Every job sometimes will feel the failure. and that's what I know.
I am very happy to hear this, your experience is amazing to me.
I am a new person in bitcoin world. even for trading I have never been. the tips on success you share are helpful for me to learn more about bitcoin world.
if possible do not mind if you share more impressive experiences?

player514

legendary

Activity: 1414

Merit: 1039

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

For me, the major part of money management is:

1) Pull out of assets if it's needed for real life. It doesn't matter if the asset is promising. If something is needed for real life and to take care of yourself, get it out.

2) Don't test your luck. If you told yourself that you would withdraw when you reach a certain point, make sure you go through with it. You don't know what will happen tomorrow; it's possible that something could drop significantly.

Vaculin

hero member

Activity: 2940

Merit: 613

Winding down.

Quote from: sheenshane on October 18, 2017, 07:30:38 PM

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Yes all you have mention is very important and ideas how to manage your money, spent wisely don't waist your money for nonsense thing. Last number you mention trade with investment capital, not grocery money. Maybe you spend some with grocery that's our basic daily needs and the rest is for investing capital. In spending money be wisely for you want much better to save and invest your money to grown up.

I agree.I guess in my opinion money management is the most essential thing wherein an individual must obliged to do,or else you will lost the money through spending it in nonsense things.And yes you're right,before thinking of saving more,we should always put into consideration first our basic needs,not our wants,through spending in grocery items which is really inevitable.We can really save if we focus on money management,and having self-discipline too is a must.

50ouncebrew

sr. member

Activity: 459

Merit: 251

The magic of money management is liberating. Once you're able to keep putting money aside to save BTC, it is the best feeling when you see the price continue to increase which matches your beliefs.

entrepmind23

sr. member

Activity: 644

Merit: 261

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

When I started trading, I have the worst money management because I tend to get greedy when I see that the trade is going the right way and I only put a small amount so without even studying the charts, I would go all in so that I can have bigger profits even if the price is already high and it seems that a reversal is approaching but then I already bought it so instead of having profits in that particular trade, I end up with a loss because of greediness and it didn't happen only once because I experience it many times so I need to control my emotions when trading because I already lose a lot because of it.

One mistake also is that I am holding on to a particular coin even if the loss is already half of the total amount I bought it because I didn't have a stop loss. When I am already in profits, I refuse to take it hoping to have more and then price suddenly drops and end up with a loss. I am slowly learning with my mistakes and I am slowly gaining because of the rules as what you stated OP.

Dreamchaser21

full member

Activity: 686

Merit: 108

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

That's a good strategy on money management this is really helpful for sure. If you don't mind i will use this rules for me to become more profitable in trading and also to prevent some loses that may occur in the future. After all we have one common goal here to gain more profit so we can survive in this world.

EcoChavCrypto

sr. member

Activity: 448

Merit: 250

I also think that money management is one of the most important things about trading. I remember my first days of trading that I lost a lot of money because I did not know how to handle i and take care of it.. at the moment I try to have an excel sheet in where I can keep a daily check on my losses and profits. I think this is one of the most important steps if you are a newbie trader

sheenshane

legendary

Activity: 2492

Merit: 1232

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Yes all you have mention is very important and ideas how to manage your money, spent wisely don't waist your money for nonsense thing. Last number you mention trade with investment capital, not grocery money. Maybe you spend some with grocery that's our basic daily needs and the rest is for investing capital. In spending money be wisely for you want much better to save and invest your money to grown up.

Cherylstar86

sr. member

Activity: 1484

Merit: 253

Quote from: Milo_Kidd on October 18, 2017, 06:06:49 PM

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Money management is important to all of us. It is a good in feeling that the money we hardly earned was used wisely. But we cant deny the fact that we have mind that changed in just a minute becuase of temptation. Like we buy what we want instead of what we need. But it is for me that we have our own ways on how to manage our money. So in that skills all we need is inhance our ways and make it intelligently. The temptation is our obstacle.

In my point of view,managing money is quite very important for me. As the youngest in the family,I started managing my money since I was 8 years old. From that very moment I know how important money is. All I think that time was my parents worked hard for me to go to school so I have to save some money so I won't ask for more money from them. So until now I do the same it marked the things that had happened when I was a kid. I can still save money whenever I want to buy something which is not so important. The secret of managing money is you know how to discipline yourself to avoid over spending and that's the magic in it.

