The right mindset needed for all traders

AnonBitCoiner

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Quote from: |MINER| on January 11, 2024, 11:51:58 AM

If you want to trade, you have to control your emotions. If you trade emotionally, you will get nothing but loss. Discipline is required in every work. No work can be done properly without discipline. And trading can never be considered gambling, trading is not gambling. The more realistic you are in trading, the more likely you are to make a profit. Trading theory is difficult. Many people face lot of losses in the beginning. Do not lose patience in this.

We have to keep check on market condition regularly but when market goes down then it does not means that we have to take sudden decision of selling because these unfavorable conditions are just for few days but if we make decision emotionally then it will be our big fault.

Learning about trading play an important part in one's success and if one think that he will win without learning then he is gambling not trading and in my opinion considering trading as gambling will always lead to a failure. Without learning about trading if you make an entry then you will get rid of all your money and will drop it to zero.

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Quote from: |MINER| on January 11, 2024, 11:51:58 AM

If you want to trade, you have to control your emotions. If you trade emotionally, you will get nothing but loss. Discipline is required in every work. No work can be done properly without discipline. And trading can never be considered gambling, trading is not gambling. The more realistic you are in trading, the more likely you are to make a profit. Trading theory is difficult.

Yeah, like most of those that you've said are on the OP and he mentioned it all.

Quote from: |MINER| on January 11, 2024, 11:51:58 AM

Many people face lot of losses in the beginning.

This is what most of the new traders that came in need to realize that not all is going to be successful on their first tries. Or they should take it that everyone is going to have a bad start.

Quote from: |MINER| on January 11, 2024, 11:51:58 AM

Do not lose patience in this.

And another thing about it is when you think you're not for trading, it's fine to lose your patience and stop.

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Quote from: Biznesmen on October 05, 2023, 01:51:31 PM

Quote from: Lorokan on April 06, 2020, 10:18:24 AM

And finally

Trading psychology is more of understanding people’s emotions and yourself

I am open to learn even further, and i welcome everyone suggestions

Trading psychology is more about understanding people's emotions and yourself. I can agree with this statement because, in crypto currency trading, people's emotions play a major role. And it affects the trading sequence as well, so controlling your emotions and knowing people's emotions means knowing the market and making a profit. It's the best trading strategy as well.

I think only one who understands when the crypto currency market is good and when the market condition is bad can profit from trading. If a person can't control his emotions while trading then he can never profit from trading.but every time he can lose from trading. While trading, we have to control emotions so that we can profit from the train.

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Quote from: |MINER| on January 11, 2024, 11:51:58 AM

If you want to trade, you have to control your emotions. If you trade emotionally, you will get nothing but loss. Discipline is required in every work. No work can be done properly without discipline. And trading can never be considered gambling, trading is not gambling. The more realistic you are in trading, the more likely you are to make a profit. Trading theory is difficult. Many people face lot of losses in the beginning. Do not lose patience in this.

We lose money from trading due to most of our wrong decisions while trading. We must control our emotions before trading so that we do not risk our money by making any wrong decisions while trading. The market condition will be good for some time while trading. Again, it can be very bad at times, so don't be afraid. If you are afraid of the bad condition of the market, there will be more chances of losing money instead of making money from trading.

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Quote from: boty on January 12, 2024, 12:07:56 AM

Indeed, a very important thing in trading is about making the right decision, if we cannot make a decision and wait for someone else to make a decision on the trading we do, of course this indicates that we are not ready to trade and it would be better not to trade because not yet able to make a decision in the trading he is doing.
It would be better to seek a good understanding in trading before deciding to trade and also have a good understanding of the risks in trading in order to avoid the risk of losses that we will experience in trading.

You must know all of this, without seeking an understanding of trading there will be no profits to be had.
Knowing what trading risks are and tips for avoiding them must of course be studied well. As well as carrying out trade management in order to obtain good results when trading is carried out. A trader's correct mindset will certainly lead to things that provide profits and minimize losses that could occur.

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Quote from: KupaCrypto on January 07, 2024, 02:41:56 PM

When it comes to trading taking risk and bold decisions should be an attribute of the trader, because if you are waiting for someone to come take decisions for you then you are not ready to trade, and if you can't take risk then you are not ready to trade, taking risk can hid profits or loss, but it doesn't mean you shouldn't make that risky decision, take risk but know when taking risk take risk according to your risk level, don't go trade all your savings in the name of taking risk, what of it's a loss how will you continue from there, risk management should also be put in place.