Sir Cross

full member

Activity: 336

Merit: 106

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

I agree with you OP. Having money management is important and a lot are ill educated or lack knowledge on this. Emotions and greed lead us to make bad decisions and worse, lose hard earned money. These guidelines will help not only the beginners but the experienced traders out there who have a hard time managing their finances.

Trading is a hard task and there is always a risk in it. A good trader is a able to calculate the risks and decide when is the best time to buy or sell. It's hypothetically impossible to predict accurately but one may make speculations through knowledge and experience.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

Good advice. Money management isn't solely beneficial for traders but also to other normal individuals looking to save money and get the most out of what they spend. While it's true that money management is vital for one's bankroll to be maximized, it's also important to apply these in our own daily spending.

1. Buy what you can afford to lose.
2. Don't trust anyone with your money.
3. Allocate a certain amount for a certain area you need to spend on.
4. Don't immediately spend profits or anything that you gained.
5. Most importantly, spend wisely.

Milo_Kidd

full member

Activity: 168

Merit: 100

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Money management is important to all of us. It is a good in feeling that the money we hardly earned was used wisely. But we cant deny the fact that we have mind that changed in just a minute becuase of temptation. Like we buy what we want instead of what we need. But it is for me that we have our own ways on how to manage our money. So in that skills all we need is inhance our ways and make it intelligently. The temptation is our obstacle.

Hydrogen

legendary

Activity: 2562

Merit: 1441

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

Trading to me is a safer version of gambling with lower potential profits associated with decreased risk.

Consistency is the most important thing. Consistency is mainly achieved through being disciplined and resisting the influence greed and emotions have upon a person's thought process. Honesty is also important. Looking at facts and seeing them as they are. Having the courage to follow your own assessments even though they might appear crazy or farfetched at times.

Then there are abstracts like knowledge, identifying patterns/trends, tools & information which can contribute towards seeing things more or less clearly. I think a huge proportion of it is mental though. Its easy to have all of the relevent information and analysis and still make bad decisions. Critical thought and the decision making process could be a somewhat neglected area.

BTCHakan

sr. member

Activity: 420

Merit: 260

I agree with all of the six. But I do not think it applies to crypto currency markets.

xFGND

full member

Activity: 137

Merit: 100

You're also forgetting

> Only invest what you can lose

Seriously, I have seen too many threads about people losing life savings betting on one stupid currency / bet / position.

pitham1

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Activity: 1232

Merit: 1000

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

These are very good rules to have. Most people fill find it tough to maintain discipline and stick to these rules. Especially when you are trading Bitcoin. When the price is moving up quickly, people are tempted to invest more.

cellard

legendary

Activity: 1372

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The most important in trading is to trade with money that you can afford to lose, and then compound this money into further trades and grow your account. At the end of the day, the game of trading is no different from the game of poker: It's a game of odds, where you try to minimize odds with your skills (or your insider information).

I know some people on Wall Street and anyone will admit the fact that luck is important in trading, no matter how much skill you have, therefore never risk any money that should be going into paying bills. Sooner or later trades go wrong and you don't want to be on that situation.

harizen

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For support ➡️ help.bc.game

Quote from: sarah7912 on October 18, 2017, 12:11:12 PM

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

You have a nice statement there. Cheers.

1. It's mandatory to set a goal so that people can be inspired to achieved what must to achieved. Applied seriousness so that goal will be met. After reaching a certain goal, take it to the next level. It's not forever that we will just stick to what can we achieved by our skill level. Upgrade and improved it.

2. People must study this. Sometimes it was beneficial but sometimes not necessary.

3. Same idea with no. 2.

4. Also trust your judgement based on analyzation. People's other view about the trade must just taken as reference. Final output will be on ourself.

5. Maintained. It's a must.

6. Definitely agree.

sarah7912

full member

Activity: 334

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Easy peasy japanesey

Every experienced trader will say the money management in trading is the important thing to keep your account alive and for my experience in trading I lose many accounts die first to bad money management and second for greed and getting more and more money, after all this bad experiences and when I keep money management in my eyes now I get my money adjusted with my capital and I required for every trader to give the most important attention for money management.

The rules for money management for me:
1. Make goals that could actually be achieved with your skill level
2. Always trade with a stop loss
3. Never over trade your account
4. Trust your indicators
5. Always protect profits
6. Trade with investment capital, not grocery money

and for you what is your experience with money management ?

Topic: The magic of Money management (Read 1152 times)