Indeed, a very important thing in trading is about making the right decision, if we cannot make a decision and wait for someone else to make a decision on the trading we do, of course this indicates that we are not ready to trade and it would be better not to trade because not yet able to make a decision in the trading he is doing.
It would be better to seek a good understanding in trading before deciding to trade and also have a good understanding of the risks in trading in order to avoid the risk of losses that we will experience in trading.

|MINER|

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If you want to trade, you have to control your emotions. If you trade emotionally, you will get nothing but loss. Discipline is required in every work. No work can be done properly without discipline. And trading can never be considered gambling, trading is not gambling. The more realistic you are in trading, the more likely you are to make a profit. Trading theory is difficult. Many people face lot of losses in the beginning. Do not lose patience in this.

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Quote from: KupaCrypto on January 07, 2024, 02:41:56 PM

When it comes to trading taking risk and bold decisions should be an attribute of the trader, because if you are waiting for someone to come take decisions for you then you are not ready to trade, and if you can't take risk then you are not ready to trade, taking risk can hid profits or loss, but it doesn't mean you shouldn't make that risky decision, take risk but know when taking risk take risk according to your risk level, don't go trade all your savings in the name of taking risk, what of it's a loss how will you continue from there, risk management should also be put in place.

This doesn't apply to those who rely on signals or copy trading. You see, I think most of the new traders or beginners in trading tend to avail themselves of trading signals or do copy trading as there are many advertisements about trading signals, copy trading, or AI trading, which yes, can be profitable, but the thing is, the traders will be more focused on relying on these services and forgetting the true essence of trading.

Yes, trading is very risky and dangerous. I understand why they avail of those services, but even if they do, they still should work on their skill, knowledge, and experience in trading so that they could trade on their own and that their trading is not limited to what the signal or copy trading is deciding. A trader should learn how to deal with the market; that's when you can say you are a true trader.

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Quote from: carlisle1 on April 18, 2023, 02:25:03 PM

Yeah, without discipline, the chance that it will just repeat the same mistake over and over, learning from your mistakes and taking
the right action plan will improve your trades.

It's a matter of how well you can deal with your mistake and how willing you are in terms of adjustments to continue doing the right thing.

More on your enhancement and how you will perform all those strategies and plans to make sure that you will be
profitable with your trading involvement.

In my opinion, the problem often is that a person doesn't consider some cases as a mistake. He could see it as a misfortune or bad luck or adverse circumstances. To make conclusions one has to understand why exactly the mistake had happened. And take responsibility for it, not to blame universe or the market.

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When it comes to trading taking risk and bold decisions should be an attribute of the trader, because if you are waiting for someone to come take decisions for you then you are not ready to trade, and if you can't take risk then you are not ready to trade, taking risk can hid profits or loss, but it doesn't mean you shouldn't make that risky decision, take risk but know when taking risk take risk according to your risk level, don't go trade all your savings in the name of taking risk, what of it's a loss how will you continue from there, risk management should also be put in place.

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Quote from: Lorokan on April 06, 2020, 10:18:24 AM

And finally

Trading psychology is more of understanding people’s emotions and yourself

I am open to learn even further, and i welcome everyone suggestions

Trading psychology is more about understanding people's emotions and yourself. I can agree with this statement because, in crypto currency trading, people's emotions play a major role. And it affects the trading sequence as well, so controlling your emotions and knowing people's emotions means knowing the market and making a profit. It's the best trading strategy as well.

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Quote from: DaMut on October 04, 2023, 03:02:48 PM

Trading generally requires one to learn a lot of things and as time goes on you will learn. these are very vital points to learn which will help a lot. aside from having a working strategy, you also need to have a right mindset which you have listed here. this is exactly things that will help you to be in good shape even if you experience some loses on the journey.

Losses are going to come as any individual start trading therefore we shouldn't be running away from them but to accept them and learn from them because losses are the perfect teachers as they'll make you not to make similar mistakes again in the future and that's why it's necessary we analyze the market ourselves when we're trading and not depending on signals channels as we don't learn anything when we use them and loses the trade.

An individual that doesn't have the right trading mindset won't become successful at trading because trading needs disciples, patience, determination, commitment and other mindset too, you have to have a winning mindset because that's what you'll need to motivate you to keep learning during any difficulty times.

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Quote from: DaMut on October 04, 2023, 03:02:48 PM

Trading generally requires one to learn a lot of things and as time goes on you will learn. these are very vital points to learn which will help a lot. aside from having a working strategy, you also need to have a right mindset which you have listed here. this is exactly things that will help you to be in good shape even if you experience some loses on the journey.

Yes, I believe that aside from having good strategy, skill analysis, funding, and plan, I think what makes a good trader is through experience. As what we are always saying that "experience is the best teacher", experience will equip us with all the things that we need to survive in the market.
In trading, it's either you win or lose, but the only one thing for sure is that you will gain experiences along your journey which will help you in the long run.
Remember that trading is a continuous learning, and even the most experienced traders out there still experience loss which only tells us that it does not matter how long you have been trading, but what matters is how much experiences have you earned during your years in trading.

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Quote from: Jody.Drummer on March 10, 2023, 02:18:08 PM

Quote from: milewilda on March 08, 2023, 05:21:18 PM

Quote from: youdacapt on March 08, 2023, 10:29:50 AM

Quote from: Peanutswar on March 03, 2023, 07:59:19 PM

New traders like the newbie as always seeking the trading as an easy way to earn money which is the wrong mindset they just risking their money into a bad decision making, having a proper guidance and knowledge newbie traders can now make an experience which is the right or wrong path with their decision making in getting position

I agree with you, often times new traders always see trading as a get rich quick scheme; and this is more reason why lots of individuals lose their assets to crypto currency investment. The key word that should be emphasized is that, knowing how to trade crypto currency is not enough; every needs to follow OP teachings with regards to trading mindset and trading psychology.

Lots of lessons in this thread. Patience and Controlled emotions will make you even a better trader than you can imagine

When you are just a complete newbie then for sure you would really be having that kind of thinking that this would really be that easy until the time comes where you can say that it isnt and realize that making money is never been simple.It might really be looking so easy and basic but having that buy low sell high type of idea is never been that simple and this is why its not shocking anymore that people would really be that learning up their lessons and realization on the time that they do experience unforunate events which is really that something very common i should say. Mindset should really be that versatile if we do speak about
opportunity handling because not all would really be ending up on being successful.

One of the things that makes them think it's easy to get rich doing this is that they follow people who keep saying that it's easy to get money here and without telling what the risks are, that's what I see from most people who have that mindset. So be smart in choosing an "influencer" that we will follow. We can't blame them (influencers) because the decision will go back to their listeners, but they are one of the people who are responsible for what happens to most startups.
To avoid that kind of thing, special education is needed about this, and I think it's already there depending on how they look for it.

Common newbie mistakes or to those people who are really that delusional towards their trading target or goals. If you are that someone who do have that kind of target in mind or becoming that rich kind of mindset then you would really be blindly be following those person who do give out their analysis which it do seems to be legit and precise but sooner or later you would be able to find out that
winning or profiting chance would really be always in question because it would really be entirely depending on how the market moves or behaves. If you do find yourself that too optimistic towards those analysis then on the time that the market volatility do fucked up those things then this is where realization do kicks in and this is really that a normal scenario.

Quote from: DaMut on October 04, 2023, 03:02:48 PM

Trading generally requires one to learn a lot of things and as time goes on you will learn. these are very vital points to learn which will help a lot. aside from having a working strategy, you also need to have a right mindset which you have listed here. this is exactly things that will help you to be in good shape even if you experience some loses on the journey.

This is why experience is really that important and something that you must do for yourself on which trying out to learn for yourself and never ever
make yourself that too reliant into other people because we are all speculators on here and no man or trader on this world would really be having that kind of
ability on always being that profitable and this is something that you must avoid on having that kind of mindset.

DaMut

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Trading generally requires one to learn a lot of things and as time goes on you will learn. these are very vital points to learn which will help a lot. aside from having a working strategy, you also need to have a right mindset which you have listed here. this is exactly things that will help you to be in good shape even if you experience some loses on the journey.

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Quote from: Altryist on April 18, 2023, 02:06:39 PM

Quote from: virasisog on March 22, 2023, 01:45:41 PM

Even professional traders break their own rules sometimes. Despite the application of all the proper mindset needed to succeed in trading, there will always be circumstances where we could commit mistakes and wrong decisions that we might regret which is still part of the learning process. What is important is we are learning from our mistakes and experiences and we correct the wrong decisions that we have made.

An experienced trader who makes mistakes will not be successful, this will only lead to the fact that he will continue to accumulate experience, but there will be little sense from this if he himself violates his own rules. What are these rules for if you don't follow them? In this case, it will be impossible to achieve success, every time such a trader loses money, he will tell himself that he is getting precious experience, but without discipline there will never be a result.

One thing we are not taking note of is that; in crypto currency there is no perfection, there will always be buyers and sellers, profits and losses and who says an experienced trader cant commit mistakes? The rekt stories we read every day online and also in this forum are from trading professionals. The only thing that stand out as an experienced trader is that irrespective of the volume of loss; they can always bounce back (because they are already grounded in the basics).

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Quote from: Altryist on April 18, 2023, 02:06:39 PM

Quote from: virasisog on March 22, 2023, 01:45:41 PM

Even professional traders break their own rules sometimes. Despite the application of all the proper mindset needed to succeed in trading, there will always be circumstances where we could commit mistakes and wrong decisions that we might regret which is still part of the learning process. What is important is we are learning from our mistakes and experiences and we correct the wrong decisions that we have made.

An experienced trader who makes mistakes will not be successful, this will only lead to the fact that he will continue to accumulate experience, but there will be little sense from this if he himself violates his own rules. What are these rules for if you don't follow them? In this case, it will be impossible to achieve success, every time such a trader loses money, he will tell himself that he is getting precious experience, but without discipline there will never be a result.

I agree since disciplined trader would always think that losses are unavoidable even if you used your best strategies brought by your years of experience. Discipline would make you be patient and consistent with the decisions that you make so that you would really take time in every decision that you will be making. Apart from these, we should always be able to handle our emotions very well in trading. I can see this as a way of also being disciplined since when you try to control your emotions, you can be disciplined enough in doing your trading in the long term. All in all, I think it is essential for a trader to be disciplined so success could be gained in majority of trading.

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Quote from: Altryist on April 18, 2023, 02:06:39 PM

Quote from: virasisog on March 22, 2023, 01:45:41 PM

Even professional traders break their own rules sometimes. Despite the application of all the proper mindset needed to succeed in trading, there will always be circumstances where we could commit mistakes and wrong decisions that we might regret which is still part of the learning process. What is important is we are learning from our mistakes and experiences and we correct the wrong decisions that we have made.

An experienced trader who makes mistakes will not be successful, this will only lead to the fact that he will continue to accumulate experience, but there will be little sense from this if he himself violates his own rules. What are these rules for if you don't follow them? In this case, it will be impossible to achieve success, every time such a trader loses money, he will tell himself that he is getting precious experience, but without discipline there will never be a result.

Yeah, without discipline, the chance that it will just repeat the same mistake over and over, learning from your mistakes and taking
the right action plan will improve your trades.

It's a matter of how well you can deal with your mistake and how willing you are in terms of adjustments to continue doing the right thing.

More on your enhancement and how you will perform all those strategies and plans to make sure that you will be
profitable with your trading involvement.

Altryist

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Quote from: virasisog on March 22, 2023, 01:45:41 PM

Even professional traders break their own rules sometimes. Despite the application of all the proper mindset needed to succeed in trading, there will always be circumstances where we could commit mistakes and wrong decisions that we might regret which is still part of the learning process. What is important is we are learning from our mistakes and experiences and we correct the wrong decisions that we have made.

An experienced trader who makes mistakes will not be successful, this will only lead to the fact that he will continue to accumulate experience, but there will be little sense from this if he himself violates his own rules. What are these rules for if you don't follow them? In this case, it will be impossible to achieve success, every time such a trader loses money, he will tell himself that he is getting precious experience, but without discipline there will never be a result.

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Excellent topic, especially for those just starting out in the cryptocurrency trading industry. I enjoy reading this kind of in-depth information since it helps me keep my mind sharp when it comes to trading. similar to methods, advice, and of course many forms of analysis. Discipline is crucial to me since it will manage your behavior and always remind you to avoid making bad decisions. Perhaps you lost sight of the fact that you should never engage in trading while under stress, furious, depressed, or even intoxicated. Because even though you have self-control at the time, you are unable to govern yourself.

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